Best of the Brokers for 04 July 2014 July 3, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BP UBS has kept its “neutral” rating on the oil giant, raising the target price to 540p from 525p. UBS thinks BP has been effective in recalibrating strategy by prioritising shareholder value, but has concerns about whether long term opportunities will match the [...]
Fever-Tree seeking to put fizz into market June 30, 2014 Premium mixer-maker Fever-Tree could be floated on the stock market. According to Sky News, LDC, the buyout division of Lloyds Bank, is about to call in Investec to oversee a review of its investment in Fever-Tree. It was set up in 2005 by Charles Rolls and Tim Warrillow with the aim of targeting consumers’ willingness [...]
Analyst Views: Do Dixons’ results bode well for its merger with Carphone Warehouse? June 26, 2014 KATE CALVERT | INVESTEC The results confirmed the business remains in great shape ahead of the proposed Carphone merger… We see strategic logic in the merger given the way the industry is moving, with increasing convergence in technologies and interconnectivity. We maintain our ‘buy’ rating. JOHN CUMMINS | WH IRELAND The prelims read well, demonstrating [...]
Derby rivals go head-to-head again June 26, 2014 HORSE RACING: Investec Derby one-two Australia and Kingston Hill are set to renew their rivalry again tomorrow having been declared as runners in the Irish Derby. Australia is one of four horses from trainer Aidan O’Brien’s stable, with Geoffrey Chaucer, Kingfisher and Orchestra all due for outings at Curragh. Australia has been installed as the [...]
EasyHotel IPO raises just half of £60m target June 25, 2014 EASYJET founder Sir Stelios Haji-Ioannou announced plans to float the budget hotel chain easyHotel on Aim next week but has raised just half of the £60m it had hoped to gain. The company, owned by the Greek billionaire’s easyGroup holdings, has priced its initial public offering (IPO) at 80p, valuing the business at £50m and [...]
Analyst Views: Do Stagecoach’s results show it is on the road to success ahead? June 25, 2014 JOHN LAWSON | INVESTEC Stagecoach has not earned its reputation as a quality operator with a predictable trading performance by accident. It has taken years of attention to detail and strong management, especially at the local level, and today’s results demonstrate this strength yet again. We keep our add rating. GERALD KHOO | LIBERUM Results [...]
Best of the Brokers for 26 June 2014 June 25, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com KAZAKHMYS Westhouse Securities has cut Kazakhmys to “add” from “buy”, keeping the target price at 350p. The broker thinks the news of reduced mineral extraction tax rates for mature assets as part of a planned restructuring is positive, but cut the rating to [...]
Terry Smith raises £193m for emerging markets trust fund June 24, 2014 CITY fund manager Terry Smith, the outspoken chief executive of Tullett Prebon, yesterday saw his new investment trust raise over £190m. Fundsmith Emerging Equities Trust, which will buy stock in companies based in emerging markets like China and Brazil, raised £192.9m in total. Shares start trading tomorrow. The launch builds on Smith’s other fund, the [...]
Canadian giant SNC-Lavalin swoops for UK engineer Kentz Corporation June 23, 2014 London-listed engineering firm Kentz Corporation surged in trading yesterday after its board backed a £1.2bn takeover by SNC-Lavalin, months after it rejected a rival bid. The British business will be taken over for 935p a share in an all-cash deal by the Canadian group. The price is a 33 per cent premium to last week’s [...]
It’s a real family affair during this week’s £300m FDM float June 19, 2014 SOME say that, much like working with children and animals, one should avoid working with one’s other half. But this week’s float of IT services firm FDM has been a real-life example to the contrary. Not only are the chief exec Rod Flavell and COO Sheila Flavell of FDM married, but two of the bankers advising [...]