12 Aug 16
"Europe's opening is expected to be pushed and pulled in different directions as investors contemplate contrasting overnight news from some of the world's major markets. Weighing up higher equity closes across both the US and Asia, together with the hint from Saudi Arabia, the world's largest producer and OPEC's opinion leader, of reviving the concept of coordinating crude output with other countries to rebalance supply, London is expected to open modestly firmer with the FTSE-100 rising around 5 points in opening trade. Traders have, of course, heard this before and OPEC's recent inability to effectively control its own members leaves them sceptical that obvious global oversupply can be tamed any time soon. Nevertheless, the story was enough to tempt some to close out bear positions and boosted confidence in the US where energy and consumer stocks drove all three principal indices to concurrent new record closes for the first time since 1999. Asia found this optimism infectious, with similar modest gains across the board, despite China's National Bureau of Statistics releasing the latest in a long run of disappointing industrial output figures, this time showing July annual growth down to just 6.0% from 6.2% in June. While this figure was below consensus expectations, affected primarily by slowing in the hitherto booming housing market, others took heart that monthly production actually rose by 0.52% while also anticipating yet further measure from the PBOC to stimulate its flagging economy. Macroeconomic date due this morning includes UK Construction and German GDP data, while later this afternoon expect US Retail Sales numbers to be released. There are no important UK corporates due to provide earnings updates today, although markets will be keeping an eye out for any further updates regarding the apparent escalation of tensions in the Ukraine following Russia's decision to increase security measures in the annexed territory of Crimea." - Barry Gibb, Research Analyst
Companies: DFS HSTG OML PLND
14 Jul 16
"The appointment of Philip Hammond as Chancellor of the Exchequer in Theresa May's new cabinet line-up, replacing hard-line austerity and city champion George Osborne, will likely result in a nervous opening for London's financial markets this morning. The FTSE-100 is seen flat to modestly up in early trade, despite pundits predicting the Bank of England will today cut its rate policy for the first time since 2009 - most probably by 25pb - to ward off a looming post-Brexit slump. Hammond, a 'safe hands' political veteran of the Conservatives, has assumed roles of Transport Secretary, Defence Secretary and most recently, Head of the Foreign Office in recent administrations, but apparently has always hankered for an influential role in the Treasury. For investors, the early signs are positive; making a speech to the British Bankers' Association on Tuesday, Hammond stated he would strive to defend the sector's key access to the European single market, noting the financial services industry was probably the most affected by Brexit and the significance of its 'passports' to operate across the EU. That said, he will be struggling uphill from the beginning, with the GfK consumer confidence index have already reported its biggest hit since 1994 while this morning, the Royal Institute of Chartered Surveyors, details its members experiencing weakening demand, a drop in the number of homes being offered for sale and a slowdown in pricing growth. Uncertainty, according to the RICS is the 'primary driver' of a prospective slump. Overseas markets meanwhile trod water, with the US equities modestly mixed while awaiting key macro data (including inflation, retail sales and industrial output) later this week. Asian markets also mostly stalled after a week of strong gains, with only Japan putting in a convincing gain, both on continuing fiscal stimulus hopes and also on a soaring 10% performance from Nintendo, as gamers applaud its new 'Pokémon Go' app. Other than the BoE decision, the IMF's Lagarde is due to speak while later the US will release PPI date and jobless numbers along with a speech from the Fed's Esther George. UK corporates due to provide trading updates or results includeMicro Focus International, Experian, Halfords, Mothercare and SuperGroup." - Barry Gibb, Research Analyst
Companies: BDEV BRBY MTFB PLND SDY JDW
17 Jun 16
"London equities appear set to record strong gains this morning, with reports of the tragic murder of a UK Member of Parliament apparently throwing the Brexit debate into disarray. Expected closing of referendum-led shorts, while also riding on new confidence gleaned from the overnight and early morning international markets ending their losing streaks, means that the FTSE-100 is seen opening up around 40 points. A strong expression of public revulsion on the daylight attack, that was reportedly carried out in the name of UK independence, resulted in significant gains for the 'Remain' vote in the betting markets during late-afternoon trading. This point highlights the fact that the vote, which polls suggest had swung convincingly in favour of the 'Leave' camp, is by now far from a certainty and upon which financial markets are prepared to express quite dramatic relief. US stocks climbed Thursday, snapping a five-session streak of losses as telecommunication and utilities shares recovered, while the Nikkei in Japan rose off its four-month low, dragging most Asian markets behind it, as its government left its assessment of the overall economy unchanged despite suffering from exceptional recent Yen strength. The UK has scheduled no major data or corporate results due for release for this morning, although the IMF will report on the UK economy, while in Europe the ECB president Mario Draghi will also be speaking." - Barry Gibb, Research Analyst
Companies: Chariot Oil and Gas POUNDLAND GROUP PLC
16 Jun 16
"The FTSE-100 is seen opening quite sharply lower once again this morning (down around 65 points), as the markets tries to take all ramifications of a possible Brexit on board. Even the Fed's decision to leave short-term rates unchanged yesterday appears at least in part, to await the outcome of the June 23rd referendum as international markets try to gauge the potential shock to global activity. Beyond this, continuing sluggish US growth rates and its apparent inability to stimulate inflation, means that the central bank still lacks the confidence to raise the cost of borrowing, as a result of which early gains recorded across the principal indices turned back into modest losses during late trading. The US dollar fell to its lowest level since September 2014, mimicking the Euro which tumbled to its lowest since January 2013. By contrast, safe haven investors continued to drive the Yen higher after the BOJ's decision to stand still at its policy meeting, forcing Asian equities broadly down once again. Expect the Bank of England rate decision this morning along with MPC meeting minutes which will be followed by the Governor's Mansion House speech and may reflect on the Chancellor's suggested need to plan for an emergency Brexit budget. Retail sales figues are due from the US this afternoon, while various small and mid-cap corporates, like Poundland, WS Atkins, Darty, Mulberry, Premier Farnell, Purplebricks and Safestore are due to report.
Companies: BMN GLR KRS AUE BKG OXIG PLND
11 Dec 15
A vital Christmas
Poundland’s share price plunged following the release of its interims on 19 November. Two comments explain the decline: the announcement that 99p Stores was in a worse condition than expected on its acquisition and news that early Q316 trading was volatile. The latter is potentially significant and places even more emphasis than usual on Christmas trading.
Companies: POUNDLAND GROUP PLC
Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on POUNDLAND GROUP PLC. We currently have 5 research reports from 2 professional analysts.
|16Sep16 10:30||RNS||Scheme of arrangement becomes effective|
|15Sep16 13:12||RNS||Court sanction of scheme of arrangement|
|14Sep16 12:52||RNS||Rule 2.10 Announcement|
|09Sep16 12:15||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|08Sep16 16:25||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|07Sep16 16:21||RNS||Result of AGM|
|07Sep16 12:50||RNS||Voting result of Court Meeting and General Meeting|
Frequency of research reports
Research reports on
POUNDLAND GROUP PLC
POUNDLAND GROUP PLC
26 Apr 17
A multi-branded, leading fashion eCommerce business, set for at least 50% growth yet again
A year of upgrades has been topped by yet another sales and earnings beat. Full year sales of £295m are up 51%, with growth accelerating across all regions in H2. This impressive top line performance converted to a 90% increase in EBITDA to £35.6m and a 97% increase in PBT to £30.9m, driven by overhead efficiencies as the group grows. The complementary acquisitions of PrettyLittleThing and the Nasty Gal brand transform the business into a multi-branded proposition. This, alongside investment in range extension and impressive international expansion, underpins our expectations for continued strong growth of at least 50% top line throughout 2017. Active customers have risen 29% to 5.2m, with solid improvement continuing across all KPIs. Despite significant capital investment, totalling £30.7m in the year, boohoo’s balance sheet remains robust with net cash of £58.4m at the year end. We upgrade our FY18 expectations by c.12% and continue to see potential for significant profitable growth going forwards.
27 Apr 17
N+1 Singer - Morning Song 27-04-2017
Howden Joinery Group (HWDN LN) Solid start to FY17 means on track to meet forecasts | N Brown Group (BWNG LN) Newsflow starting to turn the corner lends to re-rating | NCC Group (NCC LN) No further deterioration in trading | PROACTIS Holdings (PHD LN) Redde (REDD LN) Volume growth in H2 underpins FY17e outlookExtended supplier opportunity supports TP increase | ReNeuron Group (RENE LN) Increased focus on retinal pipeline | Synairgen (SNG LN) AstraZeneca returns rights to AZN9412 | Verona Pharma (VRP LN) Significantly enhanced cash position to progress RPL554
Companies: BWNG HWDN VRP REDD SNG RENE NCC PHD
26 Apr 17
N+1 Singer - Boohoo.com - Strong continuing momentum in BOO and PLT, cautious start for NG
Today’s figures are clear evidence of both Boohoo’s successful business model and growth strategy, with PBT/EPS doubling in FY17, c2% better than forecast. The balance sheet remains strong with unchanged net cash of £58m despite the acquisition and increased capex spend. Guidance today signals sales/EBITDA growth in FY18 in line with our current forecasts, with higher Pretty Little Thing growth expected (both sales and EBITDA) offset by more modest Nasty Gal growth. Management has taken a lot on with the opportunistic acquisition of the latter, so we are relieved that guidance is prudent as they manage any execution risk and establish the platform for future growth. A lot of the recent re-rating has been well justified but we wonder if the market was hoping for a sizeable upgrade today.
24 Apr 17
Small Cap Breakfast
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Companies: FISH GOAL NASA HAL SHRE BIOM MPM MORT HDT LOK
25 Apr 17
N+1 Singer - Morning Song 25-04-2017
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Companies: CAU VP/ ELM CPR RAT
24 Apr 17
N+1 Singer - Morning Song 24-04-2017
First Derivatives (FDP LN) FY slightly ahead as strong trading momentum continues | Goals Soccer Centres (GOAL LN) A potentially exciting corporate development | mporium Group (MPM LN) 2016 results: course set for exciting 2017 | Vectura Group (VEC LN) VR315 risk outweighs longer-term potential
Companies: VEC GOAL MPM FDP
07 Apr 17
Conviction List Q2 2017
Since its inception in 2010, the Panmure Gordon Conviction List has outperformed the market, returning 275% against a Small Companies index that would have returned 212%.
Companies: ALD AVON CTH EPWN INF MCB MRO NOG POLY SNR SMS STJ STJ WIZZ
26 Apr 17
N+1 Singer - Morning Song 26-04-2017
Abzena (ABZA LN) Set for transformational growth | Boohoo.com (BOO LN) Strong continuing momentum in BOO and PLT, cautious start for NG | Brooks Macdonald Group (BRK LN) Positive net inflows and performance combine to drive FuM growth | Devro (DVO LN) Reassuring AGM update | Nichols (NICL LN) Positive AGM tenor supportive of premium rating | Oxford Instruments (OXIG LN) Sale of Industrial Analysis business | PCI-PAL (PCIP LN) Contract win | PROACTIS Holdings (PHD LN) H1 results as expected, no change to forecasts | Stadium Group (SDM LN) Trading in line; Technology Day for investors | Walker Greenbank (WGB LN) Momentum visibly rebuilding post floods and after investment in growth
Companies: OXIG DVO NICL SDM WGB BOO ABZA PCIP BRK PHD
25 Apr 17
Reassuring FY17 finals and outlook
In line FY17 results (across the board) and management endorsing FY18 market expectations is reassuring, although well reflected in the valuation, in our view, given the recent rally. ~11x FY18 EV/EBITDA adequately reflects embedded value within WTB’s core two brands, but with waning UK consumer dynamics likely to cap near-term growth prospects (PGe 8% FY18-20 EPS CAGR), hence our HOLD rating. Presentation 9:30am.
27 Mar 17
The Joy of Techs
Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.
Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO
21 Apr 17
N+1 Singer - Morning Song 21-04-2017
Ergomed (ERGO LN) Forecasts upgraded; analysis of upside potential | N Brown Group (BWNG LN) Preview – FY17 results due on Thursday | ReNeuron Group (RENE LN) Update on clinical programmes | Vernalis (VER LN) Complete Response Letter for CCP-07
Companies: BWNG VER RENE ERGO
21 Apr 17
Peak multiples on peak earnings. Moving to HOLD.
Brisk trading and positive operating developments, combined with FX tailwinds, have pushed SSP shares to new highs, and through our TP. The equity has re-rated 33% post-referendum to 25x PE and we harbor some reservations re earnings upgrades now required to sustain that momentum. Airline traffic data remains robust, which should be supportive (rather than enhancing) to SSP’s air business, whilst the GBP tailwind has faded of late. Net net our estimates and 400p TP are unchanged so we move to HOLD from BUY. We continue to like the exposure to attractive travel trends, and self-help initiatives, but feel the compounding growth prospects are well reflected at 2.5x PEG.
25 Apr 17
N+1 Singer - Carpetright - Tougher conditions leaves forecasts towards lower end of range
In the 12 week period to 22 April, Carpetright reports that LFL sales were ahead 1.4% in the UK and 1.4% in Europe. This performance is slightly shy of our expectations due mainly to a weaker trading environment (N+1E +3% and +5% respectively) albeit a further 6% of the UK estate has been refurbished vs prior guidance which will have created a bit of additional drag from disruption in the period and which is positive for FY18 and beyond. Critically, those stores that have annualised new competitor Tapi openings traded well into positive LFL territory, which is a key milestone in the turnaround. Whilst trading this week could change the outcome, FY17 forecasts are likely to be reduced by 4%. Given the accumulating self-help and accelerated refurbs we don’t envisage changing outer year forecasts.
20 Apr 17
Strong final results
The group has reshaped its business over the past two years, strengthening management and operational infrastructure, increasing capacity and reviewing strategic emphasis. We anticipate a progressive revaluation given the potential growth profile in an addressable and fragmented international market. Our 2017 forecasts remain unchanged following the results which imply EBITDA growth of 26%, and we raise our target price to 6p, implying potential share price upside of 23%.
Companies: Paragon Entertainment
24 Apr 17
N+1 Singer - Goals Soccer Centres - A potentially exciting corporate development
Potentially a positive corporate development at Goals this morning. The company has confirmed weekend press speculation that it is examining a combination with its key competitor Powerleague. Discussions appear to be at an early stage and it is difficult to second-guess what the terms of an eventual deal will be and whether a fund raise would be required. Strategically and financially a tie-up would make huge sense given how competitive the 5-a-side football sector has become with the resurgence of the local authority sector. Between them Goals and Powerleague operate c.100 centres and thus a combination would give them significant UK market leadership as well presence in Ireland, Netherlands and the USA. The main risk we envisage is whether any tie-up would trigger any competition issues and how these might be addressed. Powerleague was acquired by Patron Capital Partners in 2009 for an EV of £80m (c8x EV/EBITDA). We are currently buyers of Goals on new management / strategy considerations. Today’s news has the potential to further enhance shareholder value. We reinforce our Buy and 140p 12m TP.
Companies: Goals Soccer Centres