Research Tree provides access to ongoing research coverage, media content and regulatory news on Saga plc.
We currently have 39 research reports from 2
Ramsdens interim results highlight the resilience of the business model. Despite the prolonged UK lockdown and international travel restrictions materially impacting the business, we believe a pre-tax loss of only £0.1m was a great result. Moreover, the balance sheet remains strong with net assets up £0.5m HoH to £35.5m and net cash at £15m. While FY2021 has been tough due to COVID-19, management remain confident and are positioning the business for growth with a pipeline of six new stores, incl
Companies: Ramsdens Holdings PLC
NextEnergy Solar Fund’s full year results announcement shows a business continuing to outperform on development, output and pricing. The portfolio now stands at 814MW and the company has already reached its targeted subsidy free capacity of 150MW. A pipeline of international and battery storage opportunities gives NESF considerable diversification potential. With a target dividend of 7.16p for FY 22, NESF continues to offer a well-supported, RPI-linked income stream.
Companies: Nextenergy Solar Fund
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
Trident reports that Moxico Resources Plc has recently completed a US$73m equity financing. The proceeds will be used to fast-track development of the Mimbula copper mine in Zambia over which Trident holds a royalty. Mimbula is already producing copper and is in the ramp up stage, but the cash injection will allow Moxico to produce cathode copper onsite via the construction of a new SX-EW plant and Moxico anticipates a significant increase in copper production. As a royalty holder, Trident will
Companies: Trident Royalties Plc
Trident Royalties Plc (AIM: TRR) has, this morning, announced the appointment of Paul Smith as Non-Executive Chairman. Alongside the appointment Mr Smith will invest up to £2 million into the company, of which £1 million will be an immediate subscription at 40p/ share (representing a 4% premium to the 5-day VWAP), with up to a further £1 million at the same price within 12 months. The current Chair, James Kelly, will remain on the board as a Non-Executive Director. Non-Executive Director Mark Po
What’s new: Full year results were ahead of our March 2021 forecasts, as set out in the 20 April trading update.
- AuM rose 35% over the year to £9.0bn on 31 March 2021;
- Net inflows added £755m, with 2H net inflows of £427m 30% higher than 1H net inflows of £328m; annualised growth rose from 10% to 11.4%;
- Revenue rose 9.3% to £23.35m (6% above Zeus estimate: £22.0m);
- Adj EBIT rose 25.6% to £11.4m (13% above Zeus estimate: £10.1m);
- Adj diluted EPS rose 22.8% to 14.7p (12% abov
Companies: Tatton Asset Management Plc
OCI hosted its annual Capital Markets (CM) day on 18 May 2021.With presentations from Oakley Capital and investee companies, as well as Q&A, including the OCI board, it gave a clear view of the prospects of the organisation. We have argued in previous notes that OCI’s outperformance (five-year CAGR NAV total return 16%) is driven by i) high-growth companies and sector champions enjoying structural tailwinds and often digital disruption benefits (2020 average 20% EBITDA growth), ii) repeatable an
Companies: Oakley Capital Investments
Palace Capital’s (PCA) FY21 results were robust, with a clear improvement in the second half. With a good level of rent collection continuing, Q421 DPS was increased by 20%, to a level that management hopes to at least maintain through FY22. Importantly, the flagship Hudson Quarter (HQ) development in York completed in April, on budget. We expect HQ to be a significant driver of forecast increasing returns and deleveraging.
Companies: Palace Capital plc
Trident has announced the appointment of a new Non-Executive Chairman. Paul Smith, an ex-Glencore senior executive will join the company on 21st June. Mr Smith has made an immediate £1m equity investment in Trident at a premium and retains the right to make a further £1m investment for a total proposed investment of £2m.
Trident Royalties Plc (AIM: TRR) has, this morning, noted progress at the Mimbula Copper Project, over which Trident holds a gross revenue royalty (GRR). Mimbula's owner and operator, Moxico Resources Plc, recently completed a US$73million equity financing which will be used to develop and build a standalone SX-EW plant. We have also updated our production assumptions for the Thacker Pass Lithium Royalty based on comments by Lithium Americas Corp. (NYSE/TSX:LAC) in their Q1 2021 results last mon
Augmentum Fintech’s (“AF”) disciplined approach and diversified portfolio has delivered value uplift. A number of follow-on rounds and a maiden exit (Dext) added 14p to the NAV – now standing at 130.4p; +12% yoy and 9% in H2 alone. £31m capital has been deployed since Mar-20, including 4 new investments. There is a significant pipeline of new opportunities (£924m) with £144m (across 24 deals) in active development. In order to pursue these, AF has announced that it is seeking to raise at least £
Companies: Augmentum Fintech
The repeal of the Berlin rent cap (the ‘Mietendeckel’), ruled unconstitutional, is a significant positive for Phoenix Spree Deutschland (PSD). It allows a resumption of its core reversionary rent strategy, providing greater flexibility in the extraction of the value embedded in the portfolio. With a continuing discount to net assets, the board has stepped up the share repurchase programme, aiming to ensure that the share price better reflects its view of intrinsic value and the improved outlook.
Companies: Phoenix Spree Deutschland Fund
Despite the turbulence in power prices triggered by the pandemic, NextEnergy Solar Fund (NESF) achieved its dividend target of 7.05p for the financial year. The 2022 dividend target was increased in line with RPI to 7.16p per ordinary share for the year ended 31 March 2022, payable quarterly. We believe given the sharp increase in power prices and the hedging strategies used by NESF, cashflow is likely to be significantly higher over the next two to three years than what is incorporated in NESF’
Urban Logistics REIT (“ULR”) has delivered a watershed year: doubling the portfolio with a disciplined approach focusing on value-add opportunity through reversion and regear. Finals show rental income doubling from acquired assets, with recurring EPS in line with our forecast. EPRA NAV was 6% ahead of N+1Se, as valuation yields tightened. The manager has secured a further c.£150m pipeline of similarly attractive assets. We make a modest upgrade to EPRA NAV on better valuation. We see sustained
Companies: Urban Logistics REIT plc
Chrysalis Investments - Klarna funding round to add 8% to NAV
Seraphim Space Investment Trust - Intention to float
Companies: Chrysalis Investments Limited