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.
|10Nov16 03:19||RNS||Dividend Declaration|
|10Nov16 03:16||RNS||Trading Update|
|17Oct16 12:51||RNS||Appointment of Chief Financial Officer|
|28Sep16 07:00||RNS||Board Change|
|26Sep16 08:14||RNS||Issue of Share Options|
|13Sep16 07:00||RNS||Half-year Report|
|01Sep16 07:00||RNS||Change of Adviser|
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.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.