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

19 Nov 19

H1 20 interims – on track to meet FY20 earnings; good progress at Hudson Quarter

Palace’s H1 20 interims reported net rental income of £7.9m (broadly flat y/y vs. our FY20e estimate of £15.2m; implied H1/H2 split of 52%/48%). Adj. PBT (excl. surrender premium, share-based payments and revaluation/impairments/other exceptionals) of £3.9m was down ~9% y/y due to lower management fees, higher property costs and admin expenses, but compares to our FY20e estimate of £7.8m (which we leave unchanged, implied H1/H2 split of 50%/50%). Adj. EPS of 8.5p was up 6.8% y/y due to favourable tax movements. The company has also declared an interim dividend of 9.5p (4.75 per quarter), in line with expectations. EPRA NAV fell to 391p from 407p (Mar 19) which we understand reflects a more conservative stance taken by the valuers on Palace’s refurbishment & development activity. Net debt as at Sept 19 amounted to £94m (34% LTV, unchanged since Mar 19). We make no significant changes to our core earnings, but adjust our CAPEX and EPRA NAV assumptions (detailed below). We lower our PT to 390p (from 415p) to reflect these changes, but maintain our Buy rec, seeing 37% upside at current levels.

Companies: Palace Capital

21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

14 Nov 19

LIBERUM: Luceco* - Initiation - Entering a new growth phase

Structural changes now enable Luceco’s business model to generate higher FCF levels & transform the balance sheet from high to low debt. Thus, for the first time since IPO, regular M&A is now possible.

Companies: Luceco

15 Nov 19

Back to basics

We believe now is an interesting time to invest in Northgate, with a new executive board and a capable management team in place who have already delivered progress on an ongoing turnaround as we await a full strategic review. The group now has a clear and well communicated capital allocation strategy in place and improved earnings quality, in our view. We believe that the growth opportunity in the UK, the value of the Spanish business and the progress made to date with the turnaround are not being reflected in the share price, which is currently 15.9% below book value (414p per share in FY19A rising to 468p in FY22E). We use a variety of valuation methods including P/B, SOTP, DDM and DCF modelling and arrive at an average implied share price of 450p, 29.0% above the current share price.

Companies: Northgate

20 Nov 19

Avon Rubber - Transformational year builds momentum

Avon delivered FY19 modestly ahead of market expectations, as foreshadowed in the September trading update. New US mask systems contracts drove healthy organic growth for Avon Protection and, while milkrite | InterPuls sales were essentially flat, a progressive recovery in dairy markets allowed it to make up the shortfall experienced in Q119. Both divisions are expected to carry the positive momentum into FY20, with margins expected to improve in both divisions. The proposed record acquisition of 3M’s ballistic protection assets should substantially enhance earnings, and this has driven the re-rating in recent months.

Companies: Avon Rubber

20 Nov 19

Resilience Mispriced

Macfarlane Group has released a trading update for the 4 months to 31 October demonstrating the resilience of the Group’s activities and strategy. Assuming the normal seasonal uplift through Q4, the Board expects full year results to be ahead of last year and in line with its expectations. In our view, the current share price does not reflect the relative defensive characteristics of the business and thus we see today’s update as an endorsement of strategy and believe the stock should trade comfortably above current levels. Reiterate buy.

Companies: Macfarlane Group

13 Nov 19

LIBERUM: Speedy Hire* - Strategy delivering growth and increasing resilience

Speedy delivered a 20% increase in underlying H1 PBT; a 4% beat on our forecast basis. Revenue growth of 6% was driven by contributions from powered access and training acquisitions, market share gains among smaller customers (SMEs) and strong organic growth in services, offsetting lost sales to Carillion and some softness in the market.

Companies: Speedy Hire

15 Nov 19

LIBERUM: Kier Group - Re-assuring statement and no change to earnings or debt

AGM trading statement guides to trading in line with expectations, but now indicates at least £55m of savings in FY 2021. We continue to expect average net debt of £374m for FY 2020, which is clearly key.

Companies: Kier Group

15 Nov 19

Carclo - Wipac woes overshadow CTP improvement

Carclo’s FY19 results show the deleterious impact of the issues at Wipac, which overshadowed profit growth at both the Technical Plastics (CTP) and smaller Aerospace divisions. Group revenues decreased by 1% y o y while underlying EBIT of £1.3m adjusted for exceptionals, including a price concession on exit from the mid-volume automotive business (effectively a revenue impairment), fell by £2.4m to £8.4m (unaudited). Our estimates remain under review until there is more clarity on the exit from Wipac.

Companies: Carclo

19 Nov 19

Interim results: Market share gains in tough markets

Interim results illustrate two main features: challenging underlying markets as previously flagged, which were partly offset by ongoing increases in market share. Some effects from customers delaying new product introductions was also seen, which reflected the fragile business confidence. Automotive markets remain weak for the time being, although the pipeline in this area should see robust future growth, assisted by EV introductions. No change to forecasts having reduced expectations following October’s trading update. Looking through the downturn, we now consider the shares to be good value on a P/E of 13x and offer good upside.

Companies: Trifast

20 Nov 19

LIBERUM: U+I* - H1 trading gains in line; on track to meet FY targets

U+I’s first-half results confirm trading gains of £3.6m, broadly in line with management’s expectations. Guidance has been re-iterated for the FY at £35-45m.

Companies: U&I Group

13 Nov 19

Full year results, first look

Avon Rubber has announced FY results comfortably ahead of consensus with the Group describing a transformational year in 2019 which sets it up well for the medium term. We see the Group as well positioned given its end markets and product development which should be attractive for investors but the recent stock run-up has been strong and valuation appears full. Neutral.

Companies: Avon Rubber

15 Nov 19

LIBERUM: Ricardo* - AGM demonstrates diversified business model

Yesterday's AGM provided additional insight into the transformation of Ricardo into a diversified consulting and engineering business. The severe automotive downturn has seen divisional profits fall c.40% in three years, yet group profits have been flat over that period as a result of management's strategy to diversify the group and the delivery of organic and inorganic growth in these non-auto businesses.

Companies: Ricardo

18 Nov 19

SP Angel Healthcare Conditions

Hemogenyx Pharmaceuticals (HEMO.L): Operations Update | Open Orphan (ORPH.L): New contract with Carna Bioscience

Companies: Hemogenyx Pharmaceuticals Open Orphan

19 Nov 19

Updated financial model confirms complete disconnect between market price and underlying value

Argo Blockchain plc is a global data centre business that provides a purpose-built and flexible platform for the mining of leading cryptocurrencies in the enterprise-scale and institutional sectors worldwide from operational centres in Quebec, Canada. Following a change of strategy earlier this year the company is now focused on mining cryptocurrency for its own book and providing an enterprise level Mining as a Service (MaaS) product.

Companies: Argo Blockchain

20 Nov 19

MediaMonks merger with WhiteBalance

S4 Capital has announced that MediaMonks has conditionally agreed a merger with WhiteBalance, a content creation and production company based in Delhi. Founded in 2010, WhiteBalance combines a state of the art content studio with in-house film, 3D and post-production capabilities for feature films, commercials, documentaries and high-end digital content. The group's Shoot showreel indicates an extensive blue chip client list including Netflix, KIA, Honda, UBER, IKEA, Pepsi and Adidas. Following the opening of an office in Bangalore and appointment of Poran Malani as Director for India, this further strengthens S4 Capital's capabilities in a region that is a key strategic priority for the group. No financial details on the transaction were disclosed. The group released a robust Q3 update earlier this month which stated that LFL growth in Gross Profit had accelerated from +40% in H1 to +44% in Q3 taking the 9M growth rate to +42%. Following the £40m over raise at the time of the Firewood merger, S4 Capital retains significant firepower to fund its continued development.

Companies: S4 Capital

20 Nov 19

Strong earnings growth, a product of resilient flows

Interim results are in line. Sustained net inflows during H1 drove AuM to new highs, overcoming headwinds. This delivered +17% adj. PBT growth. AuM momentum has continued into Q3, complemented by the Neptune acquisition which stands to make a step change contribution in H2’20 and beyond. We leave forecasts unchanged. 42% of our FY20 forecast has already been delivered in H1. A 15x FY20e PER falling to 13x FY21e is undemanding given earnings momentum and flow resilience.

Companies: Liontrust Asset Management

01 Oct 19

FDA StoneChecker clearance a 'validation and tremendous leap forward' for IQ-AI

21 Nov 19

Executive interview - Seneca Global Income & Growth Trust

22 Oct 19

Sirius Real Estate Limited - Alzenau Case Study

21 Nov 19

Charles Stanley (CAY) interim results to 30.09.19

07 Nov 19

InnovaDerma's Joe Bayer looks to the future with confidence as he takes over as chairman

20 Nov 19

InnovaDerma PLC launches limited edition chocolate range of Skinny Tan products

22 Oct 19

S4 Capital's Sir Martin Sorrell on the power of its 'faster, better, cheaper' digital-only model

19 Nov 19

Executive interview - Canadian General Investments

31 Oct 17

Angus Energy - Update

19 Nov 19

Executive interview - Picton Property Income

10 Oct 19

Augmentum Fintech giving investors 'rare exposure to this red hot asset class'

18 Nov 19

NQ Minerals' David Lenigas focused on restructuring debt and upping profits at Hellyer

14 Nov 19

Norcros plc - Interim Results

18 Nov 19

Polar Capital Global Financials Trust (PCFT) at Mello November 2019

11 Nov 19

AFC Energy’s Adam Bond discusses ‘key competitive advantage’ and revenue potential

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Seneca Global Income & Growth Trust

Executive interview - Seneca Global Income & Growth Trust

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21 Nov 19

EnQuest

GMP FirstEnergy ― UK Energy morning research package

EnQuest (ENQ LN); BUY, £0.35: Operating update

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21 Nov 19
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Speedy Hire

LIBERUM: Speedy Hire* - Strategy brings growth and resilience

Speedy’s strategy is delivering growth and resilience. Digitising the business has enabled improved service and availability which has increased market share, allowing growth in spite of dull markets.

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21 Nov 19
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Charles Stanley Group

Charles Stanley (CAY) interim results to 30.09.19

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21 Nov 19

Puretech Health

LIBERUM: Podcast: Best idea of the week - PureTech Health

In this week’s edition of Liberum's Podcast - Best Idea of the Week, Tim Mayo, talks to Healthcare Analyst Alistair Campbell about one of PureTech's investments, a publicly quoted biotech called Karuna Therapeutics. Karuna announced this week the successful completion of its phase II trial for KarXT in schizophrenia, leading to a significant share price rise in Karuna's stock.

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20 Nov 19
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Innovaderma

InnovaDerma PLC launches limited edition chocolate range of Skinny Tan products

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20 Nov 19

Canadian General Investments

Canadian General Investments - Executive interview

Canadian General Investments (LSE:CGI and TSE:CGI) was launched in 1930, it is North America’s second-oldest closed-end fund. Since 1956, it has been managed by Morgan Meighen & Associates. Portfolio manager Greg Eckel invests with a medium- to long-term outlook in a broad selection of primarily Canadian equities, aiming to outperform the total return of the benchmark S&P/TSX Composite Index. CGI has a favourable tax status, but to maintain this, the company is unable to repurchase its shares to help manage the share price discount to net asset value. CGI has followed a levered strategy since 1998 and more than 50% of its shares are held by related parties. In this webcast, Morgan Meighen’s executive vice president and chief operating officer Jonathan Morgan discusses the outcome of the recent general election, and the free trade agreement. He then focuses on the health of the Canadian economy, including the housing sector. Morgan also highlights CGI’s gearing, distribution policy, portfolio activity and investment performance.

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