"The past year has been a turbulent one for Hikma. A shortage-fuelled growth spurt and a resulting guidance upgrade had heralded the Jordanian company’s entry into the FTSE 100 in March 2015 (following the c.25% rally since the beginning of the year), making it only the fourth pharma constituent to become a component of this ‘blue-chip’ index. Fast forward a year, however, and multiple downgrades later, investor enthusiasm towards the company had waned, resulting in the stock being kicked out of the index in March 2016." AlphaValue's view on research tree...
Edison's view, published yesterday on research tree.. "Several valuation metrics and our sum-of-the-parts analysis suggest that the market undervalues Findel’s potential. To close the valuation gap, management simply needs to continue on its current path. The increasingly online retailer Express Gifts has resumed growth. Turning around Education will take time in a difficult market, but existing initiatives should see FY18e profits leap. Meanwhile, core net debt remains well controlled and is set to reduce further."
"FY16 results were strong, with 28% like-for-like total revenue growth reported (74% growth including the £2.7m contribution from its acquisitions late 2015). It has been a pivotal year for Abzena as it has expanded its business to provide a broad range of services from antibody discovery through to GMP manufacturing for Phase I/II trials. Alongside this, its clinical Abzena inside pipeline continues to grow, with 11 products now in the clinic and progressing toward commercialisation, most notably GS-5745 in gastric cancer." Note out from Edison yesterday on research tree
"RECI generated a NAV total return of 7.2% in FY2016. The company’s first special dividend resulted in a 7% dividend uplift for the year. The loan portfolio was the main driver of performance in the year and the rising loan allocation should ensure stable NAV growth going forward." Liberum put out a note this morning on research tree..
Panmure published a note this morning on research tree.... "The management have left themselves with a big ask in H2/16 to deliver on FY16 expectations even after the c3% downgrade yesterday. To meet the revised FY16 expectation, H2/16 revenues needs to grow by 48% sequentially while operating margins are expected to grow nearly 8-fold to 16%. While the first task looks more attainable, the second relies on everything going to plan. Recent history suggests caution, extreme caution."
"We note from the trade press that Omega Performance, a TwentyEighty company, has implemented NetDimensions Analytics. News of this contract dovetails nicely with our ‘times they are a-changin’ viewpoint which argues that there are strong secular drivers in favour of HCM software usage as modern companies; (i) appreciate the trade-off between a tighter economy giving fewer opportunities to bankroll staff loyalty, (ii) want to engage and ‘discover’ their top performers, and generally keep staff satisfied and motivated." Panmure note out this morning, scraped from research tree
Beaufort note out this morning on research tree.. "Whitbread delivered resilient progress in the first quarter despite a weaker UK hotel market, particularly in London where RevPAR declined -1.6% for the total market and fell -3.5% for the Midscale and Economy market. While the major extension programme for Premier Inn has diluted its RevPAR due to higher number of rooms, it supported LFL sales and contributed to +2.1% growth, ahead of the consensus analysts’ Q1 estimate of +1.6%. Costa’s performance, on the other hand, was more encouraging as it advanced total sales by +11.5%, with LFL sales up +2.6% (consensus: +1.9%) recovering from the disappointing Q4 FY2015 result of +0.5% LFL growth that the Group blamed on lower footfall and an unusually warm winter. The Group remains on schedule to open 4,000-4,500 new hotel rooms, 230-250 Costa stores worldwide and has increased its target installation of Costa Express machines to at least 1,250 for this year. Although the Group has seen a tougher trading environment recently in China, international system sales (EMEI and Asia) grew by +11.5% to £88.3m. We believe the long term global opportunity for Costa and this remains one of the most exciting parts of the Group going forward. Whitbread’s share price movement in June to date largely replicates the overall FTSE100 performance, in which companies with significant overseas exposure nevertheless have suffered from cautionary sentiment in the face of polling anticipating a BREXIT majority."
Beaufort note out this morning on research tree... "Saga has started the year on a positive note, with all divisions performing strongly. The company continued expanding in its emerging business due to timely investments. Saga maintained its simple, efficient operating model, implementing the Quota Share agreement and the motor panel. The company is progressing well to achieve its target set at the preliminary results on 19th April 2016. We are encouraged by Saga’s progress in the year to date and look forward to further updates."