Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HAMMERSON PLC. We currently have 16 research reports from 3 professional analysts.
|01Dec16 02:30||RNS||Total Voting Rights|
|30Nov16 03:00||RNS||Block listing Interim Review|
|30Nov16 01:00||RNS||Holding(s) in Company|
|25Nov16 11:00||RNS||Director/PDMR Shareholding|
|23Nov16 07:00||RNS||VIA Outlets acquires European portfolio|
|22Nov16 07:00||RNS||Issue of Debt|
|21Nov16 03:45||RNS||Grand Central joint venture regulatory clearance|
Frequency of research reports
Research reports on
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.
Panmure Morning Note 22-01-16
22 Jan 16
Hammerson has announced the much awaited acquisition of Grand Central for a total cost of £350m on an equivalent yield of 4.7%. The group intends to enter into a JV for this property (50%) and will fund the acquisition with an acquisition credit facility in the short term raising the LTV to 39%. Once the expected disposals of £300m have been executed, the Irish loans converted to assets and the JV established the LTV will fall to 37%. The rationale of becoming the dominant prime retail landlord in central Birmingham will give the group control over the retail offer in this strong consumer demographic. We will be revising numbers but anticipate that the transaction which management expects to produce a 5 year IRR of 7-8% will be beneficial. We retain our BUY recommendation
Panmure Morning Note 08-01-16
08 Jan 16
We highlighted three catalysts which we think will improve investor sentiment toward the shares of Hammerson and advance the price. The disposal of £200m of assets from a total £500m program over 2016 was one of these catalysts and has been successfully completed today with the disposal of Villebon 2. The group has achieved a price well ahead of our forecast value, and the June 2015 value, so that this will also be NAV enhancing. We think investors will respond positively. BUY
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.