Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BARCLAYS PLC. We currently have 3 research reports from 1 professional analysts.
|02Dec16 01:30||RNS||Holding(s) in Company|
|01Dec16 11:30||RNS||Total Voting Rights|
|30Nov16 07:02||RNS||Barclays passes 2016 BoE stress test|
|10Nov16 03:00||RNS||Director/PDMR Shareholding|
|01Nov16 12:00||RNS||Total Voting Rights|
|28Oct16 04:00||RNS||Publication of Suppl.Prospcts|
|27Oct16 07:00||RNS||3rd Quarter Results|
Frequency of research reports
Research reports on
One-off coverage increase on UK and US credit card portfolios
27 Oct 16
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.
Chosen final destination; ticket price uncertain
30 Mar 16
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.
Don’t mess with IBK
09 Jul 15
Anthony Jenkins was fired on Wednesday after three years as CEO. The market reaction speaks for itself: the share price was up by 4% intraday before closing up 2%. According to the FT, Jenkins’ removal could result from a conflict with Tom King, the head of the IBK division. John McFarlane, the bank’s Chairman, will be the interim CEO until a new CEO is found, maybe the CFO.
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.
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.
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.
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.
05 Dec 16
As we mentioned in our 18 November 2016 note, a continuation vote was expected to be announced before the end of 2016. The announcement last Friday included details of the continuation vote, and in particular, a recommendation by the Directors to replace the June 2015 strategy of selling non-core assets and developing the core projects, with a new strategy of an orderly sale of the Company’s assets, with a target of selling all assets by 31 December 2019 and a distribution policy for returning monies to shareholders following disposals. Alongside these recommendations, there are proposed changes to the remuneration for the investment manager.