Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DIGNITY PLC. We currently have 15 research reports from 2 professional analysts.
|21Mar17 15:06||RNS||Director Declaration|
|16Mar17 13:57||RNS||Director(s)/PDMR Shareholding|
|13Mar17 15:30||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|09Mar17 16:55||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|08Mar17 07:00||RNS||Preliminary Results|
|01Mar17 16:44||RNS||Additional Listing|
|28Feb17 16:20||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
Frequency of research reports
Research reports on
09 Mar 17
Did we learn anything new from Philip Hammond yesterday? Not really! All issues and revised projections (growth targets out to 2019, budget deficit, 5-year reduced borrowing, etc.) had been so well leaked beforehand, that the FTSE-100 remained with the 35-point trading range set up prior to his speech. Markets took the various swinging measures, including a reduction in the tax-free dividend allowance mostly in its stride, although Sterling momentarily wavered on news that the OBR sees UK inflation peaking at 2.4% in 2017, which probably puts paid to any expectation that Governor Carney will seek to raise the BoE's base rate during 2017. Overall, the Chancellor's message painted a relatively confident picture, despite warning his foot is remaining firmly on the austerity 'pedal', given that he seeks to balance the books in the next parliament, which starts in 2020, and wants to keep his warchest full in case the economy has an onset of nerves following the triggering of Article 50 by the end of this month. Bored with that, market eyes have now fallen back on the imminent European and US central bank meetings. Ultraloose monetary policy has, of course, underpinned years of stock market gains, and given that President Trump has also managed to remove the word 'deflation' from the lips of policy makers globally while also enhancing earnings expectations, its resilience is likely to last rather longer than might be expected during a more regular phase of tightening. Yesterday's ADP National Employment Report reinforced this view, adding confidence ahead of Friday's monthly non-farm payrolls report, which is the last major piece of economic data the Fed will consider ahead of its FOMC meeting on 14th and 15th March. No rate move is expected from the ECB at 12:45hrs today, although its following speech is expected to offer signals regarding its giant bond-purchase program, possibly pointing to evidence the Eurozone economy is picking up, although most consider Mario Draghi is unlikely to announce major changes to the stimulus program ahead of key upcoming French and Dutch elections. US equities ended mixed, putting in just fractional movements, as energy stocks weighed on the Dow following oil prices tumbling over 5% in the wake of strong US inventory data, leaving just the NASDAQ to register a minute gain. Traders remained unimpressed with the President picking up on another of his major campaign pledges yesterday, as he pushed his White House team to map out a plan for US$1 trillion in infrastructure spending, designed to pressure the 52 States to streamline local permitting, favour renovation of existing roads and highways over new construction and prioritize projects that can quickly undertake the works. Asian shares were knocked during this morning's trading by news that Chinese Consumer Inflation had slowed to its lowest in two years, while weakness in commodity prices also weakened the ASX, leaving just the Nikkei to put in a modest rise as it pivoted on US$ strength. UK macro data due today is limited, with the RICs Housing Price Balance reported first thing as unchanged February on January at +24, while the US provides its Import and Export Price Index releases. UK corporates due to detail earnings or trading updates include Aviva (AV..L), WM Morrison (MRW.L), Old Mutual (OML.L), Domino's Pizza (DOM.L), Countrywide (CWD.L) and DS Smith (SMDS.L). Market eyes will also be on Theresa May who today is attending a EU Summit in Brussels while David Davis fields Brexit questions in the Commons. Somewhat anticlimactic following yesterday's Budget, London is seen locking in recent gains, particularly amongst oil plays, with the FTSE-100 seen down 25 points in early trading.
08 Nov 16
"And so, the day has finally arrived. Clinton or Trump? Does American democracy now face its gravest test? Whatever the outcome, Europe appears to be between a rock and a hard place. The former is thought capable of putting the transatlantic relationship in peril, while the latter proposes to rip the US Constitution apart with the potential to leave the western world in shock. Clinton, whose victory will undoubtedly spark some form of relief rally, offers investors continuity and growth; but only on her terms will there be scope for additional stimulation through tax reform and infrastructural spending, while the EU can expect to finds itself pressurised to dig deep in its pocket and even deeper into its conscience with regard to adoption of the US's interventionist policy across territories ranging from Syria to Putin's Russia. By comparison, the many faces of Trump and a hopelessly divided Republican party present markets with a complete confusion of policy; by effectively challenging the nation's civic religion while proposing disregard for the process of law as it tears up established treaties, the US is immediately pushed off of the moral highground as xenophobia and bigotry prompts a rise in protectionism as the population looks increasingly inward. Sounds absolutely awful! But then perhaps, just perhaps, that is the clever thing about the US political system; historically there has been sufficient institutional safeguards built into the two congressional chambers to mitigate, defer and effectively neuter irresponsible actions that otherwise might be seen to irrevocably threaten status and reputation built-up over past decades. Investors had better hope so! Indeed, judging by the overnight markets, they were already counting on it, as all the US's principal indices rallied strongly with the S&P reversing 9 consecutive days of losses putting in its biggest gain since March. Asian markets initially followed suit, but a lack of follow- through having already covered most of their short positions during the previous session meant that the Nikkei and ASX eventually closed with fractional losses although the Chinese indices remained modestly positive throughout having received confirmation that exports declined at a reduced pace during October. With Europe's market open, the Dollar, Treasuries, Oil and Gold will narrowly range trade, ready to leap in one direction or the other with any decisive steer on the outcome. Neither is London likely to be in the mood to celebrate yesterday's better than expected October BRC sales data, suggesting the FTSE-100 will rise a modest 5 points or so in opening trade. The UK will release Industrial Production figures this morning, while OPEC publishes its world oil outlook. UK Corporates due to release earnings or trading updates include Associated British Foods (ABF.L), AVEVA (AVV.L), BBA Aviation (BBA.L), Marks & Spencer (MKS.L) and Punch Taverns (PUB.L). But really there is only one story today, and all market eyes will remain firmly fixed on the United States; back in 2012, the Associated Press called the result for Barack Obama at 04:38hrs, on which basis there are just over 20 hours to wait from the release of today's Breakfast Today before we know the result." - Barry Gibb, Research Analyst
28 Jul 16
"The FOMC delivered much as expected. Rates were left on hold but, by stating that 'Near-term risks to the economic outlook risks have diminished', the door has been left open for its first rate hike since December 2015 with the hot money remaining on +25bp in September and another +25bp before the year end. Lacking new excitement, London equities are expected to open marginally down, with the FTSE-100 seen down between 5 and 10 points in early trade. US markets closed in a similar mood, with the Dow and S&P 500 left virtually unchanged, leaving only the technology-heavy NASDAQ celebrating better than expected results from Apple following the previous close. Sentiment in Asia continued to yo-yo on the longawaited Japanese stimulus package, forcing the Nikkei to give back half of yesterday's gains, while the Shanghai Composite remained nervous amid threats of new regulation on wealth management products, leaving only the commoditydominated ASX enjoying a small positive by the close. Amongst UK corporates, investors are now able to put a figure on the cost to BHP Billiton (BLT.L) shareholders over the Samarco Dam disaster, with the company indicating a US$1.1bn to US$1.3bn provision, while in yesterday's statement GSK's (GSK.L) Board suggested the post-Brexit fall in Sterling presents a mix of new challenges to the Group. This morning, UK markets anticipate release of the Nationwide House Price Index along with a heavy clutch of results including, Anglo American (AAL.L), AstraZeneca (AZN.L), BAE (BA..L), Centrica (CNA.L), Diageo (DGE.L), Rolls Royce (RR..L), Royal Dutch Shell (RDSA.L) and Weir Group (WEIR.L)." - Barry Gibb, Research Analyst
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Strong set of full-year results, comforting guidance
23 Mar 17
GVC released a solid set of full-year results. Key highlights Pro forma Net Gaming Revenue (NGR) was up 12% at constant currency, or 9% on a reported basis at €895m, in line with the February trading update. Pro forma clean EBITDA was up 26%, at €205.7m, bang in line with AV’s €206m forecasts, translating a three percentage points increase in margin added to the growth in revenue. c.69% of NGR was derived from markets either regulated (including those in the process of regulating) and/or locally taxed (68% in 2015), while 95% of the revenues were derived from GVC’s proprietary platform. Net debt stood at €131.5m or 0.6x clean EBITDA. The board proposed a second special dividend of €0.15, giving a total dividend of €0.30 per share for the year, beating market expectations. Guidance The start of 2017 seems promising as management said that daily NGR had increased by 15% (+16% cc), translating into an 18% (+19% cc) growth in sports labels’ daily NGR and a 6% (+8% cc) increase in games labels’ daily NGR. The gross win margin reached 9.5% while it should move towards the 10% mark on the long term. Regarding dividends, the group confirmed a progressive distribution policy and expects to distribute at least 50% of the group’s free cash flow, starting from 2017. Debt refinancing In the first quarter of 2017, the group issued a €320m Senior Secured Term and Revolving Facility, composed of a €250m term loan (maturity 6 years) and a €70m revolving credit facility (maturity 5 years) used to pay down the Nomura Loan in full.
N+1 Singer - Morning Song 23-03-2017
23 Mar 17
eg solutions (EGS LN) Re-focusing on sales is delivering rewards | Futura Medical (FUM LN) FY results: continued clinical, regulatory and commercial progress | Halfords Group (HFD LN) Confidence in FX mitigation grows; stay at BUY | IFG Group (IFP LN) Top line growth but earnings pressures remain | Realm Therapeutics (RLM LN) FY results in line; on track for Phase II start in 2017 | Safestyle UK (SFE LN) Another good full year performance but valuation up with events | WYG (WYG LN) Mixed conclusion to FY17, reassuring FY18 outlook
Driven by distribution
24 Mar 17
Following results earlier this month, we publish our new forecasts following the segmental consolidation of divisions, and remain cautious relative to consensus (c.2% below at the PBT level in FY18E) mainly due to our UK assumptions. We believe the valuation is relatively attractive, and Inchcape is well placed for further growth given the strength of its balance sheet as it seeks to further utilise its unique global market position.