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Making good progress

Update | Financials | 27 Oct 2017

Share’s third quarter update confirmed the positive trends reported in August, with further market share gains and continuing work on its digital transformation providing evidence of the fruits of the investment already made and signalling continued measures to improve the customer experience to underpin further, profit-enhancing growth.

BlackRock Greater Europe Investment Trust

Building on the record of outperformance

Review | Investment Companies | 15 Oct 2018

BlackRock Greater Europe Investment Trust (BRGE) has two co-managers: Stefan Gries focuses on developed markets in Europe (the large majority of the portfolio), while Sam Vecht focuses on emerging markets. Gries believes that the investment backdrop remains relatively robust, but stresses the importance of remaining selective. He seeks quality companies that can be held for the long term, where their earnings and cash flow potential is not reflected in their current share prices. Since Gries became co-manager in June 2017, BRGE has outperformed the FTSE World Europe ex-UK index by c 12pp. He continues to find attractive investment opportunities, and comments that the broad-based sell-off in emerging markets means there is potential for a higher emerging Europe allocation in the trust’s portfolio in coming months.


Advancing towards commercialisation

Outlook | General Industrials | 15 Oct 2018

H118 results were broadly in line with our expectations and Carbios retains sufficient cash to finance its business until H219. The company continues to make progress with its transformation from a research body to a commercial enterprise. We expect the first commercial revenues from Carbiolice in 2020. Our DCF indicates a valuation for Carbios of EUR 15/share.

Fluence Corporation

China Contract catalyst?

Flash note | General Industrials | 15 Oct 2018

Fluence has secured a deal for its Aspiral product in China that should generate at least US$45m in revenue over the next three years. This deal is significant as, aside from the financial benefit, it demonstrates the size of the opportunity for Aspiral in China. Greater investor confidence in Fluence's prospects here could drive a sharp re-rating of the shares, in our view. We make no changes to numbers now but will review estimates after the Q3 trading statement.

Town Centre Securities

FY18 earnings in line and DPS increased

Update | Financials | 12 Oct 2018

Town Centre Securities (TCS) continued to reposition its portfolio in FY18, seeking to ensure a resilient income stream and unlock future growth potential. Underlying earnings were robust, supported by like-for-like rental growth, a good level of occupancy and further growth in car parking revenues and profits. Refinancing has provided significant additional financial flexibility as TCS continues to invest for future growth, and the DPS was increased 2.2% to 11.75p, representing a yield of 4.7%, while the shares trade at a significant discount to NAV per share of more than 30%.

Pan African Resources

Return to dividend paying status in FY19 a priority

Update | Mining | 11 Oct 2018

While Pan African Resources’ (PAF) pre-tax profit for the year to end-June 2018 was within 5% of our prior forecast (on an underlying basis, excluding impairments), bottom-line results were significantly ahead of our expectations as a result of a material tax credit applied to Evander. While FY18 was a challenging year, in which the board elected not to recommend a final dividend (as expected), an idea of its future financial potential may be gleaned from the fact that underlying earnings from continuing operations nevertheless amounted to GBP 19.6m, or 1.08p per share (1.60p excluding ‘other’ items).

Marshall Motor Holdings

Reaffirming FY18 outlook

Update | Automotive Retailers | 11 Oct 2018

Following the release of sharply lower UK new vehicle registration statistics for September, MMH has released a trading update reaffirming its outlook for FY18. At the interims the company had been cautious about the potential supply side disruption caused by the new Worldwide Harmonised Light Vehicle Test Procedure (WLTP) from 1 September 2018. As it had already factored this in, the expectations and thus numbers remain unchanged. The share price weakness in response to the registrations decline appears unwarranted, with a strong yield providing support.



Update | Media | 11 Oct 2018

OnTheMarket (OTM) continues to make good progress in building its market share and improving its brand recognition both with agents and the public. The group now has over 11,000 agency branches under listing contracts – a 58% share of the total. This increased reach is driving higher levels of traffic to the portal and delivering good leads to agents. The challenge now is to convert these agents to paying clients and grow the proportion holding OTM shares. We continue to model the group moving into profit and becoming cash-flow positive in FY21. On an EV/revenue basis, backed by DCF modelling, the shares have good potential upside.

German Startups Group

German Startups Market goes live

Update | Financials | 11 Oct 2018

German Startups Group (GSG) opened its secondary shares trading platform on schedule as a first step in the transition to an asset manager and market place. The next steps in the development of the platform include the launch of the G|S Tech50 Fund and planned co-operation with SharesPost to open the US market to German investors. The platform has yet to prove its success and grow in scale, but a successful transformation could potentially create value beyond the existing NAV per share. After accounting for post-balance sheet events (a share buyback and transaction yielding a €1.6m revaluation gain), we estimate the current discount to NAV at 42%.


New platform investments on board

Update | General Industrials | 10 Oct 2018

After reporting c EUR 9m of adjusted EBITDA in H118, Mutares expects FY18 earnings to reach EUR 20–30m. This should be assisted by successful turnarounds and organic growth of portfolio entities, beneficial M&A activity and the deconsolidation of Zanders and Artmadis, which are currently being liquidated. Management expects one or two additional transactions (either acquisitions or divestments) to be initiated and completed in the remainder of 2018, on top of the Knorr-Bremse deal which is already in progress. At the current share price of EUR 9.54, Mutares is trading at a 40.5% discount to last reported NAV.


Brakes off

Update | Industrial Support Services | 10 Oct 2018

Now that it has solved its financing issues, Leclanché has started delivering on its pipeline of projects to supply battery energy storage solutions for utility-scale, microgrid and e-transport applications. Revenues more than doubled during H118. However, some significant contracts that were pending at end June have been delayed while third parties await project funding, so we revise our FY18 estimates downwards and cut our indicative valuation from CHF2.51/share to CHF2.33/share.

DeA Capital

Strong H118 investment return and cash flow

Update | Financials | 10 Oct 2018

DeA Capital experienced slightly weaker assets under management (AUM) in H118, driven by Q2 liquidation of real estate assets by maturing funds, but management expects this to reverse in H2. The returns on co-investment in funds managed were very positive, generating NAV gains and strong cash flow to support the continuation of attractive distributions and further investment in growth of the alternative asset management (AAM) platform. The shares are yielding more than 9% and trade at a discount of more than 30% to our adjusted NAV of EUR 1.91 per share.