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.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
N+1 Singer - Morning Song 23-03-2017
23 Mar 17
eg solutions (EGS LN) Re-focusing on sales is delivering rewards | Futura Medical (FUM LN) FY results: continued clinical, regulatory and commercial progress | Halfords Group (HFD LN) Confidence in FX mitigation grows; stay at BUY | IFG Group (IFP LN) Top line growth but earnings pressures remain | Realm Therapeutics (RLM LN) FY results in line; on track for Phase II start in 2017 | Safestyle UK (SFE LN) Another good full year performance but valuation up with events | WYG (WYG LN) Mixed conclusion to FY17, reassuring FY18 outlook