UK Other Main Markets

UK Other Main Markets equity research

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Other UK Stocks

Broker research, valuations, & analysis on other UK stocks

23 Oct 18

Quarterly Research Outlook

The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.

Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA PKG CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

14 Nov 18

Avon Rubber - Continuing to deliver

Avon Rubber’s FY18 report demonstrates the success of the new business strategy, delivering growth across both divisions. The product portfolio has been updated and the company is winning contracts in new geographies. The company has also taken action to address its business structure and production footprint. We see continued opportunity for organic growth supported by selective bolt-on acquisitions.

Companies: Avon Rubber

19 Nov 18

Share & share alike

Following the gyrationsin October, we have continued to see further volatility this month. While some of the factors that unnerved investors have receded, Brexit concerns dominate, with the eventual outcome still unclear. At home, the reporting season has proved variable with both notable ‘risers and fallers’. The flow of announcements continues, although things may quieten down, ahead of the festive season. Undoubtedly the progress of the Brexit deal is key. In Share News & Views we comment upon AdEPT, Burford Capital, Carrs, Codemasters, Cropper*, DCC, Marshall Motor, Norcros and Wincanton.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN W7L

16 Nov 18

Cenkos: Regional REIT Ltd -

Regional REIT (RGL) has performed well since its IPO in November 2015 generating a total return (NAV and dividend per share) of 32% thereby delivering on its target of at least 10% per annum. 2018 has seen a high level of portfolio activity and further positive financing initiatives: c£190m of property turnover has helped to increase the portfolio weighting in regional offices (to 75% of gross assets by value) and light industrials (16%), while the most expensive loans have been, or are being, repaid or refinanced.

Companies: Regional Reit

06 Nov 18

THE MONTHLY November 2018

In addition to Hardman’s monthly analysis of client stocks, the thorny issue of market disruption – a popular theme currently - is also addressed. In a wide-ranging article, Hardman’s utilities analyst, Nigel Hawkins, assesses the impact that market disruption has already made. In some sectors, notably telecoms and aviation, market disruption has been apparent for many years, as the rise of Vodafone, Ryanair and easyJet demonstrates. However, in some sectors, such as oil and housebuilding, structural changes have been modest – the dominance of the big players endures. For investors, there is real interest in those sectors where changes are underway. The UK groceries market, which may shortly become a duopoly, is a case in point. And, intriguingly, who knows if there is a company currently languishing in AIM, which will attain a £50bn market valuation within the next decade?

Companies: OPM AVO AGY APH ARBB AVCT DISH BNO BUR CMH CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PHP RE/ REDX SCE SIXH TON VAL VTA W7L

15 Nov 18

FLASH: 3Q18 update

Year-to-date production was 78.4 mboe/d (GMP FEe 1Q/2Q/3Q18: 78.1 mboe/d). FY18 production guidance is around 80 mboe/d (80-85 mboe/d previously) (GMP FEe: 79.7 mboe/d) with capex of US$365 mm (US$380 mm previously). Net debt at the end of October was US$2.5, down from US$2.65 bn at the end of June, with the company forecasting YE18 net debt at c. US$2.4 bn (GMP FEe: US$2.2 bn at YE18).

Companies: Premier Oil

20 Nov 18

Robust Trading Update – More of the Same

Macfarlane has released a good trading statement for the 4 months to 31 October with organic sales growth of 5%. The Chairman’s statement indicates that “performance in the second half of 2018 has continued to reflect the good progress demonstrated in the first half.” We see this as a solid reflection of the Group’s business model and consistent delivery, underpinning our unchanged FY forecasts and we reiterate our buy rating on the stock.

Companies: Macfarlane Group

22 Nov 18

LIBERUM: Equiniti* - Trading update confirms the virtues of the model

The resilience of the group’s Registration business alongside the momentum in Intelligent Solutions places it in a strong position to deliver attractive revenue growth despite the turbulence in the macro environment. As a result, the company has indicated that FY18 EBITDA is expected to be towards the upper end of consensus expectations.

Companies: Equiniti Group

18 Oct 18

Norcros - Positive progress in H1

The Norcros H119 pre-close update reiterated management’s expectations for progress in FY19. Trading newsflow was similar to that reported in Q1 – with a good uplift to UK EBIT anticipated for H119 and a growing South African top-line – albeit with an implicitly slightly quieter second quarter. Brand presence, coupled with product and channel diversity, appears to be supporting ongoing progress in variable market conditions. Our estimates are unchanged and H119 results are scheduled for 15 November.

Companies: Norcros

15 Nov 18

My Aim is True

The Platinum-certified album of the same name by Elvis Costello is widely held to be the most impressive debut in popular music history; and it ranks 80 in the greatest records of all time. It was released in 1976, four years after Titon was founded. Both have been constants since then too – as many about them have lost their heads. Titon was listed on the USM in 1988 and the full list of the London Stock Exchange (LSE) in 1992. Now, in 2018, it has come full circle with the decision that its true path is admission to AIM.

Companies: Titon

16 Nov 18

Carclo - FY19 likely to be a game of two halves

As flagged in the October trading update, Carclo’s H119 performance was adversely affected by delays in commencing three medical programmes. Moreover, all of the new vehicle production programmes planned for FY19, with their attendant start-up inefficiencies, started during the first six months. While these events held back first-half performance, they augur well for a second-half recovery. We therefore leave our estimates broadly unchanged. The reduction in our indicative valuation from144-153p to 125-133p reflects a 24% drop in the prospective P/E multiple for automotive peers since June, rather than a change in Carclo’s investment proposition.

Companies: Carclo

15 Nov 18

Premier Foods - A more resilient business

Premier Foods’ H119 results demonstrate the business has become more resilient under the stewardship of outgoing CEO, Gavin Darby. Revenue growth of 1.0% in Q2 despite the hot summer was encouraging, and the UK relaunch of the Mr Kipling brand has clearly gone well. The news that Ambrosia may be sold suggests yet another step in the business transformation, although the price will determine the level of dilution and any change to net debt/EBITDA.

Companies: Premier Foods

05 Oct 18

UK Housebuilding Sector in 3Q 2018…

“It’s like the cow that every single day during 10 years sees the train crossing in front of it at the same time. And if you ask the cow what time is the train going to come, it’s not going to have the right answer. In football it’s the same”.

Companies: ABBY TEF CSP TW/ BWY PSN RDW BDEV MCS BKG GLE SPR

14 Nov 18

LIBERUM: Speedy Hire* - Delivering on multiple fronts

A strong set of 1H19 results provide evidence that the group continues to deliver on its strategic aims. Improving asset utilisation and significant share gains with SME clients suggest an encouraging outlook.

Companies: Speedy Hire

20 Nov 18

Cenkos: CML Microsystems Plc - Solid performance

Flash memory capacity shortages have impacted CML's customers' delivery patterns but management has diligently guided the market over the past 12 months and steered the business through difficult waters to deliver solid interim earnings. The stock is on track to make our full year earnings estimate and the share price has overly discounted a risk that has been well contained, in our view. Buy.

Companies: CML Microsystems

09 Oct 18

Supermarket Income REIT Investor Overview

22 Nov 18

Charles Stanley (CAY) Interim results November 2018

13 Nov 18

Trifast - Half year results

19 Nov 18

Executive interview – Picton Property Income

19 May 17

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

13 Nov 18

Zenith Energy - Operational update

19 Sep 18

Strix - Interim results 2018

25 Oct 18

Executive interview - Seneca Global Income & Growth Trust

15 Nov 18

Premier Oil - Zama appraisal progamme

19 Oct 18

Executive interview – Nanoco Group

20 Sep 18

Executive interview – Regional REIT

18 Oct 18

Executive interview – Renewi

11 Dec 17

Photo-Me International - Interim Results for the six months to 31 October 2017

16 Oct 18

Kenmare Resources - Capital Markets Day 2018

08 Nov 18

Wincanton plc Interim Results for the six months ended 30 September 2018

Latest Content

Equiniti Group

LIBERUM: Equiniti* - Trading update confirms the virtues of the model

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22 Nov 18
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Charles Stanley Group

Charles Stanley (CAY) Interim results November 2018

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22 Nov 18

KCOM MAI ZAM

Morning Note – 21 November 2018

KCOM (KCOM): Corp Trading update | Maintel (MAI): Corp Trading update | Zambeef (ZAM): Corp Firing on all cylinders

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21 Nov 18
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Tyman

Tyman - Trading reasonable but share price weak

Tyman’s trading update referenced firmer demand in two important European markets, some short-term input cost drag in North America and two small acquisitions, which enhance the group’s commercial and residential offerings respectively. Our small net EPS reduction for FY18 is followed by slightly larger upgrades in the following two years and, after a weak share price period, leaves Tyman trading on 7.7x P/E and 6.0x EV/EBITDA multiples in FY19 (first full year of acquisition contributions). Separately, Tyman has announced a CEO succession path with Louis Eperjesi to retire in June 2019, to be replaced by Jo Hallas (from Spectris).

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21 Nov 18
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WRES ORM THR PREM

Tungsten – Global Supply/Demand Dynamics Improve Pricing Outlook

Recent years characterised by oversupply and falling ammonium paratungstate (‘APT’) prices now look set to reverse. The global tungsten (or Wolfram) market is projected to grow at a CAGR of 5.51% between 2018-2022 as underlying demand from key sectors, including automotive, aerospace, chemical, electrical components and mining, gathering pace at a time when more rigorous enforcement of environmental regulation by China, the metal’s significantly dominant supplier, is being seen to curb supply.

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21 Nov 18
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CIFU BGLP HICL SYNC

Fidante Daily Digest

Carador Income – October 2018 NAV and partial redemption | Blackstone / GSO Loan Financing – October 2018 NAV | HICL Infrastructure – Interims to 30 September 2018 | Syncona – Interims to 30 September 2018

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21 Nov 18
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CZN ALGW IRR JDG ENET GAL UBI OPM EUSP SENS

Small Cap Feast

Kropz, an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana, is looking to join AIM. Offer TBC, expected late Nov Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected early December. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA. Due early Dec Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer TBC, expected late November 2018.

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21 Nov 18
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CML Microsystems

Cenkos: CML Microsystems Plc - Solid performance

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20 Nov 18
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Picton Property Income

Picton Property Income - Portfolio outperformance continuing

Picton had a good half year, maintaining a high level of occupancy and income, generating year-on-year growth in EPRA earnings and dividends, and reducing gearing further. The portfolio is strongly biased towards the better-performing industrial and regional office property markets and offers significant reversionary potential. Entry to the UK REIT regime will avoid negative effects from recent UK tax law changes, while the change in its listing status to that of a commercial company, from an investment company, improves administrative flexibility.

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