Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GREAT PORTLAND ESTATES PLC. We currently have 4 research reports from 1 professional analysts.
|10Feb17 07:00||RNS||Great Portland Estates sells Rathbone Square|
|01Feb17 17:08||RNS||Holding(s) in Company|
|01Feb17 09:44||RNS||Director/PDMR Shareholding|
|27Jan17 08:56||RNS||Notice of Results|
|26Jan17 07:00||RNS||Great Portland Estates Q3 Trading Update|
|20Jan17 07:00||RNS||Notice of Trading Update|
|16Jan17 11:37||RNS||GPE plc appoints non-executive director|
Frequency of research reports
Research reports on
GREAT PORTLAND ESTATES PLC
GREAT PORTLAND ESTATES PLC
Panmure Morning Note 12-01-16
12 Jan 16
Lettings in 3Q16 have been struck at 17.1% above the March 2015 values and, if the larger deals are excluded the broader investment lets were 27.1% above. This underlines the extraordinary strength of the London commercial property rental market. Markets are very nervous currently and the property sector is likely to be nervous about the impact of geopolitical risks and a potential Brexit on central London occupancy. However, the economy remains very buoyant with Great Portland commenting that no tenants have raised concerns about these issues to date. We believe that the London stocks remain defensive and sheltered from the oil, commodity and currency risks. We retain our BUY recommendation.
Panmure Morning Note 11-11-15
11 Nov 15
The Facebook let at Rathbone Place by Tottenham Court Road Crossrail station has resulted in the recognition of a large tranche of development profit raising the NAV/s strongly, +14% this half year. The results focus on the valuation growth at this stage in the cycle. The group looks to the property cycle to create returns for shareholders and is now well entrenched in the execution phase of its program. The income growth during this phase is more modest as the group has been developing and refurbishing assets. The letting process is now gaining momentum into a strong London office rental market. We raise our target price to 1010p (from 944p) and retain our Buy recommendation.
Panmure Morning Note 14-09-15
14 Sep 15
Great Portland Estates has let office space amounting to 227,324 sqft of its Rathbone Place development to Facebook. The deal provides for additional lets to the group which could increase Facebook's presence in this location, close to the Tottenham Court road Crossrail station to c 350,000 sqft. The deal, at rents overall above ERV, should enable the recognition of some of the development profit in upcoming valuations. After deducting the provision for overage to Royal Mail group, this could still amount to an extra 10p on the valuation. We retain our Buy recommendation and 944p target price.
Panmure Morning Note 08-07-15
08 Jul 15
The management point to a better year than FY15E for rental growth when +10.3% was achieved. The London office market is very strong at present and Great Portland Estates is now monetising the benefits of the development pipeline and asset management program it has been working on. The lettings are delivering over 45% reversions on previous passing levels and recent lets were 13% ahead of June 2014 ERVs. We retain our Buy and 944p target price.
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.
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.
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.
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume