Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MELROSE INDUSTRIES PLC. We currently have 5 research reports from 2 professional analysts.
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Research reports on
MELROSE INDUSTRIES PLC
MELROSE INDUSTRIES PLC
Nortek should deliver more and faster
06 Jan 17
We believe that Melrose can deliver much faster growth in shareholder value from its Nortek acquisition over the next three years than the current market estimates. Our EBITDA forecast for 2019 is 25% above consensus. Unlike previous deals, where value generation was primarily reliant on margin growth, cash generation and/or multiple expansion, we expect Nortek to deliver value from sales growth as well. Thus, maintaining Melrose’s excellent track record of generating shareholder return from buying, improving and selling underperforming businesses. Our base case model generates a target price of 294p, giving an upside of 51%. We initiate coverage with a BUY recommendation. We have identified four sources of value creation from the Nortek acquisition.
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
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
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
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)