Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ALDERMORE GROUP PLC. We currently have 2 research reports from 1 professional analysts.
|16Mar17 10:27||RNS||Additional Listing|
|15Mar17 10:11||RNS||Holding(s) in Company|
|10Mar17 07:00||RNS||Result of the placing in Aldermore Group plc|
|09Mar17 17:12||RNS||Proposed placing of Aldermore Group PLC shares|
|07Mar17 17:00||RNS||Director Declaration|
|07Mar17 16:59||RNS||Holding(s) in Company|
|02Mar17 07:00||RNS||Annual Financial Report|
Frequency of research reports
Research reports on
ALDERMORE GROUP PLC
ALDERMORE GROUP PLC
Panmure Morning Note 02-03-2017
02 Mar 17
FY2016 PBT of £129m (up 36% YoY) is 3% ahead of consensus forecast (cf. Panmure £128m) with good underlying trends across the board. Loans grew by 22% YoY to £7.5bn, although NIM at 3.51% was 5bp shy of consensus. Loan origination was up 24% to £3.2bn. Cost income ratio improved by 7ppt to 44.6% with the group aiming for <40% by FY2017. Group underlying RoE at 18% was 1ppt better than our and consensus forecasts. Balance sheet was strong with TNAV increasing by 21% YoY to 153p and CET1 ratio was 11.5% (cf. Panmure 11.4%). Overall these are a solid set of results. We maintain our BUY rating with the stock trading on reported P/TBV of 1.5.
UK CHALLENGER BANKS
16 Feb 17
We initiate coverage of the Challenger banks with BUY recommendations on Aldermore, OneSavings Bank, Shawbrook and Virgin Money, and SELL ratings on CYBG and Metro Bank. We particularly like the specialist lenders as they have avoided direct competition with large UK banks and offer high growth and returns at attractive valuations (helped by the fallout from the Brexit vote) of 2017E PE and P/TBV of 7.5 and 1.6 for RoTE of 23% compared to large UK banks on 18.4 and 0.9 for RoTE of 8%. Among the true challengers we prefer Virgin Money for its 2017E RoTE of 14% for P/BV of 1.1 but are not keen on CYBG as it reminds us of the low growth and returns and continual restructuring costs recently seen at large UK banks, nor Metro Bank for its exorbitant 2017E P/TBV of 3.9 for no profits. Our Top Pick is Shawbrook as it is the most specialised of the lenders.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.