UK Other Main Markets

UK Other Main Markets equity research

Explore the most viewed and latest equity research and media content for companies in the UK's other main markets.

Other UK Stocks

Broker research, valuations, & analysis on other UK stocks

11 Sep 19

H1 results show accelerating momentum

S4 Capital has reported very strong H1 results and indicated momentum has accelerated into H2. Gross Profit leapt +44% to £70.2m, with LFL growth of +40% strengthening in the period (Q1 +34%, Q2 +46%). As expected, EBITDA reflected the significant investment in human capital, with headcount +60%. Operational EBITDA was £9.6m at a 13.7% margin, compared with DCe £9.1m; excluding Holding Company costs, Operational EBITDA was -8% lower. Cash was strong, with average and period end net debt both c£20.0m. The second half has started very strongly with July Gross Profit up +60%; LFL +54%. As indicated in our preview, we are raising our Gross Profit forecasts to reflect this very robust top-line momentum in addition to acquisitions & FX. We arrive at Gross Profit of £158m (was £142m), representing FY19 growth of +50%. We trim 2019 PBT/EPS to £26.3m/5.4p (was £28.9m/6.2p) due to IFRS16 and one-offs in tax & interest. We continue to view our maintained PBT/EPS forecasts of £40m/8.5p for 2020E as highly conservative.

Companies: S4 Capital

16 Sep 19

LIBERUM: MJ Gleeson* - Growth continues in Homes, Strategic Land stays

MJ Gleeson has announced 11% growth in PBT, 1% better than we expected. Homes operating profit grew 15%, lagging Homes volume growth of 25%, due to a well flagged and expected drop in margin as it becomes more expensive to build at faster rates in support of strong demand.

Companies: MJ Gleeson

02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

13 Sep 19

LIBERUM: SThree* - STEM exposure supports a robust performance

Despite a challenging backdrop the group has delivered 6% growth in net fees (days adjusted) in 3Q19, with the contract business up an impressive 9% on the same basis, and FY19 expectations retained. This momentum reflects the group’s exposure to structural growth within STEM markets – a dynamic which we believe places it in a relatively strong position to not only outperform its peers during periods of macro uncertainty, but also capitalise on long term trends within the professional recruitment space.

Companies: SThree

16 Sep 19

Report & Accounts published

6% rise in Group Funds under Management to US$5.4bn (£4.2bn), with Emerging Market products contributing 78% and diversification products (i.e. Developed Market, Opportunistic Value and Frontier products) 22%. Profit before tax of £11.4m (in line with Zeus forecast of £11.4m), with a profit before tax attributable to shareholders of £8.8m (Zeus old forecast of £8.8m). Fully diluted EPS of 34.1p (Zeus forecast of 34.2p) and Full Year DPS of 40.5p (Zeus old forecast of 40.5p).

Companies: City Of London Investment Group

16 Sep 19

Relentless demand underpinning growth plans

Gleeson’s prelims confirm a strong conclusion to FY19 with PBT and EPS coming in 2% ahead of our expectations. Market fundamentals remain highly supportive of the Gleeson model and it is reassuring to see that the business has not missed a beat since the high profile leadership change in June. Gleeson Homes remains well on track for the current year and for the 2022 target for 2,000+ homes (vs. 1,529 completions in FY19). Gleeson Strategic Land is well positioned to continue to deliver consistent profits and cashflows and the decision has been taken to retain the business within the Group. We are long term supporters of the Gleeson model, which in our view remains compelling in the current environment.

Companies: MJ Gleeson

12 Sep 19

Renewi - Non-core disposal further reduces gearing

The previously flagged intention to sell Reym has crystallised through the announced disposal to REMONDIS Group for an EV of €64m (or 5.4x EBITDA). This move modestly dilutes our earnings estimates, further reduces net debt and reinforces Renewi’s waste-to-product recycling credentials. Gearing levels may still be high for risk-averse investors currently but the trend is clearly downwards. P/E multiples remain firmly in single digits currently and our estimates show a yield crossover in FY21.

Companies: Renewi

28 Jan 16

High-quality UK direct lending fund

Honeycomb is a specialist UK consumer lending investment trust. The loan portfolio will be sourced via portfolio acquisitions and trusted relationships with loan origination partners. Honeycomb focuses on segments of the lending market not well served by mainstream lenders. The fund is managed by Pollen Street Capital, a specialist financial services investor. We forecast an 8.1% 2017 dividend yield and initiate with a BUY rating (1130p TP).

Companies: Honeycomb Investment Trust

23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

27 Aug 19

Foreign buyers gorging on UK stocks

Like whales feasting on Krill, overseas firms are today stuffing themselves silly with choice fillets of corporate Britain. Why? Well look no further than geopolitical tensions and Brexit, which have disproportionately impacted UK equities and the £. Indeed the FTSE100 has lagged the S&P500 by a hefty 19% over the past 2 years, with Sterling dropping to 34 year lows vs US$ (see below). That said to us, based purely on fundamentals, this period of underperformance appears over-cooked, leaving many quality British companies vulnerable to predatory interest.

Companies: VOD AV/ AGK CHG CNA ITV BRBY SMIN CTEC SXS OXIG MGAM IMI WEIR WMH KMK EYE GATC ULS INS ALFA RDT TSTL ELCO MBH BLTG IHC 9537 CSRT NBI

12 Sep 19

LIBERUM: Ricardo* - Solid FY19 given tough auto markets

Ricardo has delivered a resilient set of FY19 results given the continued weakness in automotive with this being offset by all other businesses. Sales were in line and, although PBT missed consensus by 3%, this was driven by automotive and is not unexpected.

Companies: Ricardo

12 Sep 19

Proposed increase of investment by Stratasys in Xaar 3D

Ahead of its interim results next week Xaar has announced a significant strategic development for Xaar 3D Limited, its 3D Printer business. Xaar has entered into an agreement with Stratasys that, if approved by shareholders, will see Xaar’s holding in Xaar 3D reduce from 85% to 55% and the issue of a call option that would on exercise see Stratasys own 100% of Xaar 3D. The statement comments that ‘[the group] is pleased that this transaction will create good value for Xaar shareholders and [that it] unlocks the ability for more significant value in due course.’ The proposed transaction and proposed further investment is a Class 1 transaction and also a related party transaction that is subject to shareholder approval which is expected before the end of the year.

Companies: Xaar

17 Sep 19

Regional REIT - Executive interview

<a href="https://www.edisongroup.com/company/regional-reit/2333/"><strong>Regional REIT</strong></a> (RGL) provides investors with highly diversified exposure to UK commercial property (predominantly office and industrial property) in the main regional centres of the UK, effectively outside the M25 motorway. It aims to deliver an attractive total return to investors of at least 10% over the long term, with a strong focus on income plus capital growth. The shares provide one of the highest yields in the REIT sector and, barring unforeseen circumstances the company expects to pay aggregate dividends of 8.25p per share for 2019 (+2.5% versus 2018). In this <a href="https://www.edisongroup.com/edison-tv/executive-interview-regional-reit-4/"><strong>interview,</strong></a> Stephen Inglis, Group Property Director and Chief Investment Officer of London & Scottish Property Investment Management, the asset manager of RGL, discusses the recently released half-year results, the successfully completed £62.5m equity raise and the plans for accretive new investment.

Companies: Regional Reit

11 Sep 19

LIBERUM: DP Eurasia* - A robust H1 gives confidence for the FY’19

Interims (1H’19) show a strong top-line and EBITDA performance with these two metrics growing 26.4% and 15.1% respectively. Turkey (c.83% of Group EBITDA) has delivered a very strong result considering inflationary backdrop with EBITDA margins rising 30bps to 10.7% in the half.

Companies: DP Eurasia

12 Sep 19

LIBERUM: Charles Taylor* - Momentum bodes well for the long-term

The group delivered good underlying financial and operational momentum in 1H19. In addition to progressing the integration of historic acquisitions and delivering new business wins, efforts to improve efficiency are beginning to come through via improved margins.

Companies: Charles Taylor

30 Dec 16

Palace Capital (PCA) at ShareSoc, Richmond 2nd November 2016

02 Aug 19

Bitesize briefing - Volta Finance

19 May 17

Leading UK fund manager, Gervais Williams, discusses investing, his outlook and two companies he's excited about

25 Jul 19

Highlands Natural Resources - Company Overview

25 Oct 17

Executive interview - Palace Capital

22 Jul 19

SThree (STHR) H1 results interview July 2019

23 Aug 19

Henry Boot - Interim Results 2019

22 Jul 19

SThree (STHR) H1 results presentation 22nd July 2019

31 Jul 17

Executive interview - Custodian REIT

04 Jul 19

Executive interview - Acorn Income Fund

02 Apr 19

Emmerson Potash Mining

03 Jul 19

John Laing Environmental Assets Group Ltd

01 Aug 19

Executive interview - XP Power

01 Jul 19

Creightons (CRL) FY19 preliminary results presentation

16 Sep 19

Executive interview - Regional REIT

Latest Content

AVG CHAR 9537 EOG IOF QXT ZAM ZOO

Morning Note – 18 September 2019

Avingtrans (AVG): Corp FY results slightly ahead, good margin gains achieved | Chariot Oil & Gas (CHAR): Corp Lixus licence additional prospects | ClearStar (CLSU): Corp Medical and direct sales continue to drive strong growth | Europa Oil & Gas (EOG): Corp Moroccan acreage award | Iofina (IOF): Corp IO#8 iodine plant launched | Quixant (QXT): Corp Market share loss at key customers will leave H2 short | Zambeef (ZAM): Corp Disposal of a farm yields US$9.25m cash | ZOO Digital (ZOO): Corp AGM statement

View

18 Sep 19
-
-

CLEARSTAR

Clinically proven to deliver faster growth

Recruiting skilled, trustworthy and committed staff is a tricky & often cumbersome process, especially in today’s tight US labour market (3.7% unemployment). Get it wrong, and capable candidates go to rivals. Equally hiring poor employees can damage an organisation’s results, brand & culture. No more so than in the regulated areas of healthcare, transport, petro-chemicals, defence, logistics, education and financial services.

View

18 Sep 19
-
-

Regional Reit

Regional REIT - Executive interview

View

17 Sep 19
-
-

JTC

8% net organic revenue growth

32.0% rise in revenue to £46.6m (1H18: £35.3m; FY18 29% rise to £77.3m): +23.8% from acquisitions and net organic growth of +8.2%; EBITDA margin of 30.6% (1H18: 29.9%; FY18: 30.8%) with strong performance from both Institutional “ICS” and Private Client Services “PCS” divisions; 35.2% rise in adj underlying EBITDA to £14.3m (1H18: £10.5m; FY18: £23.8m) Cash conversion (underlying) of 101% (1H18: 56%; FY18: 80%); Net debt of £60.9m (June 2018: £23.7m)

View

17 Sep 19
-
-

IQ-AI

SP Angel Healthcare Conditions

IQ-AI LTD (IQAI.L): Half-year results for June 2019

View

17 Sep 19
-
-

TMT MSI SJH AQX KDR ARIX SWG ARCM BLOE JAY

Small Cap Feast

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

View

17 Sep 19
-
-

Real Estate Credit Investments

7%+ yield from well-secured property debt portfolio

RECI pays investors a high dividend yield (7.3%), covered by predictable income streams generated by an increasingly diversified portfolio of real-estate-backed debt. Its credit record has been exemplary. In this report, we detail the procedures that have delivered this performance, in addition to the benefits from the security taken. Much of the superior revenue yield is generated from service and structuring skills – among the many synergies obtained from having Cheyne Capital (Cheyne) as the manager. Corporate governance appears robust, with a strong board. RECI is exposed to the credit cycle, some of its loan assets may prove illiquid, and the (modest) gearing is low-cost but short-term.