Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on STM GROUP PLC. We currently have 13 research reports from 2 professional analysts.
|21Nov16 11:20||RNS||Holding(s) in Company - Replacement|
|14Nov16 02:48||RNS||Holding(s) in Company|
|11Nov16 02:14||RNS||Director/PDMR Shareholding|
|25Oct16 07:00||RNS||Update on QROPS pricing model|
|21Oct16 07:00||RNS||Completion of Acquisition of London & Colonial|
|17Oct16 07:00||RNS||New Products Update|
|22Sep16 09:45||RNS||PDMR Shareholding|
Frequency of research reports
Research reports on
STM GROUP PLC
STM GROUP PLC
Acquisition of London & Colonial
21 Oct 16
The acquisition of LCH for up to £5.4m adds a SIPP offer to STM’s portfolio as well as strengthening the group's Life and QROPS books. Employing cash, debt and an element of deferred purchase terms makes the deal usefully earnings-enhancing, adding £0.5m to 2017 estimates. Forecast EPS of 5.9p for 2017 places the shares on a PE multiple of 8.0x, while retaining net cash on the balance sheet leaves the group well positioned to maintain its commitment to a progressive dividend policy.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
09 Aug 16
STM’s July FY trading update was occasioned by slower H1 trading and the impact of the group’s tactical reduction of establishment fees. Comfortingly, this morning’s trading update reveals promising initial progress from the pricing initiative, with July’s new business levels up 75% over the level prevailing for the first four months of the year. Placing events in context, STM is focused on broadening its introducer base and driving new business volumes, and as part of the process it chose to waive its new business establishment fee, providing a clear market positioning statement by the group. The impact on 2016 forecast PBT will be £1m and effectively rebases profit expectations for 2017 and beyond. The initial share price reaction was abrupt, but deducting £10m from the market cap to cover group cash and a nominal value for other group operations, the pension administration business at £9.0m is valued at 1.1x revenue and 3.2x operating profit. Although we have reduced our TP to 60p to reflect lowered PBT expectations, STM remains ambitious and well financed, with potential upside to come from more focused marketing, entry to the UK SIPP market and Australian QROPS. STM’s commitment to a value proposition in QROPS to drive growth is now clear and appears not to impair the group’s ability to support a growing dividend.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.