ANALYST VIEWS: WILL WE SEE SALES IMPROVE AT HOME RETAILL ? March 15, 2012 PHILIP DORGAN | PANMURE GORDON There is not much to see here. The period has been short and is low volume. The figures are poor, but not unexpected. Argos may benefit from the demise of Game, but there are plenty of other retailers competing for the same business. DAVID JEARY | INVESTEC The news is [...]
Investec eyes upturn as deals drought hits profit March 15, 2012 THE DIRE performance of the investment banking industry claimed another scalp yesterday as Investec warned that earnings would fall by up to 27 per cent. The bank, a Test cricket sponsor with a London listing, was hit by the global slump in primary deals, particularly in its South Africa homeland. It experienced mixed results across [...]
EVOLUTION’S GRIFFITH HEADS TOWARDS ORIEL March 15, 2012 It’s not all about cutbacks at Oriel Securities, the independent UK corporate and institutional stockbroker. Earlier this week it emerged that Oriel was trimming its staff by letting go of around 15 people but yesterday the firm showed that it is in hiring mode also. Oriel has taken on Richard Griffith, the former Evolution oil [...]
ANALYST VIEWS: CAN LEGAL & GENERAL MAINTAIN ITS GROWTH? March 14, 2012 MARCUS BARNARD ORIEL The outlook statement is upbeat seeing further opportunities to grow in the core UK despite the considerable changes and challenges that lie ahead. New business strain was helped by better terms in the annuity market meaning net cash generation was £846m, up 11 per cent and four per cent ahead of expectations [...]
N + 1 PLUS ANOTHER ONE……… March 14, 2012 Life in the City’s financial advisory sector has been full of change lately, especially at the firms which tailor their expertise to the small to mid-cap corporates. There’s been a merging of Evolution and Investec; there’s a possible merger between Canaccord and Collins Stewart to come, with likely job cuts on the cards; there have [...]
Investec Derby package sees fine dining out of the Boisdale stable March 14, 2012 The Boisdale Enclosure is one of the most elite hospitality offerings at any British Racecourse and will be limited exclusively to 180 guests on Investec Ladies Day; Friday 1 June and Investec Derby Day, Saturday 2nd June – the first event of the Queen’s Diamond Jubilee celebrations. The Boisdale Enclosure at Epsom Downs Racecourse will [...]
WHAT DO YOU MAKE OF THE OUTLOOK FOR G4S? March 14, 2012 JONATHAN JACKSON KILLIK & CO 2012 will see G4S benefit from the Olympic Games … Recent contract wins and extensions are expected to drive further top line growth, but following today’s guidance on borrowing costs, we would expect to see some modest downgrades to consensus earnings estimates. ROBERT MORTON INVESTEC Overall the group achieved a [...]
BEST OF THE BROKERS March 14, 2012 MICRO FOCUS Numis rates the FTSE 250-listed business software firm as a “buy” and raises its target price to 590p, saying the company’s shares remain materially cheap. The broker says that the market is undervaluing the firm’s cash generation, stable performance and expectations of modest growth, and says its views were confirmed by a February [...]
ANALYST VIEWS: WHAT WILL HAPPEN TO MISYS NOW? March 12, 2012 JULIAN YATES | INVESTEC The worst case scenario is off the table – we see Temenos’ withdrawal as a positive, as we foresaw material integration risk. It now becomes a guessing game. The downside risk is less with Misys as a standalone play (even without a chief executive) than with the Temenos merger. GEORGE O’CONNOR [...]
BEST OF THE BROKERS March 12, 2012 CARNIVAL Investec held Carnival as a “buy” after it posted first quarter figures in line with estimates last week. The broker said underlying bookings are “buoyant” despite marketing being pulled for two weeks following the capsizing of the Costa Concordia, which killed at least 25 people. Fuel costs and foreign exchange rates have moved against Carnival, [...]