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|14/10/2016 17:00:03||London Stock Exchange||Result of General Meeting and Tender Offer|
|14/10/2016 12:07:47||London Stock Exchange||Second Price Monitoring Extn|
|14/10/2016 12:02:24||London Stock Exchange||Price Monitoring Extension|
|10/10/2016 12:07:26||London Stock Exchange||Second Price Monitoring Extn|
|10/10/2016 12:02:21||London Stock Exchange||Price Monitoring Extension|
|03/10/2016 07:00:06||London Stock Exchange||Total Voting Rights|
|30/09/2016 07:00:14||London Stock Exchange||Director/PDMR Shareholding|
Frequency of research reports
Research reports on RAVEN RUSSIA LTD
Providers covering RAVEN RUSSIA LTD
Robust performance and financial strength
31 Aug 16
Market conditions, echoing economic developments, show signs of stabilising and occupancy levels have held at 82% over the period, in line with our forecast. The company’s active leasing efforts, aimed at defending income and cash flow, have dealt with the majority of the 2016 lease maturities. Costs are being contained and the cash balance has remained strong even before July’s £109m issue of convertible preference shares. Raven is well placed to navigate current market conditions and seize opportunities in an upturn.
Cash is King
30 Aug 16
Raven Russia has held its own in turbulent times, and has gone one better than this. Net operating income (‘NOI’) showed only a small decline versus H2 2015, and the balance sheet has been enormously strengthened by the issue of convertible preference shares in July. This is clearly a statement of intent that the company is here to stay and will remain a major force in the future of the Russian property market.
N+1 Singer - Raven Russia Ltd - Signs of stability
30 Aug 16
Raven Russia has delivered essentially in line half-year results, managing the continued decline in rental income, while at the same time preserving cash and maintaining NAV per share. Activity levels in the Russian warehouse market have improved amid a general stabilisation of the domestic economy. While geopolitical risks remain in the background, the apparent stability returning to the market and the company’s balance sheet restructuring measures boosting both liquidity and cash-flow suggest the 32% discount to NAV has, in our view, plenty of scope to narrow.
N+1 Singer - Morning Song 30-08-2016
30 Aug 16
Verona Pharma will present three abstracts at the European Respiratory Society (ERS) 2016 International Conference with one ‘Late-Breaking abstract’ presentation providing detailed results from its Phase IIa ‘add-on’ trial with RPL554. Verona Pharma continues to announce positive results with its proprietary suspension formulation of its first-in-class dual inhibitor. RPL554 has demonstrated an attractive profile with its combined bronchodilator and anti-inflammatory properties, representing a novel approach to the treatment of respiratory disease. The recent £44.7m equity capital raise enables the group to progress its development of RPL554 through to a Phase III ready stage. If development goes according to plan, RPL554 could be in a position to commence Phase III trials by the end of 2018. We remain upbeat on Verona and look forward to the commencement of Phase IIb trials in H1 2017.
N+1 Singer - Small-cap quantitative research - New momentum screen + 10 “trendy friendlies”
28 Jul 16
We present here our new momentum screen, which is intended to track the behaviour of small-cap shares experiencing the most positive technical momentum. This represents the third of our style baskets, with value and consistent growth themes already established. This is not intended to address the perennial tension between technical and fundamental analysts, merely to investigate behaviour over time. Of the 25 stocks in the basket, we have focussed on 10 which we know and believe to be particularly interesting. With the widely used dictum “the trend is your friend” in mind, we have dubbed them the “trendy friendlies”. We will monitor performance and refresh the screen in 3-4 months’ time.
N+1 Singer - Morning Song 11-07-2016
11 Jul 16
Earnings in the year ended 25 June have been bolstered by a strong end to H2. Adjusting for certain discontinued low margin lines, sales increased c20% in H2 driven mostly by core business growth and now bolstered by the initial development of Swallowfield owned brands. We have upgraded Jun16 PBT by 6.7% as a result. Whilst some caution around Brexit is warranted, a strong exit rate into Q1, planned activities in H1, and favourable FX dynamics mean there is confidence in subsequent forecasts. We retain a fair value estimate of c260p which underpins the investment case.
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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)
N+1 Singer - Morning Song 26-10-2016
26 Oct 16
Verona Pharma has been awarded its second Venture and Innovation Award from the UK Cystic Fibrosis Trust for the development of RPL554 in Cystic Fibrosis (CF). The award signals the significant potential for RPL554 to be developed as a novel treatment for Cystic Fibrosis. Preliminary data supports the molecule’s potential utility in this indication, demonstrating RPL554’S ability to activate an ion channel known to be dysfunctional in CF. The award will support a Phase IIa clinical trial expected to commence in H1 2017. Preparations have also started for Phase IIb trials of RPL554 as a nebulised treatment for COPD with clinical dosing expected to commence in Q2 2017. We remain extremely encouraged by the expanding opportunity of RPL554 and Verona Pharma’s future prospects.