A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REI
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
Much has been written about the effects of the virus on the world and on the stock market. Here is one analyst’s take on some of the likely impacts on the way we should look at companies. This article was originally produced as a blog, “10 Changes Post Virus”, which was published a few weeks ago.
Companies: AGY ARBB ARIX DNL GDR NSF PCA PIN PHNX PHP RE/ RECI STX SCE SIXH TRX SHED VTA
There has been much comment on the fact that equity markets in the US and Europe have been shrinking for some years now, certainly in terms of the number of quoted companies, if not in total market capitalisation (MCap). This paper has been written with the assistance of the Quoted Companies Alliance (QCA) and focuses on the evidence for such in the London market and, in particular, that for smaller and midcap companies. It assesses that evidence and considers explanations. Finally, we ask why i
Companies: AVO AGY ARBB ARIX ASAI DNL GDR HAYD NSF PCA PIN PXC PHP RE/ RECI RMII STX SCE TRX TON SHED VTA
Companies: AVO AGY ARBB ARIX BUR CMH CLIG DNL GDR HAYD PCA PIN PHP RE/ RECI RMII STX SHED VTA
Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.
Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMII STX SCE SIXH TRX SHED VTA
The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.
Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN SRE PHP RE/ RECI RMII STX SCE TON SHED VTA W7L
Since their privatisation in 1989, the 10 water companies have faced a periodic review every five years; it is undertaken by Ofwat, and prescribes customer prices, along with the investment requirements. As part of the ongoing review, PR19, Ofwat will publish its Final Determination numbers on 11 December 2019; they will apply as from April 2020, although water companies do have the option to seek a reference to the CMA.
Companies: AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF PCA PIN PHP RE/ RECI RMII STX SCE SIXH TON SHED VTA W7L
The challenges associated with value creation drive all investors. Any investment professional is eager to make their mark by picking organisations that are able to deliver superior returns. Increasingly investors look into how organisations are governed and how effective the top decision-making bodies of organisations really are. In this white paper, we shed light on research findings and reveal the seven hallmarks of effective boards. The seven hallmarks are proven to create more effective boa
Companies: AVO AJB AGY CLIG DNL DPP FLTA GTLY GDR KOOV MUR NSF OXB PCA PHP RE/ RMII STX SCE TRX TON SHED VTA W7L
The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.
Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF OXB PCA PHP RE/ REDX RMII STX SCE TRX TON SHED VTA W7L VAL
When advisers first start looking at business relief (BR) products, there is much to take in: the rules governing such products; the investment strategies being used; and what the investment risk is. It is easy to lose sight of the fact that, for non-AIM products, the investment is being made directly into a company or partnership, rather than a fund. It is, therefore, essential that governance is part of the diligence process.
Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX RMII STX SIXH TRX TON SHED VTA W7L VAL
REA’s FY’18 results showed a marked recovery in the group’s FFB production, up 50.8% YoY, to a record level of 800,050mt; CPO production increased by over 51%, to 217,721mt. However, revenue was up only 5.2%, to $105.5m ($100.2m); crop growth was strong but results were significantly dampened due to commodity prices, with the palm oil price hitting a 10-year low, at $440/mt, in November 2018. The CPO price suffered a 17% drop to an average $596/mt for 2018, and the PKO price plunged 27.2% for th
Companies: R.E.A. Holdings plc
Companies: AZN AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR HAYD KOOV MCL MUR PCA PHP RE/ REDX STX SIXH TON SHED VTA W7L VAL
How small- and mid-cap quoted companies make a substantial contribution to markets, employment and tax revenues.
Companies: TIME AVO AJB ARBB CMH CLIG DPP FLTA GTLY GDR HAYD KOOV LWRF MCL MUR OXB PCA PHP RE/ STX SIXH TRX TON VTA W7L
Although the focus of Hardman & Co is predominantly on companies in the smallto mid-sized market capitalisation range, when writing research reports, it is important to position them relative to the industry in which they operate. Apart from Japanese companies, all the major global pharmaceutical companies have reported full-year results for 2018 over the past few weeks; therefore, we have taken the opportunity to update our industry database and generate the first cut of global rankings for 201
Companies: TIME AVO AJB AGY ARBB CMH CLIG CSH DNL GTLY HAYD KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX STX SCE SIXH TON VTA W7L VAL
In the investment world, before MiFID II, essentially every institution talked to every broker, and the whole, professional market could see every research note and the forecasts in detail. This was the ‘Age of Consensus’. Everyone had the same information (well, everyone except retail investors), and this transparency helped share price formation and liquidity
Companies: TIME AVO AJB AGY ARBB AVCT CMH CSH DNL GTLY GDR KOOV MCL OXB RE/ REDX STX SCE SIXH TRX TON VTA W7L VAL
Research Tree provides access to ongoing research coverage, media content and regulatory news on R.E.A. Holdings plc. We currently have 78 research reports from 3 professional analysts.
Companies: A.G. BARR p.l.c.
Britvic’s recovery continued in H2, with continued growth in at-home channels while out-of-home rebounded. GB and Brazil both posted revenue growth, while Other International was affected by weaker performance in France, caused – among other things – by poor summer weather. Organic revenue growth was 6.6%, while adjusted EBIT was up 10% on the same basis. Adjusted EPS was up 2.5% to 44.3p, as it was adversely affected by a one-off deferred tax charge. The dividend per share is 24.2p, up 12%. Cur
Companies: Britvic plc
Companies: Naked Wines plc
Zambeef has concluded a major capital raising exercise with the UK’s Developmental Financial Investor (DFI), The Commonwealth Development Corporation (CDC). With US$65m raised through the issuance of ordinary and preference shares, Zambeef is now able to purchase RCL's stake in ZamChick and ZamHatch for cash and pay down a material portion of debt, releasing significant free cash flow from the business. We believe this could be the trigger that allows the shares to re-rate and achieve our target
Companies: Zambeef Products PLC
Cake Box’s Covid impacted FY21 results post the audit process have come in ahead of our expectations with CPTP of £4.7m (Shore: £4.1m), growth of 25% yoy. Adjusted EPS growth of 23% is reported to 9.6p, whilst a final DPS of 3.7p is proposed making for a full year payment of 5.55p, a yield of 1.7% (not including a special 3.2p catch-up payment in October 2020). Period end net cash was £3.6m, with sustained future cash generation expected to provide strategic flexibility. New store openings conti
Companies: Cake Box Holdings Plc
Carr’s Group has provided an update for the 20-week period ended 17 July 2021, which notes that FY21 performance is expected to be moderately ahead of management expectations. Strong performances from both the Speciality Agriculture and Agricultural Supplies divisions have continued into H221. The H221 Engineering divisional recovery that management expected has been realised, supported by contracts from the nuclear and defence markets, and rising oil and gas prices. We raise our FY21 adjusted P
Companies: Carr's Group PLC
Companies: Hotel Chocolat Group Plc
Cake Box’s interim results, covering the 6 months to 30th September 2021, capture a period of strong sales recovery, continued double digit LFL franchise sales growth and accelerated franchisee store openings. Profit growth is a very strong at 122% to CPTP of £3.7m, EPS of 7.5p. An interim DPS of 2.5p is proposed, up 35% yoy. We upgrade our expectations post today’s update, raising FY22 CPTP by c8% to £7.0m and EPS to 14.7p. A net cash position of £7.0m is expected. With the potential for c400 s
Dekel Agri-Vision have published its October production update. Average CPO price per tonne was up 51% at €960 per tonne continuing its strong rally YTD.
Companies: Dekel Agri-Vision Plc
We were impressed with Diageo’s presentation as it once again demonstrated its ability to outperform the spirits market, which is itself in a strong position to outperform the drinks industry. Buy and hold.
Companies: Diageo plc
Kellogg delivered a strong quarter driven by a robust top-line growth driven by incremental brand-building investment. The company faced its fair share of inflationary issues including commodity price surges, supply chain problems, and rising prices for packaging and freight which resulted from an imbalance of supply-demand. These might take a few more quarters to get resolved. The management team is also working hard to mitigate the margin impacts of these high costs. While their productivity a
Companies: Kellogg Company (K:NYSE)Kellogg Company (K:NYS)
Capital Metals (Capital) is developing the high-grade Eastern Minerals Project in Sri Lanka, producing ilmenite, rutile, zircon and garnet for sale. On nearly every measure, the project has superior resource metrics; we see it as fundable and generating high returns for shareholders. We also expect the resource to grow and give Capital options on expansion or mine life extension. The key catalyst, for us, was the acceptance of the Environmental Impact Assessment (EIA) on 23.11.2021, following wh
Companies: Capital Metals plc
Greencore, the major chilled and convenience food producer, issued an unexpected, and so surprise, statement to the market on the afternoon of the 25 November 2021 that its long standing and highly respected CEO, Patrick Coveney will be stepping down from the Group in March 2022. Mr Coveney will be joining SSP as Group CEO following a separate announcement by the business.
Companies: Greencore Group Plc
The focus of our industry review will mainly be targeting North American stories and companies. REPORT HIGHLIGHTS: (1) Latest Financial Results Highlights. (2) Industry Groups Influencing the Industry Trends. (i) We review different companies that compose the industry: the trends, issues, challenges, and their strategies. (ii) For this first edition, we will just provide an overview of the key points. (iii) Our ultimate goal is to identify companies and products that may have a strategic advanta
Companies: CZA BYND BYND DOLE JTR JTR
Share: