Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LLOYDS BANKING GROUP PLC. We currently have 8 research reports from 3 professional analysts.
|30Nov16 07:03||RNS||PRA Stress Test Re-affirms Strong Capital Position|
|22Nov16 07:00||RNS||Holding(s) in Company|
|17Nov16 02:06||RNS||Director/PDMR Shareholding|
|15Nov16 07:00||RNS||Redemption of Preference Shares|
|11Nov16 02:29||RNS||Director/PDMR Shareholding|
|10Nov16 05:30||RNS||Pricing of Maximum Tender Offer|
|10Nov16 11:55||RNS||Early Tender Results of Maximum Tender Offer|
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Research reports on
LLOYDS BANKING GROUP PLC
LLOYDS BANKING GROUP PLC
Quarter impacted by “final” PPI provision and insurance volatility
27 Oct 16
The group posted a low £219m attributable quarterly profit impacted by £1.15bn litigation and conduct charges. The group made a “final” £1bn extra provision for PPI reflecting a one-year delayed claims deadline. The underlying profit before tax came in at £1,912m, down 8% vs the first half run rate. Full-year guidance has been maintained.
27 Oct 16
"Equities in London appear set for another weak opening this morning, as traders reckon with news of disappointing industrial profits growth from China and increasing doubts regarding OPEC's ability to coral members into participating in a joint production cutting agreement. The FTSE-100 is seen opening some 30 points down in early trading. Having grown an impressive 19.5% in August, China's National Bureau of Statistics' report that this figure had moderated to just 7.7% in September came as something of a shock, with slower output and sales across most of the 41 major sectors such as power, electronics and steel that are monitored by the government. This was enough to push all Asian indices, other than the South Korean Kospi into the red with, not surprisingly, the Hang Seng ending the principal casualty. The US markets were more mixed, with the Dow Jones managing a fractional gain on the back of a pleasing performance from Boeing, while continuing nerves across the tech sector following Apple's disappointing quarterly release meant that the NASDAQ was again the hardest hit. By informing investors that Eurozone inflation remains too weak ECB economist, Peter Praet, could be accused telling something everyone already knows, although reading between the lines he appears to be reinforcing expectations that the central bank will be again extending its EUR1.7tr bond purchase programme at its next policy meeting scheduled for 8th December. Meanwhile, UK traders will have a good batch of macro releases to chew over this morning, including 3Q Preliminary GDP figures, the BRC Retail Employment Monitor, the CBI's Monthly Distributive Trades Survey and Service Sector data; the US is also due to release Durable Goods numbers this afternoon. Deep in the reporting season, UK companies due to provide earnings or trading updates this morning include Barclays (BARC.L), BT Group (BT.A.L) and Debenhams (DEB.L), while Germany's troubled Deutsche Bank is also expected to release its latest figures followed this afternoon by US majors including Amazon, Ford and Twitter along with Apple's 'Hello Again' Mac launch event." - Barry Gibb, Research Analyst
Tips for 2016 – Q3 Update
10 Oct 16
ACACIA MINING PLC (ACA LN) | BG GROUP PLC (BG/ LN) | DEKELOIL PUBLIC LTD-DI (DKL LN) | DIAGEO (DGE LN) | GLAXOSMITHKLINE (GSK LN) | HSS HIRE GRP PLC (HSS LN) |HUMMINGBIRD RESOURCES PLC (HUM LN) | LLOYDS BANKING GROUP PLC (LLOY LN) | MELROSE INDUSTRIES PLC (MRO LN) | MOTIF BIO PLC (MTFB LN) | MYSQUAR LTD (MYSQ LN) | TULLOW OIL PLC (TLW LN) | UBM PLC (UBM LN) | WHITBREAD (WTB LN)
Non-Life Insurance - News – departures, hacks and losses
26 Sep 16
Novae has parted company with its FD but we do not consider this to be a sign of negative news flow from the group and move to Buy from Add following the share price move. Yahoo (eventually) confirmed it has suffered a material hack – dating back to 2014 (!) which should help the profile of cyber insurance. Tullow confirmed it has hull/machinery cover for the Jubilee loss – but what about Business Interruption? Lloyd’s reported record H1 PBT and confirmed that various Brexit plans are being considered.
Non-Life Insurance - Monte Carlo, plus ça change
20 Sep 16
The Monte Carlo Rendez Vous saw lots of discussion about the mixed outlook for reinsurance. In truth, there was little new news. Reinsurance rates are still under downward pressure but talk of a floor is getting louder. This may well happen in 2017, especially for US cat rates, but having reached the nadir, we could stay there for a while until the issues of surplus capacity, limited demand growth, low interest rates and benign loss activity are addressed.
08 Aug 16
For whatever ill-considered political motives and miscalculations it was deemed appropriate for the people of the United Kingdom to be offered a Referendum on the UK’s membership of the European Union, the result of the vote on the 23rd June 2016 is bringing profound change. Probably, individuals’ reasons for how they voted – in some cases nothing to do with the EU – will be lost in the sands of time. After several high profile ‘departures’ from the political stage immediately after the vote result became known – one Prime Minister (David Cameron), one former Mayor of London and prominent Brexiteer (Boris Johnson) and former leader of UKIP (Nigel Farage) – the Conservative Party sought to elect a new party leader and Prime Minister. This Byzantine process was expected to reach a conclusion in time for the Conservative Party conference in early-October. In the event, prospective candidates Fox, Crabb, Gove and Leadsom all came and went at a breath-taking pace to leave Theresa May as the next party leader and Prime Minister – all in two weeks. Just for good measure, the Labour Party is simultaneously attempting hara-kiri.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
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.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.