BEST of the BROKERS June 25, 2012 BSKYB Espirito Santo’s Giasone Salati has issued a “buy” rating on satellite TV giant BSkyB and a fair value of 820p, up from 790p. Referencing a propriety survey, the analyst believes that BSkyB’s NOW TV product could attract a potential 650,000 new users paying £10 per month. Espirito Santo also points towards the potential for [...]
Severn Trent to target bonds at retail investors June 21, 2012 INDIVIDUAL investors will have the chance to buy bonds from FTSE 100 utilities firm Severn Trent, the company announced yesterday. The company hopes to raise up to £100m from the scheme, which will offer individuals a return of 1.9 per cent above retail price inflation (RPI) over the next 10 years. “There’s a lot of [...]
ADVISERS June 21, 2012 BARCLAYS TOBY CROASDELL CHARLOTTE WEIR Severn Trent’s inflation-linked bond issue is the first move by a water company into the fast-growing market for RPI-linked bonds. The deal was jointly arranged by Investec and a Barclays team that included directors Toby Croasdell of the fixed income syndicate and Charlotte Weir of corporate debt capital markets. This [...]
IS DIXONS RETAIL IN A GOOD POSITION FOR THE YEAR AHEAD? June 21, 2012 DAVID JEARY INVESTEC The continued strength of Nordics…and the improved performance from UK & Ireland clearly show the success of the renewal & transformation plan and the growing traction of the KNOWHOW service proposition…we continue to view Dixons as a long-term winner in electricals, hence our ‘buy’ stance. JOHN CUMMINS WH IRELAND Dixons’ results for [...]
Eurozone debt crisis slows Asian progress June 21, 2012 THE FALLOUT from the Eurozone crisis has now spread to East Asia including the world’s second largest economy, according to data released yesterday. The HSBC Chinese manufacturing Purchasing Managers’ Index (PMI) for June dipped to a seven-month low of 48.1. Any value below 50 marks a contraction, and yesterday’s result means the index has now [...]
Newfangled and Astrology set to brighten up gloomy Ascot June 21, 2012 This afternoon’s Coronation Stakes (3.45pm) looks wide open now that Maybe has been pulled out due to a stone bruise, and 11 fillies are set to go to post. They include the winners of both the English and Irish 1000 Guineas, not to mention French raider Bugie D’Amore, and the potentially exciting Cardigan. However, it [...]
IS THE FOLHAMATIC DEAL A GOOD MOVE FOR SAGE? June 20, 2012 JULIAN YATES INVESTEC We see the Folhamatic deal as a sensible strategic move and it seems more will follow. The valuation is rich, but reflects exposure to businesses with critical mass and recurring revenues in emerging markets. This deal is reminiscent of the old Sage tried and tested M&A model which worked well until Emdeon. [...]
Fame And Glory to prove he is the next staying star June 20, 2012 AIDAN O’Brien has dominated the Gold Cup (3.45pm) for the last six seasons, with five wins and an agonising second, and FAME AND GLORY is strongly fancied to repeat his heroics of twelve months ago. He comfortably saw off Opinion Poll that day and proved that this marathon two- and-a-half mile trip holds no fears. [...]
Trust The Fugue to bounce back from unlucky Oaks defeat June 20, 2012 THIS year’s Investec Oaks turned out to be a messy race and the unluckiest filly in the field was undoubtedly John Gosden’s THE FUGUE. William Buick’s mount was almost brought down on the back straight, but finished with such a rattle that she would surely have won had she not met with that interference. I [...]
Planteur and Farhh are the value calls in Prince of Wales’s Stakes June 19, 2012 THE Prince of Wales’s Stakes (3.45pm) is often one of the most thrilling spectacles during Royal Ascot, none more so than last year when Frankie Dettori produced the ill-fated Rewilding to collar So You Think in the final strides. That defeat was a big blow to Ballydoyle who had marked down the son of High [...]