Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LONDON STOCK EXCHANGE GROUP. We currently have 9 research reports from 3 professional analysts.
|24Jan17 04:04||RNS||Form 8.5 (EPT/RI) - Amendment|
|24Jan17 03:22||RNS||Form 8.3 - London Stock Exchange Group PLC|
|24Jan17 03:07||RNS||Form 8.3 - London Stock Exchange Group Plc|
|24Jan17 03:07||RNS||Form 8.3 - Deutsche Boerse AG|
|24Jan17 02:59||RNS||Form 8.3 - [London Stock Exchange Group plc]|
|24Jan17 02:54||RNS||Form 8.3 - London Stock Exchange|
|24Jan17 01:35||RNS||Form 8.3 - London Stock Exchange Group Plc|
Frequency of research reports
Research reports on
LONDON STOCK EXCHANGE GROUP
LONDON STOCK EXCHANGE GROUP
Positive on revenues, higher than expected total expenses not an issue...
04 Aug 16
LSEG reported a good set of numbers, especially on revenues which, aside topping estimates by 3.5%, were up 7% yoy (on an organic and constant currency basis). Total expenses were, however, short of expectations with a 5.3% miss driven by higher employee costs. Operating profit was therefore in line with expectations and 5% higher yoy. No material information regarding the ongoing merger was released. Total operating profit was -9% yoy as exceptional transactions costs (linked to the sale of Russell investment) were incurred.
06 May 16
"Equities in London are expected to open on a downbeat note, with the FTSE-100 expected to fall initially around 15 points, before testing its technical support at the 6,100 level. After early strength, the US markets gave back gains made on the back of firm oil and energy prices as investors focussed back on a relatively dull earnings season, growing political uncertainty and lacklustre economic data. Recent strength in gold and bond markets serves as a reminder of investor's continuing concerns for the global economy. Key macroeconomic data due today from the US includes the monthly non-farm payroll employment report, which may determine both expectations for the Fed's interest rate policy and sentiment for the coming week. In the UK, markets await this morning's release on the Halifax house price index and AGMs from Alliance Trust, RSA Insurance and Man Group, together with trading statements from BBA Aviation and International Consolidated Airlines." - Barry Gibb, Research Analyst
Is this really the end? Not so sure...
04 May 16
ICE announced during its Q1 16 earnings release that it won’t be proceding with a bid on the LSEG as we had been expecting for weeks with a high probability. ICE justified the move as “following due diligence on the information made available, ICE determined that there was insufficient engagement to confirm the potential market and shareholder benefits of a strategic combination”. This is at first glance a courteous way to define LSEG’s management behaviour not to cooperate. As confirmed by ICE’s CEO, Jeffrey Sprecher, ICE’s board had tried and failed to arrange meetings with the LSEG. Following the announcement, the LSEG share dropped while the Deutsche Boerse share gained, coming back to pre ICE’s announcement level, respectively around 2600p and €75.5.
Where are we now? Still bullish on the stock
04 May 16
More than two months after the Deutsche Boerse/LSEG merger announcement which was immediately followed by ICE’s formal interest in the latter, the share price of the UK stock exchange is 7% lower than its highest levels (around 2900p). Our target price is still pointing at 3160p with an add recommendation and, more importantly, based on our SOTP valuation, better reflecting the speculative environment, our target price is at 3500p. This takes into account a probable counter-bid by another major stock exchange, be it HKEx (Hong Kong Exchanges), CME or especially ICE followed then by another bid by a willing Deutsche Boerse. We had indeed estimated last time that even with a 20% and 30% premium on the share price (respectively at 3444p and 3730p), that it would still be profitable for DB (no earnings dilution) if financed in cash once cost synergies are taken into account.
Still much room for the bulls...
02 Mar 16
It is now clear that LSEG will be either merging with Deutsche Boerse or purchased by a non-European giant stock exchange, be it ICE (which confirmed yesterday its interest), CME or even the Hong Kong Exchanges and Clearing. All these could potentially pay for LSEG via a share swap, Deutsche Boerse being at a disadvantage in terms of market cap. Supposing another 20% premium is added to LSEG, Deutsche Boerse’s share in the new entity would roughly fall to below 50%. Absorbing LSEG would be vital for DB (which is at risk of competing with a new European mastodon, be it ICE-LSEG or CME-LSEG), and we have simulated the potential use of cash by DB to finance the acquisition using our M&A tool.
LSEG and Deutsche Boerse on the brink of merging...
23 Feb 16
The London Stock Exchange Group and Deutsche Boerse confirmed today they are in merger talks. If this merger succeeds, Deutsche Boerse and LSEG would own respectively 54.4% and 45.6% of the new mastodon. Our opinion is that the merger will be value-accretive for shareholders *once/if* it gets both shareholders and (above all) regulatory approval (souvenirs from the last merger attempt between DB and YSE-Euronext are still here).
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.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
ACTUAL EXPERIENCE PLC (ACT LN) | BAGIR GRP LTD (BAGR LN) | BIOQUELL (BQE LN) | BROWN(N.)GROUP (BWNG LN) | CARADOR INCOME FUND PLC (CIFU LN) | HALFORDS GROUP (HFD LN) | NCC GROUP (NCC LN) | ST IVES PLC (SIV LN) | SUMMIT THERAPEUTICS PLC (SUMM LN) | WILMINGTON PLC (WIL LN)
Small Cap Breakfast
19 Jan 17
SuperAwesome — The London based specialist in e-compliance is considering an IPO in its home town according to City A.M. 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 - 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.
N+1 Singer - Harwood Wealth - FY16 EBITDA 11% ahead, positive strategic progress
24 Jan 17
Harwood Wealth (“HW”) has delivered final results which showed EBITDA 11% ahead of our forecasts and successful execution of the consolidation strategy with 17 acquisitions in FY16 using IPO proceeds. The board has declared a maiden final dividend of 2p (payable in May) from cash generation. £10.5m net cash leaves the business well positioned to continue to pursue acquisition opportunities. Based on previous multiples paid, we estimate HW has cash resources to materially increase EBITDA complemented by organic growth. HW reports a positive start to FY17e.
N+1 Singer - Northern lights - Shining prospects for 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.