Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BRITISH LAND CO PLC. We currently have 8 research reports from 3 professional analysts.
|06Dec16 11:28||RNS||Director/PDMR Shareholding|
|30Nov16 02:51||RNS||Total Voting Rights|
|16Nov16 07:00||RNS||Half-year Report- Part 3|
|16Nov16 07:00||RNS||Half-year Report- Part 2|
|16Nov16 07:00||RNS||Half-year Report- Part 1|
|15Nov16 05:15||RNS||Director/PDMR Shareholding|
|14Nov16 12:53||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
BRITISH LAND CO PLC
BRITISH LAND CO PLC
17 May 16
London is expected to stage a modest rally at today's opening, with the FTSE-100 gaining some 20 points. US stocks, which closed higher overnight as equities rebounded from three straight weeks of declines, were supported by surging in oil prices and a rally in tech stocks. Warren Buffett's Berkshire Hathaway provides the unexpected market support declaring a US$1bn stake in Apple, which rallied the shares and was sufficient to overcome cautionary sentiment following the weaker-than-expected New York manufacturing data released yesterday. Asia, by comparison ended mixed, with investors waiting for Zhang Dejiang, the No. 3 official in the Chinese central government, who is expected to speak at an economic conference tomorrow regarding China's "One Belt One Road" initiative. In the UK this morning, expect release of Inflation data, producer prices and the ONS house price index, while later this afternoon, US real earnings and inflation figures; results are expected.
Panmure Morning Note 19-01-16
19 Jan 16
Equity market weakness may persist for some time while the imbalances caused by weak global growth, oil and commodity prices and currency wars play out. UK commercial property looks a safe haven, in our view, backed by a robust domestic economy, supply scarcity, low interest rates and non-oil based currency. The challenges are to capture the current strength, while balancing the financial and property risks. These are central to the British Land strategy. The low gearing, coupled with a clear ability to operationally out-perform (as today's update evidences) indicates that the management is well prepared. We consider the 20% discount to NAV unjustified and retain our Buy recommendation and target price at par with the one year forward NAV.
Panmure Morning Note 02-09-15
02 Sep 15
British Land has a diverse retail portfolio which includes some prime shopping parks as well as a number of standalone bulky retail and supermarket shops spread around the country. Management has assessed the assets in the light of data on consumer behaviour and recognises that some weak assets can be revitalised whereas other may not. Consequently the group will continue a selective disposal strategy and unlock value in the balance. The group is well managed and differentiates itself by actively managing the liabilities as well as the asset portfolio to drive returns. We upgrade our target price to 1008p (from 994p) and retain our BUY recommendation.
Panmure Research - Property 01-09-15
01 Sep 15
UK retail property has suffered twin headwinds of weak consumer sentiment and the structural impact from online distribution. There is now sufficient data on consumer behaviour for retailers to be confident about their omni-channel strategies and implement them. We believe that this will have a profound effect on retail property valuations with the polarity between vibrant and weak locations being rapidly exacerbated. Landlords with strong retailer relationships, a contemporary offer and, crucially, the financial resources to keep the centres state of the art should excel and we foresee robust growth in those property values. Our analysis makes Hammerson the winner and Intu is the loser.
Panmure Morning Note 29-07-15
29 Jul 15
The sale of 39 Victoria Street for £139m is in line with the group strategy to recycle capital once the asset management process has been completed. This office building was acquired for £40m, refurbished in 2013 and let on a lease maturing in 2029 to a government body. The funds are being recycled into the Paddington Basin estate where the group acquired One Sheldon Square (which replaces the income lost) earlier this year and is on site at 4 Kingdom Street. We retain our Buy stance and 994p target price.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.