Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ESURE GROUP PLC. We currently have 3 research reports from 1 professional analysts.
|02Dec16 01:31||RNS||Holding(s) in Company|
|01Dec16 07:00||RNS||Total Voting Rights|
|11Nov16 02:10||RNS||Director/PDMR Shareholding|
|11Nov16 10:38||RNS||Holding(s) in Company|
|09Nov16 07:00||RNS||2016 Q3 Trading Update|
|07Nov16 04:03||RNS||Notice of 2016 Q3 Trading Update|
|07Nov16 10:17||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
ESURE GROUP PLC
ESURE GROUP PLC
14 Sep 16
"Bumpier seas are being anticipated for international equity markets between now and the year end. Two months of absolute calm, with daily moves of less than 1%, looks likely to be replaced by a period of increased volatility as doubts begin to rise over the sustainability of the highly accommodative policies of both the ECB and BoJ, together with increasing concerns regarding a lack of policy consensus within the FOMC. The net result of which will likely be a reduction in portfolio leverage by asset risk management committees, resulting a larger market swings while adjustments are made. Today, the President of the European Commission, Claude Juncker, will deliver his annual State of the European Union address which could shed some light on likely policy and vision, particularly in the light of Brexit, along with the proposed Italian Referendum, imminent elections in Spain and the US followed next year by Germany and France. While loud calls for a further rate cut are not expected, focus will move rapidly onto Japan, whose two-day central bank policy meeting starting on 20th September will also review the unfavourable effects of negative interest rates. With Fed Funds indicating just a 15% chance of a rate cut taking place this month, US equities were sold off again overnight amid polls showing rising support for Republican presidential contender, Donald Trump. Asian equities largely followed this lead, with the Shanghai Composite the main casualty despite its economic planning committee approving almost RMB200bn in investment projects as Beijing seeks to spur growth through domestic investment. The UK is due to release unemployment figures this morning, while Eurozone Industrial Output data is also expected. No major UK corporates are due to provide earning figures this morning, although smaller companies like Alliance Pharma (APH.L), Chariot Oil & Gas (CHAR.L), Dunelm (DNLM.L), Galliford Try (GFRD.L), Modern Water (MWG.L), Rockhopper Exploration (RKH.L) and Wilmington (WIL.L) are anticipated. Markets will also remain sensitive to further news reports from Iran, regarding its threat to shoot down US surveillance planes flying over its territory and the restarting of exports by the Libyan State Oil Company following recapture of its domestic terminals. The FTSE-100 is seen rising some 20 points in early morning trade. " - Barry Gibb, Research Analyst
08 Aug 16
"Although the overnight markets were firmer across the board, London equities are seen opening very modestly better this morning, with the FTSE-100 seen up just 5 to 10 points in early trade. Friday's strong US jobs data was released during Europe's afternoon trade session at the end of last week, leaving equities today instead to reflect on China's export data that was published on Saturday morning. July exports for the country slid 4.4% from a year earlier, following a decline of 4.8% in June while, in US$ terms, the outcome was below that seen in the same month last year. Being below the consensus expectation of a 3.6% decline, it remains clear that global demand for goods from the world's second largest economy continues to struggle. Countering this, opinions from Board Members regarding last week's BoJ monetary easing appear less critical than the media initially suggested. The country's June's trade surplus, however, expanded by a dramatic 80.1% to Y974.4bn, although this still remained below a number top-end forecasts polled by the Wall Street Journal. It was, nevertheless, enough to spur the Nikkei sharply higher and to drag the regions other principal indices up behind it. Meanwhile, celebrating its jobs data, US confidence rose sufficiently to see both the S&P 500 and the NASDAQ push into new record territory, as investors globally continued their move further into riskier assets. The UK is not expected to release any major macro-economic data today, nor are any large corporates scheduled to report." - Barry Gibb, Research Analyst
08 Jun 16
"Equities in London appear set to open down this morning, with the FTSE-100 losing around 14 points in early trade. Sterling and UK equities appear to have been somewhat spooked by recent opinion polls suggesting the Brexit „leave‟ campaigners are now winning more of the wavering vote as June 23rd approaches. This, together with caution ahead of today‟s industrial production data, which is not expected to show any cause for optimism, leaves investors in a sombre mood. The overnight mood in the US was somewhat better, with the S&P 500 and the Dow industrials squeezing-out modest gains and taking indexes close to fresh highs driven primarily by a rally in the energy sector. By comparison, this morning‟s Asian trade left the main territories down, with China leading the way on poor trade data showing exports declining 4.1% year-onyear, sharply below market consensus. As well as release of the UK industrial production and manufacturing output data, investors should watch for RICS residential house prices this morning; later this afternoon, the US weekly petroleum status report is also due. Among the corporates,J Sainsbury is due to release a trading statement on the market open." - Barry Gibb, Research Analyst
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.