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.
|23Feb17 07:00||RNS||Final Results|
|23Feb17 07:00||PRN||Directorate Change - Chairman Appointment|
|31Jan17 12:53||PRN||Statement regarding Press Comment|
|16Jan17 09:00||PRN||Notice of Results|
|15Dec16 14:00||PRN||Director Declaration|
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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.
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