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Landsec intends to shift a third of its portfolio from low-yielding mature assets to profitable new developments. Now, all leans on being abe to execute disposals quickly.
Companies: Land Securities Group PLC
There are the first signs of a levelling performance in British Retail attributable to Retail Parks, even if both Central London shops and Regional malls continue to experience painful times. London Offices were more or less stable in H1 21 despite rising vacancy as far as LandSec was concerned.
Today's news & views, plus announcements from LAND, CCH, TRN, QLT, FOX, KOD, IPF & BVC.
Capital Access Group
Today's news & views, plus announcements from AZN, LAND, APAX, MTO, SYNT, SHI, BGO, OTMP & VLX.
Companies: BGO LAND OTMP SHI
Today's news & views, plus announcements from LAND, VOD, PHNX, BNZL, FOUR, BVIC, AGR, EBOX, AQX, WJG, BGO, HDD
Companies: Bango plc (BGO:LON)Land Securities Group PLC (LAND:LON)
Today's news & views, plus announcements from JD, JET, LAND, BAB, DLN, ECM, HAS, PLUS, BOOM, RBG, CLG
Today's news & views, plus announcements from KGF, JMAT, LAND, GFTU, VTY, PTEC, BME, YEW, APP, BLV
Companies: Land Securities Group PLC (LAND:LON)Appreciate Group plc (APP:LON)
Today's news & views, plus announcements from LAND, SGE, TSCO, BBY, GFS, HWDN, BBOX, EBOX, VTY, SUS, SBIZ
Companies: Land Securities Group PLC (LAND:LON)S&U plc (SUS:LON)
Today's news & views, plus announcements from Land Securities, Frasers Group, Games Workshop, THG Holdings & *Randall & Quilter.
Companies: Land Securities Group PLC (LAND:LON)R&Q Insurance Holdings Ltd (RQIH:LON)
Today's news & views, plus announcements from Associated British Foods, Flutter Entertainment, Land Securities, SSE, Hipgnosis Songs Fund, Randall & Quilter & the Downing Renewables & Infrastructure Trust.
Whereas retail’s GAV unsurprisingly accelerated its degradation in H1 20, reaching c. -25% on an annual pace, Offices were eroding at c. 4% (-1.9% lfl in H1 20). The Offices market has been still quiet until now, according to end-market sources (October 2020). Offices’ resilience explains why Land Securities’ performance was not that horrible. Do not forget that due to lag effects, empty offices (end-market) will weigh on FY 21 in our view, but not in H1 20.
Values have been down 10-28% in the UK in FY 19 (retail). We now explore the impact of the crisis on Offices in the City of London, where prices have been stable until now. It contributed to the Land Securities’ resistance until now and it fully explained the peristence of a low 32% LTV ratio in FY 19.
Regional retail was the usual victim in H1 19. However, LandSec’s assets in the City of London resisted pretty well.
Although Brexit is no longer a daily question, wait for September for this and 2020 for its consequences, the fragile UK retail segment continues to show great signs of sickness. Land Securities balances the risks with its strong development in London. Let’s hope that the Brexit consequences will not contradict this contrarian with its smart strategy to focus on the most robust British area for now.
Land Securities released relatively strong H1 18 results, despite a weak retail market. Revenue was up by +10.3% to £224m. Profit before tax for the period increased by +24% yoy to £42m. This is explained by net rental income rising (+1.65%) to £308m, driven mainly by the London Portfolio (+7.6% yoy to £155m) and less so by the Retail Portfolio (-3.7% yoy to £153m). This has led to an improvement in the adjusted EPS, which has risen by +17.9% to 30.3p (vs. 29.6p consensus), also pushed by a lowe
Research Tree provides access to ongoing research coverage, media content and regulatory news on Land Securities Group PLC Unsponsored ADR.
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The group posted a strong set of results showing faster and stronger-than-expected net interest margin expansion and no signs of a deterioration and above all anxiety on the asset quality front. It remains to be seen if the UK government will allow banks to hold on to the benefit of interest rate increases and if the UK economy proves as resilient as expected.
Companies: Lloyds Banking Group plc
Revolution Beauty has announced a downgrade to the outlook for FY23 driven by retailer challenges and the unprecedented macroeconomic backdrop. It has confirmed it will now report FY22 results on 30 August 2022.
Companies: Revolution Beauty Group plc
Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy
Companies: EQT IES DRX NESF PHE SAE
Cenkos:Duke Royalty Ltd -Record revenues keep on rolling
Companies: Duke Royalty Limited
Management’s reluctance to commit to precise short-term guidance signals that the strong first-half operating performance cannot be taken for granted. The return to a sustainable decent profitability level (above 10%) remains a distant objective as reminded by the management itself.
Companies: Barclays PLC
Companies: Renewables Infrastructure Group (TRIG:LON)Oakley Capital Investments Limited (OCI:LON)
Market performance washed over Liontrust and was the primary detractor as AuM fell by 11% organically (+2% incl. Majedie completion). There were net outflows (£541m) which are never ideal, but exploring this further we see that these are distributed across products/channels, making them relatively near-negligible despite prevailing caution. The AuM outturn was lower than our £35.7bn estimate, driving a 5-6% reduction to our earnings estimates. We think the current 8x PER is pricing in “worst cas
Companies: Liontrust Asset Management PLC
Singer Capital Markets
Dish of the day
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What’s cooking in the IPO kitchen?
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export
Companies: SDI FUL PURP OSI IXI BSE BRSD ATM
A year on from the end of lockdown on July 19 2021, celebrations at the UK's economic bounce-back in H2-21 have long lost their fizz. Two intertwined themes have remained salient / gathered pace over the past six months since our mid-year sector review: exchange rates and inflation. As we write today, press speculation is focussing on the possibility of a 0.5% rise in UK interest rates in August, billed as the biggest move in 27 years. Looking further afield, economists are looking to the F
Companies: FOUR JIM JIM CODE PEN PTD WATR SPSY
This quarter’s key observations
• Subsector performance: Marketplaces was by far the best performing subsector from an aggregate share price perspective (up 19.9%) vs. an average –5.2% for the other five subsectors. UK Digital Media was the worst performing subsector with a -12.4% aggregate share price move.
• Valuation trends: UK Managed Services saw the largest EV/ EBITDA derating (-2.1x) and is now on the lowest EV/Sales multiple (1.5x FY1) and second lowest average EV/EBITDA (11.3x FY1
Companies: CNIC BIG DEVO LBG OTMP SYS
NESF has boosted its effective electricity price hedging with the winning of 86W under the UK’s CfD renewable support scheme. This provides an index-linked 15-year income stream providing a strong underpinning to the fund’s earnings.
Companies: NextEnergy Solar Fund Ltd
Trident Royalties Plc (AIM: TRR) has, this morning, provided an update on its activities undertaken during the quarter ended 30 June 2022. Most of the elements of the update had already been announced in another busy quarter for the company as management finessed existing contracts. Momentum remains powerful with a 155% QoQ (15x YoY) increase in net revenue to $5.7m. The contributory components of this were varied with Koolyanobbing comfortably ahead of our forecasts whilst the gold offtake port
Companies: Trident Royalties Plc
Enclosed is our weekly round-up of news and updates from the professional services sector.
Companies: Personal Group Holdings Plc
The global provider of cloud-based secure payment solutions for business communications has given a positive post-YE update for FY22. We had expected a good year after the strong interims, but sales rose a stunning +60% yoy, while TACV and ARR at YE both jumped c.40% yoy. The financials will beat current market expectations, leading us to upgrade our forecast revenue by 3% and reduce our forecast Adj. LBT by 7%. Cashflow seems to have been particularly positive, with YE net cash £0.7m ahead of e
Companies: PCI-PAL PLC
Foxtons is the best known estate and lettings agent in London. Whilst its track record since the 2013 IPO has been turbulent, the turnaround is well underway, with a return to profitability delivered in 2021 and today’s interims confirming continued momentum (PBT +16%; guidance unchanged). We believe the Group has very strong foundations to build from in terms of its brand and infrastructure and we expect strong earnings growth across the forecast period. We believe the strategy to expand the Le
Companies: Foxtons Group Plc