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.
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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.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
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.
Panmure Research - Electra Private Equity Flash 27-10-15
27 Oct 15
Electra Private Equity's portfolio is in good shape and looks set to continue performing over the next 12-24 months as the portfolio matures. Where visible, the valuations look sensible with scope to surprise on the upside. The principle change over this period is anticipation that the return will become more broadly driven as the returns from some of the recent value drivers (e.g. Holiday Parks, Axio, TOBC) normalise.Since the announcement of the early publication of Electra's results, the share price has responded strongly (+8.4%) with continued post publication momentum, leaving the fund trading on a 5.2% discountUpdating our models and forecasts for the results we have retained our Fiscal 2016 return forecast (c15% ROE) and discount target (12%) but increase our price target (which was undisturbed in our pre-results note, 20th October) to 3,864p (up 3.3% or 124p). Our new price target, inclusive of expected dividends, implies a 7% TSR. We change our rating from Buy (>10%TSR) to Hold (5-10% TSR).