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Eddie Stobart Logistics

Eddie Stobart Logistics - Growth accelerating in H218

We believe Eddie Stobart Logistics’ (ESL) trading statement shows that the consumer and retail sector trend for companies to outsource their logistics operations to achieve savings continues to support organic growth for the company. FY18 revenues were 3% above market expectations, while EBIT was broadly in line.

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  • 21 Jan 19
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Executive interview – Custodian REIT

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  • 18 Jan 19
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SELVITA

Selvita - SEL120 to enter clinical development in 2019

The data readout from the SEL24 Phase I/II trial in relapsed/refractory AML and the second lead asset, SEL120, moving into clinical development next year are milestones in Selvita’s internal drug R&D. This should accelerate, as the company’s plans to focus on innovation were endorsed by shareholders during the fund-raise earlier in 2018. R&D progress across the earlier-stage pipeline has been reported in several publications in recent months. The Innovations Platform continues to receive support from Selvita’s rapidly growing drug discovery services business. Our valuation is PLN1.24bn or PLN77.6/share.

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  • 18 Jan 19
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Secure Trust Bank

Secure Trust Bank - Reassuring update

Secure Trust Bank’s (STB’s) pre-close trading update was encouraging, indicating it expects to deliver results in line with management’s and the market’s expectations. The bank has proposed a stop on new mortgage origination, unhappy with current price pressure and loan to value metrics, but does not expect this to have a material impact on 2018 and 2019 numbers. The bank sees itself entering 2019 with positive business momentum and robust capital and is well placed to continue its selected growth strategy despite the current political uncertainty.

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  • 18 Jan 19
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Strategic insight - January 2019

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  • 17 Jan 19
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Game Digital

Game Digital - Resilience over the peak trading period

Against a challenging retail landscape, Game Digital (GMD) delivered a solid sales performance and growth in higher-margin categories over the peak trading period, alongside ongoing cost efficiencies, which continue to counter trading pressures. Momentum in the BELONG roll-out, which accounts for a significant part of our 67p valuation, remains crucial.

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  • 17 Jan 19
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