Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ST JAMES'S PLACE PLC. We currently have 17 research reports from 1 professional analysts.
|26Jan17 07:00||RNS||Q4 New Business Inflows and Funds under Management|
|25Oct16 07:00||RNS||Q3 New Business Inflows and Funds under Management|
|27Jul16 07:00||RNS||Half Yearly Report|
|26Apr16 07:00||RNS||Q1 New Business Inflows and Funds under Management|
|22Mar16 10:08||RNS||Correction of classification error in 2015 Results|
|25Feb16 07:00||RNS||Annual Results|
|21Jan16 07:00||RNS||New Business Inflows and Funds under Management|
Frequency of research reports
Research reports on
ST JAMES'S PLACE PLC
ST JAMES'S PLACE PLC
Panmure Morning Note 26-01-2017
26 Jan 17
St James’s Place has delivered a great Q4 trading update. The strong Q3 performance has continued into Q4 with gross inflows of £3.3bn (+30%) making £11.4bn (+23%) for the year. Net inflows in Q4 of £2.1bn (+26%) and £6.8bn (+17%) for the year were impressive with gains spread relatively evenly leading to record FUM of £75.3bn (+28%). Partner numbers at 2016 year end at 2378 (+5%) but more importantly total Advisor numbers were 3415 (+10%). The shares have recently been helped by strong equity markets but in our view have further to go reflecting an undemanding valuation for a business that looks set to double in size every 5 years. SJP is in the Panmure Gordon 2017 Conviction List. We maintain our Buy recommendation and our top of the range target price of 1274p/share.
Panmure Morning Note 06-01-2017
06 Jan 17
St James’s Place will celebrate its 25th year in 2017. In those 25 years SJP has grown from a £500m market cap company to a FTSE 100 participant. The transformation has been driven by a long serving and highly regarded management team. We view the trading outlook as exceptionally good and certainly in line with company guidance of 15-20% growth in the medium/long term. We increase our target price to 1274p from 1145p to reflect better than anticipated historic EEV NAV plus 5x 2017F net new business profit.
Conviction List Q1 2017
05 Jan 17
Since its inception in 2010, the Conviction List has outperformed the market in 11 of 19 periods and a reinvested Conviction List would have returned 260% against a Small Companies index that would have returned 194%. Our Conviction List returned 0.4% over the last quarter; this was set against the benchmark UK Small Companies index that returned 4.0% over the same period.
Panmure Morning Note 01-11-2016
01 Nov 16
Yesterday the management team at SJP gave a presentation that covered areas such as ‘people & culture’, ‘clients & value’ and ‘partnership & development’. It was all good stuff but the key message that came across loud and clear was that the SJP will continue to grow 15-20% a year driven by the inflow of new Partner and multi adviser businesses. It’s a highly impressive business that is hard to fault and one that even performs in difficult investment markets. The higher than expected EEV NAV of 838p/share net of goodwill at 30 September has enabled us to maintain our Buy recommendation and increase our target price to 1145p from 1078p previously.
Panmure Morning Note 25-10-2016
25 Oct 16
St James’s Place has reported another good trading update for the 3 months to 30 September. The EEV NAV at 30 Sept at c850p per share (30 Sept 2015: 675p and 30 June 2016: 792p) and 838p/share net of the 12.33p/share interim dividend, well ahead of our (and consensus) 816p/share driven primarily by investment performance. The FUM at 30 Sept. was £71.4bn (Q3 2015: £54.5bn) was helped by very strong gross inflows of £2.8bn (+21%) and net inflows of £1.66bn (+12%) that were slightly ahead of consensus forecast at £1.55bn. Whilst FUM have benefitted from weaker Sterling, there has been no other impact from Brexit (other than the share price). The outlook statement was upbeat as usual highlighting the increasing need and demand for advice. We maintain our Buy recommendation and view the current share price as a buying opportunity.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)
Small caps best insulated from macro headwinds
15 Feb 17
The Diverse Income Trust (DIVI) invests in UK stocks from across the market cap spectrum that have strong prospects for sustainable dividend growth. This all-cap income generating strategy was developed by Gervais Williams and Martin Turner of Miton Asset Management. The c 145 stock portfolio provides a broad spread of investments and has a strong bias towards dividend-growing smaller companies. In terms of NAV total return, the trust has generated +125% over five years, ranking it second in its 23-strong peer group (the Association of Investment Companies’ UK Equity Income sector). Since launch, DIVI’s annual dividend has grown from 2.0p in FY12 to 2.8p in FY16 and it has built a substantial revenue reserve.
Small Cap Breakfast
15 Feb 17
Xafinity –Publication of prospectus. The pensions actuarial, consulting and administration business has conditionally raised £179.6m. At 139p. Due to join main market 16 Feb. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
A growth and value opportunity
14 Feb 17
Shares in TMT are some 20% off their year highs and trading at an 11% discount to the last reported NAV of $1.91/share as at 30 June 2016. News flow since then suggests continued positive performance of the portfolio, with the most significant reported value event being the recent revaluation of Pipedrive accretive to NAV per share by circa 14.7c. TMT invests in high growth private companies and as such valuation events are relatively infrequent for its investee companies. Anecdotal evidence from some of TMT’s portfolio suggests that there remains significant value to be unlocked from certain investments, that will not yet meet the criteria for being recognised in the portfolio valuation as at December 2016. We highlight the key news events both reported by TMT, and those relating to its portfolio companies that we have identified since the last audited NAV was published.