Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SECURE TRUST BANK PLC. We currently have 5 research reports from 1 professional analysts.
|08Feb17 15:50||RNS||Holding(s) in Company|
|18Jan17 15:29||RNS||Holding(s) in Company|
|16Jan17 17:31||RNS||Holding(s) in Company|
|13Jan17 07:00||RNS||Pre-Close Trading Update|
|21Dec16 16:19||RNS||Change in Director's Details|
|22Nov16 17:05||RNS||Appointment of Independent Non-Executive Directors|
|11Nov16 16:20||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
SECURE TRUST BANK PLC
SECURE TRUST BANK PLC
Seeking profitable growth
19 Jan 17
The Q4 trading update confirmed the business has been performing in line with management expectations and the full-year results should meet market expectations. Secure Trust Bank’s (STB’s) prudent approach was reflected in the announcement of greater caution in its consumer business including suspension of new unsecured personal lending. We have tempered our estimates for FY17 and FY18 but our updated valuation still shows a c 16% premium to the share price.
Poised to benefit from uncertain times
02 Aug 16
Now independent with significant capital headroom, Secure Trust Bank (STB) is seeking a Main Market listing. This will leave it particularly well placed to take opportunities for both organic and inorganic growth in what may be a period of elevated uncertainty as the UK negotiates its exit from the EU. In its interim results STB showed strong growth, despite taking a more cautious stance in areas of its business before the EU referendum.
A strategically flexible bank
16 Jun 16
Shareholders in Arbuthnot Banking Group (ARBB) have approved the sale of shares in Secure Trust Bank (STB) that will leave the former parent as a sub-20% shareholder in the group. STB already has significant capital headroom to accommodate strong organic loan growth following the sale of Everyday Loans Group. Its plan to seek a Main Market listing will enable it to appeal to a broader investor audience, leaving it better placed to consider share issuance, providing greater flexibility to pursue a wider range of strategic options. This comes at a time of rapid growth and proliferation of contenders among specialist lenders and challenger banks.
Growing into its capital
26 Apr 16
Secure Trust Bank is an established ‘challenger’ with a record of organic profitable growth. The Everyday Loans Group sale provides substantial regulatory capital for organic and potentially inorganic growth. The move into mortgages will further diversify lending. Despite a record of rapid loan book expansion, an ROE/COE valuation model suggests the market is reluctant to make full allowance for profitable employment of the surplus.
Paying back on SME investment
31 Jul 15
STB continues to deliver excellent growth, as promised. In H115, 40% growth in statutory pre-tax profits was driven by a 42% revenue increase and smaller cost growth. Loans grew 90% on H114 and deposits by 75%. Impairments remain below management expectations. Strategically, H115 saw the initial payback for investment in the SME business lines. The real estate potential is being realised and is the key driver to SME lending now at c £25m per month (ie + 2% per month growth on H1 closing balance).
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)
Small caps best insulated from macro headwinds
15 Feb 17
The Diverse Income Trust (DIVI) invests in UK stocks from across the market cap spectrum that have strong prospects for sustainable dividend growth. This all-cap income generating strategy was developed by Gervais Williams and Martin Turner of Miton Asset Management. The c 145 stock portfolio provides a broad spread of investments and has a strong bias towards dividend-growing smaller companies. In terms of NAV total return, the trust has generated +125% over five years, ranking it second in its 23-strong peer group (the Association of Investment Companies’ UK Equity Income sector). Since launch, DIVI’s annual dividend has grown from 2.0p in FY12 to 2.8p in FY16 and it has built a substantial revenue reserve.
Small Cap Breakfast
15 Feb 17
Xafinity –Publication of prospectus. The pensions actuarial, consulting and administration business has conditionally raised £179.6m. At 139p. Due to join main market 16 Feb. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
A growth and value opportunity
14 Feb 17
Shares in TMT are some 20% off their year highs and trading at an 11% discount to the last reported NAV of $1.91/share as at 30 June 2016. News flow since then suggests continued positive performance of the portfolio, with the most significant reported value event being the recent revaluation of Pipedrive accretive to NAV per share by circa 14.7c. TMT invests in high growth private companies and as such valuation events are relatively infrequent for its investee companies. Anecdotal evidence from some of TMT’s portfolio suggests that there remains significant value to be unlocked from certain investments, that will not yet meet the criteria for being recognised in the portfolio valuation as at December 2016. We highlight the key news events both reported by TMT, and those relating to its portfolio companies that we have identified since the last audited NAV was published.