UK100

UK 100 equity research

Explore the most viewed and latest equity research and media content for the top 100 largest listed companies in the UK.

UK 100 Equity Research

Broker research, valuations, & analysis on the UK 100

08 Nov 18

Weak total advertising revenue expected by the end of the year

In 9m 18, total advertising revenue increased by 2%, at the same pace as in H1 18. Once more, total advertising growth was boosted by fast-growing online advertising (+43%). Nevertheless, ITV disappointed the stock market with the expectation of a decrease in total advertising revenue of 3% in Q4 18, o/w -6%/-8% in December.

Companies: ITV

07 Nov 18

A depressed H1

M&S disappointed in H1. Sales were down 3% organically. Both businesses were depressed.

Companies: Marks And Spencer Group

13 Nov 18

Vodafone maintains its dividend

Following a correct H1 release from an operational viewpoint, management has announced it intends to propose a total dividend of €0.1507 per share for 2018/19, stable yoy. So, we still do not see a case for a cut in the dividend for 2018/19 or 2019/20. This is why we are sticking with our Buy opinion.

Companies: Vodafone Group

08 Nov 18

Cheerful improving profits in H1

Retail sales were up 2% at CER and flat reported. Comparable wholesale revenue surged by 10% at CER. Better cost control along with phasing operating costs have led to a 36% higher operating profit. We will upgrade our forecasts.

Companies: Burberry Group

08 Nov 18

BAE's trading update

BAE Systems issued today a trading update. This comes with only qualitative comments on the advancement of its commercial programmes. As a summary, BAE’s FY18 outlook remained unchanged and the company sees its EPS in line with 2017. The company sees strong commitments in defence budgets in both the UK and the US which will support its activities in these countries. Also, BAE reminded that Brexit would only have a limited impact on its activities as there is a relatively limited UK-EU trading movement of EU nationals into and out of BAE Systems’ UK businesses. In terms of specific programmes, the F-35 one is well on track and the UK-managed Applied Intelligence business will achieve its breakeven by year-end. As for the international markets, the company remains active in the big Typhoon and Hawk contract won with Qatar which enables an extension to the Hawk programme and gives great visibility for the Typhoon over the next decade. For the latter, BAE indicated that there is still some opportunities for this programme in both partners’ countries and through exports. Negotiations are continuing with Australia and Canada in the Maritime segments. The next interim dividend of 9p will be paid on 30 November.

Companies: BAE Systems

06 Nov 18

FY18: stronger second half; ramping up efforts to expand NGP

The company posted strong H2 results with a better than expected operating margin. The results were reassuring and suggest that the company has a clear view about possible threats and opportunities in the troubled tobacco space and how to navigate round them.

Companies: Imperial Brands

12 Oct 18

New Season | Not going to plan

Although investors have been relatively re-assured that all is in order with the M&S renaissance we believe that the current evidence is of the type of operational failure that is prone to happen during times of high people change.

Companies: Marks And Spencer Group

16 Nov 16

The end of a year of turmoil, but turbulences are now past

EasyJet released its FY results which showed deteriorating figures compared to FY 2015. The income statement clearly shows that operating costs have increased (+4%) while revenues have slightly decreased (-0.4% to £4.67bn), leading to a much lower EBITDA (-18% to 770). Aircraft depreciation costs have also increased (+25%), leading to an EBIT dropping by 28% to £498m. Finally, the net result decreased by 22% to £427m, which is actually higher than expectations (£423m).

Companies: easyJet

06 Oct 17

Taking advantage of others' woes

EasyJet reported an update on its Q4 figures while it is due to release its FY results at the end of November. It has narrowed its previous FY guidance from £380-420m to £405m-410m. This performance is mainly attributable to the supporting summer traffic, but it could have been even better without the currency exchange headwinds of about £100m.

Companies: easyJet

11 Jan 18

Trading Fine, Waiting for Next Phase

3Q UK LFL Clothing & Home (C&H) -2.8% v consensus -3%, 3Q 2016/17 +3.1%, Food -0.4% v cons []%, LY +0.6%, total -1.4% v cons -1.8%, LY +1.3%. Company has stated no change to Full Year Guidance – pre exceptional cons £580m. Online sales growth - low achieved rate of +3.0% impacted by some timing issues but still low. Overall the current year is of less significance than any strategic actions the company will take under new Chair Archie Norman’s direction which are likely to be embedded in 2018/19 guidance to be issued at the Prelims in May. These results are fine albeit slightly below expectations raised by earlier-week food retail reporting in our opinion.

Companies: Marks And Spencer Group

11 Jan 18

Several headwinds in Q3

The deterioration in activity was somehow expected with the reported depression of the food business in H1. M&S has lost its way within a challenging context and a comeback could prove painful.

Companies: Marks And Spencer Group

25 Oct 18

Ongoing resilience

Quarterly trends show that operating trends have remained immune to the Brexit uncertainty. We expect the stock to continue to demonstrate stronger resilience vis-à-vis not only its domestic peers but also continental European players.

Companies: Lloyds Banking Group

30 Oct 18

Solid H118 with no disruption in key trends

RELX reported robust figures in its H118 trading statement. The operating margin increased by 50bps led by cost adjustment while underlying revenue growth was +4%. The company expects the positive trends to continue in H2, while its top priority remains the transition towards analytics and decision Tools. All in all, a solid performance.

Companies: Relx

08 Nov 18

Lower taxes and headcount offset higher storm costs

National Grid released a set of H1 results which were broadly in line with our expectations. The underlying operating profit fell 6% but NG was able to post 6% growth in underlying EPS – broadly in line with our estimates – as the tax rate declined to 19.3% from 22.9% (US-driven) while the Electricity Transmission business in the UK performed well. The group confirmed its dividend policy. We stick to our Buy recommendation.

Companies: National Grid

13 Nov 18

A progressive quarter but mixed guidance

Smith and Nephew recently announced its Q3 trading update. Revenue was in line with expectations, coming in at $1,169m, up 3% on an underlying basis. Growth was largely driven by sports medicine joint repair, other surgical businesses and advanced wound devices. On the other hand, arthroscopic enabling technologies and advanced wound bioactives weighed on growth. The big (positive) surprises, though, were the knee segment and the US region. Our recommendation remains unchanged in spite of marginal changes in our estimates.

Companies: Smith & Nephew

03 Jun 15

Clinova - ELITE at London Stock Exchange

03 Jun 15

Guidance Marine - ELITE at London Stock Exchange

04 Jul 14

Executive Interview - Rolls-Royce

02 Jun 15

Smarkets - ELITE at London Stock Exchange

05 Jun 17

London Stock Exchange - 1000 Companies to Inspire Britain

02 Jun 15

Marmalade Technologies - ELITE at London Stock Exchange

16 Sep 15

Alkane Energy - Recommended cash offer

02 Jun 15

Swoon Editions - ELITE at London Stock Exchange

09 Sep 15

Alkane Energy - Interim Results

02 Jun 15

Workshare - ELITE at London Stock Exchange

02 Jun 15

I Nexus - ELITE at London Stock Exchange

02 Jun 15

RealityMine- ELITE at London Stock Exchange

14 Feb 17

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02 Jun 15

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02 Jun 15

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Latest Content

Smith & Nephew

A progressive quarter but mixed guidance

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13 Nov 18
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Vodafone Group

Vodafone maintains its dividend

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13 Nov 18
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Land Securities Group

Positive figures in the UK's challenging market

Land Securities released relatively strong H1 18 results, despite a weak retail market. Revenue was up by +10.3% to £224m. Profit before tax for the period increased by +24% yoy to £42m. This is explained by net rental income rising (+1.65%) to £308m, driven mainly by the London Portfolio (+7.6% yoy to £155m) and less so by the Retail Portfolio (-3.7% yoy to £153m). This has led to an improvement in the adjusted EPS, which has risen by +17.9% to 30.3p (vs. 29.6p consensus), also pushed by a lower number of shares following the return of capital and share consolidation in September FY17. The valuation of the properties has been reduced by £188m (-1.4% yoy). Retail Parks (-4.5% yoy) and Shopping Centres (-3.2% yoy) have largely contributed to this, while the London offices assets have increased in value by +0.4% yoy. The EPRA net asset per share was down by -1.4% yoy to 1.384p. The H1 dividend has been raised again to 22.6p (+14.7% yoy). The financial position remains strong with unchanged net debt (£3.7bn) and a low LTV ratio (26.2%).

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13 Nov 18
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Informa Plc Ord

Healthy 10 months organic growth confirmed; combination well on track

Informa reported a trading statement for the 10-months ending October 2018 The group’s underlying revenue grew 3.9% in the first ten months. The combination phase of “accelerated integration plan” for UBM is completed. Revenue growth is on track for the full-year target (+3.5%).

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13 Nov 18
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BAY bmn PREM RRS

SP Angel – Morning View

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