Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on RSA INSURANCE GROUP PLC. We currently have 22 research reports from 3 professional analysts.
|11Jan17 03:17||RNS||Director/PDMR Shareholding|
|03Jan17 03:16||RNS||Total Voting Rights|
|03Jan17 03:16||RNS||Block listing Interim Review|
|20Dec16 04:00||RNS||Additional Listing|
|20Dec16 03:30||RNS||Director/PDMR Shareholding|
|08Dec16 04:05||RNS||Director/PDMR Shareholding|
|02Dec16 12:30||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
RSA INSURANCE GROUP PLC
RSA INSURANCE GROUP PLC
Panmure Morning Note 03-11-2016
03 Nov 16
RSA has delivered a good Q3 IMS with Net written premium down 5% reflecting disposals but core premiums were up 6% on a continuing basis whilst the Net Asset Value ex goodwill (NTAV) has reduced from 326p/share at 30 June to 312p/share at 30 Sept, reflecting negative pension fund movements (IAS 19 basis). On this basis the shares are trading at 1.7x NTAV which we view as being close to fair value. The YTD performance is described as strong and ahead of management’s expectations. However, the share price has rallied well since we upgraded our recommendation to Buy in the summer but on the downside we believe that in doing so it has materially reduced the possibility that the company will be bid for. We maintain our 575p/share target price but lower our recommendation from Buy to Hold.
Panmure Morning Note 10-08-2016
10 Aug 16
Following the better than anticipated interim results we believe the market expectations for underlying EPS are too low and that they will need to be revised upwards. We have decided to get off the fence and whilst we believe that the trading environment remains challenging we also think that the market has not factored in the benefit of self-help actions currently underway. These actions have led us to increase our 2016/17 underlying EPS forecasts by 16% and 11% respectively, allowing us to upgrade our recommendation to a Buy (from Hold) and increase our target price to 575p/share (from 470p/share).
05 Aug 16
London equities were begrudgingly impressed with the Bank of England's decision to unleash a package of historic stimulus measures in the wake of the EU referendum. While the MPC voted unanimously in favour of cutting the base rate to an all-time low of 0.25%, the real surprise was the huge expansion of quantitative easing along with a new package of cheap loans for banks which could pump an extra £170bn into the economy despite opposition from a minority of the ninemember committee who considered that the UK macro background does not yet support such drastic action. Despite this Governor Mark Carney then went even further, indicating a willingness to cut rates even further 'close to, but a little above' zero before the year-end together with additional rounds of QE should the economy not respond adequately. Sterling bonds hit record lows, with 10-year Gilts yesterday paying just 0.66%. Equities moved sharply and broadly ahead on the news, with positive sentiment being carried into this morning seen likely to push the FTSE-100 up a further 30 points in early trading. One thing that could potentially spoil the party, however, is the all-important US non-farm employment report for July, with current estimates suggesting an advance of 195k, due this afternoon. Ahead of this release the US markets closed quietly mixed, with tech stocks leading the upside once again while the energy sector rallied with oil remains remaining firmly above the US$40 mark during the session. Asian shares, by comparison, picked up London's positive mood, will all but the Shanghai Composite making reasonable gains. William Hill (WMH.L)and the Royal Bank of Scotland (RBS.L) are amongst corporates due to report today, followed by release of the Halifax house price index mid-morning.
Panmure Morning Note 04-08-2016
04 Aug 16
A has reported H1 results that were above forecasts with headline operating profit at £312m (+20%) that compared to our close to consensus £275m forecast. The interim dividend is 5.0p/share (+43%) ahead of our 4.9p/share forecast whilst the Combined Operating Ratio (COR) was a healthy 94.7% that compared to our 94.5% forecast and consensus at 95.4%. With a ‘For Sale’ sign flapping above the company these figures should highlight the attractiveness of RSA to overseas buyers helped further by weaker sterling. The obvious threat to Stephen Hester’s exit plan is the valuation which we view is full (2016/17F PE multiples of 15.8x and 12.2x respectively) hence our Hold recommendation.
Panmure Morning Note 01-08-2016
01 Aug 16
RSA will report its H1 2016 results on Thursday 4 August (same day as Aviva). We are forecasting a headline Operating profit of £275m (+6%) and an interim dividend of 4.9p/share (+40%). We anticipate a Combined Operating Ratio (COR) of 95.4% with the underwriting performance having benefitted from relatively benign weather offset by a couple of larger claims incidents. The shares have performed remarkably which we believe reflects an improving outlook for motor insurance in the UK, combined with an expectation that the business will be sold at a multiple similar to that which Zurich almost paid for RSA before pulling out. We maintain our Hold recommendation but increase our target price to 470p/share (from 428p) to reflect trading conditions that we think are improving slightly.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
What a year it was!
16 Jan 17
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a member of the EU. The Brexit vote result proved to be a genuine shock for markets, with many investors having believed that the UK would stay within the European Union. Attention soon turned to the equally ill-tempered US Presidential elections and all the political and economic unknowns that Trump’s victory has spawned. As a result, AIM, has seen a roller-coaster of a year in 2016.