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JPJ Group plc

Farewell to Mandalay

Update | Travel & Leisure | 19 Feb 2019

JPJ has announced a definitive agreement to sell its Mandalay subsidiary to 888 Holdings for £18m cash. During FY18, Mandalay reported revenues of c £11m and PBT of c £3.7m, which represents a deal value of c 5.0x EV/EBITDA. This subsidiary has significantly underperformed the rest of JPJ's business and was particularly affected by the additional bonus tax in 2017. We therefore believe this asset sale is a net positive and should enable the company to better focus on its market-leading brands. The stock continues to trade at the low end of the peer group, at only 8.7x EV/EBITDA, 7.2x P/E and 11.9% free cash flow yield for FY19e.

Sealand Capital Galaxy

Executive interview – Sealand Capital Galaxy

Edison TV: | Investment trusts | 15 Feb 2019

Sealand Capital Galaxy is an investment company focused on the IT and digital sectors in the Asia Pacific region with high growth potential, and the company’s shares are traded on the main market of the London Stock Exchange.

Deutsche Beteiligungs

Market sentiment weighing on portfolio value

Review | Investment trusts | 15 Feb 2019

Deutsche Beteiligungs (DBAG) is making steady progress on its investment agenda, with three new acquisitions and several follow-on funding rounds totalling €40.2m completed in Q119. DBAG's Fund VII has so far been able to allocate 56% of its investment commitments in seven transactions, reflecting solid portfolio ramp-up. Meanwhile, weaker market sentiment has burdened DBAG's portfolio valuation by c €47.8m (or c 14%) vs Q418. Around 17% of the company's current portfolio represents holdings acquired within the last 12 months and still valued at cost.

Aberdeen Latin American Income Fund

Brighter prospects in Latin America

Initiation | Investment trusts | 11 Feb 2019

Aberdeen Latin American Income Fund (ALAI) gives investors exposure to both Latin American equities and government debt, and offers a 4.9% dividend yield. The company is managed by Aberdeen Standard Investments' (ASI) global emerging markets equities and emerging market debt teams. They are cautiously optimistic on the prospects for Latin America in 2019 (favouring the region above other emerging markets), following a series of headwinds in 2018, including a stronger US dollar, rising interest rates, commodity price volatility and a number of important elections. The managers note that commodity prices are stabilising, there is potential for a weaker US currency as the benefits from stimuli and tax cuts fade, and inflation in Latin America is moderating so central banks are more dovish. An improving economic environment in Brazil could contribute towards more robust earnings estimates and higher equity valuations in the region.

Murray Income Trust

Bitesize briefing - Murray Income Trust

Edison TV: | Investment trusts | 08 Feb 2019

Murray Income Trust is a UK equity income investment trust whose manager, Aberdeen Standard Investments’ Charles Luke, seeks to achieve a high and growing income, along with capital growth. While mainly invested in UK equities, the trust may hold up to 20% of its portfolio overseas, in order to diversify sources of income and gain exposure to areas that are under-represented in the UK stock market. In this video, investment trusts analyst Sarah Godfrey presents an overview of Murray Income Trust, covering its investment process, which has been enhanced by the merger of Aberdeen Asset Management and Standard Life Investments in 2017, and the manager’s investment themes. She also looks at the trust’s performance record and discusses other factors such as its higher-than-average dividend yield and low ongoing charges.

Aberdeen Standard Equity Income Trust

Optimism based on attractive valuations

Review | Investment trusts | 07 Feb 2019

Aberdeen Standard Equity Income Trust (ASEI, formerly Standard Life Equity Income Trust [SLET]) has been managed by Thomas Moore since November 2011. He is bullish on the long-term outlook for the trust as the yield on the portfolio is the highest since the end of the global financial crisis in 2009, suggesting UK share prices are discounting a recession or another global crisis. The manager says that ASEI’s holdings – chosen from across the market cap spectrum – can be classified in one of three ‘buckets’: global yield (c 40% of the portfolio), domestic opportunities (c 30%) and uncorrelated value (c 30%), and he is finding good opportunities in all three. The trust’s revenue was higher than projected in FY18, leading to an annual dividend increase of 12.3%, which was much higher than the 7.5% compound annual growth rate over the last five years.


Mixed media

Update | Media | 07 Feb 2019

Edel’s FY18 results showed a 6% sales increase and 7% improvement in EBITDA as it benefited from continued demand for vinyl and subsidiary Kontor New Media’s strong positioning in digital music. H2 was markedly tougher, as foreshadowed in the November trading update, reflecting pressure on the book publishing, one-off issues at Pandastorm Pictures and a write-down at Edel Italy. Guidance for FY19 indicates broadly stable revenues but significantly improved profitability, benefiting from the major investment programme completed in FY18. The shares trade at a clear discount to global entertainment content and publishing stocks, partly explained by the limited market liquidity.

BCI Minerals

Salt plus potash plus iron equals value

Initiation | Mining | 07 Feb 2019

BCI Minerals (BCI) has two major assets in Western Australia, namely its 100%-owned Mardie salt and potash project and a royalty interest in a producing iron ore mine (Iron Valley). Positive cash flow from the latter, in conjunction with c A$37m in cash, is being deployed to develop the former. Notwithstanding tough conditions in the iron ore market, our base case valuation of BCI is more than double its share price.


Big data analytics for telecoms

QuickView | Technology | 07 Feb 2019

Pelatro's demonstration of its mViva marketing platform at a recent capital markets day revealed the scope of its big data analytics capabilities and interactive user interface. Ease of use by non-technical staff and the ability to quickly launch and analyse complex marketing initiatives are key differentiators. With its focus on client retention and revenue stimulation, which are now of vital importance to the stagnant telecom sector, its client base is growing fast. In 2018 it rose by eight to 14 clients including Telenor, Tele2 and SingTel. Pelatro trades at a significant discount to its peers on a 2018e EV/EBITDA of 9.2x.

Epwin Group

In-line year-end update

Update | Construction & Building Materials | 06 Feb 2019

Consistent messaging from the Epwin management team continued with a year-end update that confirmed that FY18 trading had been in line with market expectations. The theme of self-help given market headwinds is ongoing with tangible evidence of actions taken and planned. Market backdrop uncertainty is reflected in Epwin’s rating multiples. A dividend yield approaching 7% (c 1.9x covered) should be of interest to investors.

Stride Gaming

Trading broadly in line

Update | Travel & Leisure | 06 Feb 2019

Stride’s AGM confirmed that trading for the current financial year has been broadly in line, despite well documented regulatory headwinds. To counterbalance rising gaming taxes and other sector pressures, the group is implementing numerous cost-cutting initiatives, which will be key to hitting our FY19 EBITDA estimate. Looking ahead, we expect growth to resume in FY20 (once many regulatory burdens have been lapped) and we believe Stride will take market share within a disrupted industry. Cash conversion is c 90% and the new payout policy leads to a 15.0% yield in FY19 (including the special dividend). The stock continues to trade at a meaningful discount to peers, at 3.7x EV/EBITDA and 6.5x P/E for CY19e.

CVC Credit Partners European Opps

Credit expert with 5% yield and growth potential

Review | Investment trusts | 05 Feb 2019

CVC Credit Partners European Opportunities (CCPEOL) aims to achieve a blend of capital growth and income (target total returns of 8–12% pa, with c 5pp from income) by investing in high-yielding debt instruments such as senior secured loans and sub-investment grade bonds. The portfolio is biased towards large, liquid issuers (EUR 600m weighted average EBITDA) in Western Europe, although up to 40% may be allocated to non-European markets. The underlying investment vehicle holds a blend of investments in performing credit, where returns come mainly from income, with a credit opportunities portfolio made up of discounted assets that offer higher yields and the potential for capital growth. CCPEOL’s performance since launch in 2013 has been solid, although the broad-based sell-off in late 2018 has affected returns more recently. The fund has sterling (CCPG) and euro (CCPE) share classes, which have tended to trade close to NAV, and currently yields just over 5%.