Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on STANDARD LIFE PLC. We currently have 14 research reports from 3 professional analysts.
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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.
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)
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
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.
1H PBT up 61%; EPS up 68%
20 Feb 17
As we expected CLIG’s 1H17 DPS remained unchanged at 8.0p (1H16: 8.0p). As 1H17 Diluted EPS rose 68%, while PBT rose 61%, the results are ahead of our expectations. After increasing our FY(June)17e PBT forecast 2.8% on 17 January, we maintain our forecasts. Year to date the MSCI emerging market index is up 9.7%. At 946 it is 13.4% above 30 June 2016 of 834, and 6.3% above our forecasts of 890. If markets remain strong, we may need to raise our forecasts. We will review our forecasts in April when CLIG releases its 3Q trading update.