Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SHORE CAPITAL GROUP LTD. We currently have 2 research reports from 1 professional analysts.
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Research reports on
SHORE CAPITAL GROUP LTD
SHORE CAPITAL GROUP LTD
Progressing in uncertain markets
26 Sep 16
Stripping out last year's radio spectrum licence sale, the group continued to grow in the first half against a difficult market backdrop. The results illustrate the benefits of diversification, with asset management continuing to expand and underlying progress evident in Capital Markets with the signing of new retained clients: both areas reported increased revenues in the first half. Investment is being made in additional staff to strengthen the research franchise and support growth in asset management.
Modern day merchant bank
09 May 16
Shore Capital’s diversified mix of activities has proved itself through a number of market cycles. An entrepreneurial approach and the long tenure of key staff has helped deepen and broaden its client network and hence revenue potential. Like a successful merchant bank, opportunistic investments have periodically provided supernormal profits, while asset management provides a growing stream of recurring earnings. Balancesheet strength dampens near-term returns on equity, but increases resilience and provides the means to seize further opportunities. Our central valuation of c 360p may prove conservative in the event of further investment realisations or a more buoyant market.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
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.
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).