Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on M WINKWORTH PLC. We currently have 9 research reports from 3 professional analysts.
|08Feb17 07:00||RNS||Dividend Declaration|
|27Jan17 16:13||RNS||Director/PDMR Shareholding|
|24Jan17 07:00||RNS||Director/PDMR Shareholding|
|10Nov16 15:19||RNS||Dividend Declaration|
|10Nov16 15:16||RNS||Trading Update|
|17Oct16 12:51||RNS||Appointment of Chief Financial Officer|
|28Sep16 07:00||RNS||Board Change|
Frequency of research reports
Research reports on
M WINKWORTH PLC
M WINKWORTH PLC
Chill for agents, spring in housing volumes
24 Nov 16
Yesterday’s Autumn Statement appears to be: good for 'alternative' housing providers, UK-focused contractors and materials producers; potentially problematic for mainstream housebuilders; and bad news especially for lettings-dominated agents. Chancellor Philip Hammond’s key spending measures included an additional £3.7bn funding to boost new housing volumes and £1.1bn for roads. Shares in estate agents, however, have fallen in response to the threat to ban them from charging fees to tenants.
London slowdown signalled
11 Nov 16
London and Home Counties estate agent Winkworth yesterday indicated that, due to slower than anticipated autumn trading, full year revenues and profits for 2016 would be “moderately below” market expectations. We have cut our EPS estimate for 2016 by 10% and a possibly conservative 21% for 2017, but have raised our dividend forecasts to reflect a higher pay-out than we had projected. We do not see the softer market as being a surprise and maintain our positive stance on the franchising group’s defensive growth strategy
13 Sep 16
We believe Winkworth is a more defensive investment than its rating implies, reflecting a perceived slowdown in London housing. Its franchised operation, with lower fixed costs, and continued growth into lettings and management should bolster it against possible sales volumes declines, and yet it trades at a steep discount to some peers. We believe threats to traditional firms from ‘virtual agents’ are overstated and the 181 year old firm can adapt to the challenge. We initiate with a Buy recommendation and target prices of 153p.
Market non-recovery confirmed
03 Dec 15
Challenging market conditions, especially in central London property, should not have come as any surprise. Management confidence in its franchise is emphasised by continued investment, and the tone of its commentary indicates that it expects payback in 2016. Growing franchise enquiries may give some company-specific support. Confirmation of these conditions means we have cut 2015 earnings estimates by 7%.
Revenue growth despite challenging market
14 Sep 15
Winkworth’s revenue grew 3% H115 on H114 despite challenging markets and unlike some London-based peers that have reported falls. Rental income continued to grow, offsetting pressure on revenue from house sales. Company-specific growth also came from the centralised services including the international desk. Management notes low mortgage rates, improved post-election sentiment and wage increases underpinning a much improved market outlook in H215.
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 caps best insulated from macro headwinds
15 Feb 17
The Diverse Income Trust (DIVI) invests in UK stocks from across the market cap spectrum that have strong prospects for sustainable dividend growth. This all-cap income generating strategy was developed by Gervais Williams and Martin Turner of Miton Asset Management. The c 145 stock portfolio provides a broad spread of investments and has a strong bias towards dividend-growing smaller companies. In terms of NAV total return, the trust has generated +125% over five years, ranking it second in its 23-strong peer group (the Association of Investment Companies’ UK Equity Income sector). Since launch, DIVI’s annual dividend has grown from 2.0p in FY12 to 2.8p in FY16 and it has built a substantial revenue reserve.
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.