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 18

Multinational growth platform

Water Intelligence has reported a strong set of FY 2017 results with adj. EPS up 30% and a continued strong outlook. Indeed, the recent Q1 2018E statement detailed sales were up +40% and PBT up 50%. We have updated our target price to 309p (previously 263p) and reiterate our view that Water Intelligence has a differentiated offering in a large, growing market that is supported by regulation, underpinning very significant growth prospects.

Companies: Water Intelligence

15 May 18

Going strong

Treatt has transformed itself from a commodity-based ingredients company into a supplier of value-added ingredients and ingredient solutions. The previous strategy was delivered three years ahead of target, following a stellar FY17, and the new strategy introduced last September builds on the strong momentum in the business, which has seen five consecutive years of earnings above company expectations. Our DCF analysis points to a value of 540p/share, supported by peer group analysis that places the stock at a c 10% discount to its competitors.

Companies: Treatt

15 May 18

Acquisition of eMenka NV

Harvey Nash has announced the acquisition of Belgian IT solutions company eMenka, a focused provider of Microsoft specialists on both a contracted and permanent basis. The deal is a good strategic fit for the Group’s existing Belgian operations and cements Harvey Nash’s market leading position in this specific skills niche. eMenka is the Group’s third acquisition in the last year, following the purchase of Swedish HR consultancy PAT Management AB in July 2017 and UK technology talent provider Crimson last September, and proves management are delivering on the acquisition strategy that motivated their move to AIM last June. The shares have performed strongly over the last 12 months, up 34% YOY but still offer an attractive entry point to a business that is delivering against its stated objectives, supported by a solid balance sheet with FY19 net debt/EBITDA of just 0.1x. The shares trade on an FY19 PE of 7.5x offering an attractive 4.4% yield.

Companies: Harvey Nash Group

15 May 18

FY2018 results in line with expectations

FY2018 results show revenues of £133.4m (-1.8%) and adj. PBT of £7.7m (+97%). Shipbroking has performed in line, despite weakness in the tanker market. The Financial division (including Braemar NAVES) has performed ahead of expectations. Technical has returned to profitability. The dividend has increased to 15p. Braemar continues to invest, for a better balance and a wider range of complementary skills. Given this investment, we have reduced FY2019E PBT by 9% to £9.5m, EPS of 25.5p, and dividend of 17p. Buy 400p TP.

Companies: Braemar Shipping Services

21 May 18

Allenby Capital HCM Update 21.05.18 (HVN.L; NBB.L; STAF.L)

Harvey Nash Group plc (HVN.L, 103p/£75.8m) Acquisition | Norman Broadbent plc (NBB.L, 11p/£5.8m) Final results to 31 December 2017 | Staffline Group plc (STAF.L, 970p/£270m) AGM Statement

Companies: HVN NBB STAF

02 May 18

The Monthly

Prior to the financial crisis of 2008/09, it was widely believed in the stock market that certain sectors – most notably utilities, pharmaceuticals, food retailing and tobacco – were far less vulnerable to market downturns.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF OXB NIPT PHP RE/ REDX SCLP SCE SIXH TRX TON VAL

10 May 18

Rounding out the portfolio

With the acquisition of Glassman High Voltage, XP continues in its quest to expand its product portfolio to include high-voltage and high-power products. The acquisition should help XP to further penetrate key accounts, as well as adding new customers. XP is paying £31.8m in cash, funded by extending the company’s credit facility, and expects the deal to be earnings enhancing in FY18. We increase our FY18 and FY19 normalised EPS forecasts by 3.6% and 6.1% respectively. We forecast a net debt/EBITDA ratio of 0.8x at end FY18, well below the company’s 2.0x ceiling.

Companies: XP Power

18 May 18

S&U Update: Reassuring AGM Statement

Today's AGM statement from S & U supports our view that the Group has built a solid basis from which to deliver further growth in returns, earnings and dividends in the short to medium term. We are encouraged by the rate of growth in monthly applications, customers and collections. All point positively to the Group's position in the market and the nature of its non-prime car finance loan book. The impairment to revenue charge has increased but we believe that this is due to transitional mix changes which are being addressed by a more selective approach to recent underwriting. As a result, we see no reason to change our forecasts on the back of this statement. However, we raise our theoretical value to reflect the recent share price performances and valuations of the non-standard lending peer group. On a range of comparative ratios, we derive a theoretical value of 3396p; 6% higher than previously and 22% above the current share price.

Companies: S&U

15 May 18

FY 2018 results in line with expectations

FY2018 results show revenues of £133.4m (-1.8%) and adj. PBT of £7.7m (+97%). Shipbroking has performed in line, despite weakness in the tanker market. Financial division (including Braemar NAVES) has performed ahead of expectations. Technical has returned to profitability. The dividend has increased to 15p. Braemar continues to invest, for a better balance and a wider range of complementary skills. Given this investment, we have reduced FY2019E PBT by 9% to £9.5m, EPS of 25.5p, a dividend of 17p. Buy and 400p TP.

Companies: Braemar Shipping Services

15 May 18

Execution remains strong

Lookers have this morning released a trading update for the three-month period to 31 March 2018, essentially confirming the group continues to trade in line with expectations and is seeing good trading momentum, particularly in used and aftersales. The group has a strong balance sheet, supported by positive operational cash flow. We continue to believe the shares look oversold, particularly in the context of its balance sheet flexibility, undemanding valuation and progress delivered to date based on strong management execution across all areas of the business.

Companies: Lookers

15 May 18

International drives revenue growth

Jackpotjoy plc’s (JPJ’s) Q1 revenues rose 13% to £80.7m, driven primarily by diversification and growth in international markets, with its Vera&John division (26% of revenues) increasing 35%. The earn-out period for the Spanish division has now ended and, given its strong performance, the total contingent consideration increased 20% in the quarter to £72.1m, with £63.8m payable this year. Our headline revenue and profit forecasts remain broadly unchanged and we continue to expect significant deleverage after the final major earn-out payment in June 2018. The stock trades at 7.8x EV/EBITDA and 6.5x P/E for FY19, a meaningful discount to peers.

Companies: Jackpotjoy

16 May 18

LIBERUM: Speedy Hire* - Strategy continues to deliver returns

Speedy’s focus on fleet optimisation and improving its relationships with SME clients has seen it deliver financial returns that exceed its cost of capital for the first time in a decade. We have long argued that this cross-over should act as an important catalyst for the shares, and continue to believe that management remains well placed to add significant shareholder value in the coming years.

Companies: Speedy Hire

16 May 18

FLASH: Catcher reaches 60 mbbl/d

1Q18 production was 74.0 mboe/d (68.7 mboe/d excluding 5.3 mboe/d in Pakistan). This is in line with Premier’s budget but below our more bullish expectations of 71.4 mboe/d (excluding Pakistan) as our production forecast for the UK was too high, particularly at Catcher that was constrained at 8.5 mboe/d during the commissioning (GMP FEe: 12.0 mboe/d) and Huntington (8.1 mboe/d vs GMP FEe: 11.0 mboe/d) with shutdown and adverse weather negatively impacting production by 1-2 mboe/d.

Companies: Premier Oil

09 Apr 18

UK Housebuilding Sector

This ominous-sounding term originated from the work of famed Swedish meteorologist, Tor Bergeron (1897-1977), but it only entered popular vernacular this year – and there have been ample opportunities in 2018 to use it.

Companies: ABBY BDEV BWY BKG BVS CRN CSP CRST GLE INL MCS PSN RDW SPR TW/ TEF WJG

30 Apr 18

Key takeaways from the Consumer reporting season

With a busy reporting season behind us we use this note to take stock. Stepping back we pull out the key themes which emerged across the sub-sectors we actively follow in the consumer space. On balance there was more cause for optimism. This is supportive of our top-down view that there is scope for a better H2 for consumer related stocks as cost headwinds ease and pressure on disposable income moderates. We also take a close look at 7 stocks we actively research and which reported over March and April. For each we use charts to depict the key takeaways from an investment case perspective.

Companies: DOM BAG NICL CHH GOAL RTN GYM MARS CVSG

19 May 17

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

05 Apr 18

Executive interview - Regional REIT

08 Mar 18

Premier Oil - Full Year Results 2018

23 Mar 18

Henry Boot - Full Year Results 2017

16 Apr 18

Executive interview - PPHE Hotel Group

20 Mar 18

Capital Drilling - PDAC 2018 interview with Tony Woolfe

04 May 18

Riccardo Lowi discusses Avacta

05 Mar 18

Arix Bioscience - Proposed Share Issue

10 May 18

Stobart Group (STOB) Full year results to 28th February 2018

01 Mar 18

Executive interview - Seneca Global Income & Growth Trust

18 Apr 18

Primary Health Properties PLC - Completion of fundraising

15 Feb 18

Primary Health Properties - Full Year Results 2017

20 Apr 18

Executive interview - Nanoco Group

13 Feb 18

Tharisa - Update from Cape Town 2018

29 Dec 17

Highlights 2017: Alfa Financial Software - Company Hackathon

Latest Content

Merchants Trust

The Merchants Trust - FY18 outperformance continuing in FY19

The Merchants Trust (MRCH) is managed by Simon Gergel at AllianzGI. He aims to generate a high and growing level of income, with the potential for long-term capital growth, from a portfolio of UK equities. The manager considers there are great opportunities in the UK stock market for high-yield investors, and that in aggregate UK stocks are looking attractively valued compared to global equities. MRCH has a distinguished dividend history; payouts have grown in each of the last 36 consecutive years. In FY18, the annual distribution was 2.5% higher than in FY17 – a larger growth rate than in recent years, reflecting higher dividend growth from portfolio companies, but also due to MRCH’s lower interest costs following the refinancing of a tranche of its high-cost debt in late 2017.

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22 May 18
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Topps Tiles

LIBERUM: Topps Tiles* - H1 in line, profit forecasts unchanged

Topps Tiles’ H1 is in line with adjusted PBT of £7.2m. Current trading has stabilised, with LFL sales growth of -0.2% reflecting a sequential improvement on Q2's -2.2%.

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22 May 18
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Avacta Group

Morning Note

Avacta (AVCT): Corp FIT for purpose

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22 May 18
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STCK GETB LSAI POLX MOGP PIL AGM NTOG FBT SLE

Small Cap Breakfast

Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June. Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 June. Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June. Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Offer TBC, expected late May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May Team17 Group -video games label and creative partner for independent developers. 2017 revenues of £29.6m and Adjusted EBITDA of £12.9m. Raising £45.1m primary and £62.5m secondary at 165p. Mkt Cap £216.6m. Expected 23 May 2018

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22 May 18
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Polarean Imaging Sunrise Resources

Northland Capital Partners Limited Morning Report

POLAREAN IMAGINING (POLX.L) | SUNRISE RESOURCES (SRES.L)

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22 May 18
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HVN NBB STAF

Allenby Capital HCM Update 21.05.18 (HVN.L; NBB.L; STAF.L)

Harvey Nash Group plc (HVN.L, 103p/£75.8m) Acquisition | Norman Broadbent plc (NBB.L, 11p/£5.8m) Final results to 31 December 2017 | Staffline Group plc (STAF.L, 970p/£270m) AGM Statement

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21 May 18
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Aberdeen New Thai Investment Trust

Changes proposed to boost shareholder returns

Aberdeen New Thai Investment Trust (ANW) is the only London-listed investment trust focused on Thailand. The manager follows a disciplined, bottom-up investment approach to find quality companies that are attractively valued. Through its investments, the trust also provides exposure to Thailand’s fast-growing neighbours of Cambodia, Laos, Myanmar and Vietnam. Launched in 1989, ANW has delivered strong absolute long-term returns; since inception to end-April 2018, the trust has achieved an annualised NAV total return of 14.4%. However, in more recent years, returns have lagged the benchmark and the shares have persistently traded at a meaningful discount to cum-income NAV. On 2 May 2018, the board proposed a number of changes to address these issues.

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21 May 18
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AFHP AOR GTLY ARE UVEN GAN PGD CNC TOOP

Small Cap Breakfast

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21 May 18
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F&C Managed Portfolio Trust Plc Grwth Shs 10P

Celebrating 10 years since launch

F&C Managed Portfolio Trust (FMPT) has a differentiated structure comprising two listed portfolios: income (FMPI) and growth (FMPG). The trust is celebrating its 10th anniversary, and both portfolios have outperformed the benchmark FTSE All-Share index over three and 10 years, while FMPG has also outperformed over one and five years. Any income generated by FMPG is transferred to FMPI in exchange for an equal amount of capital, boosting their respective capital growth and income prospects. FMPI and FMPG have recently changed their Association of Investment Companies (AIC) classifications from the Global Equity Income and Global sectors respectively, to the Flexible Investment sector, which the manager says is a more relevant peer group. FMPI has grown its annual dividend regularly since 2012 and is currently yielding 4.0%.

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21 May 18
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Regional Reit

Q1 DPS growth confirmed

With FY17 results in March, Regional REIT (RGL) reiterated its commitment to a progressive dividend, and has now declared a Q118 DPS of 1.85p (Q117: 1.80p). Management reports a good pace of lettings year to date, which it says reinforces its confidence in the prospects for increasing occupancy and income. We make no change to our estimates for a continued good level of total return, substantially income based. The yield remains the highest in the sector, with a highly diversified portfolio mitigating economic and sector-specific risks.

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