Liberum's note out this morning on Research Tree: "Stellar rental growth drives another year of outperformance. NAV +31% is 4% ahead of our forecast and EPS +56% is 6% ahead. LFL rental growth of +15% is enhanced by strong lettings on completed projects and operational gearing. While disposals will limit earnings growth through FY17, 3% quarterly rental growth momentum should underpin another year of underlying double digit gain, at the top end of the sector..."
finnCap published a note this morning, this is taken from Research Tree: "Horizonte has has announced that it has been granted a Preliminary Environmental Licence for the proposed mining and beneficiation plant for its Araguaia nickel project in Brazil. The licence has been issued by the ParaÌ State Environmental Agency and demonstrates the continuing approval by the Brazilian state for the project. The Araguaia project is seen as a key driver for the economic development of the southern part of the state of ParaÌ."
finnCap's note out earlier today: "As expected, this is a good set of results. Driven by international growth and expansion in the blue-chip client base, FY 2016 revenue is up 28% to £73.4m, although slightly below our £74m expectation. Adj. EBITDA rose 25% to £14.8m and adj. operating profit was up 24% to £13.4m, both in line with our forecasts. However, the group has a much reduced tax charge of just £0.2m in FY 2016 so FD adj. EPS..." scraped from research tree
Liberum published a note on RLE this morning on Research Tree: "The £20m acquisition of the Market Shopping Centre in Crewe leaves REI well on track to meet or exceed our full year earnings and dividend forecast. The centre has been acquired at a 9% net initial yield with opportunity to add value through extension and reconfiguration. The shares trade at a CY16E P/NAV of 0.94x in line with the sector, but with a DPS yield of 4% which increasingly has upside potential."
Note out this morning by finnCap: "Best of the Best (BOTB) operates competitions to win luxury cars and other prizes, both online and at retail locations. Limited competition, barriers to entry and BOTB’s focus on cars have helped the company become the market leader in the UK. We expect these factors to remain relevant as BOTB continue grow online (FY16: +41% y/y growth) beyond the £7.1m, which online sales currently represent. This growth and shift to online is significant, as it increases BOTB’s ability to scale, benefits the profit margin and furthermore ..." It's taken from Research tree
finnCap also put out a note this morning, it's up on Research tree: "As expected, H1 2016 results show strong momentum in the core Cold Chain Food Products, Retailing and Stockfeed businesses offset by an extremely strong FX headwind when reported in US dollars. There is evidence of a stabilisation or upward movement in agri commodities while cost control was excellent, enabling us to make a 16.5% upgrade to FY2016E adjusted PBT, albeit off a low base. There are still uncertainties relating to the Zambian economy and the settlement of the RCL put option. As such we are not changing ..."
finnCap published a note this morning, took it from research tree "Eventful interims to March 2016 show resilience in recurring revenue and strength in free cashflow, with confidence expressed in the dividend. Mobile pressure in 1H16 was not as challenged as we had originally feared despite well flagged ARPU and margin pressure. Advanced Solutions delivered growth in recurring revenue but is expected to be 2H-weighted due to the delayed phasing of completion of a major order, contributing to a significant, and reassuring, £7.7m order backlog. Management initiatives, to support gross margins ..."
finnCap's published a note this morning on Research Tree "H1’16 numbers were a tale of two quarters. H2 is trading in line with expectations and has a soft base. Interim numbers were marginally lower YoY. Revenue was down 4.6% to £74.6m and gross profit was down 5% to £9.9m (margin flat) with pre-tax profit and EPS both down 4% at £1.9m and 3.0p respectively."
finnCap published a note today, it's up on Research tree "Europa has bolstered it acreage in Ireland following the award of five new licences. Consequently, Europa now has exposure to 4bn boe and 1.5tcf of prospective and indicative resources across multiple exploration prospects in seven licences. Licence details. The company has been awarded five new licences by the Irish government. These licences provide a range of technical risk across a wide variety of geological plays."
Panmure published a note this morning on Research tree: Sanderson delivers an in line set of interims. For us the highlight is twofold (i) operating profit is back to the level at which Sanderson sold its EPOS business in 2012A, and (ii) strong cash conversion which fuels an 11% DPS hike. The business model continues to strengthen - 53% of revenue is now recurring. Sanderson’s acquisitions are bedded-in, the new three-year plan is off to a strong start, the new divisional structure (Digital Retail & Enterprise) creates better product integrity and customer engagement.