Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INTU PROPERTIES PLC. We currently have 7 research reports from 2 professional analysts.
|25Oct16 12:28||RNS||Convertible Bond Offering|
|25Oct16 07:00||RNS||Convertible Bond Offering|
|25Oct16 07:00||RNS||3rd Quarter Results|
|25Oct16 07:00||RNS||Disposal of Intu Bromley|
|17Oct16 09:47||RNS||OFFER OF SCRIP DIVIDEND ALTERNATIVE: AMENDMENT|
|13Oct16 10:30||RNS||Holding(s) in Company|
|13Oct16 10:30||RNS||Director/PDMR Shareholding|
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Research reports on
INTU PROPERTIES PLC
INTU PROPERTIES PLC
Positive stance on stock maintained
04 May 16
The group’s yoy footfall has increased by 1.4% and occupancy now stands at 95.3% from 94.3%. Momentum continues to be strong in Spain with footfall up 2% and retailers’ sales up 4% yoy. 43 new leases have been signed in the quarter at 10% above the previous passing rent or a contribution of £7m to rental income. Finally, cash stands at £750m with the leverage ratio at 41% from 45% at FY15. For the year, management maintains the target of an lfl income growth in the range of 2% to 3%.
Panmure Morning Note 13-01-16
13 Jan 16
The anticipated sale of the Equity One stake has been announced now that it is tax efficient. The proceeds will, we believe, be deployed to fund the development pipeline. We had priced the stake at spot in our model and so will not be changing our estimates as a result of this sale. We retain our Hold stance ahead of the FY15 results in February.
Panmure Morning Note 06-11-15
06 Nov 15
The IMS is reassuring that the group will be on track to meet our full year forecasts. While the economic backdrop is now positive and structural challenges are now understood, UK retail continues to polarise between good and weak assets. We believe that the Intu portfolio is mixed with some excellent assets such as intu Trafford supporting weaker destinations. We maintain our HOLD recommendation and 320p Target Price.
Panmure Morning Note 02-09-15
02 Sep 15
Intu is the weakest retail landlord among the peer group in our view since the group has struggled to recover from a combination of headwinds from the weak retail environment, high debt servicing costs and lease expiries. The performance is improving and the debt position has been sensibly restructured. The group we believe remains vulnerable to shocks. However, the current economic climate is improving which should allow operations to stabilise. We have applied a 15% discount to our forecast NAV/s and dividend which is a level currently reflected in the share price leading us to change our recommendation to HOLD (from SELL).
Panmure Research - Property 01-09-15
01 Sep 15
UK retail property has suffered twin headwinds of weak consumer sentiment and the structural impact from online distribution. There is now sufficient data on consumer behaviour for retailers to be confident about their omni-channel strategies and implement them. We believe that this will have a profound effect on retail property valuations with the polarity between vibrant and weak locations being rapidly exacerbated. Landlords with strong retailer relationships, a contemporary offer and, crucially, the financial resources to keep the centres state of the art should excel and we foresee robust growth in those property values. Our analysis makes Hammerson the winner and Intu is the loser.
H1 15: Increasing scale in Spain
31 Jul 15
Intu published its H1 results with NRI standing at £207.6m, down 1% lfl, underlying EPS up 6% to 6.3p yoy, supported by low yields and positive impacts from acquisitions. The interim dividend stands at 4.6p. Occupier conditions remained strong in the half year, with same store sales up 3.4%, footfall up 1% with an occupancy rate at 95% in line with FY14. On the valuation, the NAV gained 1.6% to 385p and the group’s total portfolio now stands at £9.5bn at GS from £8.96bn yoy, (o/w £162.2m of revaluation surplus). The financial situation remains sound despite an increase in net debt, +8% to £4.3bn, mainly linked with the funding of Puerto Venecia, and the LTV is slightly up 80bp to 45% (still comfortably below covenants). Cost of debt now stands at 4.5% (from 4.7% at FY14) with debt maturity at 8.1 years from 8.4 years at FY14.
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
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.
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.