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ADF released FY23A results in-line with our forecasts and the February trading update. As previously highlighted, H1/23A saw record profits whilst H2/23A was disrupted by the now-resolved strike action. The business is ramping back up at the start of FY24E and returning to normal utilisation in H2/24E. Our newly released FY25E forecasts show that with a full year of business as usual, revenues increase c.20% to £56.8m and Adj PAT jumps c.50% to £7.5m. FCF similarly increases to £7.5m, putting th
Companies: Facilities by ADF PLC
Cavendish
Henderson Far East Income (HFEL) has consistently delivered on its objective to provide a rising dividend. However, like many investors, HFEL’s managers overestimated the potential for a post-pandemic rebound in China. The trust’s resultant overweight to Chinese consumer and other cyclicals led to a fall in portfolio revenues and underperformance in the financial year ended 31 August 2023 (FY23). With a view to improving future returns, HFEL’s board has since indicated an increased willingness t
Companies: Henderson Far East Income LTD GBP
Edison
We reveal the winners of our investment trust ratings for 2024... Our ratings seek to reward closed-ended funds which deliver attractive and persistent performance characteristics in three categories which we think match up to broad goals investors usually have: long-term growth, income and growth, and high current income. This includes strong performance versus a fund’s underlying market, as well as attractive risk characteristics which we think suggests they could continue to be premium optio
Companies: DIG JCGI SCP MUT SOI JEMI MRC AIE JGGI CCJI
Kepler | Trust Intelligence
Murray Income Trust (MUT) invests in high-quality, mainly UK-listed stocks. It has achieved both its dividend and capital growth objectives over the long term. The trust boasts 50 years of continually rising dividends. It paid a dividend of 37.5p per share in FY23 (ended 30 June 2023 (FY22: 36.0p)), and the board has indicated the dividend will rise to at least 38.0p in FY24. This represents a prospective yield of 4.5%. Late last year the company decided to take action to allow shareholders to a
Companies: Murray Income Trust PLC
The manger comments that, in common with the other trusts in the renewable energy sector, the last six months have continued what has been a challenging period for the Bluefield Solar Income Fund (BSIF). It adds that the trust’s ongoing fundamental performance has failed to reverse a steady slide in its share price which began back in May 2023. Despite this, it says the company has continued to deliver solid NAV growth and market-leading shareholder distributions thanks to a range of contractual
Companies: Bluefield Solar Income Fund Ltd.
QuotedData
Companies: NewRiver REIT plc
Liberum
The Merchants Trust (MRCH) has been managed by Simon Gergel at Allianz Global Investors for the last 17 years. He describes the valuation backdrop in the UK market as ‘a stock picker’s dream’, as in aggregate, UK stocks are trading at the low end of their 20-year range, and company valuations vary significantly, thereby affording the manager opportunities to identify reasonably priced businesses that have strong fundamentals and are operating in industries with favourable dynamics. Gergel’s stra
Companies: Merchants Trust PLC
Target Healthcare REIT’s Q224 update shows indexed rent reviews driving increased earnings and property values. Tenant profitability continues to strengthen, reflected in a new high level of rent cover and a continuing high level of rent collection. Quarterly DPS, increased by 2% at the start of FY24, is now well covered by adjusted earnings.
Companies: Target Healthcare REIT PLC
In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.
Companies: Regional REIT Ltd.
Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income sector. It offers investors broad market exposure, outside of the large, traditional ‘income stocks’ at a 13% discount to NAV. The underperformance of small- and mid-cap companies versus larger peers has slowed and a turnaround would be very positive for LWI. Portfolio returns are already benefiting from acquisition activity, spurred by low valuations, and
Companies: Lowland Investment Co PLC
PCI Pal’s FY23 results show revenue growth of +25% to £14.9m, gross profit growth of +31% to £13.1m at a margin of 88%, and an outlook confirming robust momentum in H1 24. The FY23 results are as expected following the August trading update, and FY23 Total Annual Contract Value (TACV) is +23% yoy to £16.4m, with ARR +14% yoy to £12.6m due to £3.1m of contracts in deployment. We expect ARR will increase +35% and +31% to £17.0m and £22.2m in FY24 and FY25, as management lands and expands following
Companies: PCI-PAL PLC
ORIT: renewables diversified across stage, technology, and geography…
Companies: Octopus Renewables Infrastructure Trust Plc
Companies: PayPoint plc
Companies: BBY BYG FOUR SRP CTEC IDS SUPR DOM BOO
finnCap announced this morning a proposed new CEO and the appointment of new directors. Sam Smith, finnCap’s CEO, has announced her intention to step down from the position and move into an advisory role within the group. John Farrugia, currently Managing Partner of finnCap Cavendish, will become a director of the group and then CEO after Sam Smith steps down.
Companies: Cavendish Financial PLC
Progressive Equity Research
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