Whitman Howard Equity Research & Stock Reports
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Reaches a $49.4bn agreement to acquire Reynolds
17 Jan 17
BAT (BATS LN, HOLD, T/P 5300p) announced this morning that they had reached an agreement to purchase the remaining 57.8% of Reynolds American (RAI US, N/R) this morning. The new agreed terms implies a total current value of $59.64 per Reynolds share. The company are hosting a live webcast at 8.30.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
West goes East
12 Jan 17
Imperial Brands’ (IMB LN, BUY, T/P 5100p) announcement of a mutual brand marketing tie-up with China government owned CNTC looks both imaginative and useful. However the amounts of upfront money involved – which typically drive market reactions to such announcements – appear minimal at this stage. Moreover, despite the size of the relevant Chinese, Russian and Ukrainian markets, initial volumes will probably be very small relative to the overall size of two of the world’s 6 largest tobacco manufacturers.
Strengthening the mix – 2016 trading update
11 Jan 17
Stock Spirits (STCK LN, BUY, T/P 240p) released a full year 2016 trading statement this morning. The company announced overall trading in the second half of 2016, and implicitly the full year, was in line with expectations. Whitman Howard’s own 2016 forecasts are for €264m revenue €50m EBITDA. The company is due to release preliminary results on 8 th March 2017.
2016 profit and earnings in line
10 Jan 17
Nichols (NICL LN, BUY, T/P 1760p) released a trading update today in advance of full year results due on 2 nd March 2017. The company announced that revenue increased by 7.3% to £117.3m, which compared with £118m Bloomberg consensus. Full year profit and earnings are expected to be both ahead of the prior year and in line with expectations
Agriculture starts FY2017 ahead of expectations
10 Jan 17
Carr’s Group’s (CARR LN, HOLD, T/P 175p) issued a statement today which confirmed that the company continues to trade in line with the Board’s expectations for the current financial year. The announcement refers to 18- week period which ended on 7th January and is the first pre-AGM statement since the disposal of the flour milling business for £36m.
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