Read Zeus Capital's note on MORTGAGE ADVICE BUREAU HOLDI (MAB1), out this morning, by visiting Research Tree: "The growth in number of MAB advisers is ahead of our expectations: growth is 5.2% since 22 March 2016; 12.4% year to date; 26.5% since 15 May 2015. To reach our forecast of 910 advisers by the end of 2016, MAB must add 36 new advisers (i.e. further 4% growth). We are confident that the average number of MAB advisers in 2016 will reach 864. The average number of MAB advisers is the key driver of its revenue and profit growth. With 23% more advisers than the 2015 average of 720, we are confident that MAB is able to grow its revenue by 24% in 2016. Despite this excellent start to the year, we leave our revenue, profit, EPS & DPS forecasts unchanged..."
Read Panmure Gordon & Co's note on MICRO FOCUS INTERNATIONAL (MCRO), out this morning, by visiting Research Tree: "Meghan Trainor has moved to newer things (a ditty called ‘No’) but for Micro Focus Kevin Loosemore it is still ‘all about the (installed) base’. We managed to grab Mr Loosemore following the beat to FY2016 estimates announced this week. The Micro Focus model is unchanged: the emphasis is still on working the installed base as those customers create the huge cash machine that has made a share price which on this day in 2014 was 830p and today it opens at 1610p. Somewhat disappointingly Mr Loosemore does not see a big..."
Read Beaufort Securities's note on Zoopla, out this morning, by visiting Research Tree: "Zoopla performed strongly in H1 2016 with record revenues and enhanced margins. The Property Services division performed as per expectations and reported 12 consecutive months of UK Agency partner growth. The number of property listings grew to 854,000, showing a rise in the number of property partners. On the other hand, the Comparison Services segment outperformed expectations, with the uSwitch brand continuing its strong market hold. The energy vertical's growth was driven by a higher volume of switching during winter. Zoopla recorded strong traffic of over 300 million visits to its websites and apps, with more than 68% via mobile. The company continued product innovation and integration with the launch of new tools for both consumers and professionals. In addition, Zoopla's acquisitions and investments would enhance its consumer experience and help build the ultimate home-related lead-generation platform. The company remains committed to shareholders as it announced higher dividends payable. We believe Zoopla is comfortably placed to continue its growth momentum in the second half of the year. Therefore..."
Read Beaufort Securities's note on XTRACT RESOURCES PLC (XTR), out this morning, by visiting Research Tree "Management cited substantial dilution and additional debt has the main reasons not to proceed with the development of the Manica Gold project. The estimated initial capital expenditure was US$38m plus an additional US$14m for underground development. To this end, the required capital could have resulted in significant dilution to the current market capitalisation. The sale of Manica, at a 40% return on the initial investment, allows Xtract to focus on its producing Chepica mine in Chile while firming up its balance sheet. We understand that the company is also evaluating other potential high return projects. We look forward to more information regarding the company's strategy as well as updates on operational activity at..." It's free to access
Read Beaufort Securities's note on Savannah Resources, out this morning, by visiting Research Tree: "We look forward to results from the gravity surveys, expected in June, to further refine potential targets from the three survey areas. Ground based gravity surveys have a successful track record in identifying VMS-type discoveries. We also look forward to results from the current drill programme with the aim to increase the overall resources and resource classification from the current Inferred and Indicated resource estimate of 1.7Mt grading 2.2% Cu. In the meantime..."
Read Beaufort Securities's note on MARKS & SPENCER GROUP PLC (MKS), out today on Research Tree "Disappointing results will lead to circa 10% reduction in consensus forecasts, but we note the start of the strategic turn round has commenced, although this will take time against 'difficult trading conditions'. International has been disappointing, but Food is doing well and they do have a focus on growing the Food business. However, the core Clothing and Household will take time and we will monitor Marks and Spencer but maintain..."
Read Beaufort Securities's note on INTERTEK GROUP PLC (ITRK), out this morning, by visiting Research Tree "The Group are on track to deliver robust full year revenue growth at constant currency and continue to expect to deliver solid organic growth performance in 2016 with Group margins broadly stable year on year. Intertek operates a high margin and strongly cash generative earnings model with a track record of sustainable growth and shareholder value creation. Looking forward, Intertek will continue to see structural growth opportunities in the Total Quality Assurance market as corporations focus on risk management in their increasingly complex operations and supply chains. Despite Intertek's track record we move our recommendation to..."
Read Beaufort Securities's note on HSS HIRE GROUP PLC (HSS), out this morning, by visiting Research Tree "HSS recorded a good performance in Q1 2016 with growth across both its business lines. The company's margins improved due to cost reduction actions implemented in 2015. HSS witnessed utilisation improvements across the group, with core utilisation rising 2% to 49% and special utilisation increasing 4% to 76%. The company's new NDEC would aid its extensive branch network and web capabilities. However, HSS's huge debt remains a factor potentially limiting its ability to fully participate in the continuing recovery. Moreover, a Brexit vote on 23rd June 2016 would likely further dampen the company's prospects. Beaufort's 2016E EPS forecast remains toward the upper end of ... but current uncertainties mean that Beaufort has decided to cut..."
Read Beaufort Securities's note on EURASIA MINING PLC (EUA), out this morning, by visiting Research Tree "This is an excellent result for Eurasia. It has three projects in Russia, the Monchetundra hard rock platinum project, West Kytlim alluvial platinum and a gold tailings project called Semenovsky. It needed a development solution for West Kytlim and the agreement announced yesterday means the project is fully funded without the need for an equity fundraise. Management can now focus their attention and resources on the development of Monchetundra and Semenovsky. In the meantime..."
Read Beaufort Securities's note on Dixons Group, out this morning, by visiting Research Tree "Dixons Carphone delivered better than expected result for the Q4 2016, recording strong LFL revenue growth and expanded market share across electricals and mobiles in its key division. A strong performance in the final quarter enabled the Group to narrow its headline pre-tax profit range from £440m-£450m previously announced in Christmas to £445m-£450m, against current consensus analysts' estimate of £446m. This range suggests an increase in pre-tax profit of c.+17% year-on-year. The Group continued to improve its all-important customer satisfaction and price competitiveness rating across all key markets. Recently, on 21 March 2016, the Group announced that it has entered into an agreement to acquire Simplifydigital, the UK's largest broadband, TV and home phone switching business for an undisclosed sum. This acquisition enables it to significantly improve its Services business, where Dixons Carphone provides independent advice and allowing it to become a trusted partner in customers' homes for responsive, accessible, expert and affordable technology support. In view of the Group's encouraging LFL revenue growth..."