BEST OF THE BROKERS July 7, 2011 NEXT Morgan Stanley rates the fashion retailer as “overweight” with a new 2,930p target price, which implies a 25 per cent upside. The broker said that Next’s brand and customer proposition continued to resonate strongly with UK consumers. It believes the retailer will continue to generate strong cash flows for the foreseeable future and expects [...]
Star Witness can finish with a bang July 7, 2011 NO Australian-trained horse has ever won tomorrow’s Group One Darley July Cup (3.35pm), but I expect that to change thanks to Aussie raider STAR WITNESS. Danny O’Brien’s four-year-old ran two absolute crackers at Royal Ascot and this will be his last ever race, as he is due to go back to stud in his homeland. [...]
HSBC PLAYS MUSICAL CHAIRS IN M&A ROLES July 6, 2011 CHANGE at the top at HSBC. The Capitalist has learned that rising star Maged Latif, who joined the bank from Goldman Sachs two years ago, has been fast-tracked from deputy head of M&A to co-head of global financial institutions group (FIG) advisory. Latif, who made his mark advising the government on taking Northern Rock into [...]
ANALYST VIEWS: IS TULLOW’S PERFORMANCE ON TRACK? July 5, 2011 ANGUS MCPHAIL | INVESTEC First results are in line with consensus. Revenues, capex, debt and production are all in line. Exploration and appraisal are on track with a 79 per cent success rate pointing to a prolifically successful explorer. HOOTAN YAZHARI | BANK OF AMERICA MERRILL LYNCH On the financial front Tullow remains solid. The [...]
KEEP THE FAITH: TONY BLAIR PRAYS FOR GLOBALISATION WITH VALUES July 5, 2011 NEVER mind the JP Morgan advisory gig, Tony Blair’s real focus post-politics is his religious faith – despite being warned by former aide Alastair Campbell not to make a feature of his Christian beliefs. “We don’t do God,” Campbell growled to Blair, after the former Prime Minister’s Christian faith became the headline in one of [...]
Flybe profits hit by volcano June 30, 2011 SHARES in Flybe remained buoyant yesterday despite the Exeter airline reporting heavy losses after last year’s Icelandic volcanic eruption and arctic winter conditions disrupted flights. The company made an annual pre-tax loss of £4.3m, compared with a profit of £24.6m the previous year. Yet analysts remained upbeat, saying the results were “no surprise” after the [...]
ANALYST VIEWS: HOW BAD IS THIS LATEST WARNING FROM C&WW? June 28, 2011 MORTEN SINGLETON | INVESTEC This has never been a story about near-term financials… which is just as well really. While the market reaction should be understandably negative this morning, we believe the potential remains for a doubling of value as a more radical approach is taken to the business. JONATHAN JACKSON | KILLIK & CO [...]
We will muddle through amid economic woes June 26, 2011 IT’S amazing how far we’ve come in a short period of time. Back in early February, financial markets were still pricing in the chances of a Bank of England rates rise in May. Now, with the release of minutes from June’s MPC meeting, a rate hike isn’t fully expected until July 2012. As a result, [...]
ANALYST VIEWS: WHAT DO YOU THINK OF MICRO FOCUS’ RESULTS? June 23, 2011 JONATHAN JACKSON | KILLIK & CO The figures were in line with previous guidance. Cash conversion was strong, at 113 per cent, and net debt fell to $14.9m. The final dividend was maintained to give a full-year increase of 7.3 per cent. Discussions are ongoing regarding potential offers, but there is no certainty any offer [...]
Go-Ahead ups forecasts on high demand June 23, 2011 BUS and train operator Go-Ahead said yesterday that its profit had been given a further boost as more motorists take public transport because of fuel price rises. Go-Ahead, which has a fleet of 3,800 buses and is part of a joint venture responsible for Southern, Southeastern and London Midland rail services, said its buses represented [...]