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 Jul 18

Quarterly Research Outlook

In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a risk going forward.

Companies: AMER EMR HMI JOG PDG ABBY AMS AVON BLVN PIER CGS CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO GTLY GENL GOR GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA PKG CAKE PDG RBW REDD RSW RNO RKH ROR SUS SCPA SHG SIV TRAK TRI VTC ZTF

  • 04 Jul 18

UK Housebuilding Sector in 2Q 2018

This VAR was conceived in 2010 by the Royal Netherlands Football Association (KNVB) but it was seven years later, in April 2017, that it had its professional club competition debut in the A-League in Australia in a match between Melbourne and Adelaide.

Companies: CSP WJG TEF ABBY INL CRST BWY MCS BKG

  • 02 Jul 18

H1 Review

Best Ideas - 2018 H1 Review

Companies: SAA VP/ GLE AMO IOM HSP CVSG EKF PGIT VRP RLM AVG SOG DNLM SFR YU/ CBP

  • 19 Jul 18

LIBERUM: Sports Direct* - FY18 beat, upgrades and improved guidance

FY18 EBITDA increased 12.2% YoY leading to Adj. PBT up 34.5% to £152.9m. This is a strong outcome, some 23% ahead of our forecasts. When one considers the heavy lifting as the strategic shift to the elevated store and online offering continues and the retail backdrop during the year, this is a commendable achievement with revenues marginally higher.

Companies: Sports Direct International
  • 18 Jul 18

Robust Q2 trading, helped by the FIFA World Cup

GVC released another robust set of trading figures for the three months to 30 June 2018: Group NGR up 12% at cc Online NGR up 25% at cc UK Retail NGR up 2%

Companies: GVC
  • 21 Nov 16

Joy of Techs

ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.

Companies: 7DIG AMO ARTA BVC BOTB CTP CITY D4T4 DTC DOTD EGS ELCO ESG FDSA FDEV GBG IDEA IDOX IMTK IMG IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP WAND ZOO ARC ONEV

  • 12 Jul 18

The right place at the right time

Grainger is the UK’s largest listed residential landlord, with a property portfolio of over 9,000 rental homes valued at £2.3bn. It has a strategy to invest £850m in the Private Rented Sector (PRS) by 2020, and having secured over 85% of this, and with the capacity to fund an additional £350m, we believe that Grainger is set to capitalise on the expansion of the PRS market. The shares currently trade at a marginal discount of 1.0% to the HY18 adjusted NAV. We believe that this does not fully appreciate the growth potential of the PRS sector and the benefits this brings to Grainger’s new strategy.

Companies: Grainger
  • 13 Jul 18

LIBERUM: Workspace Group* - In demand

Sustained good demand for new and existing space through Q1 provides reassurance in our full year forecasts. Enquiry levels remain robust ~1,000 per month.

Companies: Workspace Group
  • 16 Jul 18

HCM UPDATE - 16.07.18 (CPS.L, HAS.L. NAK.L, PAGE.L, RWA.L)

CPL Resources plc (CPS.L, 530p/£144m) Trading update (12.07.18) | Hays plc (HAS.L, 208p/£3,013m) Q4 trading update (13.07.18) | Nakama Group plc (NAK.L, 0.9p/£1.1m) Trading update (11.07.18) | PageGroup plc (PAGE.L, 595p/£1,949m) Q2 trading update (11.07.18) | Robert Walters plc (RWA.L, 754p/£570m) Q2 trading update (10.07.18)

Companies: CPS HAS NAK PAGE RWA

  • 18 Jul 18

LIBERUM: NewRiver* - Resilient trading and growing development potential

NewRiver continues to deliver positive letting activity alongside high stable occupancy reflecting its convenience offer, low rents, asset management and careful stock selection. In addition to resilient trading, good progress has been made on developments, with the residential potential more than doubled and capable of generating significant profits.

Companies: Newriver Reit
  • 18 Jul 18

Football WC18 boosts margins & volumes

Positive 1H18 update from GVC, where the Football WC18 has helped boost margins & volumes, particularly online, we estimate c. £23m boost to online NGR in 1H18. 1H18 Online NGR +20% YoY in cc, UK retail improved in 2Q18 and 1H18 NGR -3% YoY (1Q18 was - 5% due to weather), Europe retail continues double digit growth NGR +26% YoY in cc. Total group NGR was +8% YoY in cc. Should see benefits from WC18 in 3Q18 (latter stages of tournament). Interims due 13 September with 3Q update.

Companies: GVC
  • 19 Jul 18

UK late period slowdown, Europe on-track

This update will probably be viewed with short term caution as UK sales growth has slowed in June and the benefit from the World Cup comes into question. Europe looks good to us and that is where the upside from future scalability will emanate to drive re-rating if that happens. Sales in 1Q were +8% in the UK and +46% ex currency in Europe. There may be a negative read-across into Dixons Carphone (DC LN, 182p, Hold, TP 185p).

Companies: AO World
  • 04 Jul 18

Dignity Decree on advertising in Italy

Coalition government in Italy will introduce a blanket ban on advertising which is to take effect from June 2019. Decree outlaws all forms of advertising of gambling across all media (television, radio, internet) and includes prohibition of gambling sponsorships in football. State run national lottery exempt.

Companies: Playtech
  • 19 Jun 18

Cenkos: Real Estate Sector -- Suspend coverage

Due to a change in sector focus Cenkos Securities plc has suspended coverage on the following stocks (see table 1). Our previous recommendation and forecasts can no longer be relied upon.

Companies: BLND CAPC DLN GPOR HMSO INTU LAND WKP LMP SGRO SHB UTG

  • 04 Jul 18

John Laing Group - Investments markets remain strong

John Laing Group’s (JLG) pre-close statement maintained guidance for FY18 investment commitments and realisations at £250m. The investment pipeline and the market for secondary assets are reported to be “strong” and the portfolio continues to become increasingly diversified geographically. With a strong market background and the financial strength to exploit market opportunities, we see scope for JLG to close the valuation gap to NAV and its peers.

Companies: John Laing Group
  • 23 May 17

Assura plc - Full Year Results

assura-plc-full-year-results-23-05-2017
  • 30 May 18

LondonMetric Property PLC - Full Year Results 2018 interview

londonmetric-property-plc-full-year-results-2018-interview-30-05-2018
  • 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
  • 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
  • 22 May 18

Entertainment One (ETO) Full year results presentation May 2018

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

Bank of Georgia and Georgia Capital - Welcome Ceremony

bank-of-georgia-and-georgia-capital-welcome-ceremony-20-06-2018
  • 11 May 18

HVPE results - Yr end 31 Jan 2018

hvpe-results-yr-end-31-jan-2018-11-05-2018
  • 09 Jul 18

Genus PLC - Capital Markets day 2018

genus-plc-capital-markets-day-2018-09-07-2018
  • 01 Mar 18

Grafton Group - Full year results 2017

grafton-group-full-year-results-2017-01-03-2018
  • 27 Dec 17

Highlights 2017: Hays plc - Investor day highlights

highlights-2017-hays-plc-investor-day-highlights-27-12-2017
  • 12 Feb 18

Acacia Mining - 2017 Final Results

acacia-mining-2017-final-results-12-02-2018
  • 23 May 18

Assura - Full Year Results 2018

assura-full-year-results-2018-23-05-2018
  • 28 Nov 17

Shaftesbury - Full Year Results 2017

shaftesbury-full-year-results-2017-28-11-2017
  • 29 Nov 17

LondonMetric - Half Year 2017/18

londonmetric-half-year-2017-18-29-11-2017

Latest Content

HMIAPCAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMPACMKLWOXIGPKGSNXSCPARSWRNOSUSSIVTRIVTCZTFFPMDEMGAMOEMRBLVNHDYBGOSHGRKHJHDTRAKDTGLAMPDGLSAICALLHURIOGPCAEUSPCDMPIERHAYDFDMREDDCAKENAHSPERORGTLYECSCGETBFUTRGORINDIIBPORBWABBYKETLJELGENLABCBGEEC

Most popular equity research this week | 16 - 20 July

See what's trending this week...

 View

  • 20 Jul 18
  • -
  • -

Acacia Mining

Acacia Mining - H1 2018 Results

 View

acacia-mining-h1-2018-results-20-07-2018
  • 20 Jul 18

Sports Direct International

LIBERUM: Sports Direct* - FY18 beat, upgrades and improved guidance

FY18 EBITDA increased 12.2% YoY leading to Adj. PBT up 34.5% to £152.9m. This is a strong outcome, some 23% ahead of our forecasts. When one considers the heavy lifting as the strategic shift to the elevated store and online offering continues and the retail backdrop during the year, this is a commendable achievement with revenues marginally higher.

 View

  • 19 Jul 18
  • -
  • -

AO World

UK late period slowdown, Europe on-track

This update will probably be viewed with short term caution as UK sales growth has slowed in June and the benefit from the World Cup comes into question. Europe looks good to us and that is where the upside from future scalability will emanate to drive re-rating if that happens. Sales in 1Q were +8% in the UK and +46% ex currency in Europe. There may be a negative read-across into Dixons Carphone (DC LN, 182p, Hold, TP 185p).

 View

  • 19 Jul 18
  • -
  • -

Euromoney Institutional Investor

Euromoney Institutional Investor - On track

Euromoney's Q3 trading update shows little change from the position at the interims in May, with overall underlying revenues flat. This, however, masks divergent segmental performances. Structural issues in the asset management sector persist, while the pricing, data and market-intelligence subscription revenues are relatively robust. The net result is no change to our full year or prospective forecasts. The group’s cash position of £94.1m at end June reflects the GMID proceeds and gives plenty of scope for M&A. News on this may be a catalyst for closing the rating discount to peers.

 View

  • 19 Jul 18
  • -
  • -

HUM HNR AO/ CAR GSH AMYT TAX LID SPE BHRD

Small Cap Breakfast

CentralNic-Schedule 1 from the business operating in proprietary retail platforms selling domain names and associated web presence services including hosting and email on a subscription basis, has acquired KeyDrive S.A which constitutes a RTO. Raising £24m at 52p, combined market cap of £88.7m Trackwise—established business that manufactures specialist products using printed circuit technology. Offer TBA. Due Late July Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July Nucleus Financial—independent wrap platform provider . FYDec17 revs £40.36m and PBT of £5.1m. Offer TBA. Due late July. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

 View

  • 19 Jul 18
  • -
  • -

Newriver Reit

LIBERUM: NewRiver* - Resilient trading and growing development potential

NewRiver continues to deliver positive letting activity alongside high stable occupancy reflecting its convenience offer, low rents, asset management and careful stock selection. In addition to resilient trading, good progress has been made on developments, with the residential potential more than doubled and capable of generating significant profits.

 View

  • 18 Jul 18
  • -
  • -

GVC

Football WC18 boosts margins & volumes

Positive 1H18 update from GVC, where the Football WC18 has helped boost margins & volumes, particularly online, we estimate c. £23m boost to online NGR in 1H18. 1H18 Online NGR +20% YoY in cc, UK retail improved in 2Q18 and 1H18 NGR -3% YoY (1Q18 was - 5% due to weather), Europe retail continues double digit growth NGR +26% YoY in cc. Total group NGR was +8% YoY in cc. Should see benefits from WC18 in 3Q18 (latter stages of tournament). Interims due 13 September with 3Q update.

 View

  • 18 Jul 18
  • -
  • -

Sdx Energy Tullow Oil

GMP FirstEnergy ― UK Energy morning research package

SDX Energy (SDX LN/CN)1,6 ; BUY, £0.80: US$10 mm credit facility signing | Tullow Oil (TLW LN); REDUCE, £2.10: Negative arbitration results against Kosmos Energy (KOS LN/US) (not covered)

 View

  • 18 Jul 18
  • -
  • -

GVC

Robust Q2 trading, helped by the FIFA World Cup

GVC released another robust set of trading figures for the three months to 30 June 2018: Group NGR up 12% at cc Online NGR up 25% at cc UK Retail NGR up 2%

 View

  • 18 Jul 18
  • -
  • -

Real-time access to the latest equity research, for the first time.

📑🔎📊📈

Historically, Private Investors have had access to significantly less professional investment research and information than institutions, funds, and banks. At Research Tree, we're trying level that playing field by aggregating the latest equity research & video content from over 400 analysts at 35+ City brokerages and research houses in one platform. 

 

Our goal is simple: provide retail and institutional investors with full access to the latest valuations, target prices, analysis, and financial models on the companies they care about, in real-time.

 

Our Partners

🏛

Research Tree aggregates the latest equity research from over 400 analysts at 35+ City brokerages and research houses in one platform, giving users full access to the latest valuations, target prices, analysis, and financial models on the companies they care about, in real-time.