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

  • 18 Oct 17

PG:GP – Issue 5

We upgrade our sector stance to POSITIVE, as the next 9 months is due to be a strong period for UK life science company news, with multiple significant trial readouts expected, companies generally well-funded and many of the headwinds seen in previous quarters easing.

Companies: ABC AMS AGY ANCR BTG C4XD CTH CSRT DPH DNL EKF FARN HZD HCM IMM MXCT MTPH PLI SCLP VEC VLG VER

  • 20 Oct 17

UK Food to Go

Ongoing labour cost challenges, higher input costs, sustained brisk organic sales volume growth and further room for innovation at both product and distribution level were the key investment features of the 2018 British Sandwich & Food to Go Association AGM and Conference, which was held in London yesterday. Moreover, the association had strong messages on food waste reduction and CSR, both of which are important as the industry body continues to lobby the UK government hard ahead of Brexit. The chief UK listed plays on Food to Go are Greencore (GNC LN, BUY, 310p), Cranswick (CWK LN, HOLD, T/P 2700p) and potentially Produce Investments (PIL LN, BUY, T/P 240p). Our overall industry stance remains positive.

Companies: GNC CWK PIL

  • 05 Oct 17

Conviction List Q4 2017

Since its inception in 2010, the Panmure Gordon Conviction List has outperformed the market, returning 278% against a Small Companies index that would have returned 232% over the same period. Our Q4 portfolio reflects our view that the UK equity market stands to benefit from a coordinated upturn in global growth. Low nominal fixed income spreads continue to provide a valuation underpin for global equities. There are increasing signs that the world’s central bankers are making a concerted effort to wean markets off near zero interest rates. However with global debt exceeding 200% of GDP and unfavorable demographic trends, we think their chances of rapid progress are slim.

Companies: CPI CTH CINE JE MJW NOG RPC VM/ XAR

  • 10 Oct 17

UK Housebuilding Sector: Q3 2017

‘The $64,000 Question’

Companies: ABBY BDEV BWY BKG BVS CRN CSP CRST GLE INL MCS PSN RDW TW/ TEF WJG

  • 16 Aug 17

Online push cont’d

Segro posted its first half 2017 results. Adjusted EPS was up by 3.2% to 9.7p against 9.4p yoy, incorporating the new shares issued in the March rights issue. The vacancy rate remains low at 5.5% against 5.7% in FY16. LTV stood at 29% vs 33% in FY16. EPRA NAV was up by 5.4% to 504p (vs 478p in FY16). The board proposed an interim dividend of 5.25p per share, up by 5% from the previous year. The group’s property portfolio was valued at £7.3bn at H1 17 (+4.9% lfl), of which a £5bn portfolio of warehouse properties in the UK and Continental Europe.

Companies: SEGRO
  • 23 Oct 17

UK E&P

In this short note we update our oil price deck, to bring it more inline with consensus. Although we still believe there may be the “shale ceiling”, we believe the risk that Brent crude falls below $50/bbl again has diminished substantially. Whilst there has been a lot of recent speculation around EVs and peak demand, we see upside risk to the oil price in the short to medium term, and as such we believe many of the E&P names, which have production profiles peaking in that time frame, are well placed to exploit this timing, without suffering the longer term strategic issues Big Oil may face.

Companies: CNE ENQ FPM TLW

  • 17 Oct 17

Panmure Morning Note 17-10-2017

Virgin Money 3Q17 net lending is up 15.1% YoY to £35.8bn (2% ahead of our forecasts) with mortgages up 13.9% to £32.9bn and credit card balances increasing by 31.3% to £2.9bn. Gross mortgage lending at end of 3Q17 was £6.5bn (flat YoY), although equivalent to a market share of 3.5% (and at top end of management guidance 3.5%). Net interest margin (NIM) is in line with FY2017 guidance of c1.57%. Costs are in line with management expectation with cost income ratio having improved further. Credit quality has remained stable with cost of risk and consistent with full year guidance (of c15bp) which should help allay recent market concerns regarding growth in consumer credit. FY2017E CET1 ratio is expected to be c13.5% which is 20bp better than our forecasts. Overall, Virgin Money continues to maintain a solid double digit 2017E RoTE. At FY2017E PE and P/TBV of 8.0 and 1.0 for RoTE of 13.4%, we maintain our BUY rating with TP of 400p.

Companies: Virgin Money
  • 23 Oct 17

Cyber Bytes

In this Cyber Bytes we flag to investors the potential hit to PBT from cyber attacks, as seen at Reckitt Benckiser and Merck. Equifax continues to suffer from the impact of its major data breach – and the way this was handled. On 26 September, its CEO followed colleagues by falling on his sword and was subsequently roundly criticised by Congress. Elsewhere, the cost of cyber crime continues to rise (+23% YoY) and firms operating in Europe are (finally) waking up to the implications of GDPR/cyber risks – and considering buying insurance.

Companies: Beazley Hiscox

  • 18 Oct 17

N+1 Singer - Rathbone Brothers - FuM +2.5% in Q3, Investment Management net inflows remain modest

Group FuM grew by 2.5% to £37.5bn in Q3. Investment management organic net inflows totalled 2.5% annualised on opening FuM vs our 3% assumption. Total net operating income grew by 7.0% yoy to £70.5m, driven by fee income growth alongside continued decline in commission income. We do not expect to make material changes to our forecasts. We reiterate our SELL recommendation with a 2100p 12m Target Price (16x FY18e PER), as margin weakness and low earnings growth weigh on the outlook.

Companies: Rathbone Brothers
  • 29 Sep 17

“Assembled Here Together”

A debate about why major US food manufacturers’ margins appear consistently higher than those achieved in Europe is, in our view, worth having. In particular, should greater willingness to outsource production processes and focus more on marketing, new product development, finance and strategic M&A be the answer, there could be significant revenue growth opportunities for those who act as food industry solution providers.

Companies: BN NESN ULVR CA GNC PIL CWK

  • 22 Sep 17

Lunch! Exhibition Reaffirms UK Momentum

British Sandwich Association led Food to Go trade fair “Lunch!” opened at the Excel Exhibition Centre in London yesterday. Key messages in the plenary sessions remain positive for Food to Go category volume growth. Lunchtime purchases should be the strongest performer. Costs continue to be voiced as a concern - not just labour but also some key ingredients such as butter.

Companies: Greencore Group
  • 01 Aug 17

Keeping the Top Line Flavour

Greencore’s (GNC LN, BUY, T/P 310p) trading statement last Thursday 27th July reported strong UK Food to Go growth and updated on progress in the USA. The company announced revenue increased 11.8% on a pro forma basis. In this Quick Sharpener we update our forecasts – refer to exhibit 1. Revenue is maintained but diluted adjusted EBIT is reduced in both FY2017 and FY2018.

Companies: Greencore Group
  • 16 Oct 17

HCM Update 16.10.17 (HAS.L, NBB.L, PAGE.L, PRP.L, RWA.L) RM

Hays plc (HAS.L, 190p/£2.8bn) Q1 Trading Update (12.10.17) | Norman Broadbent plc (NBB.L, 11p/£4.6m) Appointment of CFO and COO (05.10.17) | PageGroup plc (PAGE.L, 477p/£1.6bn) Q3 Trading Update (11.10.17) | Prime People plc (PRP.L, 97.5p/£11.9m) Acquisition (11.10.17) | Robert Walters plc (RWA.L, 589p/£443m) Q3 Trading Update (10.10.17) | Report on Jobs September 2017 (06/10/17)

Companies: HAS NBB PAGE PRP RWA

  • 24 Aug 17

Panmure Morning Note 24-08-2017

OneSavings bank’s 1H17 underlying PBT of £78.4m (up 20% YoY) is 2% ahead of consensus (and 1% ahead of PG of £77.3m) with good underlying trends across the board. Customer loans grew by 21% YoY to £6.5bn, with NIM at 3.22% (consensus on 3.3%, PG 3.27%). Loan origination was up 26% to £1.2bn, with BTL up 36% to £4.8bn and Residential mortgages down 5% to £1.8bn. Credit quality was very good with cost of risk of only 4bp, down 15bp YoY. Cost income ratio remained very low at 28% helping the group to achieve an underlying RoE of 28%, ahead of our forecast of 27%. Balance sheet was strong with TNAV increasing by c10% HoH to c178p and CET1 ratio was 13.7% (Cf. PG and cons. at 13.5%), with DPS of 3.5p being in line with consensus forecasts. Overall, a reassuring set of results with strong growth continuing despite strong comparisons and worries regarding BTL slowdown. OSB trades on reported P/TBV of 2.0 with underlying RoTE of 27%.

Companies: Onesavings Bank
  • 24 Oct 17

Panmure Morning Note 24-10-2017

Ultibro in-market sales are encouraging, though Q3 headline numbers as reported by Novartis are less exciting. Supports FY estimates. Confirmation on timing of VR315 resubmission in the US continues to be expected prior to the year end. Maintain BUY.

Companies: Vectura Group
  • 23 May 17

Assura plc - Full Year Results

assura-plc-full-year-results-23-05-2017
  • 24 Jul 17

Acacia Mining - Half Year Results 2017

acacia-mining-half-year-results-2017-24-07-2017
  • 31 May 17

LondonMetric - Full Year Results 2016/17 CEO Interview

londonmetric-full-year-results-2016-17-ceo-interview-31-05-2017
  • 07 Mar 17

Grafton Group - Full year results 2016

grafton-group-full-year-results-2016-07-03-2017
  • 31 Aug 17

Grafton Group - Interim Results 2017

grafton-group-interim-results-2017-31-08-2017
  • 25 May 16

Shaftesbury PLC - Half Year Results 2015/16

shaftesbury-plc-half-year-results-2015-16-25-05-2016
  • 28 Sep 17

HarbourVest - Company Overview

harbourvest-company-overview-28-09-2017
  • 24 May 16

Entertainment One - Full year results 2015/16

entertainment-one-full-year-results-2015-16-24-05-2016
  • 30 Nov 16

LondonMetric - Half year results

londonmetric-half-year-results-30-11-2016
  • 02 May 16

Bitesize Briefings - GVC Holdings

bitesize-briefings-gvc-holdings-02-05-2016
  • 23 May 17

EntertainmentOne - Final Results

entertainmentone-final-results-23-05-2017
  • 09 Dec 15

Entertainment One - Bond issue update

entertainment-one-bond-issue-update-09-12-2015
  • 22 Nov 16

Entertainment One - Interim results 2015/16 Highlights

entertainment-one-interim-results-2015-16-highlights-22-11-2016
  • 26 Nov 15

LondonMetric - Half year results

londonmetric-half-year-results-26-11-2015
  • 01 Jun 16

LondonMetric - Full year results 2016 video

londonmetric-full-year-results-2016-video-01-06-2016

Latest Content

Vectura Group

Panmure Morning Note 24-10-2017

Ultibro in-market sales are encouraging, though Q3 headline numbers as reported by Novartis are less exciting. Supports FY estimates. Confirmation on timing of VR315 resubmission in the US continues to be expected prior to the year end. Maintain BUY.

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  • 24 Oct 17
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PTR TETY TLW

GMP FirstEnergy ― UK Energy morning research package

Aker BP (AKERBP NO) (not covered): Acquires Hess Norge | La Francaise de l’Energie (LFDE FP)7 ; Speculative Buy, EUR40.00 : Large reserves increase in Nord Pas de Calais | PetroNeft Resources (PTR LN) (not covered): Completion of testing of S-375s well in Russia | Tethys Oil (TETY SS)6 ; HOLD, SEK50: September Production in Oman | Tullow Oil (TLW LN); Reduce, £1.85: Readthrough valuation from Kosmos Energy’s transaction in the Gulf of Guinea

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  • 24 Oct 17
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Mediclinic InternationalSpire Healthcare Group

Spire Healthcare jumps 11% after rejecting Mediclinic's takeover offer

The Board said the cash and stock offer from Mediclinic "significantly undervalues Spire and its prospects".

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  • 23 Oct 17
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Beazley Hiscox

Cyber Bytes

In this Cyber Bytes we flag to investors the potential hit to PBT from cyber attacks, as seen at Reckitt Benckiser and Merck. Equifax continues to suffer from the impact of its major data breach – and the way this was handled. On 26 September, its CEO followed colleagues by falling on his sword and was subsequently roundly criticised by Congress. Elsewhere, the cost of cyber crime continues to rise (+23% YoY) and firms operating in Europe are (finally) waking up to the implications of GDPR/cyber risks – and considering buying insurance.

 View

  • 23 Oct 17
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SSY SOLI PDL AGL ODX RGD FDI TRAK

Morning Note

SCISYS* (SSY): Good heavens (CORP) | Solid State* (SOLI): Half-year update signals shift in business mix (CORP) | Petra Diamonds (PDL): Q1 trading update (BUY) | ANGLE* (AGL): New application for Parsortix harvesting cells from bone marrow (CORP) | Omega Diagnostics* (ODX): Half-year trading update (CORP) | Real Good Food* (RGD): Significant reduction in guidance (CORP) | Firestone Diamonds (FDI): Q1 trading update (U/R) | Trakm8* (TRAK): H1 is on Trak (CORP)

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  • 23 Oct 17
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Petra Diamonds

Q1 Trading update

Petra’s Q1 trading update, given the difficulties already announced, merely confirms much of what we already know. Positively, the weighting of higher value undiluted ore continues to increase, largely offsetting seasonally weaker diamond pricing. We reiterate our Buy recommendation and 98p target price.

 View

  • 23 Oct 17
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CNE ENQ FPM TLW

UK E&P

In this short note we update our oil price deck, to bring it more inline with consensus. Although we still believe there may be the “shale ceiling”, we believe the risk that Brent crude falls below $50/bbl again has diminished substantially. Whilst there has been a lot of recent speculation around EVs and peak demand, we see upside risk to the oil price in the short to medium term, and as such we believe many of the E&P names, which have production profiles peaking in that time frame, are well placed to exploit this timing, without suffering the longer term strategic issues Big Oil may face.

 View

  • 23 Oct 17
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ESVSEEPLIFARNCSRTBTGAMSPHTMSYMDPHLGTEKFANCRRGDIMMVECAGYTSTLCTHBOTBDOTDVERBVXPSCLPABCFULDNLVLGHZDSHOECAKEC4XDSCSMTPHIDPRBGFISHHOTCJOULHCMMXCT

Most popular equity research this week | 16 - 20 Oct

See what's trending this week...

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  • 20 Oct 17
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GNC CWK PIL

UK Food to Go

Ongoing labour cost challenges, higher input costs, sustained brisk organic sales volume growth and further room for innovation at both product and distribution level were the key investment features of the 2018 British Sandwich & Food to Go Association AGM and Conference, which was held in London yesterday. Moreover, the association had strong messages on food waste reduction and CSR, both of which are important as the industry body continues to lobby the UK government hard ahead of Brexit. The chief UK listed plays on Food to Go are Greencore (GNC LN, BUY, 310p), Cranswick (CWK LN, HOLD, T/P 2700p) and potentially Produce Investments (PIL LN, BUY, T/P 240p). Our overall industry stance remains positive.

 View

  • 20 Oct 17
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ACA BCN JAY

SP Angel – Morning View

Acacia Mining (ACA LN) – Q3 revenue and EBITDA fall in response to concentrate export ban | Bacanora Minerals (BCN LN) – Approval of Sonora Lithium Project Environmental Impact Study | BlueJay Mining* (JAY LN) STRONG BUY, Target Price 24p – Director buying

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  • 20 Oct 17
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