ANALYST VIEWS: WHAT CAN WE EXPECT FROM ARM IN 2012? January 31, 2012 PAUL MORLAND | PEEL HUNT Despite an exceptionally strong fourth quarter performance, we do not anticipate upgrades to 2012 other than a currency uplift of around five per cent to reflect the dollar. NICK JAMES | NUMIS ARM has potential to become pervasive across multiple segments of the semiconductor market. We expect further upgrades through [...]
Stobart’s real estate deal draws criticism from Pirc January 31, 2012 INSTITUTIONAL investor group Pirc has criticised transport firm Stobart’s plan to buy up property from a company controlled by its own directors. Pirc said shareholders should abstain from a binding vote on the deal, due on 13 February, as it presents a conflict of interest, and questions remain about how Stobart will tackle the debt [...]
BEST OF THE BROKERS January 31, 2012 BARRATT DEVELOPMENTS Investec has initiated coverage of the UK housing market with a generally positive stance, seeing solid fundamentals supporting the sector. It rates housebuilder Barratt Developments as a “buy” with a target price of 180p. Though the broker expects Barratt to remain the most volatile of the group it also offers the greatest upside, [...]
Gerald Ronson returning to service station roots with bid January 29, 2012 PROPERTY tycoon Gerald Ronson plans to return to his roots with a bid for a collection of Welcome Break service stations put up for sale by Robert Tchenguiz. The Heron Tower developer, who has boasted he “probably knows more about petrol retailing than anyone in the country” after 40 years in the business, has expressed [...]
How McCall has proven her critics wrong January 26, 2012 WE need more investors like Sir Stelios Haji-Ioannou, founder and majority shareholder of easyJet. If institutions were as combative as the pugnacious Cypriot, there would be no need for the current debate over executive pay. In recent years, Sir Stelios has taken easyJet’s directors and executives to task over everything from the size of the [...]
Fears of new slump after GDP shrinks January 25, 2012 GDP FELL in the final three months of 2011, according to early estimates from the Office for National Statistics, published yesterday. Economic output appears to have declined by 0.2 per cent, with 40 per cent of available data analysed so far. Such a decline leaves GDP growth for the whole of 2011 at 0.9 per [...]
ANALYST VIEWS: DID WH SMITH’S RESULTS MARK AN IMPROVEMENT? January 25, 2012 PHILIP DORGAN | PANMURE GORDON Management has now successfully shifted the seasonality of the business, but a break up looks unlikely in the short run and top line momentum is likely to remain subdued. We think shares currently lack a catalyst. JOHN STEVENSON | PEEL HUNT WH Smith delivered Christmas trading in line with subdued [...]
BEST OF THE BROKERS January 25, 2012 PHOSAGRO UBS has upgraded the London GDR listing of the Russian fertiliser group from “sell” to “neutral” after a sell-off over the past couple of months that has seen the stock lose nearly 30 per cent. The broker sees no reason to change its 2012 estimates or price target of $9, despite a weak market [...]
Project Beetle ends in tears for hedge fund manager and City banker January 25, 2012 Project Beetle was the name used for a £350m fund-raising in 2009 that made a critical reduction in Punch Taverns’ £4bn debt pile. Those who worked on the ultimately successful transaction, which included bankers from Bank of America Merrill Lynch and Goldman Sachs, and lawyers from Slaughter & May, had every reason to celebrate the [...]
ANALYST VIEWS: IS CAIRN’S STATOIL DEAL A SHREWD MOVE TO REDUCE RISK? January 23, 2012 SANJEEV BAHL | NUMIS Statoil brings credibility to the project, but uncertainty remains on how much cash Cairn is to throw at further high risk/reward exploration. STUART JOYNER | INVESTEC This is a good move for Cairn, as it reduces their risk in Greenland and is a positive tie-up. Statoil is solid and will provide [...]