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

05 Nov 19

NGP, less brilliant than expected, weighed on FY19 profitability

Within this challenging year, the group reported a mixed set of FY19 results. While Tobacco remained resilient, the NGP disappointed as the category delivered lower than expected results, despite the group investing a lot in its development. It negatively weighed on operating profitability, which was actually -1.6% below consensus (but higher than our estimates). We see the more cautious guidance as more realistic, which is not a bad thing. The ambitions were previously too high on the NGP category.

Companies: Imperial Brands

06 Nov 19

Clothing and Online Problems Persist, Food Benefits from Gross Margin Investment

On numbers M&S has reported a weak 1H with Underlying PBT of £177m (HY 2018/19 £213m re-stated) down 17% as the company suffered weak sales in Clothing & Home (LFL – 5.5%) and invested revenue in repositioning both sides of its offer. We would expect that the updated guidance and the 1H performance are likely to result in full year 2019/20 market consensus estimates staying at around £450-470m pre-exceptional items, implying less of a reduction in 2H.

Companies: Marks And Spencer Group

07 Nov 19

Shell acquires a French offshore wind developer

Shell is acquiring the French offshore wind developer Eolfi. The Anglo-Dutch oil major, which wants to be on the “right side of history”, is increasing its investments in renewables. Having such a committed player now in France is positive for the domestic supply chain. With the ambition of reducing its net carbon footprint by half by 2050, this acquisition is further evidence of the potential of offshore wind in light of the energy transition.

Companies: Royal Dutch Shell

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

07 Nov 19

Trading update: business as usual

BAE has released its Q3 trading update, bringing qualitative comments to the market. Overall, no major news nor surprises were released. The company is delivering according to expectations and the guidance for 2019 is maintained.

Companies: BAE Systems

07 Oct 19

UK Housebuilding Sector in 3Q 2019: ‘And then there were 17’

Dame Agatha Christie (née Miller) published more than 80 books and plays; and the Guinness Book of World Records lists her as the best-selling novelist of all time with roughly two billion copies sold. ‘And then there were none’ was originally published in 1939, with an un-politically correct title; and it is still the world’s best-selling mystery (with more than 100 million sold). It is also number six on the list of best-selling books of all-time.

Companies: ABBY CSP WJG TW/ BWY PSN GLV BDEV RDW BKG BVS GFRD CRN GLE SPR

04 Nov 19

Solid Q3 results in second EPS guidance upgrade for the year

Sales momentum accelerated in Q3 19 driven by the robust performance in the vaccines segment, particularly the shingles drug. The pharma (led by respiratory and immunology franchise) and consumer healthcare segments also performed well. The solid top-line was enough to absorb the higher R&D and SG&A expenses, and was further helped by lower tax and finance costs to facilitate the second EPS guidance upgrade for the year.

Companies: GlaxoSmithKline

06 Nov 19

Positive lfl sales growth in Food

The group has announced a slightly better than expected H1 19/20 figures, mainly thanks to the improved efficiency and better sales volume in the Food division.

Companies: Marks And Spencer Group

26 Sep 19

IMB warning

The challenging NGP market in the USA and change in expectations of the results in Africa, Asia and Australia (AAA) has pushed IMB to warn on its next FY results. This is no major surprise, as we were already aware of the regularity issues in the US. While NGP products currently represent a small proportion of sales (between 5-10%), it is in this area that IMB focuses all its investments and sees its next growth driver.

Companies: Imperial Brands

24 Jul 19

Advertising revenue better than expected

Total advertising revenue decreased at a lower pace than expected in H1 19 (-5%, o/w -7% in Q1 19) and the trend should be -1%/+1% in Q3 19 despite the still uncertain economic and political environment in the UK. The other positive news was additional cost savings identified (£20m) to the initial £35-40m announced in 2018 and the confirmation of a dividend in respect of FY2019 of at least 8.0p/share.

Companies: ITV

01 Oct 19

STATE OF CHARGE - INVESTMENT OPPORTUNITIES IN EV CHARGING

Government bans on new fossil fueled vehicles in many major economies are likely to drive significant growth in electric vehicles (“EVs”) over the next twenty years. This will create growth in electricity demand from EV charging. The volume of energy to be supplied creates opportunities for both supply companies and generators and the provision of charge points is already creating a new industry. However, the timing of this demand puts pressure on local distribution infrastructure. While smart charging and vehicle to grid technology offer solutions, we believe these will only be partial given likely charging behaviour and as a result there will be demand for additional grid capacity and for other solutions. These other solutions include charger located storage and distributed generation.

Companies: CNA NG/ YU/ DRX GOOD RED SMS IKA AFC

31 Oct 19

Markets and PPI weigh

The quarter reminded that the group’s top line has some exposure to capital markets while the bancassurance business proved resilient. The PPI impact was partly offset by a buy-back cancellation.

Companies: Lloyds Banking Group

01 Nov 19

IAG’s narrow profits explained by BA’s strikes and heavier fuel costs

Strike-led negative jaws effect brought IAG weakened Q3 results, which was still in line with market expectations. There was no guidance update.

Companies: International Consolidated Airlns Grp

12 Nov 19

Yield decompression everywhere; but the City of London resists

Regional retail was the usual victim in H1 19. However, LandSec’s assets in the City of London resisted pretty well.

Companies: Land Securities Group

04 Nov 19

IHG to reap the benefits from advantageous environment in Greater China

With the foreseeable immense business opportunities, the very in-depth local market knowledge as well as the experienced and capable leadership team may support IHG further to reap the rewards after years of market expansion in Greater China.

Companies: Intercontinental Hotels Group

02 Jun 15

Independent Vetcare - ELITE at London Stock Exchange

26 Mar 19

Healthcare - Rebate reform could be just what the doctor ordered

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14 Jun 17

NHAI - Market open

05 Feb 19

Consumer Staples: Our Best Ideas We expect sector rotation into defensives: Buy ABI, Imperial, Reckitt

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14 Feb 17

London Stock Exchange Group - Your Guide to ESG Reporting

25 Jan 19

Capital Goods Value trap – 2019 Outlook

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09 Sep 15

Alkane Energy - Interim Results

23 Jan 19

Contact General Retailers - Rating recovery amidst downgrades

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05 Jun 17

London Stock Exchange - 1000 Companies to Inspire Britain

20 Apr 17

Geoff Drabble, Ashtead Group CEO

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03 Jun 15

Clinova - ELITE at London Stock Exchange

03 Jun 15

Celtic Renewables - ELITE at London Stock Exchange

02 Jun 15

BE-Thinking - ELITE at London Stock Exchange

03 Jun 15

Guidance Marine - ELITE at London Stock Exchange

24 Sep 19

Investor Update: TUI delivers solid fourth quarter update

Latest Content

ITV

Guidance confirmed

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12 Nov 19
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Land Securities Group

Yield decompression everywhere; but the City of London resists

Regional retail was the usual victim in H1 19. However, LandSec’s assets in the City of London resisted pretty well.

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12 Nov 19
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POLX HEMO AZN

SP Angel Healthcare Conditions

AstraZeneca (AZN.L): Issued detailed results from lupus trial | Polarean Imaging: Delivery of polariser for research use | Hemogenyx Pharma: Presentation at Investival Showcase

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12 Nov 19
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Informa Plc Ord

A reassuring trading update and a reiterated FY19e guidance

Informa issued a reassuring trading update for the 10 months to end-October and said it was on track to deliver its FY19e targets, with a good forward pace for the important last two months of the year.

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11 Nov 19
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Royal Dutch Shell

Shell acquires a French offshore wind developer

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07 Nov 19
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BAE Systems

Trading update: business as usual

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07 Nov 19
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RSA Insurance Group

Promising figures

RSA reported flat net written premiums at £4,864m. As expected, the UK & International segment recorded a scheduled decline in net premiums, and the Scandinavian and Canadian segments recorded growth. The insurer announced an improvement in 9M operating profit and in the combined ratio. The Solvency II coverage ratio was 169% by the end of September. Investors are focusing on the execution of the exit plan from the London market and RSA confirmed that it is on the right track.

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07 Nov 19
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RR/ IMI WG/ SNR

US productivity declines in Q3; Rolls-Royce expects FY19 to be towards lower-end of guidance; Senior implements restructuring programme

Rolls-Royce Holdings (RR. LN, £15.0bn) | IMI (IMI LN, £2.9bn) | John Wood Group (WG. LN, £2.5bn) | Senior (SNR LN, £788m)

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07 Nov 19
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Marks And Spencer Group

Positive lfl sales growth in Food

The group has announced a slightly better than expected H1 19/20 figures, mainly thanks to the improved efficiency and better sales volume in the Food division.

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