Marten & Co Equity Research & Stock Reports
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Premier Energy & Water Trust
Aided by the significant gearing provided by its zero dividend preference shares, sterling depreciation and some notable successes within its portfolio, Premier Energy and Water Trust (PEW’s) NAV and share price delivered MSCI Utilities Index beating performances over the 12 months to the end of June 2017. The portfolio has a high allocation to higher growth emerging markets (45.9% as at 30 June) reflecting the attractive discount at which emerging market utilities trade relative to wider market averages. The managers believe there are a number of holdings, particularly in China and India, which are materially undervalued and that there is significant latent value within the portfolio. PEW also offers an attractive 6.1% yield.
12 Jul 17
Herald Investment Trust
Backing growing businesses
The Technology sector has been rising strongly in recent months. In this note, we discuss a number of stocks that contributed to a near 40% increase in Herald Investment Trust’s NAV over the year to the end of May 2017. Nevertheless, Herald’s manager is convinced that UK technology companies in particular, which comprise over half the portfolio, have the growth potential to justify continued progress.
11 Jul 17
Structural growth, low volatility and high income
Ecofin Global Utilities and Infrastructure Trust (EGL) invests in utilities and other economic infrastructure equities and is looking to deliver a total return of 6-12% per annum to shareholders over time. These sectors are traditionally less volatile than global equities in general, and the manager expects strong demand for infrastructure spending globally and attractive returns for providers of capital. We think that EGL, with its focus on growth, capital preservation and a high level of income (EGL currently offers a yield of 5.2%), should be attractive to investors. The current discount of 12.9% offers comfort and an opportunity.
23 May 17
Drum Income Plus Reit
Delivering on promises
DRUM Income Plus REIT (DRIP), which focuses on acquiring properties overlooked by large institutional and overseas buyers (smaller lot sizes, multi-let), provided an NAV total return of 2.4% in Q1 2017 including a 0.8% capital return. Its most recent acquisitions (the latest, Kew Retail Park, was announced on 11 May) were made at particularly attractive net initial yields and the manager is engaged in a number of asset management initiatives that should further improve income from the portfolio. DRIP recently issued equity; it remains small, but still has a strong desire to grow, with the aims of increasing its cost efficiency and liquidity.
16 May 17
Central Asia Metals
A consistent dividend payer with a high yield
Central Asia Metals (CAML) has increased its annual dividend by 24% year-on-year, to 15.5p per share, providing shareholders with a 6.6% yield. The company recorded its fifth consecutive year of profits and has paid out in excess of the funds it raised in its 2010 IPO.
25 Apr 17
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