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.
|20Feb17 15:38||RNS||Form 8.5 (EPT/RI) - Amendment|
|20Feb17 15:30||RNS||Form 8.3 - [Deutsche Boerse AG/LSE Group Plc]|
|20Feb17 15:30||RNS||Form 8.3 - [London Stock Exchange Group Plc]|
|20Feb17 15:20||RNS||Form 8.3 - London Stock Exchange Group Plc|
|20Feb17 15:19||RNS||Form 8.3 - [London Stock Exchange Group Plc]|
|20Feb17 14:44||RNS||Form 8.3 - London Stock Exchange Group Plc|
|20Feb17 14:24||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.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small caps best insulated from macro headwinds
15 Feb 17
The Diverse Income Trust (DIVI) invests in UK stocks from across the market cap spectrum that have strong prospects for sustainable dividend growth. This all-cap income generating strategy was developed by Gervais Williams and Martin Turner of Miton Asset Management. The c 145 stock portfolio provides a broad spread of investments and has a strong bias towards dividend-growing smaller companies. In terms of NAV total return, the trust has generated +125% over five years, ranking it second in its 23-strong peer group (the Association of Investment Companies’ UK Equity Income sector). Since launch, DIVI’s annual dividend has grown from 2.0p in FY12 to 2.8p in FY16 and it has built a substantial revenue reserve.
Small Cap Breakfast
15 Feb 17
Xafinity –Publication of prospectus. The pensions actuarial, consulting and administration business has conditionally raised £179.6m. At 139p. Due to join main market 16 Feb. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
A growth and value opportunity
14 Feb 17
Shares in TMT are some 20% off their year highs and trading at an 11% discount to the last reported NAV of $1.91/share as at 30 June 2016. News flow since then suggests continued positive performance of the portfolio, with the most significant reported value event being the recent revaluation of Pipedrive accretive to NAV per share by circa 14.7c. TMT invests in high growth private companies and as such valuation events are relatively infrequent for its investee companies. Anecdotal evidence from some of TMT’s portfolio suggests that there remains significant value to be unlocked from certain investments, that will not yet meet the criteria for being recognised in the portfolio valuation as at December 2016. We highlight the key news events both reported by TMT, and those relating to its portfolio companies that we have identified since the last audited NAV was published.