Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on RAVEN RUSSIA LTD. We currently have 23 research reports from 4 professional analysts.
|08Dec16 04:00||RNS||Director/PDMR Shareholding|
|01Dec16 07:00||RNS||Convertible Preference Share Dividend|
|24Nov16 07:00||RNS||Scrip Dividend Circular|
|10Nov16 07:00||RNS||Preference Share Dividend|
|07Nov16 03:00||RNS||Director/PDMR Shareholding|
|01Nov16 07:00||RNS||Total Voting Rights|
|31Oct16 05:30||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
RAVEN RUSSIA LTD
RAVEN RUSSIA LTD
N+1 Singer - Small-cap quantitative research - Re-run of the value screen and 9 focus stocks
10 Nov 16
We have completed another periodic refresh of our value style screen, first established in our note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 9 stocks to focus on. Since inception last year the screen has marginally outperformed the main small-cap index by 1pp and underperformed the micro-cap index by about 3pp. The EU referendum result arose in the latest period and resulted in significant short-term underperformance, which has not been recovered. The new basket was struck before the US election result.
N+1 Singer - Morning Song 10-11-2016
10 Nov 16
In a short trading update UBM confirms it has continued to perform in line with expectations. Major event performances since the Interims appear to be on trend and acquisitions are also on plan. The company signals no change to the trading outlook. In our last comment we highlighted the immediate value in the stock and it has performed well (+11.4%) as expected. We also commented that there was further upside to forecasts if FX rates held (our existing estimates are based on $1.32 vs spot of c1.25 and Euro 1.20 vs spot of 1.14). While this may edge up our Target Price potentially it isn’t enough to support a Buy rating and hence we move back to Hold. Speculation on the acquisition of a material Far East focused business has edged the stock back from recent peak at 744p. We doubt investors are hugely keen on substantially increasing exposure to this region (without a very strong case) given the push to expand North American exposure. In combination with the new uncertainty in the US this may result in a slowdown in acquisitions.
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.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.