Research, Charts & Company Announcements
Research Tree offers ST JAMES'S PLACE PLC research coverage from 1 professional analysts, and we have 13 reports on our platform.
Our simple but effective charting function allows for a quick scan of ST JAMES'S PLACE PLC's performance over multiple time horizons.
Frequency of research reports
Research reports on ST JAMES'S PLACE PLC
Providers covering ST JAMES'S PLACE PLC
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.
Panmure Morning Note 27-07-2016
27 Jul 16
St James's Place has delivered a solid set of interim results that in most areas were at least in line with expectations. The underlying IFRS pre-tax profit was £73.8m (+1%) which compared to our close-to-consensus forecast at £89.4m. The figure reflects an unexpected £8.2m IFRS pre-tax charge for removing exit charges on older pension contracts (£13.6m pre-tax EEV impact). The EEV Operating profit was therefore £284m (+7%) that compared to our £308.3m forecast. A larger investment variance helped increase the EEV NAV at 30 June to 791.9p/share (30 June 2015: 683.7p/share & 31 March 2016: 760p) which compared to our 770p/share forecast. The interim dividend has increased to 12.33p/share (+15%) well ahead of our top of the range 12.01p/share forecast. There has been no negative impact from Brexit, implying that the fall in the share price has been overdone with sales not impacted. Buy, Target Price 1,078p
Panmure Morning Note 19-07-2016
19 Jul 16
St James’s Place will report its H1 2016 Results on Wednesday 27th July. We are forecasting Gross inflows of £4.9bn, FUM at £65.1bn (31 Dec 2015: £58.6bn) EEV Operating profit at £308.3m (+6.6%) and Underlying IFRS pre-tax profit at £89.4m (+22.6%). We also anticipate an underlying cash result of £91.9m (+8.2%) helping drive an increase in the dividend of 12% to 12.0p per share. Naturally we would expect considerable focus on the outlook statement post Brexit but we suspect that it will still be too soon for the company to talk meaningfully about its likely impact. The shares are trading at 1.05x 2016F P/EEV multiple which we view as too low given the new business profit profile along with a decent 3.8% dividend yield. We have trimmed our target price to 1078p/share from 1146p previously to reflect a lower P/EEV NAV multiple of 1.4x following Brexit but maintain our Buy recommendation
Panmure Morning note 26-03-2016
26 Apr 16
St James’s Place has delivered a good Q1 2016 trading update. The record Q4 performance (gross inflows of £2.52bn) continued into Q1 gross inflows of £2.45bn (Q1 2015: £2.1bn). Net inflows at £1.36bn (Q1 2015: £1.3bn) were equally impressive leading record FUM of £62.0bn (31 Dec 2015: £58.6bn) although this figure included £1.26bn from the Rowan Dartington acquisition for the first time. The EEV NAV at 31 March 2016 was 760p/share (31 Dec 2015: 737p/share) or 740p ex the final dividend payable in May, which compared to our in line with consensus forecast of 745p/share. With the polls suggesting a stay in Brexit vote with the possible positive impact on equity markets, in our view SJP’s shares look ‘good to go’. A current valuation at EV plus 2x new business profit is way too low in our view and a great buying opportunity. We maintain our Buy recommendation but increase our target price to 1146p/share from 1125p previously.
Panmure Morning Note 23-03-2016
23 Mar 16
Following the 2015 year end Results we have made a number of adjustments to our Cash, IFRS and EEV models. Our 2016/17 cash forecasts have been reduced slightly by c10%, we have lowered our IFRS Operating EPS by 22% and 13% respectively whilst our EEV forecasts remain pretty much unchanged. We, like others, find forecasting SJP’s IFRS profitability particularly challenging. We would highlight the cash result that is the key measure for the business. It is the cash result that is the driver for the dividend with an improved pay-out ratio guidance of 75% of underlying cash. We have increased our dividend forecasts by 4% in 2016/17. In our view the shares are undervalued, particularly set against the increasing demand for its wealth management services. We expect SJP to double in value every 5 years.
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
Highly concentrated portfolio, strong performance
26 Oct 16
Finsbury Growth & Income Trust (FGT) aims to generate long-term growth in capital and income from a concentrated portfolio of primarily UK equities, which are held for the long term. FGT is benchmarked against the FTSE All-Share index, but is not constrained by its composition; c 70% of the portfolio is invested in consumer stocks. The trust has a progressive dividend policy and annual dividends have compounded by 6.9% pa since FY11; the current dividend yield is 2.0%. FGT has outperformed its peers and the benchmark over one, three, five and 10 years. Strong investor demand along with capital appreciation means the size of the trust has grown significantly; assets under management now approach £1bn.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
Acquisition of London & Colonial
21 Oct 16
The acquisition of LCH for up to £5.4m adds a SIPP offer to STM’s portfolio as well as strengthening the group's Life and QROPS books. Employing cash, debt and an element of deferred purchase terms makes the deal usefully earnings-enhancing, adding £0.5m to 2017 estimates. Forecast EPS of 5.9p for 2017 places the shares on a PE multiple of 8.0x, while retaining net cash on the balance sheet leaves the group well positioned to maintain its commitment to a progressive dividend policy.
UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.