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Whirlpool walks away, leaving investors with existing 185p low-ball offer
14 Sep 15
Whirlpool announced late on Friday that, after full and careful consideration, it does not into to make an offer. Given how low Middleby’s offer is, and given we saw scope for Whirlpool to enhance its ‘hot’ portfolio by adding the heritage brands Aga and Rangemaster, this news is disappointing and surprising. Barring a spectacularly late intervention by another 3rd party through the course of today, investors are now stuck with the 185p offer from Middleby and the share price will open at, or close to, that level today. We therefore downgrade our stance back to HOLD from Buy.
Competition for Aga’s assets likely to hot up - Buy
09 Sep 15
Having left the door open to a competing bid with its low-ball offer, Middleby’s plan to secure Aga’s heritage brands and synergies will look half-baked if Whirlpool’s approach is followed by a formal offer, as this would likely be well over 185p. It remains to be seen if the two heavyweight American groups end up slugging it out for Aga but if they do we believe the upside scenario stretches from c240-300p based upon our SoTP analysis. With Whirlpool’s deadline expiring on Monday we upgrade our target price to 250p and move our recommendation to BUY on the skew of risks.
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UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
Safe as houses
17 Oct 16
Telford Homes is in as strong a position as it has ever been in the 15 years since flotation. The company has a strong balance sheet, with an expanded equity base and significant headroom on its banking facilities, a large development pipeline and impressive forward sales position, and good levels of demand for its product and geography from a diverse group of buyers.
“Encouraging”Q1: Positive transformation momentum continues
24 Oct 16
“Encouraging” AGM/Q1 (July-Sept 2016) FY17 trading update should reassure further as it builds on the strong momentum of the recent FY16 results. Management’s self-help initiatives appear increasingly sure-footed. Reflecting the balance of this encouraging Q1 outcome and the highly uncertain backdrop (e.g. raw material prices/input cost inflation, currency movements, and other macro pressures), we think it prudent to keep our FY17 forecasts unchanged for now, not least as there are another 3 financial quarters to navigate. That said, so far so good. We therefore retain our BUY.
Short term blip provides an attractive entry point
04 Aug 16
Portmeirion Group has reported their interim results this morning which are inline with our revised estimates. The company has had a mixed first half year but should be well positioned to rectify underlying issues in South Korea and India and hit our full-year numbers. The recent profit warning should be viewed as a blip and should not overshadow the company’s fantastic track record.
N+1 Singer - Swallowfield - GQ Grooming Award
25 Oct 16
Swallowfield has announced a prestigious award win for The Real Shaving Company's Sensitive Shave Gel. The Shave Gel won the Best New Shaving Gel at the GQ Grooming Awards. The aerosol product has been introduced since Swallowfield acquired The Real Shaving Company brand in May 2015. It is a good example of Swallowfield's ability to innovate and enhance its brands using its formulation expertise and technologies.