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Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Pires Investments. We currently have 1 research reports from 1 professional analysts.

Open
N/A
Range Today
N/A
52 Week
1.90/3.35p
Daily Volume
N/A
# Shares
66.3m
Daily Liquidity
(0%)
Pension Liability
£0m
Enterprise Value
£1.71m
Market Cap
£1.26m
Latest PE (hist)
2.78
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
25Nov19 16:45 RNS Holding(s) in Company
21Nov19 12:00 RNS Investment in Sure Valley Ventures
04Oct19 16:10 RNS Holding(s) in Company
03Oct19 17:55 RNS Result of AGM
24Sep19 11:01 RNS Market Update
19Sep19 15:36 RNS Holding(s) in Company
16Sep19 15:23 RNS Eco (Atlantic) Oil & Gas Limited Update
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  • Frequency of research reports

     

  • Research reports on

    Pires Investments

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    Pires Investments

  • 03 Dec 19

LIBERUM: Ramsdens Holdings* - 12% adj. PBT growth. On track for H2.

We welcome a confident outlook statement and dividend raise after hitting H1 expectations, even excluding the extra profit from gold sales. EPS estimates unchanged.

Companies: Ramsdens
  • 03 Dec 19

Acquisition of VCT contracts, £30m ABB; HY results show NAV growth

Mercia has announced the proposed acquisition of three VCT contracts for a total consideration of up to £25m, which would add £270m AuM – driving the group to pro-forma cash profitability from asset management in the first full year. An accelerated bookbuild has been launched to raise £30m (gross) at 25p in order to fund the initial acquisition consideration (£12.4m) and £15m to drive the Mercia balance sheet towards an evergreen (self-funding) position. Interim results, also announced, show NAV growth (+2.6%) including £3.2m net revaluation gains in the portfolio. As joint broker to Mercia, we await the outcome of the General Meeting (20/12) before updating our forecasts.

Companies: Mercia Technologies
  • 21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 28 Nov 19

Record - Enhancing products and service

Record has maintained its commitment to improving service levels and introducing new products to meet client needs. In H120 this included a new strategy within the currency for return area and it is extending its derivative management capabilities to asset classes outside currency. These initiatives may not affect earnings significantly in the near term but are part of a process of innovation and investment that has helped to limit fee margin erosion and provide a stronger base for future client acquisition.

Companies: Record
  • 28 Nov 19

LIBERUM: Alternatives Daily: AEWU

AEW UK REIT - Income focus driving returns

Companies: AEW UK Reit
  • 02 Dec 19

Palace Capital - Investing for growth

During H120, Palace stepped up its refurbishment and development activity aimed at improving the quality of the portfolio and enhancing its income and valuation potential over the longer term. The flagship Hudson Quarter development is making good progress and the initial tranche of the apartments offered for sale in June has been well received. Although refurbishment and redevelopment activity is dampening current income, DPS is being maintained in anticipation of future income growth and represents an attractive yield.

Companies: Palace Capital
  • 11 Sep 19

FY19 results - Settlements ahead of expectations

Revenue increased 17% to A$34.7m (Ae: A$48.4m). We note that the difference to our forecast was due to an accounting presentation change only, whereby revenues are now stated net instead of gross including capital deployed. We believe this new presentation is much more intuitive and note that, if it had not been applied, revenue was in fact in line with our numbers at A$48.2m. Gross profit, or net gain on investment, was up 23% to A$20.3m (Ae: A$19.0m). This is particularly encouraging as it shows the actual gain on the capital previously deployed. We noted in our 5 July note that our numbers were likely on the light side, so it is pleasing to see this come through. ROIC increased from 117% last reported to 135%, displaying the lucrative returns of recent settlements.

Companies: Litigation Capital Management
  • 03 Dec 19

LIBERUM: NewRiver* - Accretive acquisition of Bravo Inns for £17.9m

NewRiver has acquired Bravo Inns for £17.9m, representing an attractive 6.8x EBITDA. The transaction is expected to generate annualised outlet EBITDA of £2.6m (14% yield on cost) and importantly will be accretive to underlying FFO, further increasing dividend cover.

Companies: Newriver Reit
  • 27 Nov 19

1H’20 results announced

1H’20 results were announced on 19 November. Seventeen lease events have been completed. Impressively, these were 25% above passing rent and 3% above ERV (i.e. previous estimated valuers’ levels). FY19 was struck 14% above passing rent. The total property return was 1.5%, outperforming the MSCI quarterly index. Early progress at the Hudson Quarter mixed-use development inside York city walls is slightly ahead of viability, with sales of 21 units in under 20 weeks (with seven additional under offer). This leads us to upgrade FY21E profits, NAV and cash significantly, but, with a view to the further delays to political certainty, we trim anticipated rental rises slightly.

Companies: Palace Capital
  • 28 Nov 19

LIBERUM: XPS Pensions Group* - Supportive of the medium-term outlook

Overall, we expect the 1H20 results to be welcomed by investors. In addition, to underpinning our underlying FY20 earnings forecasts, the investment in headcount within the actuarial business bodes well for the medium-term.

Companies: XPS Pensions
  • 05 Dec 19

Mercia Asset Management - Huge stride towards an evergreen model

In parallel with its H120 interim results, Mercia has announced the acquisition of NVM’s VCT business for up to £25m in cash and equity, funded by a £30m placing at 25p per share (a 22% discount). Subject to shareholder approval, the acquisition increases AUM to £760m and moves Mercia towards being the UK’s number one regional investor. The deal expands Mercia’s shareholder register, further dilutes existing major shareholders and means Mercia should be profitable before fair value adjustments, closer to its target of an evergreen model (c £1bn AUM). In its H120 results, Mercia’s direct investment portfolio increased to £102.0m, with £11.1m of cash invested in 16 companies and a fair value uplift of £3.2m. Mercia has £17.8m of unrestricted balance sheet cash (pre-placing) and the shares continue to trade at a significant discount to NAV.

Companies: Mercia Technologies
  • 11 Nov 19

LIBERUM: AFH Financial Group* - Organically growing and improved FCF

AFH continues to grow at an impressive rate compared to peers in a tough market environment. It has delivered 8% organic net flows and new business written is up 46% yoy.

Companies: AFH Financial Group
  • 27 Nov 19

LIBERUM: Appreciate Group* - Strong H1, delivering on strategy

Appreciate has delivered a strong H1, in line with expectations and with some very encouraging billings trends. With H1 representing just 25% of FY billings, we make no change to our FY20E estimates at this stage.

Companies: Appreciate Group
  • 04 Dec 19

LIBERUM: U+I* - All to play for in H2

U+I’s H1 results were in line and the company is on track to deliver on expectations for FY20E. We expect important progress in H2 from planning consents and submissions in the pipeline, as well as continued operational efficiencies.

Companies: U&I Group
  • 05 Dec 19

LIBERUM: Alternatives Daily: FTSE Index Review | PSSL | IHR

Real Estate - Open-ended UK property fund suspends redemptions Pollen Street Secured Lending - 0.7% NAV writedown from Zopa investment Impact Healthcare REIT - £35m capital raise

Companies: Pollen Street Secured Lending