UK250

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

01 Apr 20

A seismic shift in the way we live and work

The Coronavirus pandemic is a human tragedy of vast proportions – as well as the terrible human toll, COVID-19 has led to economies across the globe going into physical lockdown and financial freefall. Entire populations are adapting to the “stay at home” edict, to safeguard the vulnerable – and some of these changes will lead to long-lasting or perhaps permanent changes in the way we live or work. This note describes some of our client companies whose business models are well adapted to these changes, or who might see a change in long-term structural demand.

Companies: AMO BGO FDM GAMA KAPE LOOP TERN ZOO

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

16 Mar 20

LIBERUM: Plus500* - Superior Platform in a Perfect Storm

Favourable trading conditions have led to Plus500 issuing its second trading update in less than a month. Not only has the recent surge in volatility resulted in a significant increase in client activity, the strength of the group’s platform and brand has helped it deliver stronger user growth during Q1’20. The combination of the strong financial and operational performance sees us upgrade our FY20 PBT estimate by 52%. Despite the clear opportunity for the company to continue to win market share and deliver profitable growth, the shares trade on just 6.6x CY21 earnings. As a result, we reiterate our BUY rating and increase our TP to 1450p (from 1000p).

Companies: Plus500

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

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

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from AAL, SSE, CCH, NXT, FLTR, MGGT, PHP, RMG, BBY, RDW, DOM,WJG, GATC,

Companies: Primary Health Properties

15 Jan 20

Games Workshop Group - ‘Record sales and profit’ again

Games Workshop’s (GAW) interim results are ahead of expectations. The highest rates of revenue growth were achieved in the channels with the highest operating margins, ie Trade (40% margin) and Online (64% margin). This has produced a strong improvement in free cash flow generation and ROCE has improved from 96% to 111%. We upgrade our forecasts for FY20 and FY21 by a further 3% following the 9% upgrade in November. Our DCF-based valuation increases by 11% to 5,748p.

Companies: Games Workshop Group

23 Mar 20

LIBERUM: NewRiver* - Pubs closed, which has been planned for

Following the UK Government announcement on Friday, NewRiver has closed its Community pub business with immediate effect. This had been anticipated.

Companies: Newriver Reit

27 Feb 20

Powering through

Drax reported a set of FY19 results which were in line with expectations. EBITDA increased by +64% to £410m and EPS tripled to 29.9p (5% higher than the consensus at 28.4p). The proposed dividend is in line with expectations (15.9p). The main contributor to this growth was the Production division (+52% in H2) on the back of a slight positive volume effect (pellet production was up by 4%) and a reduction in the costs of production by 3%.

Companies: Drax Group

28 Feb 20

LIBERUM: Plus500* - Trending substantially ahead

A positive trading update two months into the quarter is remarkable, but should be unsurprising given much higher volatility across so many asset classes. Customer Income is likely to be much higher than the $92m we had for Q1, on the way to $354m revenue for the full year, however for now we leave numbers unchanged.

Companies: Plus500

16 Mar 20

Cenkos: Oil & Gas Sector - Diversified Gas & Oil, UK Oil & Gas, Trinity Exploration & Production, Tullow Oil, Cairn Energy, Pharos Energy, Vaalco Energy, Transglobe Energy, Valeura Energy, Touchstone Exploration, Serica Energy, Gran Tierra Energy, EnQuest

Oil posted the biggest weekly plunge since 2008, capping its most dramatic week in recent memory as major producers prepare to drench the market with supply just as the coronavirus crushes demand. But prices jumped following the close, after President Donald Trump said the U.S. would fill the nation's strategic reserve. Losses for the week totalled 23% after the collapse of talks between members of the OPEC+ group triggered the biggest crash in a generation. Instead of reaching a deal to cut output to mitigate the fallout from the virus, producers led by Saudi Arabia and Russia embarked on a war for market share and pledged to pump more.

Companies: TGL TXP VLU EGY GTE CNE DGOC ENQ SQZ UKOG TRIN TLW PHAR

24 Mar 20

Greggs - Protecting employees and customers

COVID-19 will have an uncertain but important impact on Greggs' profitability in FY20. The profit and cash flow impact of lost sales will be mitigated by internal initiatives and government support on operating costs (rates and employees). The strong balance sheet means that Greggs is well placed for tougher times. Our forecasts are now under review and we are planning to publish a note to update them shortly.

Companies: Greggs

25 Mar 20

The Industrial Revelation

US & German manufacturing PMI hits lowest readings since 2009, UK manufacturing PMI heads below 50, BorgWarner expects material financial impact from customer production halts

Companies: AVON CGS HAYD HEAD HILS JHD RNO SCPA TWD TRI ZTF SOM GHH

27 Mar 20

LIBERUM: Podcast: Best idea of the week - CLS and the Real Estate Sector

Best idea of the week - CLS and the Real Estate Sector

Companies: CLS

01 Apr 20

Change is a coming

Following an excellent year of performance during 2019 (a net asset value (NAV) total return of 27.5%), Herald Investment Trust (HRI) has seen its discount widen and the value of its portfolio companies fall since the outbreak of covid-19.

Companies: Herald Investment Trust

20 Jun 18

Bank of Georgia and Georgia Capital - Welcome Ceremony

02 Apr 20

Primary Health Properties 'in robust shape' and playing its part in fight against outbreak

16 Apr 18

Executive interview - PPHE Hotel Group

10 Mar 20

How is Inchcape PLC enhancing future shareholder returns? (Interview)

Premium

12 Feb 20

Executive interview - Britvic

10 Mar 20

How Inchcape PLC is enhancing future shareholder returns

Premium

14 Jun 17

Interview with Zillah Byng-Thorne, CEO of Future with N+1 Singer analyst Johnathan Barrett

04 Mar 20

Vivo Energy - FY 2019 results video

12 Feb 20

Primary Health Properties - Full Year Results

27 Feb 20

Plenty more deals in the pipeline for Greencoat UK Wind PLC says manager

24 Jan 20

Ultra Electronics (ULE) Capital Markets Day January 2020

27 Feb 20

Grafton Group plc - Final Results 2019

24 Mar 20

Morning Report: Mike Ashley’s Sports Direct to keep its stores open despite lockdown

25 Feb 20

Primary Health Properties looks ahead to higher rental growth and strong pipeline of opportunities

05 Mar 20

Premier Oil - Full Year Results 2019

Latest Content

Oil & Gas Daily Flow

Energean Oil & Gas (ENOG LN): Algerian Assets removed from Edison acquisition | Tullow Oil (TLW LN): RBL redetermined, further capex savings identified | Lekoil (LEK LN): G&A reduced by US$8m per annum

ENOG TLW LEK

03 Apr 20
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Hunting

Dividend revision

Hunting

03 Apr 20
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Primary Health Properties 'in robust shape' and playing its part in fight against outbreak

Primary Health Properties

02 Apr 20

Genesis Emerging Markets Fund - Depressed sentiment belies bright outlook

Launched in 1989, Genesis Emerging Markets Fund (GSS) is one of the first UK-listed funds focused on investing in equities in emerging and developing countries. Its primary objective is to deliver long-term capital growth through a bottom-up approach to investing in high-quality companies with sustainable earnings growth. GSS has a solid performance track record, and has outperformed its benchmark over one, three, five and 10 years to end-February. Emerging markets equities have suffered a significant setback in response to the COVID-19 pandemic and the fund’s discount to NAV is wider than average, which may present an opportunity for long-term investors.

Genesis Emerging Markets Fund

01 Apr 20
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A seismic shift in the way we live and work

AMO BGO FDM GAMA KAPE LOOP TERN ZOO

01 Apr 20
-

THE MONTHLY April 2020

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

01 Apr 20
-

Change is a coming

Following an excellent year of performance during 2019 (an nav total return of 27.5%), Herald Investment Trust (HRI) has seen its discount widen and the value of its portfolio companies fall since the outbreak of covid-19.

Herald Investment Trust

01 Apr 20
-

Change is a coming

Herald Investment Trust

01 Apr 20
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LIBERUM: Podcast: Best idea of the week - CLS and the Real Estate Sector

Best idea of the week - CLS and the Real Estate Sector

CLS

27 Mar 20
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LIBERUM: Clarkson* - Dividend deferred as a precaution, continuing to trade effectively

In light of the current COVID-19 uncertainty, Clarkson has decided to withdraw the AGM resolution for its previously-declared final dividend. A decision on the amount and timing of the dividend will be deferred until later in the year, when the outlook is clearer.

Clarkson