Financial Services equity research

Explore the most viewed and latest equity research and media content for companies within the Financial Services sector. Stocks in this sector provide services such as: asset management, retail finance, mortgages, and investment platforms & services.

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After the portfolio reshuffle, the path ahead clears

Refocus of investments ongoing with simplification of control chain in TIPO In mid-January, Tamburi sold its 3.729% stake of Prysmian through the controlled holding company Clubtre for roughly EUR290m net cash, which should translate in a cash-in for Tamburi in the EUR148/181m range (minimum level with full reimbursement of EUR100m bank loan; maximum level with only EUR50m in loan reimbursement). Part of the proceeds should be used in the rights issue of OVS (EUR19m pro rata for Tamburi) and the establishment of the Itaca project (we estimate c. EUR100m). Yesterday the company unveiled where the rest of the proceeds will be reinvested as it reported the simplification of the shareholder structure of TIPO, (''TIP pre-IPO'' in which Tamburi has a 29.29% stake), and of Betaclub (TIPO has 58.4% stake) with the aim of raising Tamburi''s stakes in both holding companies to 100% (see figure 1 for an overview). By April the transaction should be finalized, at which time TIPO may be also resolved in our view. What is TIPO and what level of investment is needed? TIPO was created in 2014 with total committed capital of EUR140m, with the aim of investing in companies which could eventually be listed. Currently, TIPO is the owner of the stakes in Chiorino (20% stake) and Beta Utensili (22%, of which 3.9% direct). In our view, Tamburi could spend between EUR115m to EUR134.5m for the buy-out of the stakes of the other shareholders in TIPO, Betaclub and in Beta Utensili. We believe that the main shareholder of Beta Utensili may reinforce its direct stake (c. 51% currently) in the company, exercising the pre-emption right. Update of the fair value range to EUR7.7 / EUR9.0 (from EUR7.3 / EUR8.1) We have updated our SOTP-based valuation range with the expected buy-outs as described above. This leads us to raise our fair valuation range to EUR7.7 / EUR9.0. The increase of the upper level of the valuation range is greater as the potential value creation from these...

Tamburi Investment Partners (TIP:BIT)Tamburi Investment Partners S.p.A. (TIP:MIL)

  • 25 Feb 21
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Small Cap Feast

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5 million. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc recently set out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Deal details TBC but media reports suggest a £100m valuation. Targeting 2nd March Admission Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.

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  • 23 Feb 21
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