Research, Charts & Company Announcements
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|26/10/2016 07:00:06||London Stock Exchange||Notice of Preliminary Results|
|21/10/2016 09:40:26||London Stock Exchange||Holding(s) in Company|
|20/10/2016 13:33:21||London Stock Exchange||Holding(s) in Company|
|11/10/2016 07:00:06||London Stock Exchange||Trading Statement|
|07/10/2016 16:36:46||London Stock Exchange||Notification to Shareholders - adoption of FRS 101|
|06/10/2016 15:11:14||London Stock Exchange||Holding(s) in Company|
|05/10/2016 11:53:37||London Stock Exchange||Director/PDMR Shareholding|
Frequency of research reports
Research reports on GRAINGER PLC
Providers covering GRAINGER PLC
N+1 Singer - Grainger - Positive FY update: recurring PBT +19%, NNNAV -2%
28 Oct 16
Grainger issued a positive trading update (11th October) highlighting that recurring PBT would exceed £50m for FY16e, above the upper end of market expectations. We factor this into our forecasts, but make a small 2% reduction to NNNAV to reflect the impact of marking-to-market fixed rate debt. With an increasing pipeline of PRS investment, we have a positive stance and believe that the current 20% discount is too conservative. We remain at BUY with a 320p 12m Target Price (1.1x NNNAV).
N+1 Singer - Morning Song 28-10-2016
28 Oct 16
A positive Q3 update from Zotefoams this morning confirms that Q3 sales were ahead of the prior year and the full year outlook is unchanged. Importantly, the US expansion in Kentucky also remains on track to be operational in H1’17. We remain confident in the Group’s prospects and note the tailwind that is building for next year. We remain at BUY.
N+1 Singer - Morning Song 11-10-2016
11 Oct 16
Victrex’ year end update confirms a strong Q4 performance, driven by the anticipated surge in demand from its large consumer electronics programme. Full year volume and revenue are both a touch ahead of our forecasts and consensus expectations. Invibio has delivered a steady year, in line with expectations, and the Magma oil & gas project has delivered its first meaningful revenues of over £1m. The outlook reiterates previous caution over the consumer electronics outlook but we believe this is now reflected in most analysts’ forecasts, including our own. There is no mention of currency, but this is clearly a strong tailwind for FY17 and, if current rates persist, into FY18. Overall, today’s statement should be well received. There was a lot to do in Q4 and Victrex has delivered it. In our view, the FY17 rating of 16x with a 6% yield (inc. 3% special) represents an attractive entry point for this high quality group.
N+1 Singer - Grainger - Positive trading performance drives recurring profit
11 Oct 16
Grainger has issued a positive full year trading update indicating that recurring profit will exceed market expectations at >£50m (vs N+1Se £42.8m) on a combination of positive operational factors. NNNAV has grown year on year but positive valuation growth in H2 will be offset by accounting adjustments. Grainger has secured another £60m build-to-rent development in Seven Sisters, North London targeting a 6.5% yield on cost. We expect to upgrade our recurring profit forecast and make a small reduction to our NNNAV forecast. Grainger continues to trade on a deep 20%+ discount to NNNAV which we believe is too great. We reiterate our BUY recommendation.
N+1 Singer - Grainger - 242 units Build to Rent scheme in Leeds
30 Sep 16
Grainger has conditionally agreed to acquire a 242 unit Built to Rent scheme in Leeds for £40m. The scheme is expected to complete in 2019 and will generate a projected 7% yield on cost. Leeds has been highlighted as one of five key cities Grainger is targeting for PRS investment. This investment is part of Grainger’s wider aspiration to invest £850m in PRS by 2020. The shares continue to trade on a 20% discount to NNNAV. We believe that NNNAV should be the base for valuation and set our 12m TP at 320p (1.1x NNNAV). We reiterate our BUY recommendation.
N+1 Singer - Morning Song 30-09-2016
30 Sep 16
Vp’s investor presentation earlier this week provided a high level overview of the Group’s strategic priorities and a deeper dive into its two largest businesses, Hire Station and Groundforce. Vp has an excellent financial track record and has significantly outperformed peers for many years, and across the business cycle. The presentations highlighted some of the attributes that have underpinned this success. These include a focus on specialist areas where Vp can establish market leadership; a commitment to product availability, reliability and compliance; and a stable, knowledgeable and motivated workforce. Wednesday’s trading update confirmed a confident outlook for the full year. In our view, Vp merits a valuation in line with higher quality peers Aggreko and Ashtead, implying intrinsic value at 12x Cal’17 P/E or 800p.
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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.
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%.
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.
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)
Positive Q2 trading update
25 Oct 16
Record’s Q217 trading update was encouraging as it showed an increase in assets under management equivalents (AUME), a maintained client count and an indication that investors are taking an interest in a range of the company’s products following a period of heightened currency volatility. In this context, the prospective rating with an FY17e P/E of just over 10x and the yield of 6.2% (ex any special payment) seems very conservative.