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Research Tree offers CITYFIBRE INFRASTRUCTURE HOL research coverage from 6 professional analysts, and we have 38 reports on our platform.
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|20/10/2016 14:48:54||London Stock Exchange||Holding(s) in Company|
|20/10/2016 10:06:56||London Stock Exchange||Holding(s) in Company|
|10/10/2016 14:30:02||London Stock Exchange||Director/PDMR Shareholdings - Replacement|
|10/10/2016 13:40:02||London Stock Exchange||Director/PDMR Shareholdings|
|03/10/2016 07:00:09||London Stock Exchange||Three city launch agreement with Onecom|
|29/09/2016 07:00:10||London Stock Exchange||Capacity sale to euNetworks|
|26/09/2016 07:00:10||London Stock Exchange||Interim results|
Frequency of research reports
Research reports on CITYFIBRE INFRASTRUCTURE HOL
Providers covering CITYFIBRE INFRASTRUCTURE HOL
04 Oct 16
"Chancellor Philip Hammond’s speech at the party conference yesterday delivered on most expectations. As predicted, Sterling continued to be the fall guy, sliding close to a 30-year low against the US$, the results of which had already been amply demonstrated by the release of much stronger than expected September PMI data. Jettisoning his predecessor’s plan to achieve fiscal surplus by 2020, the market is now starting to call for much more that the relatively modest boosts provided to housebuilders/constructors and tech innovation in his speech. Indeed, since most forecasters expect next year’s enactment of Article 50 to compound investment uncertainty, resulting in slower growth and lower tax revenues, he will have to do more that just take his foot off the ‘austerity pedal’. Indeed, the government may see the need to fund significant new infrastructural and regeneration programmes, with a view to staunching a potential downward spiral in economic confidence or rocketing unemployment over the next 30 or so months. Not that Hammond wanted it, but the Fed’s William Dudley also reminded markets yesterday of the problems that continue to be experienced by the world’s increasingly impotent central banks. His statement noted insights being gathered “..have important implications for the appropriate path for monetary policy and the question of whether monetary policy makers need additional tools or greater support from the fiscal authorities”. Dudley’s suggestion was not particularly new, but still enough to send a shiver down the spine of the US equity markets, with all principal indices closing modestly negative as some cashed-in profits from the rally of the past few days. Asia closed mixed with only Japan making a reasonable gain due to a weaker Yen and despite the BoJ being forced to lower its inflation outlook still further. The Shanghai Composite was closed for the second day, leaving the Hang Seng and the ASX to make only fractional negative movements. The UK has no major macro data scheduled for release this morning, although the IMF will produce its World Economic Outlook. Amongst London’s corporates, earnings figures or trading updates are anticipated only from various second tier companies such as Greggs (GRG.L), Quantum Pharma (QP..L), Revolution Bars (RBG.L), ScS Group (SCS.L) and St Ives (SIV.L). Later this afternoon, Google is holding a media event in San Francisco, while traders will also be listening for further updates from RBS regarding its reported US$120m settlement with the US courts due to the lender’s underwriting of residential mortgage-backed securities before the 2008 financial crisis. London equities are seen opening in an undecided mood, with the FTSE-100 losing 5 or so points in early trading on relatively light volumes." - Barry Gibb, Research Analyst
27 Sep 16
"European markets this morning look set to celebrate a better than expected performance by Hillary Clinton at last night’s televised debate. When being watched live by some 100m Americans, simply tripping up on one or two well-timed soundbites can be enough to threaten opportunity for any presidential hopeful. As it happened, Donald neither manages to rile his opponent nor land a killer blow; Hillary, on the other hand, perhaps came across as better prepared and more knowledgeable. In fact, the markets finally appear to have sensed that Trump is now unlikely to end up securing control of Congress, which a good number of his radical policy would undoubtedly need to squeeze through but, without which, his Presidency would likely end up something of a damp squib. The most obvious confirmation of this was seen last night in the foreign exchange markets as the Mexican Peso surged from its record low during the debate; London on the other hand is seen as the first equity markets to provide a genuinely considered reaction, on the back of which the FTSE-100 looks set to rise 40 plus points in early trading. Europe is likely to follow suit, despite ECB President, Mario Draghi, leaving quite a clear message to investors yesterday that monetary policy has its limitations and that he was now looking to other policy makers to play their part too - which all means further interest rate cuts are now increasingly unlikely. Closing before the debate began, all principal US equity markets ended quite sharply down as the widespread sell-off in banking shares that began in Europe, with German Chancellor Merkel pointedly ruling out any idea of a State bail-out of distressed Deutsche Bank, hit sentiment. Asia similarly ended mostly down, but rallied somewhat in late trading in response to the debate, with the Nikkei regaining its composure after suffering badly from Yen strength early in the session while the Hang Seng moved positive after a flat opening. Traders in London will this morning be awaiting a WTO Trade Report and the CBI’s Monthly Distributive Trades Survey while, later on this afternoon, the US releases Consumer Confidence data. UK corporates reporting earnings or trading updates include AG Barr (BAG.L), boohoo.com (BOO.L), Close Brothers (CBG.L), Panmure Gordon (PMR.L), Thomas Cook (TCG.L), United Utilities (UU..L) and Wolseley (WOS.L). Market traders will also be keen to hear more on media reports that Disney is the latest to have cited interest in making an offer for Twitter." - Barry Gibb, Research Analyst
Straight forward strategy, continued delivery
26 Sep 16
Typically strong interims demonstrate the benefit of the 230% increase in the number of dark fibre metro network cities, 48% growth in service provider customer base, and 243% growth in connected endpoints, to 3,490. With a further pipeline of over 2,500 endpoints contracted, visibility of growth and multi-year revenue are key features of the model with the organic addition of initial contract value of £28.8m in 1H16 alone, on top of the £25m associated with KCOM* network asset acquisition (announced December, completed January). EBITDA having turned sustainably positive, the model is demonstrably successful, and gaining increasing momentum through initiatives such as KCOM deal and the subsequent addition of Southampton, Portsmouth, Cambridge and other network assets acquired from Redcentric*, announced today. CityFibre’s straight forward model successfully demonstrates its position as the only national competitor for BT Openreach. We improve FY16 revenue (+3%), with further upgrade potential retained as trends develop. Target 130p reiterated.
26 Sep 16
CityFibre* (CITY): Straight forward strategy, continued delivery (CORP) | Hurricane Energy (HUR): One down, one to go (BUY) | Gemfields* (GEM): Annual results (CORP) | Europa Oil & Gas* (EOG): Wressle discovery CPR (CORP) | Redcentric* (RCN): Network asset disposal (CORP) | Nasstar* (NASA): Interims on track (CORP)
12 Sep 16
Touch-sensitive markets that have been operating in something of an information vacuum for the past weeks, on Friday chose to focus in on a speech from Boston Fed President, Eric Rosengren. This spurred a sell-off that will be sustained into the European markets’ opening this morning. The FTSE-100 is seen falling around 90 points in early trade, simply shadowing the overnight markets which all tumbled quite uniformly as they incurred some of their largest hits since the Brexit vote of some 10 weeks ago. Despite only 13% of economists anticipating a hike this month according to a poll completed by the Wall Street Journal last week, Rosengren was clear that he backed gradual interest rate rises, saying that waiting too long risks some asset markets like commercial real estate becoming “too ebullient”. So the doubts have now been sown and with just three FOMC meetings: Sept 20-21, Nov 1-2 and Dec 13-14, scheduled between now and the year end, the markets may continue to overreact to individual comments, including the central bank’s most dovish official, Governor Lael Brainard, who has surprisingly decided to deliver a previously unannounced speech this afternoon at The Chicago Council on Global Affairs. The fall-off of the principal US indices was seen in part during European trading hours, so some of the pain from the 2%-plus hit across all the US’s principal indices has already been priced in, although the carry-over right across the Asian region this morning still surprised some given the weakness of Yen relative to the US$ while modestly lower oil prices also knocked sentiment. With no major macro data nor significant corporate results due to be released in the UK this morning, there will be little other news for traders to grasp at while trying to reverse this morning’s cautionary sentiment, although markets will remain highly sensitive to any further news reports coming from the US regarding Presidential favourite, Hilary Clinton’s apparent diagnosis of Pneumonia on Friday and her subsequent stumble at the New York 9/11 Ceremony yesterday." - Barry Gibb, Research Analyst
Research on related companies
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Nvidia opens doors, weak PNDs slam them
21 Oct 16
TomTom reported Q3 revenues of €239.3m, down 5.9% yoy and 9.8% sequentially. Consumer decreased by 15% yoy to €137.1m, representing the biggest down-mover. Automotive’s top-line grew by 20.4% to €31.3m, Telematics by 14.8% to €36.5m, while Licensing showed some weakness (€34.4m, -2.3%). The gross margin came in at 60.4%, up 730bp yoy, while the EBIT margin lost 150bp to 0.4% (€1m). EPS came in at zero and adjusted EPS at €0.05. Despite the weak market conditions in Consumer, the company re-iterated its adjusted EPS guidance for FY16 of around €0.23, while the revenues are now estimated to be around €980m, down from €1,050m.
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
Que viva Espana !
25 Oct 16
Q3 revenues have grown organically by 0.8% yoy. This is quite a good performance, slightly better than the market’s expectations. Remember, revenues had increased by 0.3% during H1 (they were even stable in Q2). Growth was remarkable in Spain (+7.8%), led by mobile services and mobile equipment sales, while the growth in fixed broadband continued to be strong with the success of fibre (1.4m customers at end September). In France, revenues declined by only 0.6% yoy, the impact of roaming being completely offset by a clear improvement in the mobile trend. EBITDA rose by 1.6% yoy to €3.6bn (corresponding to a margin of 31.3%), mainly tied to revenue growth: a good performance as it was merely stable during H1. The group has confirmed the objective for the full year of a higher EBITDA in 2016 than in 2015 on a comparable basis. With no surprise, the group plans to propose the payment of a dividend of €0.60 per share for 2016.
No fireman seems to be willing to extinguish the fire
21 Oct 16
Ericsson reported sales of SEK51.1bn, a decrease of 13.7% yoy, which was expected after the profit warning on 12 October. On a comparable basis (comparable units and currency), however, the decline was 7%. Every region but SE Asia displayed a decrease, the sharpest being once again in the Middle East (-25%). Networks fell by 19% yoy (SEK23.3bn), Global Services by 8.3% (SEK24.8bn) and Support Solutions by 10.9% (SEK2.9bn). The gross margin, excluding restructuring charges, decreased yoy by 490bp to 29.4%, due to an unfavourable mix. The operating margin was therefore negatively impacted yoy, losing 790bp at 0.7% (710bp excluding restructuring). The EPS came in at SEK-0.07, corresponding to a 106% decline yoy. As a consequence, the company announced an intensification of its restructuring effort in the short term as a way to offset the sales decline. However, the weak market conditions are expected to remain in the short term.
Consensus eps falling…falling…falling…rising 2.0
29 Apr 16
In January we screened for companies with estimates that had been declining consistently since a year previously, but which had risen in the immediately preceding three months (see our note dated 22 January 2016). We have reviewed the performance of those companies and, given the overall strength of this selection, we have re-run the screen. In the c.3 months since selection, the unweighted average rise was c.34% against a c.11% rise in the main All-Share index. From the same universe as before (some 900 companies) we find 38 companies selected by the screen. We note a number of stocks in the list where we have a supportive stance including: Devro (DVO LN, Buy), James Fisher (FSJ LN, Corporate), Mattioli Woods (MTW LN, Buy) and Spirent Communications (SPT LN, Buy).