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 12 research reports from 3 professional analysts.
|20Apr17 16:33||RNS||Directorate Change|
|18Apr17 16:01||RNS||Director/PDMR Shareholding|
|11Apr17 15:51||RNS||Director/PDMR Shareholding|
|03Apr17 07:00||RNS||Holding(s) in Company|
|31Mar17 15:00||RNS||Director/PDMR Shareholding|
|31Mar17 12:38||RNS||Publication of a Prospectus|
|24Mar17 16:27||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
LLOYDS BANKING GROUP PLC
LLOYDS BANKING GROUP PLC
Lloyds, Best Of The Banks
23 Feb 17
Lloyds Banking Group PLC (LLOY) reported a strong result for FY-16, which has allowed it to pay a special dividend, plus has encouraged the UK government to reduce its stake in the bank to below 5%. Lloyds’ acquisition of the MBNA credit card business is proceeding on track, with all key M&A metrics being well satisfied. The outlook for Lloyds’ capital base, its profitability and thus the dividend prospects have all improved. This encourages us to ascribe a Buy rating to the stock, with a target price of 80p per share, derived from a prospective Price / Book value of 1.3x and a P/E ratio of 13x which we think are justifiable ratios.
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.
21 Dec 16
"With markets winding down for the Christmas and New Year break, International equities remain very much the favoured investment. The continuing rout across global bond markets appeared to gather pace yesterday from the fallout of the supposed terrorist attacks in Germany and Turkey, as investor concern for a potentially wider series of IS-directed extremist assaults across Europe’s capitals to unnerve its populations, the backlash of which could result in further sharp swings toward more populist governments during the various presidential and general elections expected in the New Year. Right now the threat may not seem very real, but with the possibility of an early vote to replace Italy’s recently-installed caretaker government and France’s presidential election scheduled for May, well-prepared opposition parties in the shape of Beppe Grillo’s Five Star Movement and Marine le Pen’s National Front etc. are positioned to challenge the very existence of the Eurozone. During these quite exceptional times, with authorities still apparently totally out of touch with their electorate, such a threat simply cannot be discounted, the ultimate cost of which could even be for independent nations to choose reversion to their legacy currencies with the potential to create widespread default. Such lingering fears will likely hinder Europe’s opening this morning, despite the Dow Jones chalking up yet another all-time high overnight, closing just shy of the psychologically important 20,000 mark, with all the principal US markets also making reasonable gains as optimism that Trump-inspired reflation and proposed investment will provide a significant medium-term boost to earnings. Asia was also in a good mood, with broad gains seen in just about all regional markets most notably with even China playing catch-up following a couple of days of weaker trading as economists speculated on the potential for a PBOC-directed tightening of liquidity during Q1’2017. Other than release of Public Sector Net Borrowing figures this morning, the UK is not due to release any significant macro data, while the US is scheduled only to provide MBA Mortgage Applications and Existing Home sales data ahead of a larger swath of figures tomorrow and Friday. Very little is also happening on the corporate front this morning, with earning or trading updates due from just a few second-liners including CH Bailey (BLEY.L), Premaithia Health (NIPT.L) and Water Intelligence (WATR.L). Investors will, however, be keen for any further media comment following the Prime Minister, Theresa May’s reported backing for the UK to be permitted to enter a ‘transitional period’ in order to adjust to the new economic order prospectively resulting from Brexit. Accepting the need for a soft, rather than hard, landing could provide significant relief for those fearful that a clear post-Article 50 plan is still not in place. The FTSE100 is seen around 10 points weaker during this morning’s opening trade. " - Barry Gibb, Research Analyst
20 Dec 16
The group has announced the acquisition of MBNA, BofA’s UK credit business, for a £1.9bn cash consideration. The deal, which would increase LBG’s segment market share by 11ppt to a large 25%, still needs regulatory approval. If so, it is expected to be completed by the end of H1 17. On top of the obvious strategic rationale, the transaction has strong financial appeal.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
Non Life Insurance - Growing impact of hacks on share prices
18 Apr 17
Our November 2016 Cyber report flagged the growing impact of cyber attacks on quoted companies, noting that Yahoo’s breach would inevitably negatively impact Verizon’s offer price, which it did. A report by CGI and Oxford Economics has found that, to date,severe hacks on UK companies permanently reduced their share price by 1.8% - or approximately a £120m hit to MCap for a FTSE 100 firm. With GDPR coming into effect next year, we expect more headlines. That has got to be good for cyber insurers and cyber security firms.
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
03 Apr 17
After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.