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, [...]
ANALYST VIEWS: CAN ANDREW MOSS MAINTAIN AVIVA’S GROWTH? March 8, 2012 JONATHAN JACKSON | KILLIK & CO The Aviva story is one of longer-term normalisation of earnings and returns, through improved profitability, capital discipline and cash generation. .Aviva is not going to be high growth in the short term, it is cheap on a price to earnings basis and has a high dividend yield which is [...]
ANALYST VIEWS: CAN ADMIRAL BOOST PROFITS IN 2012? March 7, 2012 NICK JOHNSON NUMIS UK customer growth slowed in the second half of the year to a 10 per cent annualised increase from 30 per cent in the first half, as Admiral switched from raising rates a little less than the market to a little more. The group put through average rate increases of 15 per [...]
Cobham eyes lift as its civil aviation sales head upwards March 7, 2012 BRITISH aero electronics group Cobham expects to deliver further growth this year after cost cuts and a strong performance from commercial aviation boosted 2011 profit. Cobham, whose equipment helps military vehicles such as F-35 fighter planes communicate with one another, yesterday said 2011 pre-tax profit rose seven per cent to £328m on sales three per [...]