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

17 May 19

Interim results – another beat

H1 Revenue is ahead of our not long ago increased expectation driving a better profit result. Cash is also £10m ahead. The business has good momentum and despite the ever present spectre of Brexit there is still significant scope for us to prudently raise revenue, EBITDA and EPS estimates. Acquisitions integrations and performances are on plan and the online advertising technology changes in place to benefit. The shares have re-rated again in line with the changing fundamentals. We see a path to 20x EBITDA leaving significant upside potential without the need for further upgrades.

Companies: Future

11 Apr 19

Quarterly Research Outlook

We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underlying economic data that could ultimately undermine the recent market gains. In this context, we look at what the lead indicators and the market are telling us about the industrial cycle and the stocks most exposed to various industrial trends. The Q4 derating in short cycle industrials and autos had been vicious and while these sectors have seen a more solid footing in 2019, with earnings downgrades being priced in, it will likely take a trough in lead indicators before short cycle stocks can start to perform again and re-rate relative to the market.

Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE DTG DEMG EMR FPO FST GTLY GENL GOR GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF MNO MANO MOD MKLW OXIG PCA PANR PARK PGM PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF

14 May 19

Understanding the deepest discounts

At Hardman and Co, we try to answer the questions of why to invest in a company and what the risks are in doing so. For many investors, simply having a deep discount to NAV is a good enough answer to the first question. However, investors need to appreciate the risks and, in particular, the reasons why the shares are at a discount. Having understood those risks, investors need to be convinced that there is a catalyst for change on the part of the manager and how long (if at all) it will take for market sentiment to reflect this in a lower discount. In this report, we examine the companies with the largest discounts and review those very issues.

Companies: ADAM BC12 BGHL CGI HAN JZCP LMS MPO MVI MHN NSI NAS OCI PSHD RSE SIHL TFG TPOU UTL VIN ELTA ELX

10 May 19

Positive start to 2019 and European expansion announced

TClarke’s update confirms that trading in the year to date has continued to be in line with expectations, having upgraded forecasts as recently as March. The statement reiterates management’s 3% sustainable operating margin target for FY19 and beyond. The order book at £403m (May 2018: £368m, Feb. ’19: £430m) continues to support a strong outlook for the Group and, notwithstanding Brexit uncertainties, TClarke is seeing no lack of opportunities across its end markets. A new venture in Europe is an exciting development and could present upside to forecasts in future periods. We expect strong earnings momentum and revenue visibility to continue to drive the share price and we continue to believe that a premium rating is justified, reiterating our 150p intrinsic value.

Companies: TClarke

16 May 19

Hopeless

The group’s activities (especially Tour Operator) have continued to be impacted by the tougher pricing environment resulting from the stiffer market competition and the uncertain consumer environment during the first half of the year. And these trends will continue for the rest of the year. Therefore, management has guided that the underlying operating profit in H2 will be lower than in the same period last year, which implies that the FY underlying operating profit will be at least 35% lower than current consensus expectations.

Companies: Thomas Cook Group

28 Mar 19

Litigation, litigation, litigation

Within this note we look to build upon our existing legal sector coverage of Anexo*, Gordon Dadds*, Gateley, Knights, Keystone, Rosenblatt and NAHL to include the litigation funders Burford Capital, Manolete Partners and Litigation Capital Management.

Companies: ANX BUR IMF JIL LIT MANO RBGP

13 May 19

LIBERUM: Ricardo* - Rail acquisition is 5% accretive to FY20 EPS

We estimate that Ricardo’s acquisition of Transport Engineering, one of Australia’s largest rail consultancies, will be 5% accretive to FY20E EPS: we understand the business is currently growing double digits and can sustain its impressive 20% margins, which are twice as high as Ricardo. The £28.9m maximum consideration equates to a trailing EV/EBIT multiple of 8-9x, which we view as attractive.

Companies: Ricardo

10 May 19

LIBERUM: Air Partner* - Flat FY profits but encouraging progress in the US and Freight

Flat PBT was in line with management's guidance and our forecasts. Encouraging progress in the US and Freight represented sustained momentum in areas that were the focus of recruitment in previous years.

Companies: Air Partner

15 May 19

Palace Capital - Earnings deferred to unlock potential

Palace Capital (PCA) has confirmed that FY19 independent property valuations are marginally up on the prior year, although adjusted earnings will be lower than previously expected. This is due to the deferral of some near-term lettings, as part of its asset management-driven total return strategy. Management has reiterated its commitment to the current level of dividends, expecting these and other asset management initiatives, including the flagship Hudson Quarter development in York, to deliver future income and capital growth.

Companies: Palace Capital

07 May 19

Treatt - A good start to the year

Treatt has delivered another period of strong revenue and profit growth, demonstrating its transformation from a trading house to a provider of value-added, technical flavour and fragrance solutions. Its key categories of citrus, tea and sugar-reduction continue to drive profit growth. After a few years of increasing raw material costs, Treatt is experiencing some falling prices, particularly in citrus. Citrus represents c 50% of company revenues – and Treatt’s historical area of expertise – and falling raw material prices tend to result in selling price deflation. Crucially, they do not necessarily result in a fall in profits, as due to timing of contracts, the fall in raw material costs is not always fully passed onto customers. We trim our FY19 and FY20 sales forecasts in light of raw material deflation, but we leave our profit forecasts broadly unchanged. Our fair value moves to 517p (from 510p) as we roll forward our DCF to commence in 2020.

Companies: Treatt

17 May 19

SP Angel – Oil & Gas View

Companies: BLOE CNE FOG LEK OPHR SDX UKOG

01 Mar 19

Consolidating strength

Future has made another key acquisition this time consolidating its recent expansion in the US technology orientated segment. The Mobile Nations brands add an extra online audience of over 40m per month. The acquisition also further increases the weighting of Media (online advertising and eCommerce) boosting growth and valuation potential. We lift EPS 4.7% for FY19 and 13.1% for FY20. The 3 year earnings CAGR rises to a highly attractive 24.2%.

Companies: Future

02 May 19

Positive AGM statement highlights excellent start to year

Gresham has released an AGM statement indicating an “excellent” start to the year, with the two significant Clareti contracts that slipped from FY 2018 closing in Q1 and a further three new Clareti customers signed this year. Professional services contracts related to the former have also now been signed and are expected to generate initial revenues in excess of £500k. While this is a brief update, it confirms that underlying trading momentum remains robust and that the company is on track to meet our existing expectations. We make no changes to our forecasts and will provide a more detailed update when interim results are released in July.

Companies: Gresham Technologies

03 May 19

The Monthly May 2019

How small- and mid-cap quoted companies make a substantial contribution to markets, employment and tax revenues.

Companies: OPM AVO AJB ARBB CMH CLIG DPP FLTA GTLY GDR HAYD KOOV LWRF MCL MUR OXB PCA PHP RE/ STX SIXH TRX TON VTA W7L

13 May 19

How to buy $1 bills for less than 25 cents

Tech firms are often faced with trade-offs. Take Amazon, who for years prioritised growth ahead of profitability in order to build dominant positions in online retail, cloud services and voice-search (re Alexa/Echo). Likewise, we think ClearStar is adopting a similar long term strategy to create shareholder value. Sure if it decided to switch off the ‘expansion button’ today, then earnings would immediately flow through. However, what we’re talking about here is a much bigger opportunity – disrupting an addressable market worth c. $4bn pa.

Companies: CLEARSTAR

19 May 17

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

01 Apr 19

CEO Video - Richard Darwin, The Gym Group

Premium

02 Apr 19

Emmerson Potash Mining

27 Mar 19

Capital Drilling - Video Update

29 Mar 19

GoCo Group plc - Highlights of the Capital Markets Day

20 Mar 19

Bitesize briefing - ICG-Longbow SSUP

23 Apr 19

Executive Interview - Regional REIT

19 Mar 19

Bitesize briefing - Volta Finance

03 Nov 17

121 Oil and Gas - M&A Panel

18 Mar 19

Sirius Real Estate - Acquisition of business park in Bochum

24 Apr 19

Sirius Real Estate (SRE) Investor presentation at ShareSoc 10th April 2019

13 Mar 19

Bitesize briefing - Allied Minds

01 May 19

Custodian REIT reports robust quarterly update - Capital Network analyst

05 Mar 19

Capital Network analyst on a 'very strong' period of growth for GRIT Real Estate Income Group

22 Mar 19

Henry Boot - 2018 Final Results

Latest Content

Future

Interim results – another beat

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17 May 19
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AVI Japan Opportunity Trust

Early signs of progress since IPO

AVI Japan Opportunity Trust (AJOT LN) raised £80m of gross equity proceeds in October last year, and since the IPO has become fully invested plus entirely drawn on its RCF of £10m. AJOT has just completed a £13m follow-on fund raise which started trading yesterday. This allows the company to exploit further investment opportunities. They have already built a portfolio of 29 Japanese equities that share the following characteristics: high quality companies, with stable operating businesses, that are significantly overcapitalised. AVI believe that these companies offer considerable capital upside as potential corporate governance reform unlocks some of the long-trapped value from the myriad of cross holdings. Within the constraints of Japanese business culture, AVI have and will continue to engage with their investee companies to help them deliver enhanced shareholder value. In the seven months since IPO there have already been early signs of success.

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17 May 19
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Regional Reit

Fidante Daily Digest

Regional – Possible fundraising

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17 May 19
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BLOE CNE FOG LEK OPHR SDX UKOG

SP Angel – Oil & Gas View

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17 May 19
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Speedy Hire

LIBERUM: CEO Video - Russell Down, Speedy Hire*

In these four short videos Speedy Hire’s CEO, Russell Down, runs through the key points from their full year results, including the benefits from their investment in digital, how ROCE has improved from 8% to 15% and whether it can go higher, and the outlook for the business.

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16 May 19
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Puretech Health

LIBERUM: PureTech Health* - A year of progress and more to come

PureTech, through affiliate companies and its own internal projects, allows investors to own a diversified and innovative life science pipeline. This pipeline has expanded and matured considerably over the last year, including the landmark FDA approval of their first product.

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16 May 19
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Thomas Cook Group

Hopeless

View

16 May 19
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AAZ AAL KOD bmn FUR KAV SML THR

SP Angel – Morning View

Anglo Asian Mining (AAZ LN) – FY18 show +68% in free cash flow with the Board proposing 4USc final dividend | Anglo American (AAL LN) – BUY, 126p (from 96p) – Investing $234m in a new diamond recovery vessel | Birimian Limited (BGS LN) – Goulamina lithium project update | Kodal Minerals (KOD LN) – see Birimian comment | Bushveld Minerals* (BMN LN) – BUY, Target price 90p from 87p – South Australia moves to vanadium redox-flow storage as base technology | Fura Gems (FURA CN ) – C$30m raised for Colombia emeralds and Mozambique ruby projects | Kvango Resources (KAV LN) – Laws of probability to be rewritten after Kvango strikes mineralisation in first and second drill holes under Karoo sand in Botswana | Strategic Minerals* (SML LN) – Redmoor Scoping study indicates potential to construct new tin/tungsten mine in Cornwall | Thor Mining* (THR LN) – Drilling results from Hawkstone Mining’s Big Sandy lithium project

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16 May 19
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III GRI ELTA

Fidante Daily Digest

3i Group – Finals to 31 March 2019 | Grainger – Interims to 31 March 2019 | Electra Private Equity – Interims to 31 March 2019

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16 May 19
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Palace Capital

Portfolio and trading update

Palace Capital’s portfolio and trading update of 2 May showed underlying values up year- on-year. A lease event, resulting in a profit and cash upgrade, was announced on 7 May. This showed a cash premium being agreed to be paid by the tenant. The loan-to-value (LTV) stood at 33%. Palace Capital took the “strategic decision to hold back on letting some of our vacant space where we see the opportunity to drive value and income potential.” Construction has recently commenced for the Hudson Quarter, York, mixed residential-commercial development inside the city walls. This is one of several factors underpinning significant medium-term expansion in capacity to pay growing dividends