Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SHARE PLC. We currently have 7 research reports from 3 professional analysts.
|02Dec16 09:47||RNS||Director/PDMR Shareholding|
|11Nov16 12:24||RNS||Director/PDMR Shareholding|
|04Nov16 12:30||RNS||Director/PDMR Shareholding|
|25Oct16 07:00||RNS||Trading Update & Acquisition of Client Accounts|
|14Oct16 11:13||RNS||Director/PDMR Shareholding|
|14Oct16 10:04||RNS||Director/PDMR Shareholding|
|30Sep16 03:23||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
Trading in line and client account acquisition
27 Oct 16
Share indicated that Q3 trading was in line with expectations and it is continuing to implement its IT investment programme to deliver an improved customer experience and greater scalability to provide for future growth. On this front, assets under administration (AUA) have continued to increase organically and an acquisition of a book of accounts has been agreed. This and previously announced partnership agreements with Computershare and a wealth manager are set to begin contributing to revenues next year. Our estimates and valuation are unchanged.
AIM Journal - September 2016
13 Sep 16
This year’s AIM Awards shortlist has been published and the winner of the company of the year will be a new one in 2016. Last year, vet practices consolidator CVS took home the award. The 2016 shortlist consists of spirit mixers supplier Fevertree Drinks, software and consultancy services provider First Derivatives, document storage services provider Restore, and replacement windows supplier Safestyle UK. Safestyle and Fevertree have won the best newcomer award in the past two years and that can be an indication that they have a good chance of winning other awards that they are put up for. Fevertree is also on the shortlist of the new award for AIM growth business of the year and Charles Rolls and Tim Warrillow are in the running for entrepreneur of the year. Restore is on the shortlist for the best use of AIM award. The shortlist for the best investor communication award, which is sponsored by Northland Capital Partners, includes gemstone supplier Gemfields, university generated businesses funder and developer Imperial Innovations, animal feed, food distribution and fuel supply company NWF, and infrastructure services provider WYG. Imperial Innovations is the 2015 winner of this award and NWF was the winner in 2011. India-focused power generator OPG Power Ventures and construction equipment manufacturer Somero Enterprises Inc have both returned to the shortlist for the international company of the year. They are joined by Fyffes and Burford Capital.
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.
05 Dec 16
As we mentioned in our 18 November 2016 note, a continuation vote was expected to be announced before the end of 2016. The announcement last Friday included details of the continuation vote, and in particular, a recommendation by the Directors to replace the June 2015 strategy of selling non-core assets and developing the core projects, with a new strategy of an orderly sale of the Company’s assets, with a target of selling all assets by 31 December 2019 and a distribution policy for returning monies to shareholders following disposals. Alongside these recommendations, there are proposed changes to the remuneration for the investment manager.
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.