Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MARTINCO PLC. We currently have 14 research reports from 2 professional analysts.
|19Oct16 06:01||RNS||Holding(s) in Company|
|18Oct16 11:45||RNS||Director/PDMR Shareholding|
|23Sep16 02:51||RNS||Holding(s) in Company|
|22Sep16 12:16||RNS||Holding(s) in Company|
|21Sep16 04:20||RNS||Holding(s) in Company|
|16Sep16 09:35||RNS||Holding(s) in Company|
|15Sep16 09:15||RNS||Director Shareholding and Issue of Equity|
Frequency of research reports
Research reports on
N+1 Singer - Small-cap quantitative research - Consistent growth screen refresh + “11 with legs”
29 Sep 16
We have performed a second refresh of our consistent growth screen, first established with our research note of 17 December last year. As previously, the screen produces a basket of 25 stocks that exhibit not only good growth in EPS and sales, but also a consistency of growth in both measures each year. This basket, or style, has underperformed the small-cap benchmark by 9.1% since inception last December, and by 4.8% since the last refresh on 13 April. We highlight stocks leaving and joining the basket and take a closer look at 11 stocks “11 with legs” in the refreshed screen. We will continue to monitor performance of the basket and refresh it again in about 4 months’ time, but interestingly, consistent growth is beginning to look like consistent underperformance!
Capital markets event reaffirms our positive view
27 Oct 15
Last Thursday’s capital markets event highlighted the strength of MartinCo’s offering, its medium term growth strategy, and an ambition to manage c.500 offices. The Group currently manages c.300 offices. Managing 500 offices would place MartinCo in the top three lettings businesses in the country. The company will look to expand its services across its brands, grow office numbers and fees organically, and most significantly, seek acquisitions ranging from assisting franchisees to acquire local portfolios, up to and including acquisitions of other PLC property franchisors. Backed by its strong, four brand network, low cost base, and an experienced and ambitious management team, we believe MartinCo is well positioned to lead consolidation in an industry where there are clear economies of scale. The capital markets event reaffirmed our positive view and we continue to see scope for sector outperformance.
Panmure Morning Note 22-10-15
22 Oct 15
Ahead of the capital markets day today, MCO has confirmed the continued strong operating performance for the group with revenue for the nine months to September rising 47%. We believe that these figures are on track to meet our full year forecasts and so retain our BUY and 192p target price (FY16 PE of 15x).
Panmure Research - MartinCo 06-10-15
06 Oct 15
The opportunity in UK estate and lettings agency business is consolidation. MartinCo has demonstrated that it has the platform and management capability to expand profitably and currently has £7m of cash resources to acquire more businesses. The underlying operation is performing well and should continue to deliver ROEs of over 25%. Further expansion should enhance returns and allow for a progressive dividend policy. We have upgraded our current year EPS forecast by 8.1% and continue to maintain a Buy recommendation with a target price of 192p.
Panmure Morning Note 06-10-15
06 Oct 15
The opportunity in UK estate and lettings agency business is consolidation. MartinCo has demonstrated that it has the platform and management capability to expand profitably and currently has £7m of cash resources to acquire more businesses. The underlying operation is performing well and should continue to deliver ROEs of over 25%. Further expansion should enhance returns and allow for a progressive dividend policy. In our note published this morning, we have upgraded our current year EPS forecast by 8.1% and continue to maintain a Buy recommendation with a target price of 192p.
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.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
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.