Unilever's Weak 1H Doesn't Justify Share Tumble
Unilever's first half was rather disappointing but the following
share fall appears disproportionate, Deutsche Bank says. The
consumer-goods producer delivered a small beat in Ebitda but this
was clouded by a weak outlook, the German bank says. "Even though
it doesn't make a large difference, that the company couldn't stick
to the same margin guidance is disappointing," it says. However,
this is hardly the worst outlook and the initial mid-single digit
fall in the company's share price was an overreaction, it says.
Deutsche Bank has a buy rating on the stock and a target price of
Restore Shares Jump on GBP743 Mln Takeover Approach by Marlowe
Shares of Restore PLC rose in early trade Thursday after Marlowe
PLC said it made a 743 million pound ($1.02 billion) cash-and-share
offer approach to the information and data-management services
provider, which was rejected.
Tufton Oceanic Assets Raises Target Annual Dividend
Tufton Oceanic Assets Ltd. on Thursday raised its target annual
VP Says It is Performing in Line With Expectations
VP PLC said Thursday that it is performing in line with
Learning Technologies Group Sees Higher 1H Adjusted Profit,
Learning Technologies Group PLC said Thursday that it expects to
report higher adjusted operating profit and revenue for the first
half of 2021 thanks to a performance that was in line with its
Safestyle Sees Higher 1H Revenue, Expects to Exceed 2021 Market
Safestyle UK PLC said Thursday that it expects higher first-half
revenue and it expects to exceed market expectations for 2021, but
warned of short-term uncertainties affecting its market.
IDE Group Shares Fall on Widened Pretax Loss for 2020
Shares in IDE Group Holdings PLC fell Thursday after the company
reported a widened pretax loss for 2020 on lower revenue.
Augean Gets Bid Deadline Extension as Talks With Morgan Stanley
Augean PLC said Thursday that it has received an extension to
the deadline by which Morgan Stanley Infrastructure Inc. must
indicate whether it plans to make a firm offer or walk away as
talks between the two parties continue.
AfriTin FY 2021 Loss Widened on License Impairments as Revenue
AfriTin Mining Ltd. on Thursday reported a widened loss for its
fiscal 2021, despite a significant increase in revenue.
Audioboom Says All Active Asset Capital's Offer Significantly
Audioboom Group PLC said Thursday that the proposed 188.3
million pound ($258.3 million) cash-and-share offer by All Active
Asset Capital Ltd. significantly undervalues the business, and
advised shareholders to take no action.
Newmark Security Names Paul Campbell-White as Next CFO
Newmark Security PLC said Thursday that Paul Campbell-White will
join the company as chief financial officer in September, taking
over from Graham Feltham.
Northcoders Plans to Raise GBP3.5 Mln in AIM Float
Northcoders Group PLC said Thursday that it plans to raise a
total of 3.5 million pounds ($4.8 million) in its listing on
London's junior AIM.
Zenova Group Shares Rise in Stock Market Debut
Shares in Zenova Group PLC rose as much as 21% on Thursday as it
started trading on London's junior AIM, implying a market
capitalization of 21.5 million pounds ($29.5 million).
Tracking-Tech Company Big Technologies to Be Valued at GBP577
Mln in London IPO
Big Technologies PLC on Thursday set the price of its planned
initial public offering on London's junior AIM market at 200 pence
a share, giving it a market capitalization of 577 million pounds
Bank of Ireland Agrees to Acquire J&E Davy for EUR440
Bank of Ireland Group PLC said Thursday that it has agreed to
acquire J&E Davy, an Irish provider of wealth management and
capital markets services, for an enterprise value of 440 million
euros ($519 million).
IG Group's Record Profits Seen as Unsurprising
1018 GMT - IG Group's record fiscal year was unsurprising, Peel
Hunt says. The trading services company delivered profit growth of
52% and strong levels of cash generation, the brokerage notes. The
key point of focus for investors will be the updated guidance, with
core markets revenue now expected to grow 5%-7% per year and
high-potential markets to rise 25%-30%, Peel Hunt says. Shares rise
3.6% to 855 pence. "The shares do not look expensive to us if the
strategic guidance can be delivered," the brokerage adds.
UK Government's Part Selloff of NatWest Stake Will Be
1009 GMT - U.K. Government Investments Ltd.'s sell down of part
of its shareholding in NatWest Group will be welcomed by investors
and should improve liquidity in the stock, Goodbody says. The plan
will also reinforce the government's desire to reduce or exit its
shareholding, even if it weighs on the share price over the next 12
months, the brokerage says. "Indeed, we suspect that the price
reaction will be closely monitored in the coming period and if the
market is judged to able to digest the sell down without an
uncomfortable price reaction, we wouldn't be surprised to see UKGI
seek to reduce its shareholding further," Goodbody says. Shares in
the bank are down 0.8% at 198.05 pence.
3i Group's Strong Start to the Year Is Reflected in
0949 GMT - 3i Group's positive value adjustments across the
portfolio in its 1Q highlights its strong start to the year, Numis
says. The international-investment manager's new investments and
realizations in the period were modest, but current activity and
pipeline point to a second-half pickup, Numis says. 3i's business
model, portfolio and balance sheet strength allow for a selective
approach, the brokerage adds. "The relatively low activity level in
terms of new investments and realization point both to the
conservative approach and ability to hold back and wait for the
right opportunities, both key to our positive view of 3i," Numis
says, reiterating its add recommendation and 1,420 pence target
price. Shares are up 3.6% at 1,255 pence.
Centrica Needs to Provide More Clarity on Strategy
0933 GMT - Shares in Centrica drop 1.2% after the owner of
British Gas reported a drop in first-half underlying earnings and
didn't declare an interim dividend. Citigroup says adjusted
operating profit fell short of its expectations and the company's
outlook was more cautious, pointing to higher costs and losses from
legacy contracts. "While none of these elements are new, it does
mean we have to wait for the company's capital markets day in
November 2021 for further clarity and direction of travel for the
company," Citi analyst Jenny Ping says.
Getlink 1H Beat Expectations on Eurostar Traffic, Lower
0921 GMT - Getlink's 1H results were better then expected with
an Ebitda of EUR100 million compared with consensus of EUR82
million, Citi says. "The outperformance was driven by
better-than-expected Eurostar traffic and lower operating cost,
partially offset by higher interest expenses--rising inflation
impacted the inflation-linked debt," the bank says. The French
operator of the Channel Tunnel between the U.K. and France said it
wasn't able to provide full-year profit guidance due to continuing
travel restrictions. Getlink trades 1.8% higher at EUR13.02.
Howden Joinery's 1H Should Push Up FY Forecasts, Citi Says
0828 GMT - Howden Joinery delivered a strong first half which
bodes well for future progress, according to Citi. Citi expects
consensus estimates for the U.K. maker of kitchen and joinery
products in 2021 to move up around 10% on the back of strong start
to the second half. "Group continues to dominate the market with
strong share gains in a positive demand backdrop and there remains
further upside to 2021 expectations," the U.S. bank says. Citi has
a neutral rating on the stock and a target price of 840 pence.
Shares are up 1.8% at 895.2 pence.
Unilever's 1H Raises More Questions Than Answers, Citi Says
0755 GMT - Unilever's sales boost in 2Q isn't enough to answer
concerns around the group's future, according to Citi. The
consumer-goods producer delivered an organic sales growth of 5.0%
on year, beating a company-compiled consensus of 4.8%, Citi says.
Still, rising costs remain a drag, it says. "The cut in full-year
margin guidance, due to cost inflation, may reignite the debate on
the likelihood of advertisement and promotion cut in the second
half to protect margins [...] the first half brings more questions
than answers on the company's ability to navigate the inflationary
cycle without making painful trade-offs," the U.S. bank says. Citi
has a buy rating on the stock and a target price of GBP51.
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
July 22, 2021 06:38 ET (10:38 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
From Aug 2021 to Sep 2021
From Sep 2020 to Sep 2021