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  • 25 Oct 19
Record PPI charges but resilient operating trends

The quarter was marked by record PPI-related charges, fortunately absorbed by a favourable RWA model change. On the other hand, the quarter showed resilient operating trends. The warning over 2020 seems already factored into consensus expectations.

Companies: Barclays
  • 01 Aug 19
Capital generation boosted further by non-P&L items

The first half operating trends failed to confirm the planned top-line recovery targeted by management. On the positive, capital generation enjoyed a boost from non-P&L items, including reduced capital consumption.

Companies: Barclays
  • 25 Apr 19
Worst avoided ahead of next week’s AGM

This set of quarterly results was even more important than the group holding a particularly interesting AGM next week. Management has already bolstered its defences against Mr Bramson who is targeting a seat on the Board. We consider that the first quarter performance of the scrutinised CIB division proved relatively resilient, continuing to show good momentum vis-à-vis peers and strong cost control.

Companies: Barclays
  • 21 Feb 19
Welcome earnings resilience

The group posted encouraging fourth quarter results in a particularly challenging context. This enabled management to reiterate its objectives for 2019 and 2020.

Companies: Barclays
  • 24 Oct 18
Ongoing delivery

The group posted a good set of quarterly results as evidenced by the 37bp organic capital generation. Quarterly trends showed no deterioration in asset quality, ongoing outperformance in capital markets and normalisation in wholesale funding costs, and the ability to absorb investments through efficiency gains.

Companies: Barclays
  • 02 Aug 18
Capital redeployment strategy bears fruit

BARC posted a strong set of quarterly results, driven by a further increase in revenues which confirm that the group’s capital redeployment strategy has continued to bear fruit. Asset quality showed no deterioration in a Brexit context.

Companies: Barclays
  • 11 May 18
Successful capital redeployment in CIB

The reported quarterly performance was depressed by litigation charges and FX headwinds but the underlying trends showed stable asset quality and a successful capital redeployment in CIB. The 2018 6.5p dividend for this year has been confirmed.

Companies: Barclays
  • 22 Feb 18
No real surprise

Underlying trends were broadly in line with expectations as are management’s mid-term profitability targets. The revival of market volatility is good news for CIB activities but the $/£ weakness less so. The stock continues to show a large valuation discount, only partly justified by Brexit-related risks in our view.

Companies: Barclays
  • 26 Oct 17
Upside fully relies on cost savings delivery

The group posted quarterly results notably below consensus expectations. Management tried to calm down investors with quantified RoTE commitments for 2019 and 2020 but the latter have lost patience. The most solid profitability lever consists in the promised £1bn costs savings which are not factored at current price levels in our view.

Companies: Barclays
  • 28 Jul 17
PPI and market volatility knock on

As expected, the quarterly performance was affected by lower market volatility in rates and currency. This was not the case as regards the extra provisioning on PPI. It still has to be seen if, similar to Lloyds, management considers this is a last ditch effort. Organic excess capital generation was strong, helped by the accelerated run-down of non-core assets. The group looks properly capitalised ahead of pending regulatory impacts. Management reiterated its long-term financial objectives.

Companies: Barclays
  • 01 Jun 17
Accelerated divestment of African operations

The group placed 33.7% of Barclays Africa, reducing its stake to 15%, thus immediately meeting the level it wanted to retain. As planned, the full deconsolidation will free up around 70bp of capital and improve capital usage and, consequently, the return on capital.

Companies: Barclays
  • 14 Mar 17
What to make of Challenger Banks

Newcomers offer higher ROE, higher growth and attractive cost:income metrics

Companies: HSBALLOYBARCRBSVMUKOSBVM/ALDSHAWMTRO
  • 23 Feb 17
Accelerated non-core assets rundown

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.

Companies: Barclays
  • 27 Oct 16
One-off coverage increase on UK and US credit card portfolios

The reported quarterly performance was impacted by a one-off provision charge on UK and US credit card portfolios. The additional PPI-related provision was offset by the gain on the sale of Barclays Analytics and Index Solutions. The core division has continued to enjoy good revenue momentum and efficiency gains while the run-off of the non-core division has remained on track with the objective to close it in 2017.

Companies: Barclays
  • 30 Mar 16
Chosen final destination; ticket price uncertain

The group’s refocusing on the UK and the US has been strengthened further with the enlargement of the non-core assets to be divested and the decision to deconsolidate Africa. The investment bank still has room to improve its profitability further through ongoing efficiency gains and better capital usage. The visibility on the residual value adjustments required to run-down non-core assets has increased. The uncertainty surrounding future litigation charges now mostly concerns the settlement of the US RMBS inquiry. The temporary dividend cut decision seems to be partly motivated by pending extra management actions to reduce both operating and funding costs to bolster future profitability potential.

Companies: Barclays

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Barclays. We currently have 21 research reports from 3 professional analysts.

Open
170p
Range Today
170/172p
52 Week
136/174p
Daily Volume
12.1m
# Shares
17,314m
Daily Liquidity
(0.07%)
Pension Liability
£392.4m
Enterprise Value
£128,418m
Market Cap
£29,590m
Latest PE (hist)
15.75
Div Yield
4.38

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09Dec19 17:00 RNS Publication of Final Terms
09Dec19 15:30 RNS Holding(s) in Company
02Dec19 11:00 RNS Total Voting Rights
14Nov19 16:30 RNS Director/PDMR Shareholding
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  • 06 Dec 19
Cenkos: Duke Royalty Ltd -- Scaling of the portfolio delivering riches

Duke delivered significant YoY growth in H1/20A results, as earlier efforts to broaden the royalty portfolio came through this year. This strong growth will continue with recent debt & equity raises forward funding investments to income levels of £15m by FY21E. Met with an enhanced, but now stabilised cost base, operational leverage should drive continued strong adj EBIT growth (to £13m, at a c85% margin) and further DPS rises.

Companies: Duke Royalty
  • 10 Dec 19
S&U#

Trading in line with expectations

Companies: S&U
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP ESRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 10 Dec 19
S&U - Update Note - Guidance re-iterated

S&U this morning released a trading update in which they re-iterated guidance in the face of weaker consumer sentiment and economic activity. Full year results mainly depend on collections in the next two months, but management is confident that the 20-year uninterrupted run of growth in profits at Advantage Motor Finance will continue.

Companies: S&U
  • 09 Dec 19
Palace Capital*

Priory House disposed; empty rates & costs saved

Companies: Palace Capital
  • 10 Dec 19
Capital Access' Hot Off The Wires - The Day Ahead

Our Hot Off The Wires daily newsletter takes a look at the morning's market movements, news stories and company announcements. Don't forget to have a go at our daily trivia! Companies mentioned in this edition include: Ashtead, Travis Perkins, Watches of Switzerland, JD Wetherspoon, S&U, McColl's Retail, Hipgnosis Songs Fund, Ted Baker, Premier Foods and OnTheMarket. If you would like to be subscribed, please email us at info@capitalaccessgroup.co.uk.

Companies: OTMP SUS TPK

  • 05 Dec 19
Mercia Asset Management - Huge stride towards an evergreen model

In parallel with its H120 interim results, Mercia has announced the acquisition of NVM’s VCT business for up to £25m in cash and equity, funded by a £30m placing at 25p per share (a 22% discount). Subject to shareholder approval, the acquisition increases AUM to £760m and moves Mercia towards being the UK’s number one regional investor. The deal expands Mercia’s shareholder register, further dilutes existing major shareholders and means Mercia should be profitable before fair value adjustments, closer to its target of an evergreen model (c £1bn AUM). In its H120 results, Mercia’s direct investment portfolio increased to £102.0m, with £11.1m of cash invested in 16 companies and a fair value uplift of £3.2m. Mercia has £17.8m of unrestricted balance sheet cash (pre-placing) and the shares continue to trade at a significant discount to NAV.

Companies: Mercia Technologies
  • 04 Nov 19
THE MONTHLY November 2019

The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.

Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN ESRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

  • 11 Dec 19
Entry to FTSE SmallCap & FTSE All Share Indices

Hipgnosis Songs Fund (SONG LN) today announced its interim results for the six month period ending 30 September 2019. As previously announced the Operative NAV of the Ordinary shares grew by 5.03% to 108.46p, giving a total return with dividends of 7.45%. Since IPO in July 2018, the Company has raised a total of £625m, the last tranche of £231m via a C share issue in October which is already 75% deployed. The Company was recently promoted from the Specialist Fund Segment to the Premium Segment of the Main Market of the London Stock Exchange. In the quarterly review on 4 December it was confirmed that the Company has entered the FTSE SmallCap and All Share Indices, as well as being on the reserve list of the FTSE350. We anticipate index buying ahead of the rebalancing on 20 December.

Companies: Hipgnosis Songs Fund
  • 11 Dec 19
S&U - Resilient amid softer sentiment and economy

S&U’s update indicates trading has remained in line with management expectations but there are some slightly more cautious elements compared with our forecast assumptions at the time of the H120 results. As a result, we have modestly tempered our estimates for FY20/21. Even so, the shares trade prospective earnings multiples of below 9x while the yield is over 5%.

Companies: S&U
  • 11 Sep 19
FY19 results - Settlements ahead of expectations

Revenue increased 17% to A$34.7m (Ae: A$48.4m). We note that the difference to our forecast was due to an accounting presentation change only, whereby revenues are now stated net instead of gross including capital deployed. We believe this new presentation is much more intuitive and note that, if it had not been applied, revenue was in fact in line with our numbers at A$48.2m. Gross profit, or net gain on investment, was up 23% to A$20.3m (Ae: A$19.0m). This is particularly encouraging as it shows the actual gain on the capital previously deployed. We noted in our 5 July note that our numbers were likely on the light side, so it is pleasing to see this come through. ROIC increased from 117% last reported to 135%, displaying the lucrative returns of recent settlements.

Companies: Litigation Capital Management
  • 27 Nov 19
Interim results in line

Billings and revenue growth: Billings increased by 10.3% to £120.2m due to H219 client wins within Corporate coming through, higher customer numbers within Consumer and earlier despatches within Christmas Savers (we estimate this timing accounts for c.3% of the overall billings growth). The revenue-to-billings ratio improved such that revenues increased by 21.3%. This followed a continued mix shifted towards the higher breakage cards/e-codes products and an increase in single-retailer billings which are generally recognised at point of sales as opposed to over the life of the voucher.

Companies: Appreciate Group
  • 11 Dec 19
Trading update: understand the accounting

NSF has issued a trading update highlighting a 4%-5% reduction in consensus estimates due to softer trading in 3Q (primarily lower loan volumes in guarantor loans, a market which has been affected by adverse press coverage) and a 6%-8% reduction associated with a step change in provisioning policy. The latter highlights yet again the importance of understanding the assumptions in provisioning. For the same arrears, a higher assumed probability of downside has increased provisions. This reflects the known cyclicality inherent in IFRS9. A downgrade is unwelcome, but it does not reflect current customer deterioration, only the Board’s cautious approach. After today’s reduction’s, we still forecast 2021 adjusted profits at 2x the level of 2018.

Companies: Non-Standard Finance
  • 12 Dec 19
Building market share

Belvoir has agreed to acquire Lovelles, an independent, predominantly franchised estate agency, for £2m in cash. Lovelles generated operating profit of £0.5m in the year to March 2019; hence, the business is being acquired for only 4x historic profits. It is a good geographic and cultural fit and there are a number of opportunities for Belvoir to quickly add value. We have upgraded our FY 2020 EPS by 7% and our target price from 190p to 194p, and we reiterate our view that Belvoir’s franchise model maximises entrepreneurial potential, flexibility and cash flow while minimising risk − positive characteristics that are not factored into the FY 2020E PER of 8.5x and 6.3% dividend yield.

Companies: Belvoir Lettings
  • 27 Sep 19
Cenkos: Equals Group Plc - Equals = a broader business these days

Equals has continued to produce high rates of YoY growth over H1/19A and thereafter, despite macroeconomic events negatively impacting on consumer/business confidence. We consider this reflects the increasing breadth and strength of the business, moving away from its consumer FX roots with increasingly product, customer and geographical diversity driving growth, aided by supply chain rationalisation. We see these steps advancing Equals into an integrated money manager fit for the future.

Companies: Equals Group