Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BARRATT DEVELOPMENTS PLC. We currently have 8 research reports from 2 professional analysts.
|01Dec16 10:53||RNS||Total Voting Rights|
|28Nov16 11:38||RNS||Holding(s) in Company|
|25Nov16 11:29||RNS||Director/PDMR Shareholding|
|22Nov16 09:55||RNS||Director/PDMR Shareholding|
|17Nov16 12:35||RNS||Result of AGM|
|16Nov16 07:00||RNS||Trading Statement|
|01Nov16 09:46||RNS||Total Voting Rights|
Frequency of research reports
Research reports on
BARRATT DEVELOPMENTS PLC
BARRATT DEVELOPMENTS PLC
17 Nov 16
"The Fed's Patrick Harker yesterday spelt out just how complex policy on interest rates has now become. Janet Yellen's own testimony this afternoon, which is seen as key to December's FOMC decision, will have to grapple with all the new uncertainties injected by the President-elect, ranging from regressive tax cuts, booming infrastructure spending, financial deregulation and cuts in federal spending. No easy task, even if the markets appear more convinced than ever that the first hike since 2006 will be delivered next month and that this will be the first of a series of such moves over the subsequent 18 or so months as inflation climbs. The recent phase of asset repricing, nevertheless, took a breather yesterday, with all principal markets making only fractional movements. The Dow Jones broke its record run to drift into the red as financials retrenched, while momentum in technology stocks meant the NASDAQ still managed to close modestly up. Asia also put in just marginal movements across the board, as oil prices went lower on weekly data detailing a large rise in inventories, while the Bank of Japan surprised traders with its plans to buy unlimited JGBs at fixed rates in its latest daily market operation. The latter, of course, being seen as it effort to ensure domestic rates do not find themselves shackled to the US T-bill's upward movements. Today, the UK is due to release retail sales figures while the CML provides mortgage lending data; Eurozone inflation numbers are also expected this morning. Clearly the principal event of the day, however, will be Janet Yellen's Testimony on Capitol Hill which is due to commence at 10:00hrs EST and likely overshadow speeches also due from the Fed's William Dudley and Lael Brainard; the US is due to release inflation, weekly jobless claims and export statistics this afternoon as well. Another busy day for UK corporates, with earnings or trading updates scheduled from the likes of CRH (CRH.L), Great Portland Estates (GPOR.L), Johnson Matthey (JMAT.L), Kier Group (KIER.L), Premier Oil (PMO.L), Royal Mail (RMG.L), Shanks (SKS.L), Ted Baker (TED.L), TT Electronics (TTG.L) and Watkin Jones (WJG.L). The FTSE-100 is expected to open virtually unchanged." - Barry Gibb, Research Analyst
UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
08 Sep 16
"Equity markets globally remain in 'wait and see' mode. The overnight American and Asian markets all closed with just fractional, albeit mixed, movements as the US central bank's Beige Book, which based anecdotal feedback on economic activity collected during July and August from a dozen district banks, was seen to chant the same old lacklustre message. It noted the economy continued to expand at a modest pace and that contributors expected growth at a 'moderate' pace in the coming months, coming in tandem with a Fed Reserve report noting on Wednesday that a tight labor market and rising wages were not generating substantial inflation pressure. 'Steady as she goes' might be one interpretation, but 'clear as mud' might be another for Chair Janet Yellen who is expected to make an informed policy decision at the looming Federal Open Market Committee Meeting scheduled for 20th and 21st September. Betting right now, perhaps not surprisingly, is that rates will remain unchanged while expected data releases between now and the year-end a still expected to suggest opportunity for at least a 25bp hike, even if hawks like Jeffrey Lacker continue to bang the drum for earlier, decisive action. In the Far East, China provided the main talking point following its release of monthly export data, its traditional engine for growth, that showed a slide of 2.8% in US$-terms on last year following a 4.4% decline in July; a dull outcome, but still sufficient to beat the consensus expectations, which the Wall Street Journal polled as a 4% contraction. The ASX was the only market keen enough to make a decisive move in the region, as the commodity-led index continued to adjust to the hit on the US$ following disappointing ISM data earlier in the week, although oil futures were seen to extend gains during early morning trade following a report from the American Petroleum Institute that detailed a steep weekly draw on crude stockpiles in the US, bucking expectations of a rise and pushing prices back closer to the US$50/bbl level. Europe is in focus for macro releases this morning, with the ECB interest rate decision anticipated, along with a press conference from Mario Draghi. PM, Theresa May, is also due to meet Council President, Donald Tusk, today in London while Chancellor, Phillip Hammond, is presenting to a House of Lords Committee. Earnings figures are due form Deltex Medical (DEMG.L), Genus (GNS.L), Mattioli Woods (MTW.L) and Tower Resources (TRP.L), along with a trading statement from Dixons Carphone (DC..L). The FTSE-100 is seen opening around 8 points up this morning in relatively light volume." - Barry Gibb, Research Analyst
Panmure Morning Note 01-12-16
01 Dec 16
Consistent with the FY16 trading update/pre-close on September 14, today’s FY16 results are in line with our and consensus underlying PBT expectations of £12.5m (+22.5% YoY). The total FY16 dividend is up 36%, covered 3.4x, whilst net cash is £6.9m (+53%). FY16 represented another good year of execution, and FY17 has started well. The company's business mix is now more diverse across geographies (International accounted for 26% of total sales vs 21% in FY15) and we see CCT’s increasing diversity in retail distribution as both a further risk-mitigation and opportunity driver. We make no changes to our FY17 and FY18 PBT forecasts of £13.5m and £14.5m (albeit, we make some changes to the constituent parts) and introduce a FY19 PBT of £15.5m. We maintain our BUY and TP of 635p.
Strong H2 expected
30 Nov 16
H1 results were in line with expectations with PBT of £9.0m, EPS of 9.9p and DPS of 7.2p. The NAV / share is 253p. We expect the company to have a strong H2 based on its forward sales position and the timing of developments coming through. Telford has a strong balance sheet, a large development pipeline and impressive forward sales position, as well as good levels of demand for its product and geography from a diverse group of buyers. No change to forecasts at this stage.
US$500m to be invested in start-ups by 2026
28 Nov 16
BMW started a venture capital fund in 2011 with an initial investment of $100m. This is now to be expanded to $500m within the next ten years. The fund, called ‘BMW i Ventures’, has been moved from NYC to Mountain View, CA, to have closer access to the technology developed in the Silicon Valley. The investment focus will be on Enabling Technology and Digital Vehicle Technology, Mobility and Digital Services, Customer Experience, and Advanced Production Technology. According to BMW, the fund has closed 15 deals in ‘mobility-related’ technologies so far. It typically acquires a minority stake in start-ups which allows it to gain access to external innovations (so-called ‘outside-in’) that secure the company’s role as a technology pioneer. Simultaneously, it provides support for start-ups by offering internal resources (so-called ‘inside-out’) such as technical expertise and access to its own network of an established car producer.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m 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.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.