Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DERWENT LONDON PLC. We currently have 3 research reports from 1 professional analysts.
|21Dec16 14:00||RNS||Disposal of 120-134 Tottenham Court Road|
|28Nov16 16:15||RNS||Block listing Interim Review|
|10Nov16 07:00||RNS||Q3 2016 Business Update|
|01Nov16 17:10||RNS||Total Voting Rights|
|31Oct16 07:00||RNS||Sale of Tower House|
|04Oct16 07:00||RNS||Further pre-let at The White Chapel Building|
|03Oct16 16:00||RNS||Total Voting Rights|
Frequency of research reports
Research reports on
DERWENT LONDON PLC
DERWENT LONDON PLC
Panmure Morning Note 12-11-15
12 Nov 15
The report this morning follows the upbeat tone of the earlier trading update. Lettings continue to be the theme as the group reports a record year with 0.5m sqft let at values 10% above estimates last December. The group continues its development program with 0.6m sqft due to go on site by next June on a speculative basis backed by low gearing and strong rental income. The group is focused on price so that it delivers quality space at an attractive rent and generates strong returns for investors. The figures this morning continue to support our 18% expected growth in NAV/s this year. We retain our BUY recommendation and 4233p target price.
Panmure Morning Note 13-08-15
13 Aug 15
Derwent has delivered excellent results with NAV/s up 10.9% to 3266p, ahead of the pace of growth we had anticipated for FY15E after the stellar FY14A result. The momentum continues as demonstrated by the underlying growth in the portfolio value +9.1%, compared with +9.8% last year. We believe that the trading environment is strong for Derwent and that the development and refurbishing work will continue to deliver strong returns. We retain our Target Price of 4233p and Buy recommendation.
Panmure Research - London Property Tour 02-07-15
02 Jul 15
We conducted an investor trip in London with tours of the Derwent London Fitzrovia estate and Shaftesbury's villages as well as meetings with Hammerson and LondonMetric. The tone was unapologetically upbeat which confirms our BUY stance for the sector as well as the individual stocks. We include one page updates and thoughts following these meetings in this note.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)
Small Cap Breakfast
15 Feb 17
Xafinity –Publication of prospectus. The pensions actuarial, consulting and administration business has conditionally raised £179.6m. At 139p. Due to join main market 16 Feb. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
A growth and value opportunity
14 Feb 17
Shares in TMT are some 20% off their year highs and trading at an 11% discount to the last reported NAV of $1.91/share as at 30 June 2016. News flow since then suggests continued positive performance of the portfolio, with the most significant reported value event being the recent revaluation of Pipedrive accretive to NAV per share by circa 14.7c. TMT invests in high growth private companies and as such valuation events are relatively infrequent for its investee companies. Anecdotal evidence from some of TMT’s portfolio suggests that there remains significant value to be unlocked from certain investments, that will not yet meet the criteria for being recognised in the portfolio valuation as at December 2016. We highlight the key news events both reported by TMT, and those relating to its portfolio companies that we have identified since the last audited NAV was published.
1H PBT up 61%; EPS up 68%
20 Feb 17
As we expected CLIG’s 1H17 DPS remained unchanged at 8.0p (1H16: 8.0p). As 1H17 Diluted EPS rose 68%, while PBT rose 61%, the results are ahead of our expectations. After increasing our FY(June)17e PBT forecast 2.8% on 17 January, we maintain our forecasts. Year to date the MSCI emerging market index is up 9.7%. At 946 it is 13.4% above 30 June 2016 of 834, and 6.3% above our forecasts of 890. If markets remain strong, we may need to raise our forecasts. We will review our forecasts in April when CLIG releases its 3Q trading update.