Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MAN GROUP PLC. We currently have 3 research reports from 2 professional analysts.
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Research reports on
MAN GROUP PLC
MAN GROUP PLC
27 Jul 16
Ahead of the anticipated Fed statement this afternoon, which should outline findings and expectations from the 2-day FOMC meeting, London equities are expected to open in a lacklustre mood, with the FTSE-100 seen up around 10 points in early trade. With expectations of a continuing ‘wait-and-see’ approach, while additional data is collected throughout August in order to assess post-Brexit global confidence, the hot money continues to suggest September as the most likely month to see the first US rate hike since December 2015. With that background, markets will instead be left to focus on less than inspiring earnings figures emanating from the Q2’16 US reporting season. So far 159 companies in the S&P500 have provided results which, according to FactSet are showing an annual contraction of 4.5%; relative to consensus expectations of a 5.3% decline that has not been enough for markets pundits to celebrate and, following consecutive days of new record highs for both the main indices, there is little enthusiasm to push any further. This left the principal US indices to close mixed but little changed yesterday, with the tech-heavy NASDAQ being the principal winner. Asia was altogether more positive, as investors bought the Nikkei back again on revived expectations of the BoJ delivering a sizeable stimulus package after all. With Japan regaining just about all of Tuesday’s losses, again led by tech issues, the region saw more modest rises elsewhere, but even the commodity-heavy ASX turning fractionally positive by the close despite high crude inventories keeping oil close to its three-month low. While the FOMC statement will be today’s main action, UK GDP preliminary estimates and monthly service sector figures have the potential to grab some headlines. UK corporates reporting earning this morning include GlaxoSmithKline (GSK.L), Mitchells & Butler (MAB.L), Taylor Wimpey (TW..L), Dignity (DTY.L), St James’ Place (STJ.L) and Softbank’s takeover target, ARM Holdings (ARM.L).
Panmure Morning Note 29-07-15
29 Jul 15
Interim adjusted PBT of $280m (+89%) was above expectations because of higher performance fees this year. Net outflows in the half were -$2.6bn. AHL has suffered a reverse in investment performance in 2015. We will review forecasts for FY15 given the stronger H1 profit.
Lloyds, Best Of The Banks
23 Feb 17
Lloyds Banking Group PLC (LLOY) reported a strong result for FY-16, which has allowed it to pay a special dividend, plus has encouraged the UK government to reduce its stake in the bank to below 5%. Lloyds’ acquisition of the MBNA credit card business is proceeding on track, with all key M&A metrics being well satisfied. The outlook for Lloyds’ capital base, its profitability and thus the dividend prospects have all improved. This encourages us to ascribe a Buy rating to the stock, with a target price of 80p per share, derived from a prospective Price / Book value of 1.3x and a P/E ratio of 13x which we think are justifiable ratios.
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.
Accelerated non-core assets rundown
23 Feb 17
The quarterly results were depressed by some one-offs or seasonal charges and by the costs associated with the accelerated run-down of non-core assets. The underlying profitability remained remarkably stable at a decent 11% ROTE. The regulatory capital position enjoyed a strong boost from non-organic items.
We maintain our ADD recommendation on an OK UK
23 Feb 17
We have updated our model after Hammerson’s FY16 results. As a reminder, the group published positive numbers with NRI standing at £346.5m and gaining 2.2% lfl. This stood marginally ahead of our expectations. EPS stood at 29.2p, gaining 8.6% and the dividend was announced at 24p. The group’s NAV at 739p was up 4.1%, standing at a substantial premium to the current stock price, and the company’s GAV at £9.97bn gained 19.1% yoy on acquisitions. Leasing activity reached 142,000sqm, major acquisitions include Grand Central in the UK (£350m) which was acquired in H1 and the Dundrum Town Centre in Dublin. Disposals stood at £365m for eight properties in all regions. So far leasing activity has remained positive, although the group has noticed a deceleration compared to FY15, with £24.9m let vs £27.9m in 2015, thus a decrease in occupancy rate from 97.7% in FY15 to 97.5%. Average cost of debt has been reduced further to 3.1% by the recent debt issues of over £1.2bn, and the LTV now stands at 41% (or 36% under the new methodology) compared with 38% yoy. Management maintains confidence for FY17 with guidance of EPS growth between 6% and 8%.
Licenced to Grow
27 Feb 17
PCFG is embarking on an exciting journey as a bank which we believe is transformational, providing the group access to a wider part of the asset finance market, entry to which is currently restricted due to its higher cost of funding. We forecast an acceleration of growth higher up the credit spectrum which constitutes c80% of the broker business which PCFG cannot currently access. We estimate that PCFG may look to raise c£10m of equity this year to operate as a bank and fund growth which we have factored into our forecasts. We maintain our TP of 38p, implying a 2017E P/B of 2.1 which we think is fair for a bank in its infancy and in the medium term targeting RoE of 17.5% and loan growth of 35% CAGR.
Update and proposed acquisition
27 Feb 17
Regional REIT (RGL) has announced a gross asset value update, a fourth quarter dividend for 2016 and the conditional acquisition from Conygar of a portfolio of 31 properties valued at c £129m. We will revise our forecasts following publication of FY16 results and completion of the acquisition. The announcements show that RGL has achieved its aim of paying a dividend yielding 7-8% on the IPO price of 100p; the continued robust performance of the UK’s regional office and light industrial property market; and a significant expansion of the portfolio, rent roll and opportunities for active asset management, in line with RGL’s strategy to provide income and capital value growth.