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

31 Mar 20

LIBERUM: The AA* - In line results and more resilient to COVID than most

FY results in line with expectations, but the final DPS has been suspended. Free cash flow improved significantly and was also in line with guidance. There is good liquidity and ample covenant head-room. The cash costs of the pension have been reduced.

Companies: AA Plc

01 Apr 20

THE MONTHLY April 2020

Companies: AVO AGY ARBB ARIX BUR CMH CLIG DNL GDR HAYD PCA PIN PHP RE/ RECI RMDL STX SHED VTA

03 Apr 20

XP Power - Healthcare customers boost Q1 book-to-bill

XP Power’s Q1 trading update confirmed that revenues increased 4% y o y/q o q and the Chinese facility has returned to normal staffing levels. Strong demand, mainly from healthcare customers, saw a 25% q o q increase in orders and a Q1 book-to-bill of 1.49x. Despite strong Q1 demand, the level of uncertainty surrounding both supply and demand for the rest of the year has caused XP to cancel its previously proposed Q419 dividend in order to preserve cash. We maintain our revenue forecasts, but factor in higher costs in FY20 and remove our Q419 and Q120 dividend estimates.

Companies: XP Power

30 Mar 20

LIBERUM: Kier Group - COVID statement highlights essential services

Sites at Kier were paused for a day, but 80% have re-opened. The government is the key customer and is supportive.

Companies: Kier Group

02 Apr 20

Palace Capital*

COVID-19 and dividend update

Companies: Palace Capital

02 Apr 20

Norcros - FY20 outturn affected by COVID-19

The developing coronavirus pandemic has affected year-end trading for Norcros, with an indicated c £4m impact on EBIT. Operational shutdowns mirroring those of its customers have been undertaken and, as elsewhere, actions to preserve cash are being taken. The company has up to c £110m headroom under existing banking facilities representing a strong year end liquidity position. Forward guidance and our estimates for FY21 onwards have been withdrawn pending greater clarity on the scale and duration of the lockdown conditions being widely enacted currently.

Companies: Norcros

30 Mar 20

Macfarlane Group*

COVID-19 Update

Companies: Macfarlane Group

02 Apr 20

LIBERUM: U+I* - Disposal of share at Harwell

U+I has confirmed the disposal of its share in the Harwell Campus, delivering development and trading gains of c.£11m. Crucially, these should fall in to FY20, subject to discussions with auditors. The >£40m cash realised from the sale compares to a £10m investment six years ago. An adjoining building on the Harwell Campus has also been sold ahead of book value, for £7.5m. We prudently leave any forecasts unchanged at this uncertain time. A post-close trading update with more detail will be given on 15 April. The shares now trade at a 72% discount to NAV, vs the UK sector at a 15% discount.

Companies: U&I Group

02 Apr 20

LIBERUM: Volution* - Strong liquidity as furloughing starts

Volution has announced that it has started to furlough workers in the UK as activity starts to drop off. However, the group has also reported that it is seeing a baseline of activity continuing and expects this to persist.

Companies: Volution Group

08 Jan 20

UK Housebuilding Sector: 2020 vision: Sharpness and clarity for industry prospects

For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t catch on).

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

11 Feb 20

LIBERUM: The AA* - Membership returns to growth in H2

The trading statement guides to in line suggesting that The AA is on track to deliver EBITDA growth in FY20. Cash generation has been sound in the FY with approximately £80m of expected free cash flow for equity.

Companies: AA Plc

02 Mar 20

THE MONTHLY March 2020

Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.

Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMDL STX SCE SIXH TRX SHED VTA

27 Mar 20

Avon Rubber - Further backlog development

The latest body armour contract for the US Defense Logistics Agency is for up to $333m, to be delivered over 3.5 years for a legacy product. Avon had identified it as an incremental value-creating opportunity which, when won, would trigger the contingency consideration of up to $25m for the Helmets and Armor business acquired at the start of 2020. We have increased our FY21 EPS estimates by 13% following the award of the first delivery contract. Avon operates in defence and dairy markets that should be relatively resilient as they are deemed essential in the US, UK and Italy.

Companies: Avon Rubber

31 Mar 20

Castings*

Year-end trading update

Companies: Castings

02 Apr 20

Perfect US partner & platform

What’s new: JTC has agreed to acquire NES Financial (“NESF” website https://nesfinancial.com), a US tech-enabled, market leading provider of specialist fund administration services for a max consideration of 21.7m JTC shares and US$0.25m in cash (i.e. £93.3m at 430p a JTC share) At completion, expected in 2Q20, initial consideration of 7.45m JTC shares (US$40m or £32m at 430p) and US$250,000 in cash will be paid to external shareholders and NESF management (Ms Alton and Messrs Halloran, Thomas, Joubert, Richards, and Hart), these managers and 52 other NESF employees will join JTC‘s ISC division, with Mr Halloran becoming Global Head of Technology Strategy and joining the Exec Board. Additional consideration of 14.25m JTC shares based on achievement of underlying EBITDA targets over the next 2 years, with max being 12.5x US$9.3m. JTC expects “integration to be relatively swift”.

Companies: JTC

19 May 17

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

02 Apr 20

AIQ Ltd's Graham Duncan details acquisition of Alchemist Codes

11 May 18

Harbourvest - 10 years of success and the future of Private Equity

01 Apr 20

Trident Resources: A new growth-focused diversified mining royalty company

05 Feb 20

AEW UK REIT 'comfortably out-performing benchmark'

01 Apr 20

Supermarket Income REIT reports growing rental income as it maintains dividend

18 Apr 18

Telford Homes - Trading Update

30 Mar 20

RM Secured Direct Lending to maintain dividend as it manages existing investments

07 Jan 20

First commercial order for BATM

30 Mar 20

Bluebird Merchant Ventures sorts non-dilutive funding to bring both Korea mines into production

20 Nov 18

Entertainment One (ETO) H1 results interview November 2018

30 Mar 20

BigDish PLC: 'In cash preservation mode and confident it'll rebound stronger than ever'

07 Dec 17

Capital Network's Ed Stacey on Morgan Sindall Group PLC

25 Mar 20

Bloomsbury Publishing buys academic and non-fiction publisher Zed Books

20 Nov 19

InnovaDerma PLC launches limited edition chocolate range of Skinny Tan products

Latest Content

XP Power - Healthcare customers boost Q1 book-to-bill

XP Power

03 Apr 20
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Norcros - FY20 outturn affected by COVID-19

Norcros

02 Apr 20
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AIQ Ltd's Graham Duncan details acquisition of Alchemist Codes

AIQ LD

02 Apr 20

Trust in biotech

The biotechnology sector is proving to be relatively resilient in this COVID-19 related market sell-off. International Biotechnology Trust (IBT) adopts a conservative approach to investing in what can be a quite volatile, if rewarding, sector. It has fared better than competing funds in this environment.

International Biotechnology Trust

02 Apr 20
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Trust in biotech

The biotechnology sector is proving to be relatively resilient in this COVID-19 related market sell-off. International Biotechnology Trust (IBT) adopts a conservative approach to investing in what can be a quite volatile, if rewarding, sector and has fared better than its peers in this environment.

International Biotechnology Trust