UK 250 equity research

Explore the most viewed and latest equity research and media content for the next 250 largest listed companies in the UK.


 

UK 250 Equity Research

Broker research, valuations, & analysis on the UK 250

  • 15 Nov 18

GVC Holdings - Parliamentary U-turn

Following the resignation of Sports Minister Tracey Crouch, the UK government has bowed to pressure to bring forward the reduction in FOBT stake limits, from October 2019 to April 2019. The planned increase in remote gaming duty (from 15% to 21%) will also commence in April. We reduce our FY19 EBITDA by a further £95m and net debt/EBITDA now peaks at 3.0x in FY19. Our FY20 estimates are broadly unchanged.

Companies: GVC
  • 23 Oct 18

Quarterly Research Outlook

The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.

Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA PKG CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

  • 16 Nov 18

U-turn on £2 FOBT stake and RGD effective date

Government will bring forward the timing of implementing the lower £2 limit on B2 machines (FOBTs), now effective April 2019. Simultaneously, Remote Gaming Duty (RGD) or Point of Consumption Tax on online gaming will increase to 21%, April 2019 (it excludes online sports betting and betting on racing online). It puts operators under pressure to bring forward their own rightsizing plans for their shop estates, with four and a half months remaining before the effective date. We adjust our forecasts for FY19e, given the new effective date, with new price targets attached.

Companies: GVC WMH PPB

  • 21 Nov 18

LIBERUM: NewRiver* - Reassuringly resilient

NewRiver’s first half results are in line with our forecasts, demonstrating relative resilience against a challenging market backdrop and continued positive progress across the portfolio. Underlying profits were stable, excluding prior-year one-offs.

Companies: Newriver Reit
  • 12 Nov 18

Trading since 30 June

Management reported that overall performance since 30 June is consistent with performance seen at the time of the half year results, reported on 23 August. B2B Gaming in line with trends reported at half year and Asia has stabilised at an annual run-rate of €150m. In B2C Gaming, momentum in Snaitech has continued into in the 2H18. TradeTech continued to display positive moment in the 2H18, though market movements favoured customers in September and October. Plus500 shares sold and €530m bond offering completed.

Companies: Playtech
  • 19 Nov 18

BTG - Like a butterfly, set to transform

BTG reported good H119 results headlined by 12% and 35% y-o-y growth in revenues and operating profit, respectively. The performance was driven by volume growth from the Interventional Medicine segment, royalties from Zytiga and cost control. Cash at the end of H119 was $285m and could be a powerful asset in redressing BTG’s uncertainties.

Companies: BTG
  • 16 Nov 18

LIBERUM: Kier Group* - Re-assuring AGM statement

AGM statement guides to in line, and we assume c. 70% weighting to H2 as expected. Average net debt to fall £20m in H1 but we increase our over ambitious FY average net debt from £342m to £365m.

Companies: Kier Group
  • 15 Nov 18

Fidelity China Special Situations - Accessing China’s superior growth prospects

Fidelity China Special Situations (FCSS) aims to provide an attractive way for investors to gain exposure to the faster-growing areas of the Chinese economy, with China’s growing economic influence raising its importance within a balanced portfolio. FCSS’s longer-term performance has been strong – its NAV total return is ahead of the MSCI China index over five years and since its launch in 2010 – but returns are negative over one year, reflecting the Chinese stock market downturn. While market sentiment has suffered due to the US-China trade dispute, earnings forecasts have been largely unaffected, and the manager has used the correction to add to holdings with strong long-term prospects at historically low valuations.

Companies: Fidelity China Special Situations
  • 20 Nov 18

Entertainment One - 2019: Year of the (Peppa) Pig

Entertainment One’s interims are in line with expectations. Our FY19 and FY20 revenue forecasts are trimmed but we have lifted expected margins, leaving EBITDA and EPS broadly unchanged. This reflects the further mix shift to Family & Brands, where good momentum continues behind Peppa Pig and PJ Masks, especially in China. Film & TV is part-way through its transition from distribution to content production, with divisional EBITDA also impacted by an H2-weighted release schedule. The net effect was a group EBITDA margin of 14.8% (H118: 13.3%). Changing consumption patterns provide a strong backdrop to high-quality content providers such as eOne. We regard the shares as attractively priced on earnings and with regard to the portfolio valuation of $2.0bn.

Companies: Entertainment One
  • 15 Nov 18

LIBERUM: Genus* - Reassuring update notwithstanding ASF in China

The summary from the AGM statement is that Genus expects to perform in line with its growth expectations for the current financial year. This is despite further spread of African Swine Fever (ASF) in Chinese pigs which has led to lower PIC profits in the region.

Companies: Genus
  • 16 Nov 18

LIBERUM: Workspace - Outperforming Offices

Workspace continues to deliver strong profit growth. Unlike traditional leased office space, Workspace is confident in the positioning of its product, direct customer relationships, and rising diverse customer base to support its returns. A 70% retention rate demonstrates this is working.

Companies: Workspace Group
  • 05 Oct 18

UK Housebuilding Sector in 3Q 2018…

“It’s like the cow that every single day during 10 years sees the train crossing in front of it at the same time. And if you ask the cow what time is the train going to come, it’s not going to have the right answer. In football it’s the same”.

Companies: ABBY TEF CSP TW/ BWY PSN RDW BDEV MCS BKG GLE SPR

  • 27 Mar 18

LIBERUM: CMC (N/R), IG Group (U/R), Plus500 (BUY)* - ESMA final rules announced

The final measures from ESMA on regulating the provision of CFDs to retail investors in the EU are largely in line with expectations. We expect implementation by July'18.

Companies: PLUS IGG CMCX

  • 14 Nov 18

LIBERUM: Workspace Group* - Strong first half growth

Workspace’s first half results confirm good LFL growth enhanced by strong demand at newly completed refurbishment and redevelopments. NAV +3.7% to 1075p was 1% ahead of our forecast, with earnings +13% and 9% ahead of our forecast.

Companies: Workspace Group
  • 22 Nov 18

LIBERUM: CLS Holdings* - Good operational progress

CLS made good operational progress through Q3 with vacancy falling from 5.7% to 4.3% and new leases agreed 4% ahead of December ERV. The portfolio continued to be actively repositioned with £20m of assets sold ahead of December book value.

Companies: CLS
  • 22 May 18

Entertainment One (ETO) Full year results presentation May 2018

entertainment-one-eto-full-year-results-presentation-may-2018-22-05-2018
  • 22 Nov 18

Assura - Half Year Results 2018

assura-half-year-results-2018-22-11-2018
  • 11 May 18

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

harbourvest-10-years-of-success-and-the-future-of-private-equity-11-05-2018
  • 20 Jul 18

Acacia Mining - H1 2018 Results

acacia-mining-h1-2018-results-20-07-2018
  • 22 Aug 18

Grafton Group - Interim Results 2018

grafton-group-interim-results-2018-22-08-2018
  • 09 Jul 18

Genus PLC - Capital Markets day 2018

genus-plc-capital-markets-day-2018-09-07-2018
  • 23 May 18

Assura - Full Year Results 2018

assura-full-year-results-2018-23-05-2018
  • 13 Jun 18

Executive interview - Britvic

executive-interview-britvic-13-06-2018
  • 11 Dec 17

Capital Network's Ed stacey on Diploma PLC

capital-network-s-ed-stacey-on-diploma-plc-11-12-2017
  • 13 Jun 18

Executive interview - Britvic

executive-interview-britvic-13-06-2018
  • 22 May 18

Entertainment One (ETO) results interview May 2018

entertainment-one-eto-results-interview-may-2018-22-05-2018
  • 22 May 18

Shaftesbury - Half Year Results 2018

shaftesbury-half-year-results-2018-22-05-2018
  • 24 May 16

Entertainment One - Full year results 2015/16

entertainment-one-full-year-results-2015-16-24-05-2016
  • 11 May 18

HVPE results - Yr end 31 Jan 2018

hvpe-results-yr-end-31-jan-2018-11-05-2018
  • 23 May 17

Assura plc - Full Year Results

assura-plc-full-year-results-23-05-2017

Latest Content

Euromoney Institutional Investor

Euromoney Institutional Investor - Pricing power

Euromoney has delivered good FY18 results, with a particularly strong result from the Pricing, Data & Market Intelligence segment. This validates management’s strategy of focusing on specialist, global markets where pricing is opaque and the group can embed itself as an integral part of client work flow. Disposals, along with the inherently strong cash conversion, have provided Euromoney with a significant cash resource of just under £100m. Short term there may be market headwinds, but the group has a proven, resilient business model and the share price should be well underpinned.

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  • 22 Nov 18
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CLS

LIBERUM: CLS Holdings* - Good operational progress

CLS made good operational progress through Q3 with vacancy falling from 5.7% to 4.3% and new leases agreed 4% ahead of December ERV. The portfolio continued to be actively repositioned with £20m of assets sold ahead of December book value.

 View

  • 22 Nov 18
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Assura

Assura - Half Year Results 2018

 View

assura-half-year-results-2018-22-11-2018
  • 22 Nov 18

Newriver Reit

LIBERUM: NewRiver* - Reassuringly resilient

NewRiver’s first half results are in line with our forecasts, demonstrating relative resilience against a challenging market backdrop and continued positive progress across the portfolio. Underlying profits were stable, excluding prior-year one-offs.

 View

  • 21 Nov 18
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CIFU BGLP HICL SYNC

Fidante Daily Digest

Carador Income – October 2018 NAV and partial redemption | Blackstone / GSO Loan Financing – October 2018 NAV | HICL Infrastructure – Interims to 30 September 2018 | Syncona – Interims to 30 September 2018

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  • 21 Nov 18
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Entertainment One

Entertainment One (ETO) H1 results interview November 2018

 View

entertainment-one-eto-h1-results-interview-november-2018-20-11-2018
  • 20 Nov 18

Entertainment One

Entertainment One - 2019: Year of the (Peppa) Pig

Entertainment One’s interims are in line with expectations. Our FY19 and FY20 revenue forecasts are trimmed but we have lifted expected margins, leaving EBITDA and EPS broadly unchanged. This reflects the further mix shift to Family & Brands, where good momentum continues behind Peppa Pig and PJ Masks, especially in China. Film & TV is part-way through its transition from distribution to content production, with divisional EBITDA also impacted by an H2-weighted release schedule. The net effect was a group EBITDA margin of 14.8% (H118: 13.3%). Changing consumption patterns provide a strong backdrop to high-quality content providers such as eOne. We regard the shares as attractively priced on earnings and with regard to the portfolio valuation of $2.0bn.

 View

  • 20 Nov 18
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Entertainment One

Entertainment One (ETO) H1 results presentation November 2018

 View

entertainment-one-eto-h1-results-presentation-november-2018-20-11-2018
  • 20 Nov 18

BTG

BTG - Like a butterfly, set to transform

BTG reported good H119 results headlined by 12% and 35% y-o-y growth in revenues and operating profit, respectively. The performance was driven by volume growth from the Interventional Medicine segment, royalties from Zytiga and cost control. Cash at the end of H119 was $285m and could be a powerful asset in redressing BTG’s uncertainties.

 View

  • 19 Nov 18
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Vietnam Enterprise Investments

Vietnam Enterprise Investments - Correction presents long-term opportunities

Vietnam Enterprise Investments (VEIL) was launched in 1995 and became a member of the FTSE 250 in July 2017. It is the largest and longest established closed-ended fund focused on investing in Vietnam equities. The fund’s objective is to generate long-term capital growth through applying a rigorous, bottom-up approach to selecting companies that can benefit from the underlying secular drivers of the country’s growth. Unconstrained by benchmark weightings, the portfolio of 35–40 high-conviction stocks often differs meaningfully from the VN Index. VEIL has generated strong absolute gains over the long term, and over 10 years has delivered annualised returns of 14.2%. The VN Index peaked in April 2018, following which it has corrected c 24% to a level that, according to the manager, presents exciting long-term investment opportunities.

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  • 19 Nov 18
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