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 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 BVS CRN CSP CRST GLE GLV INL MCS PSN RDW SPR TW/ WJG

  • 09 Jan 20
Cenkos: Retail Sector -- Termination of coverage

Due to an analyst departure, Cenkos Securities plc has suspended coverge of the following stocks (see table below). Our previous recommendation and forecasts can no longer be relied upon.

Companies: ASC DC/ HFD HWDN KGF MKS NXT

  • 13 Jan 20
Further expansion in Risk Solutions Fraud and Credit Risk Assessment

RELX today announced that its LexisNexis Risk Solutions division has agreed to buy the US company ID Analytics, a provider of credit and fraud risk solutions for enterprises, for $375m (i.e. c.£290m). This is a rather significant acquisition for the group and, at first sight, an interesting one, in line with LexisNexis Risk Solutions’ offering. No change to our recommendation.

Companies: Relx
  • 20 Dec 19
The gift that keeps on giving

The industrial and logistics sector has been on a tremendous run over the past five years or so. It is hard to think now, given the current dynamics in the property industry, that retail and offices were the sectors of choice for investors for many years with industrial cast aside by most.

Companies: ASLI LMP SGRO SMP BBOX BOXE SHED WHR

  • 12 Nov 19
Guidance confirmed

The decrease in total advertising revenue slowed in 9 months 19 (-3% vs -5% in H1 19), reflecting a positive trend in Q3 19 (+1%) and corresponding to the high range of guidance (-1/+1%). Online revenue grew significantly (+23% in 9 months 19 vs +18% in H1 19). As expected, ITV Studios benefited from high deliveries of programmes, in particular from ITV America. The 2019 guidance is confirmed and a dividend of at least 8.0p/share was reiterated.

Companies: ITV
  • 16 Jan 20
FY19 guidance met, a new CFO and a tough FY20e again

Pearson’s trading statement confirmed the FY19 guidance: flat underlying revenue growth, an adjusted OP at £590m (AV:£584m) and adjusted EPS at 57.5p-59p (AV:57.5p). The FY20e guidance is for an adjusted OP at £500-580m with continuing poor trends in Higher Education (24% total revenues; declined 12% over FY19) hurting the whole business. The group also announced a new CFO. In the aftermath of its 25% stake disposal in Penguin, the £350m share buy-back programme will begin today, 16 January 2020.

Companies: Pearson
  • 07 Jun 16
The Cybersecurity Rebellion: “No, I’m Spartacus!”

Steve “Woz” Wozniak, infamous co-founder of Apple, was the latest culprit to send shivers across the tech world by claiming Cybersecurity is the greatest threat the world has faced since the atom bomb. Mr Wozniak was alluding to the heightened sense of fear that recent high profile breaches have caused Cybersecurity to be put at the forefront of political, corporate and now it would appear, investor agendas. As the topic gains increasing awareness, it gives rise to a number of companies claiming to be a “thought leader” in the Cybersecurity space, holding the best IP and the best routes to market. With many companies singing from the same loss making hymn sheet it is making it ever difficult to spot the true “Spartacus” from the crowd.

Companies: BA/ BVC BLTG CHRT 9537 CNS DFX ECK EXPN GBG IGP MPAY NCC OSI SCH TERN

  • 14 Nov 19
SP Angel Healthcare Conditions

AstraZeneca (AZN.L): FDA accepts NDA submission for selumetinib | Beximco Pharma: First quarter results show continued growth | Tissue Regenix Group plc (TRX.L): Update on loan agreement |

Companies: AZN BXP TRX

  • 15 Nov 19
Good Q3, UK pain less than expected

Flutter reported a good Q3 19 performance. Sales came in at £533m, up 9% at cc. The soft online performance (-1%) was more than offset by strong growth in the US (+67%) and Australia (+19%), both of which beat our expectations. Though retail reported another quarter of decline (-9%), the drop was less than expected. Following the good showing, we will be upgrading our estimates and target price.

Companies: Flutter Entertainment
  • 20 Nov 19
All tied in with the UK Life division

Aviva presented its strategy for 2019-22. The insurer will continue to simplify its structure, reduce costs (£300m by 2022) and debts (£1.5bn) and pay a progressively increasing dividend. The insurer aims to generate operating cash of £7.5bn over 2019-22 with remitted cash to the group by different business units of £8.5-9bn, of which 50% by the UK Life division. FY 19 will benefit from lower longevity reserves with a positive impact within the range £300-400m. No convincing strategy.

Companies: Aviva
  • 20 Nov 19
Yet another subdued quarter

Kingfisher’s poor performance continued in Q3 FY19/20 – lfl sales declined 3.7% with most of the banners in the red. Operational inefficiencies, lower promotional activity and challenging market condition kept the top-line under pressure, especially in France (-6.1%). With no respite in sight, management anticipates the softness to persist in Q4 FY19/20.

Companies: Kingfisher
  • 20 Nov 19
Transformation to SaaS in line with expectations

In 2018/19, the organic recurring revenue increased by +10.8% thanks to higher software subscriptions (+29%) which outpaced the reduction in maintenance revenue (-12%) resulting from the migration of customers to software subscription. The transformation to a SaaS model also led to lower organic SSRS (-18%). Lastly, the organic operating margin was down to 23.7% of revenue (-5.1pt). These characteristics should continue in 2019/20.

Companies: The Sage Group
  • 26 Nov 19
Sports medicine leads a good Q3 showing

Smith & Nephew reported Q3 19 top-line growth of 4% on an underlying basis – driven by Sports Medicine Joint Repair (+12.2%), Advanced Wound Devices (+15.4%), Knee Implants (+4.6%) and ENT (+5.3%). This was partly offset by a decline in Advanced Wound care (-1.8%). Management upgraded FY 19 revenue expectations to 3.5-4.5% (vs 3-4% earlier), while lowering the trading margin expectation to 22.8% (vs 22.8-23.2%). Following the good Q3, we will be raising our estimates and target price.

Companies: Smith & Nephew
  • 12 Dec 19
Veiling's enlightment on TUI’s near-term outlook

Largely impacted by the 737Max grounding, TUI reported frustrating results in FY19. The forecasts also have many uncertainties, despite the healthy momentum in the core holiday businesses.

Companies: Tui
  • 16 Dec 19
Q4 trading update - still going strong

No surprises in the Q4 trading update of Ocado’s retail business. While the capacity constraints are unlikely to go away in the near term, we note that most of the growth is driven by new customer demand in the existing catchment areas. The current momentum is sustainable, in our opinion. No change to the stock recommendation.

Companies: Ocado Group
  • 04 Jul 14
Executive Interview - Rolls-Royce
executive-interview-rolls-royce-04-07-2014
  • 26 Mar 19
Healthcare - Rebate reform could be just what the doctor ordered

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  • 06 Jul 15
Alkane Energy - Trading update
alkane-energy-trading-update-06-07-2015
  • 05 Feb 19
Consumer Staples: Our Best Ideas We expect sector rotation into defensives: Buy ABI, Imperial, Reckitt

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  • 03 Jun 15
Clinova - ELITE at London Stock Exchange
clinova-elite-at-london-stock-exchange-03-06-2015
  • 25 Jan 19
Capital Goods Value trap – 2019 Outlook

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  • 09 Sep 15
Alkane Energy - Interim Results
alkane-energy-interim-results-09-09-2015
  • 20 Apr 17
Geoff Drabble, Ashtead Group CEO

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  • 02 Jun 15
Independent Vetcare - ELITE at London Stock Exchange
independent-vetcare-elite-at-london-stock-exchange-02-06-2015
  • 13 Apr 17
London Stock Exchange - Companies to Inspire Africa
london-stock-exchange-companies-to-inspire-africa-13-04-2017
  • 14 Jun 17
NHAI - Market open
nhai-market-open-14-06-2017
  • 03 Jun 15
Guidance Marine - ELITE at London Stock Exchange
guidance-marine-elite-at-london-stock-exchange-03-06-2015
  • 16 Sep 15
Alkane Energy - Recommended cash offer
alkane-energy-recommended-cash-offer-16-09-2015
  • 02 Jun 15
I Nexus - ELITE at London Stock Exchange
i-nexus-elite-at-london-stock-exchange-02-06-2015
  • 24 Sep 19
Investor Update: TUI delivers solid fourth quarter update
investor-update-tui-delivers-solid-fourth-quarter-update

Latest Content

FY19 guidance met, a new CFO and a tough FY20e again

Pearson’s trading statement confirmed the FY19 guidance: flat underlying revenue growth, an adjusted OP at £590m (AV:£584m) and adjusted EPS at 57.5p-59p (AV:57.5p). The FY20e guidance is for an adjusted OP at £500-580m with continuing poor trends in Higher Education (24% total revenues; declined 12% over FY19) hurting the whole business. The group also announced a new CFO. In the aftermath of its 25% stake disposal in Penguin, the £350m share buy-back programme will begin today, 16 January 2020.

Pearson

  • 16 Jan 20
  • -
FY19 guidance met, a new CFO and a tough FY20e again

Pearson’s trading statement confirmed the FY19 guidance: flat underlying revenue growth, an adjusted OP at £590m (AV:£584m) and adjusted EPS at 57.5p-59p (AV:57.5p). The FY20e guidance is for an adjusted OP at £500-580m with continuing poor trends in Higher Education (24% total revenues; declined 12% over FY19) hurting the whole business. The group also announced a new CFO. In the aftermath of its 25% stake disposal in Penguin, the £350m share buy-back programme will begin today, 16 January 2020.

Pearson

  • 16 Jan 20
  • -
Further expansion in Risk Solutions Fraud and Credit Risk Assessment

RELX today announced that its LexisNexis Risk Solutions division has agreed to buy the US company ID Analytics, a provider of credit and fraud risk solutions for enterprises, for $375m (i.e. c.£290m). This is a rather significant acquisition for the group and, at first sight, an interesting one, in line with LexisNexis Risk Solutions’ offering. No change to our recommendation.

Relx

  • 13 Jan 20
  • -
Further expansion in Risk Solutions Fraud and Credit Risk Assessment

RELX today announced that its LexisNexis Risk Solutions division has agreed to buy the US company ID Analytics, a provider of credit and fraud risk solutions for enterprises, for $375m (i.e. c.£290m). This is a rather significant acquisition for the group and, at first sight, an interesting one, in line with LexisNexis Risk Solutions’ offering. No change to our recommendation.

Relx

  • 13 Jan 20
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Cenkos: Retail Sector -- Termination of coverage

Due to an analyst departure, Cenkos Securities plc has suspended coverge of the following stocks (see table below). Our previous recommendation and forecasts can no longer be relied upon.

ASC DC/ HFD HWDN KGF MKS NXT

  • 09 Jan 20
  • -
Cenkos: Retail Sector -- Termination of coverage

Due to an analyst departure, Cenkos Securities plc has suspended coverge of the following stocks (see table below). Our previous recommendation and forecasts can no longer be relied upon.

ASC DC/ HFD HWDN KGF MKS NXT

  • 09 Jan 20
  • -
Top-line growth missing

WM Morrison’s Q3 FY19/20 trading update (5 August to 3 November) was ahead of the market’s as well as our estimates. However, the performance in the subsequent nine weeks (Christmas period) has been weak, as management stepped-away from promotional activity, unlike peers. Soft inflation was also not helpful. Sustained lfl growth is quite vital for investor sentiment and management seems to be also on the same page. We take a cautious stance on the company until the Q1 results (the next key trigger).

WM Morrison Supermarkets

  • 09 Jan 20
  • -
Top-line growth missing

WM Morrison’s Q3 FY19/20 trading update (5 August to 3 November) was ahead of the market’s as well as our estimates. However, the performance in the subsequent nine weeks (Christmas period) has been weak, as management stepped-away from promotional activity, unlike peers. Soft inflation was also not helpful. Sustained lfl growth is quite vital for investor sentiment and management seems to be also on the same page. We take a cautious stance on the company until the Q1 results (the next key trigger).

WM Morrison Supermarkets

  • 09 Jan 20
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SP Angel . Morning View

Arc Minerals* (ARCM LN) – Long intercept of copper at Cheyeza East raises prospect of much larger copper resource | Sirius Minerals (SXX LN) – Sirius in discussion with Anglo American | Trans-Siberian Gold (TSG LN) – Asacha mineral resource update

ARCM SXX AAL TSG TSG

  • 08 Jan 20
  • -
SP Angel . Morning View

Arc Minerals* (ARCM LN) – Long intercept of copper at Cheyeza East raises prospect of much larger copper resource | Sirius Minerals (SXX LN) – Sirius in discussion with Anglo American | Trans-Siberian Gold (TSG LN) – Asacha mineral resource update

ARCM SXX AAL TSG TSG

  • 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).

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

  • 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).

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

  • 08 Jan 20
  • -
Numbers and 2021 guidance in-line

Next has reported full price sales growth of +5.2% for the two months to 28 Dec 2019, comprising Next Retail -3.9%, Online +15.3% and Finance revenue (mainly associated with its online business) +3.4%. Full year PBT guidance has been increased marginally to £727m (pre IFRS 16) from the central case £725m given at the 3Q trading update on 30Oct 2019

NEXT

  • 03 Jan 20
  • -
Numbers and 2021 guidance in-line

Next has reported full price sales growth of +5.2% for the two months to 28 Dec 2019, comprising Next Retail -3.9%, Online +15.3% and Finance revenue (mainly associated with its online business) +3.4%. Full year PBT guidance has been increased marginally to £727m (pre IFRS 16) from the central case £725m given at the 3Q trading update on 30Oct 2019

NEXT

  • 03 Jan 20
  • -
The gift that keeps on giving

The industrial and logistics sector has been on a tremendous run over the past five years or so. It is hard to think now, given the current dynamics in the property industry, that retail and offices were the sectors of choice for investors for many years with industrial cast aside by most.

ASLI LMP SGRO SMP BBOX BOXE SHED WHR

  • 20 Dec 19
  • -
The gift that keeps on giving

The industrial and logistics sector has been on a tremendous run over the past five years or so. It is hard to think now, given the current dynamics in the property industry, that retail and offices were the sectors of choice for investors for many years with industrial cast aside by most.

ASLI LMP SGRO SMP BBOX BOXE SHED WHR

  • 20 Dec 19
  • -
The gift that keeps on giving

The industrial and logistics sector has been on a tremendous run over the past five years or so. It is hard to think now, given the current dynamics in the property industry, that retail and offices were the sectors of choice for investors for many years with industrial cast aside by most.

ASLI LMP SGRO SMP SMP BBOX BOXE SHED WHR

  • 20 Dec 19
  • -
The gift that keeps on giving

The industrial and logistics sector has been on a tremendous run over the past five years or so. It is hard to think now, given the current dynamics in the property industry, that retail and offices were the sectors of choice for investors for many years with industrial cast aside by most.

ASLI LMP SGRO SMP SMP BBOX BOXE SHED WHR

  • 20 Dec 19
  • -
SP Angel . Morning View

Anglo American (AAL LN) – De Beers diamond sales | Centamin (CEY LN) – Limited progress on the Endeavour Mining offer | Cora Gold* (CORA LN) – Sanankoro Scoping Study update | Europa Metals Limited (EUZ LN) – Metallurgical results from Toral zinc, lead, silver project in Spain | Rainbow Rare Earths (RBW LN) – Drilling highlights high-grade Rare Earth from surface | Renascor Resources Ltd (RNU AU) – BUY, Valuation A$0.09/s – Joint Development Agreement with Battery Anode Company | Vast Resources* (VAST LN) – Atlas convertible facility update

AAL CEY CORA EUZ RBW VAST

  • 18 Dec 19
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SP Angel . Morning View

Anglo American (AAL LN) – De Beers diamond sales | Centamin (CEY LN) – Limited progress on the Endeavour Mining offer | Cora Gold* (CORA LN) – Sanankoro Scoping Study update | Europa Metals Limited (EUZ LN) – Metallurgical results from Toral zinc, lead, silver project in Spain | Rainbow Rare Earths (RBW LN) – Drilling highlights high-grade Rare Earth from surface | Renascor Resources Ltd (RNU AU) – BUY, Valuation A$0.09/s – Joint Development Agreement with Battery Anode Company | Vast Resources* (VAST LN) – Atlas convertible facility update

AAL CEY CORA EUZ RBW VAST

  • 18 Dec 19
  • -