ANALYST VIEWS: WHAT’S THE OUTLOOK FOR AB FOODS? February 27, 2012 DARREN SHIRLEY | SHORE CAP We do not anticipate any material changes to group forecasts post today’s update, though given the breadth of ABF’s operations we would not be surprised if we tweak divisional forecasts post speaking to management. We commenced 2012 with ABF our preferred stock of the FTSE 100 food producers … we [...]
Possibilities for new companies abound even in troubled times February 26, 2012 TIMES are undeniably tough for many people in the UK, with living standards daily eroded as we pay the price for the malinvestments of our credit-fuelled boom. However, as bad as things are, hope springs eternal in the minds of British entrepreneurs – as it must. Although Investec’s recent Entrepreneur Confidence Index reveals that only [...]
ANALYST VIEWS: HOW DO YOU RATE CENTRICA? February 23, 2012 KEITH BOWMAN HARGREAVES LANSDOWN The results continue to underline management’s strategy to create a more balanced business. The expanding upstream business has effectively compensated for more difficult conditions for its downstream supply operations. In all, the progressive dividend policy remains attractive. Its diversified energy play continues to grow. We say Buy. GRAHAM SPOONER THE SHARE [...]
Haadeeth and The Strig look good in Sprint Series Final February 23, 2012 THE Blue Square Sprint Series has been a tremendous initiative over the past two months and tomorrow’s £15,000 Grand Final (2.15pm) looks a cracking contest. All the key protagonists from the Series are lining up and any one of the 12 runners could quite feasibly land the prize. What seems certain is that there will [...]
ANALYST VIEWS: WERE SEGRO’S RESULTS ON TRACK? February 21, 2012 LI SUN | ORIEL SECURITIES Segro reported solid results… although adjusted net asset value of 340p was below our estimate of 352p due to higher than expected non-core asset write-down. Underlying operation remains solid with small improvements to occupancy and retention rate… We retain “add”. MIKE BESSELL | INVESTEC Segro’s results were in line with [...]
Hedge funds set to seize Travelodge February 20, 2012 BUDGET hotel chain Travelodge is set to fall into the hands of two US hedge funds as it struggles under the burden of interest payments on its £530m debt pile. Avenue Capital and Golden Tree Asset Management, who are among the major creditors that have bought up its loans, have joined forces with an unnamed [...]
Entrepreneurs brush off the blues to target profits February 20, 2012 ENTREPRENEURS are increasingly pessimistic about the UK’s economic outlook over the next 12 months, a report has revealed – yet these leading business-builders remain bullish over their own firms’ prospects. Nearly half of a surveyed group of Britain’s leading entrepreneurs expect the economy to deteriorate either slightly or considerably over the coming year, while only [...]
ANALYST VIEWS: HOW WELL IS KINGFISHER PERFORMING? February 16, 2012 PHILIP DORGAN | PANMURE GORDON Good underlying progress, but we need to shave our numbers for 2013 by £30m to £865m. We continue to believe that Kingfisher has a significant growth opportunity…At last, Kingfisher is beginning to extract benefits from having a group structure and is set to dramatically increase both common and direct sourcing. [...]
BEST OF THE BROKERS February 16, 2012 ROLLS-ROYCE Investec rates the aerospace and defence giant “buy” with a target price of 850p. The broker has lifted its pre-tax profit forecasts by two per cent for this year, with defence and new acquisition Tognum more than offsetting lower profits at marine and energy. Investec now predicts pre-tax profit of £1.5bn in 2012. It [...]
ANALYST VIEWS: IS THORNTONS’ PLAN TO TURN ITSELF AROUND WORKING? February 15, 2012 DAVID JEARY | INVESTEC While there are some encouraging signs in various aspects of the early stages of the implementation of the group’s strategic plan, we believe a higher level of investor confidence requires positive forecast momentum to underpin Thornton’s progress on its strategic plan. AMISHA CHOHAN | MERCHANT SECURITIES The strategy to reduce their [...]