Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HAMMERSON PLC. We currently have 18 research reports from 3 professional analysts.
|08Mar17 09:00||RNS||Dividend Declaration|
|07Mar17 09:00||RNS||Dividend Declaration|
|06Mar17 12:00||RNS||Notice of AGM|
|02Mar17 09:00||RNS||Director/PDMR Shareholding|
|27Feb17 09:00||RNS||Directorate Change|
|20Feb17 07:00||RNS||Dividend Declaration|
|20Feb17 07:00||RNS||Final Results|
Frequency of research reports
Research reports on
We maintain our ADD recommendation on an OK UK
23 Feb 17
We have updated our model after Hammerson’s FY16 results. As a reminder, the group published positive numbers with NRI standing at £346.5m and gaining 2.2% lfl. This stood marginally ahead of our expectations. EPS stood at 29.2p, gaining 8.6% and the dividend was announced at 24p. The group’s NAV at 739p was up 4.1%, standing at a substantial premium to the current stock price, and the company’s GAV at £9.97bn gained 19.1% yoy on acquisitions. Leasing activity reached 142,000sqm, major acquisitions include Grand Central in the UK (£350m) which was acquired in H1 and the Dundrum Town Centre in Dublin. Disposals stood at £365m for eight properties in all regions. So far leasing activity has remained positive, although the group has noticed a deceleration compared to FY15, with £24.9m let vs £27.9m in 2015, thus a decrease in occupancy rate from 97.7% in FY15 to 97.5%. Average cost of debt has been reduced further to 3.1% by the recent debt issues of over £1.2bn, and the LTV now stands at 41% (or 36% under the new methodology) compared with 38% yoy. Management maintains confidence for FY17 with guidance of EPS growth between 6% and 8%.
21 Feb 17
"With the US markets closed for a public holiday and little in the way of significant macro data to shape sentiment, yesterday's equity trading in London was largely driven by corporate events. Top of these was Heinz's apparent 'amicable' withdrawal of its approach on Unilever (ULVR.L), although disappointing full year results also knocked Bovis Homes (BVS.L) hard while RBS (RBS.L) shares celebrated the news that its management had abandoned efforts to sell Williams & Glyn. The fact that Unilever shares only gave back half of Friday's gains was testament to the opinion that Heinz, backed by dealmaker Warren Buffett, is considered unlikely simply walk away from a proposal that it will have spent months intricately crafting. So the corporate 'dance' has now moved behind the scenes, with Heinz ultimately wishing to arrive at a recommended merger although it is, of course, is permitted to make another unsolicited approach in six months' time. Meanwhile, there will be the opportunity to trade volatility in both their shares, as contradictory stories inevitably ebb and flow. During this morning's Asian trading, HSBC (HSBA.L) also kicked off the banking sector's reporting season with a drop in pre-tax profits and dividend declaration much as anticipated, although a US$1bn share buy- back following US$2.5bn in 2H'2016 rather disappointed investors. This left the Nikkei leading the regions gains despite the US$ being broadly stronger against all local currencies, while the Hang Seng and Shanghai Composite went in opposite direction and the ASX trod water. Economic releases due from the UK this morning include January Public Sector Net Borrowing followed by a 10:00hrs speech to MPs from The Governor of the Bank of England. The EU is due to provide Markit PMI for February, while the US also details Markit PMI and its Redbook along with speeches from FOMC members Patrick Harker and John Williams. UK corporates due to report also include Anglo American (AAL.L), BHP Billiton (BLT.L), InterContinental Hotels (IHG.L), Galliford Try (GFRD.L) and Wood Group (WG..L). Traders will also be listening out for more news from Greece, which has taken a small but significant step with respect to re-commencing its bailout negotiations as the Greek government agrees with Eurozone Finance Ministers to receive a technical team in Athens. The London equity market is seen opening quietly this morning, with the FTSE-100 expected to be down 10 points or so in opening trade." - Barry Gibb, Research Analyst
26 Jul 16
A quietly positive open is expected in London this morning, with the FTSE100 seen up some 20 points in early trade. Globally, investors are likely to adopt a wait-andsee attitude ahead of the start of the US Federal Open Market Committee's two-day meeting this afternoon, although most are expecting it to indicate the need for a period of post-Brexit data collecting before judging its next move, for which the hot money presently appears to be pointing at September. The S&P500 drew back from Friday's record high, led primarily by energy stocks, dragging the other principal indices with it, albeit on low volumes before the busy period of Q2 corporate reporting gets underway. Asia ended mixed, with the main activity focussed on Japan as investors appeared to be giving up on expectations of the BoJ delivering an ambitious package of stimulus measures following the Governor's dismissal of the suggestion he was prepared to dole-out 'helicopter money'; as a result, the Yen spiked sharply upward and the Nikkei fell off. Chinese stocks were gently firmer, while the commodity-dominated ASX fell back slightly. Liam Fox, the newly installed International Trade Secretary, is the latest politician to go on postBrexit international tour, with a three-day visit to the US promoting and reinforcing economic ties between the two countries. Following Theresa May and Phillip Hammond's own efforts of the past couple of weeks, investors should be reassured that every effort is being made to remind the world that the UK remains 'open for trade'. UK corporates expected to release figures today include BP (BP..L), Croda (CRDA.L), GKN (GKN.L), Man Group (EMG.L) and Providence Financial (PFG.L).
Panmure Research - Economics Strategy 22-02-16
22 Feb 16
Uncertainty ahead of the United Kingdom's EU referendum has begun to dampen investor appetite for UK equities. However the dislocation of UK equities from their global peers are rare occurrences with the cross-correlation (100DMA) having only dropped below 0.5 on four occasions since the turn of the millennium:Dot.com bust: April 2000Foot and Mouth crisis: February 2001London terrorist attacks: July 2005Scottish Referendum: September 2014We expect a further dislocation in the run up to the referendum on June 23. In this note we use these four recent dislocation episodes, the sensitivity of UK equity valuations with sterling, and European Union revenues to establish a risk profile for the largest UK-listed companies. Based on this framework we provide our preferred picks to navigate the coming months of political uncertainty – Table 1.
Positive FY15 figures
15 Feb 16
Hammerson published it FY15 figures, NRI gained 4.3% yoy to £318.6m, or up 2.3% lfl (3.1% including premium outlets). EPS at 26.9p was up 12.6% yoy, standing marginally in line with our expectations, and the final dividend was proposed at 12.8p for a total payout of 83% (or 22.3p, up 9.3% yoy). As announced, Ireland will be Hammerson’s new market: a loan portfolio of £690m is secured for the 50% ownership of the two Dublin assets expected by summer 2016. The financial situation remained strong with net debt now standing at £2.97bn, increased by debt issues in 2015 and an LTV now at 38% from 34% at FY14 — still below the 40% threshold. ICR stands at 3.6x from 2.8x at FY14 and the NAV per share at £7.10 gained 4% yoy and now only stands 3% above our 18-month forward NAV.
Panmure Morning Note 15-02-16
15 Feb 16
The results today are slightly ahead of our forecasts and represent a solid performance in retail conditions which remain challenging. While the headwinds of structural change and low consumer confidence are reversing into tailwinds, the retail environment still requires considerable skill and strong relationships to navigate. Hammerson is delivering well and with a 4.1% yield, strong underlying performance and the positioning to benefit as retail spending improves, we retain our BUY recommendation.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.