Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on STANDARD LIFE PLC. We currently have 16 research reports from 3 professional analysts.
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STANDARD LIFE PLC
STANDARD LIFE PLC
Logical on paper but in practice, we have our doubts.….
22 Mar 17
Having had some time to reflect on the Standard Life/Aberdeen merger (acquisition) we can’t shrug off our initial thoughts. Whilst we can see the strategic logic of the deal we also think that Standard Life is overpaying, would be better off waiting until Aberdeen becomes cheaper and that the Co-CEO management structure is a ‘fudge’ that could come back to haunt it. We drop our recommendation from Buy to Hold ahead of more detailed information and lower our target price from 433p to 364p/share.
Panmure Morning Note 24-02-2017
24 Feb 17
Standard Life has reported a good set of results for 2016 that was ahead of expectations pretty much across the board. IFRS pre-tax Operating profit at £723m (+9%) was ahead of our in line with consensus forecast at £685m. The full year dividend was at 19.82p/share (+8%) ahead of our (& consensus) 19.74p/share forecast driven by cash generation of £502m (+9%). Group AUA at 31 Dec was well ahead of expectations at £357.1bn (31 Dec 2015: £307.4bn) compared to consensus at £335.4bn forecast reflecting market movements and strong net inflows. The performance of GARS during the year was slightly disappointing with £4.3bn of outflows but other SLI products performed well generating £2.7bn of net inflows (2015:£0.8bn). There is a £175m pre-tax provision for the FCA annuity review but as expected the company may well have a £100m recall on its Professional Indemnity insurers. The shares are trading on 2017/18F PE multiples of 12.5x and 11.6x respectively together with a 2017F dividend yield of 5.6% which view as a Buying opportunity.
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.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.