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

21 Jan 19

LIBERUM: The 4S’s - The negative working capital model in Construction is changing

Four measures are being considered to protect the supply chains in the wake of the Carillion collapse, a year or so ago; 1) Project Bank Accounts, 2) The Prompt Payment Code; 3) Retentions Reform; and 4) Assigning non-executives for the supply chain. (Read here). This means that in most cases, Costain is an exception, working capital will become less negative, which has a negative impact on cash flows, while Construction companies grow.

Companies: AA/ BAB BBY CPI COST GFRD HSV IRV KLR KIE MER MTO MGNS PAY RPS SRP STAF

14 Jan 19

Opportunity knocks

We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.

Companies: BCA CLIN CLG CBP DNLM EAH FDL FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

17 Jan 19

Solid Q4 results despite tough comparatives

GVC released a robust set of Q4 results, marked by continued momentum in the online business (NGR +15%) driven by both sports and gaming brands, more than offsetting the softer results in the EU and UK retail divisions, which were both down by a single-digit. The group guided for a FY18 EBITDA of £750-55m, above our expectations and above Bloomberg’s £739m consensus.

Companies: GVC

14 Jan 19

UK Housebuilding Sector in 2018

‘From the deserts of East Ham to the gardens of Cottenham’, the UK Housebuilding Sector was whacked to the tune of 27% in 2018; and not one share price (out of 18) rose on the London Stock Exchange.

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

17 Jan 19

4Q18 trading update

Strong 4Q18 KPI’s from GVC, despite tough YoY comps, due to run of results favouring bookies in 4Q17. Sports brands NGR +15% in cc, despite GW margin -150bps, Games brands +18% in cc, Europe retail -8% in cc, GW margin in Europe -360bps, however FY18 +11% YoY. UK retail -3% in cc and -3% for FY18 inline with expectations. Overall group NGR +6% YoY in cc and +9% for FY18. Management confirms FY18 EBITDA at £750m-£755m, inline with our expectations at £750m which is at top end of consensus.

Companies: GVC

17 Jan 19

LIBERUM: NewRiver* - Resilient and diverse income

NewRiver's Q3 update confirms resilient trading conditions, which should provide reassurance. Retail occupancy remained broadly stable through Q3 at 95.5%, with lettings agreed in line with ERV.

Companies: Newriver Reit

17 Jan 19

LIBERUM: Workspace Group* - Good demand through Q3

Workspace’s Q3 confirms sustained good levels of customer demand, supportive of market forecasts. Enquiry levels are stable and conversion rates remain on a slowly increasing trajectory.

Companies: Workspace Group

21 Jan 19

HCM UPDATE -21.01.19 (HAS.L; PAGE.L)

Hays plc (HAS.L, 143p/£2090m) Q2 trading update to 31.12.18 (15.01.19) | PageGroup plc (PAGE.L, 465p/£1527m) Q4 trading update to 31.12.18 (14.01.19)

Companies: Hays Pagegroup

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 PARK CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

21 Jan 19

Trading update

EBITA for FY18 expected to be c. £234m, -15% YoY, and in line with expectations (guidance £225m - £245m). Online delivered a good performance, growth in the US was excellent where the US business was broadly at break-even and retail reduced YoY (no YoY revenue performance metrics released). Cash offer for MR Green (MRG) for 92% of shares completed today, and offer for remaining 8% extended to 31 Jan, though all conditions for acquisition were met.

Companies: William Hill

21 Jan 19

LIBERUM: CLS Holdings* - NAV at top end of range

CLS will deliver a full year NAV at the higher end of the consensus range, ~2% ahead of our forecast. This has been achieved alongside the disposal of the group’s interest in First Camp.

Companies: CLS

22 Nov 17

LIBERUM: NewRiver* - Outperforming convenience retail

H1 results demonstrate another period of resilient returns with growing income and capital values, supporting earnings 3% ahead of our forecast and NAV 1% ahead. Despite a more challenging consumer backdrop, NewRiver’s active asset management and convenience-led focus has continued to result in outperformance, with high unchanged occupancy at 97%, LFL net rental growth stable and long-term leases agreed ahead of ERV.

Companies: Newriver Reit

24 Jan 18

Trading Update

20 weeks IMS slightly weaker than expected and commentary less bullish than usual. High valuation may look exposed today.

Companies: WH Smith

07 Mar 18

UK North Sea M&A – Smaller company potential

This book is split into two parts. The first part is thematic and focuses on the UK North Sea, where we discuss the potential for smaller companies to benefit from making acquisitions of producing assets. This is based on a screen of potentially available assets, and their likelihood of being available for sale. In the second part, we include profiles of the oil and gas companies in our coverage, and take the opportunity to update several of our models and recommendations. We intend this to be the first in a series of periodic publications focusing on themes within the oil and gas sector.

Companies: JOG IOG RRE SQZ FPM PMO ENQ PMG AMER BLVN GENL GEEC HDY HTG HUR IOG LAM RKH

20 Mar 18

Results in line; balanced exposure will help FY18

When we initiated on Polypipe in January, we stressed the importance of the Group’s balanced exposure to the UK construction market. This is emphasised in the FY17 results and the outlook for FY18 with residential new build still looking strong and RMI and some areas of commercial less positive. We remain of the view that PLP can generate consistent growth ahead of the market, driven by plastic piping substitution for legacy materials and legislation (water management; energy efficiency etc). We view PLP as a solid long term holding with good growth prospects and retain our forecasts and target price of 448p and a Buy recommendation.

Companies: Polypipe Group

22 Aug 18

Grafton Group - Interim Results 2018

09 Aug 18

Executive interview – Greggs

28 Nov 18

LondonMetric Property PLC - Half Year Results 2018/19 interview

20 Jul 18

Acacia Mining - H1 2018 Results

20 Nov 18

Entertainment One (ETO) H1 results interview November 2018

09 Jul 18

Genus PLC - Capital Markets day 2018

23 May 18

Assura - Full Year Results 2018

13 Jun 18

Executive interview - Britvic

20 Jun 18

Bank of Georgia and Georgia Capital - Welcome Ceremony

13 Jun 18

Executive interview - Britvic

11 Dec 17

Capital Network's Ed stacey on Diploma PLC

22 May 18

Shaftesbury - Half Year Results 2018

22 Nov 18

Assura - Half Year Results 2018

22 May 18

Entertainment One (ETO) results interview May 2018

11 May 18

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

Latest Content

Cairn Energy Caspian Sunrise

GMP FirstEnergy ― UK Energy morning research package

Cairn Energy (CNE LN); BUY, £2.75: 4Q18 update | Caspian Sunrise (CASP LN) (not covered): 3A Best acquisition update in Kazakhstan

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22 Jan 19
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BGLP CIFU RESI AGR

Fidante Daily Digest

BGLF* - Blackstone / GSO Loan Financing - December 2018 NAV | CIFU - Carador Income - December 2018 NAV and dividend | RESI - Residential Secure Income - Partnership agreement | AGR - Assura - Trading update to 31 December 2018

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22 Jan 19
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Cairn Energy

FLASH: 4Q18 in line

FY18 production was 17.5 mboe/d (GMP FEe: 17.2 mboe/d) with cash capex of US$260 mm (below budget of US$335 mm as the balance will be paid in 2019). FY19 production guidance has been set at 19-22 mboe/d (GMP FEe: 21.5) implying 30-35 mbbl/d for Kraken.

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22 Jan 19
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Pets At Home Group

In-line performance along same shape as recently, no change to estimates, no big news

Company has reported LFL sales change of +4.7% in Retail (WHE +3%) and +9.1% in the Vet Group (WHE +10%) resulting in a Group 3Q LFL of +5.1%. Full year 2018/19 PBT guidance has been re-confirmed in the £80-85m range previously guided. There has been no update on previous guidance of a slight decline in 2019/20. Omni-channel revenues grew by 41.5% to 9% of retail revenues.

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22 Jan 19
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AA/ BAB BBY CPI COST GFRD HSV IRV KLR KIE MER MTO MGNS PAY RPS SRP STAF

LIBERUM: The 4S’s - The negative working capital model in Construction is changing

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21 Jan 19
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CLS

LIBERUM: CLS Holdings* - NAV at top end of range

CLS will deliver a full year NAV at the higher end of the consensus range, ~2% ahead of our forecast. This has been achieved alongside the disposal of the group’s interest in First Camp.

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21 Jan 19
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Hays Pagegroup

HCM UPDATE -21.01.19 (HAS.L; PAGE.L)

Hays plc (HAS.L, 143p/£2090m) Q2 trading update to 31.12.18 (15.01.19) | PageGroup plc (PAGE.L, 465p/£1527m) Q4 trading update to 31.12.18 (14.01.19)

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21 Jan 19
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William Hill

Trading update

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21 Jan 19
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Greencoat UK Wind

Fidante Daily Digest

Greencoat UK Wind - Q4 2018 NAV and dividend

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18 Jan 19
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Newriver Reit

LIBERUM: NewRiver* - Resilient and diverse income

NewRiver's Q3 update confirms resilient trading conditions, which should provide reassurance. Retail occupancy remained broadly stable through Q3 at 95.5%, with lettings agreed in line with ERV.

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