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Civitas Social Housing
Civitas Social Housing - Strong financial and social returns continuing

H120 results showed strong year-on-year growth in rental income and earnings. Dividend cover is increasing and full cover is in sight, with debt facilities in place to fund further portfolio growth as the company gears its existing equity. Through its investment adviser, the company continues to work closely with housing associations, other counterparties and the regulator to raise performance and delivery standards that will benefit all stakeholders over the longer term.

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  • 17 Jan 20
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AURIANT MINING
Auriant Mining - Tardan CIL de-risks Kara-Beldyr

After a few months of delays, Auriant Mining’s Tardan CIL project has now been operating since mid-November. Production guidance for FY19 is 550kg from the Tardan heap leach operation and 150kg from the CIL operation plus c 64.2kg from alluvial operations at Solcocon (total 764.2kg, or 24,570oz). With the CIL plant at full capacity, however, this is expected to increase sharply, to c 29,272oz per year (average) at steady-state, before being supplemented by production of another c 64,041oz per year (average) from Kara-Beldyr from FY24.

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  • 17 Jan 20
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Fidelity European Values
Fidelity European Values - Disciplined process driving outperformance

Fidelity European Values (FEV) is managed by Sam Morse, who selects stocks on a bottom-up basis, focusing on quality companies with strong balance sheets that are able to grow dividends over the long term. He notes that investor concerns that affected the market in 2019 are abating: central banks are very supportive; a resolution to the US-China trade war is looking more likely; and within Europe, there is the prospect of fiscal stimulus to support economic growth. While there is potential for a rotation in market leadership towards cyclical stocks, which could put the fund’s relative performance under pressure, the manager is ‘sticking to his knitting’, and remaining disciplined, rather than shifting his portfolio exposures in an effort to try to ‘time the market’.

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  • 16 Jan 20
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4Imprint Group
4imprint Group - Self-promotion pays

4imprint’s pre-close update indicates trading in the later weeks of the full year continued strong, with FY19 results set to be at the higher end of the market forecast range. Revenue (+17%) was slightly above our estimate, which we raised by $10m at the November trading update. The $41.0m net cash at the year end was also a little ahead of our forecast of $39.5m. We have initiated FY21 forecasts, which show the group exceeding management’s $1bn revenue target a year earlier than originally anticipated. The large scale of the addressable market leaves plenty of opportunity for growth, with potential for further share price appreciation.

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  • 16 Jan 20
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Secure Trust Bank
Secure Trust Bank - Positive pre-close

Secure Trust Bank’s (STB) pre-close trading update indicates that FY19 results should be in line with expectations, despite the economic slowdown dampening loan demand in the second half of 2019. STB highlighted its strong control over risk while interest margins have been stable. The bank is cautiously optimistic about 2020 and is well positioned, with healthy capital, good liquidity and new business pipelines. STB does not envisage material changes to 2020 guidance, and we are maintaining our estimates and 2,428p per share valuation.

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  • 15 Jan 20
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Games Workshop Group
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.

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  • 15 Jan 20
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