Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MELROSE INDUSTRIES PLC. We currently have 4 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
MELROSE INDUSTRIES PLC
MELROSE INDUSTRIES PLC
Tips for 2016 – Q3 Update
10 Oct 16
ACACIA MINING PLC (ACA LN) | BG GROUP PLC (BG/ LN) | DEKELOIL PUBLIC LTD-DI (DKL LN) | DIAGEO (DGE LN) | GLAXOSMITHKLINE (GSK LN) | HSS HIRE GRP PLC (HSS LN) |HUMMINGBIRD RESOURCES PLC (HUM LN) | LLOYDS BANKING GROUP PLC (LLOY LN) | MELROSE INDUSTRIES PLC (MRO LN) | MOTIF BIO PLC (MTFB LN) | MYSQUAR LTD (MYSQ LN) | TULLOW OIL PLC (TLW LN) | UBM PLC (UBM LN) | WHITBREAD (WTB LN)
09 Aug 16
"Quiet, uneventful summer trading in the overnight markets suggests London will be left to open quietly firmer, with the FTSE-100 seen rising 5 or so points in early trade. One thing the UK has to celebrate is a surprising strength in post-Brexit retail sales. The British Retail Consortium released it July survey at midnight last night, showing like-for-like up 1.1% and total sales gaining 1.9%, the strongest growth since the start of 2016 and seemingly boosted by fine weather, high international and domestic tourism numbers as well as early seasonal promotional activity. US equity markets all ended fractionally negative, as the tech-heavy NASDAQ broke its recent winning streak, energy stocks regained their composure following firmer crude prices during European hours and healthcare stocks succumbed to profit taking. The principal Asian markets also traded lightly to end mostly positive, influenced mainly by commodity and minerals plays while China detailed slowing July consumer inflation figures for the third consecutive month remaining stubbornly below government target, much as expected. This morning expect release of UK trade data and industrial production figures, while the Competition and Markets Authority is due to publish its final report on the Retail Banking Market. Corporates expected to release half-yearly results include Amec Foster (AMFW.L), IP Group (IPO.L), Legal & General (LGEN.L) and Standard Life (SL..L).
08 Aug 16
For whatever ill-considered political motives and miscalculations it was deemed appropriate for the people of the United Kingdom to be offered a Referendum on the UK’s membership of the European Union, the result of the vote on the 23rd June 2016 is bringing profound change. Probably, individuals’ reasons for how they voted – in some cases nothing to do with the EU – will be lost in the sands of time. After several high profile ‘departures’ from the political stage immediately after the vote result became known – one Prime Minister (David Cameron), one former Mayor of London and prominent Brexiteer (Boris Johnson) and former leader of UKIP (Nigel Farage) – the Conservative Party sought to elect a new party leader and Prime Minister. This Byzantine process was expected to reach a conclusion in time for the Conservative Party conference in early-October. In the event, prospective candidates Fox, Crabb, Gove and Leadsom all came and went at a breath-taking pace to leave Theresa May as the next party leader and Prime Minister – all in two weeks. Just for good measure, the Labour Party is simultaneously attempting hara-kiri.
07 Jul 16
"The Fed's apparent adoption of a 'wait and see' approach on how and when to proceed with its next interest rate move, effectively reversing previous signals that pointed at a move to higher rates this summer, is today likely to help European equities recover some losses of recent days. The FTSE-100 is seen opening up some 65 points, with the French and German markets rising similarly, while the US dollar may give back some of its exceptional post-Brexit gains ahead of Friday's US Jobs data, which could provide a repeat of last month's gloomy reading. Picking up this mood, US equity indices recovered from a weaker opening to close with modest gains on bargain hunting. Asia was mixed in early morning trade, with the Nikkei giving back early advance as the Yen continued to strengthen while the Shanghai Composite continued to reflect doubts about China's economic wellbeing; Australia's ASX held onto commodity-led gains despite S&P lowering the Country's rating outlook to negative. Macro releases due from the UK this morning include Industrial Production data and the Halifax house price index. Amongst UK corporates, expect Q1 figures from Marks & Spencer, full year numbers from Sports Direct and a trading update from AB Foods." - Barry Gibb, Research Analyst
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.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
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.
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.
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
05 Dec 16
As we mentioned in our 18 November 2016 note, a continuation vote was expected to be announced before the end of 2016. The announcement last Friday included details of the continuation vote, and in particular, a recommendation by the Directors to replace the June 2015 strategy of selling non-core assets and developing the core projects, with a new strategy of an orderly sale of the Company’s assets, with a target of selling all assets by 31 December 2019 and a distribution policy for returning monies to shareholders following disposals. Alongside these recommendations, there are proposed changes to the remuneration for the investment manager.