Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MENHADEN CAPITAL PLC. We currently have 3 research reports from 1 professional analysts.
|23Feb17 17:03||PRN||Director Declaration - Change in External Directorships|
|21Feb17 15:25||PRN||Intention to delist from NEX Exchange Main Board|
|09Feb17 16:44||PRN||Monthy Fact Sheet|
|09Feb17 12:41||PRN||Net Asset Value(s)|
|13Jan17 10:02||PRN||Monthly Fact Sheet|
|10Jan17 14:21||PRN||Net Asset Value(s)|
|08Dec16 15:31||PRN||Monthly Fact Sheet|
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MENHADEN CAPITAL PLC
MENHADEN CAPITAL PLC
2016 YTD Fund raising review – Topping up
05 Oct 16
Secondary issuance has dominated in 2016. 3i Infrastructure (3IN) led with a monster £385m raise (target: £350m) in May. At a sector level, infrastructure (£700m), property (£500m, mostly pre-Brexit vote), and renewables (£340m) tapped heavily in Q2 & Q3 2016. The IPO market remains quiet with only one primary launch in 2016; Hadrian’s Wall Secured Investments (HWSL) raised £80m for secured lending to SMEs including equipment finance, property development, and commercial loans. We also note that six funds have repurchased more than £50m of stock YTD.
16 Oct 15
The rout in commodity prices and emerging markets that caused a wider sell-off in global equity markets appeared to slow the pace of issuance in the sector during Q3. Secondary issuance comprised the bulk of flows; only one of the four IPOs managed to raise more than £100m. Two launches incorporated asset swaps i.e. weren’t exclusively new money. This quarter we have moved to use AIC sector definitions and also show net as well as gross flows to better gauge sentiment. A net £2.1bn of equity was issued in Q3 (£2.5bn gross), down from £3.3bn in Q2 (£3.8bn gross). Securitised debt topped the list, attracting a net £1.3bn, more than five times that of renewables, the next most popular sector. UK Mortgages Ltd (UKML.L) IPOed with £250m to invest in UK residential mortgages with a target total return of 7-10%. GLI Alternative Finance (GLAF.L) launched with a market cap c£53m of which c£10m was new money; the portfolio was seeded by GLI Finance (GLIF.L) in exchange for shares in the new vehicle. Fair Oaks Income Fund raised a £65m C-Share and Starwood raised £44m via a placing at the end of September. VPC Speciality (VSL.L) closed out the quarter with a £183m C-share.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Lloyds, Best Of The Banks
23 Feb 17
Lloyds Banking Group PLC (LLOY) reported a strong result for FY-16, which has allowed it to pay a special dividend, plus has encouraged the UK government to reduce its stake in the bank to below 5%. Lloyds’ acquisition of the MBNA credit card business is proceeding on track, with all key M&A metrics being well satisfied. The outlook for Lloyds’ capital base, its profitability and thus the dividend prospects have all improved. This encourages us to ascribe a Buy rating to the stock, with a target price of 80p per share, derived from a prospective Price / Book value of 1.3x and a P/E ratio of 13x which we think are justifiable ratios.
Middle Britain growth
21 Feb 17
The Company has achieved our 2017 estimate in 2016 with EBITDA of £2.2m, up 37% on 2015. We upgrade our estimates by 10% at the EBITDA level in 2017. If the shares traded even at the lower end of comparators, they would trade at 17p. We expect the share price to reach our upgraded 17p price target in the short term. Few companies enjoy the unique positioning which Lighthouse has to benefit from the assets of Middle Britain.
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume