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.
|23Feb17 07:00||RNS||Change of Name and Notice of EGM|
|02Feb17 07:00||RNS||Trading Update|
|19Oct16 18:01||RNS||Holding(s) in Company|
|18Oct16 11:45||RNS||Director/PDMR Shareholding|
|23Sep16 14:51||RNS||Holding(s) in Company|
|22Sep16 12:16||RNS||Holding(s) in Company|
|21Sep16 16:20||RNS||Holding(s) in Company|
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.
27 Oct 15
Amino Technologies (AMO LN) Sales shortfall in core Amino business | Clinigen Group (CLIN LN) AGM statement | Dialight (DIA LN) Strategic review results and weak trading update | MartinCo (MCO LN) Capital markets event reaffirms our positive view | Minds + Machines Group (MMX LN) Q3 update shows further progress
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 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.
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.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Lloyds, Best Of The Banks
23 Feb 17
Lloyds Banking Group PLC (LLOY) reported a strong result for FY-16, which has allowed it to pay a special dividend, plus has encouraged the UK government to reduce its stake in the bank to below 5%. Lloyds’ acquisition of the MBNA credit card business is proceeding on track, with all key M&A metrics being well satisfied. The outlook for Lloyds’ capital base, its profitability and thus the dividend prospects have all improved. This encourages us to ascribe a Buy rating to the stock, with a target price of 80p per share, derived from a prospective Price / Book value of 1.3x and a P/E ratio of 13x which we think are justifiable ratios.
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.
Middle Britain growth
21 Feb 17
The Company has achieved our 2017 estimate in 2016 with EBITDA of £2.2m, up 37% on 2015. We upgrade our estimates by 10% at the EBITDA level in 2017. If the shares traded even at the lower end of comparators, they would trade at 17p. We expect the share price to reach our upgraded 17p price target in the short term. Few companies enjoy the unique positioning which Lighthouse has to benefit from the assets of Middle Britain.
Accelerated non-core assets rundown
23 Feb 17
The quarterly results were depressed by some one-offs or seasonal charges and by the costs associated with the accelerated run-down of non-core assets. The underlying profitability remained remarkably stable at a decent 11% ROTE. The regulatory capital position enjoyed a strong boost from non-organic items.