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.
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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
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.