Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on STANDARD LIFE PLC. We currently have 12 research reports from 2 professional analysts.
|01Dec16 03:39||RNS||Additional Listing|
|01Dec16 03:24||RNS||Total Voting Rights|
|28Nov16 11:12||RNS||Director/PDMR Shareholding|
|21Nov16 04:15||RNS||Director/PDMR Shareholding|
|14Nov16 07:00||RNS||Possible strategic combination involving HDFC Life|
|09Nov16 12:24||RNS||Director/PDMR Shareholding|
|03Nov16 02:46||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
STANDARD LIFE PLC
STANDARD LIFE PLC
Panmure Morning Note 11-10-2016
10 Nov 16
Last night Group FD Luke Savage came into our offices to hold a Q&A session with our sales team. It proved to be a very open, enjoyable and informing session where all the ‘difficult’ questions were asked and good straightforward answers were given. For us two key areas of interest, GARS and the dividend proved to be areas where we felt we could take comfort from the answers given. Having concluded that many of the perceived ‘issues’ were not material we believe that the investment case is even stronger than we had previously thought. In our view the shares are undervalued and offer significant upside potential on a 12 month view. Buy.
10 Aug 16
"There was nothing particularly significant from the overnight markets to set the opening trend for London this morning, so investors are instead likely to focus back on yesterday’s report from the National Institute for Economic and Social Research, which reported that the UK economy shrunk by 0.2% in the first full month following Brexit, as political tensions and concerns regarding the UK’s prospective relationship with the EU knocked confidence. This, added to the Bank of England’s reported failure to buy back as many government bonds as it had targeted during the first couple of days of its six-month, £60bn programme, highlights the fact that the process of stimulating risk markets can never be straight forward. London equities accordingly look to be setback at the opening this morning, with the FTSE- 100 seen falling up to 15 points in early trade. Overnight, the US markets saw quiet, low volume activity push all three principal indices modestly into the positive, with the tech-heavy NASDAQ leading the way and closing at a new record high. Yen strength was again the main talking point in Asia as Japan reported June core machinery orders rebounding from previous weakness; while gains of half a percent against the US$ kept the Nikkei under pressure other markets in the region ended mixed with commodity stocks amongst the main losers. This morning the UK will report CML Housing Market Data while the BoE Agents’ Summary of Business Conditions is also due for release. Half-yearly earnings are also due from Centamin (CEY.L), G4S (GFS.L), Interserve (IRV.L), Trafalgar New Homes (TRAF.L) and the Prudential (PRU.L)." - Barry Gibb, Research Analyst
Panmure Morning Note 09-08-2016
09 Aug 16
Standard Life has reported a good set of H1 figures. IFRS pre-tax Operating profit at £341m (+18%) was ahead of our in line with consensus forecast at £315m. The beat is driven largely by a one off benefit linked to the move to Solvency II. The interim dividend was at 6.47p per share (+7%) in line with our 6.48p/share forecast. Group AUA at 30 June was well ahead of expectations at £328bn (31 Dec 2015: £307.4bn) compared to our £320m forecast reflecting market movements towards the period end and positive FX post Brexit. The shares are trading on 2016/17F PE multiples of 11.7x and 10.8x respectively together with a 2016F dividend yield of 6.2% which view as a Buying opportunity.
H1 2016 Results preview
03 Aug 16
Standard Life will report its H1 20165 Results on Tuesday 9th August (same day as L&G) at a slightly earlier time of 6.30am. We are anticipating good underlying performance on a continuing basis with Operating Profit at £315m (+9%) and an interim dividend of 6.48p per share (+7.6%). Trading on 2016/17F PE multiples of only 11.0x and 10.1x respectively and yet delivering a 2016F dividend yield of 6.6%, we view the valuation as a buying opportunity and reiterate our 433p/share target price. Buy, target price 433p.
Elevating Standard Life to a new platform
04 May 16
Standard Life has announced that it is to acquire the “Elevate” platform for financial advisers from AXA UK. It adds 160k customers and £9.8bn of AUA. No price is given but we understand that the price is a fraction of the £250m that has been rumoured in the trade press. We also understand that the platform will not be merged with the Standard Life wrap platform but that they will be run alongside each other with the potential to make some savings from the common technology provider. We view the acquisition as a good opportunistic move that increases the market share to c15% of the total assets on platforms in the UK.
Panmure Morning Note 20-04-2016
20 Apr 16
The announcement last night that Standard Life’s Indian JV “HDFC Standard Life” is to IPO is not new news but in our view it should lead to a realistic valuation being placed on its 26% shareholding. As previously announced its 26% stake is in the process of being increased to 35% rather than the potential 49% to help liquidity ahead of the float. The price being paid to increase its stake to 35% implies a valuation of its entire stake at c£700m but we believe that this could increase to c£1bn at IPO. In our view this is materially higher than the current implied valuation within the share price and could lead to a bounce as/when the IPO valuation becomes clearer. We maintain our Buy recommendation and 433p target price.
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.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.