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View the rest of this gallery online at http://citywire.co.uk/money/gallery/a1013472
Our daily roundup of analyst commentary on shares, also including Ladbrokes Coral and Lancashire.
Hargreaves: Shell on the road to recovery
A significant improvement in performance at Royal Dutch Shell (RDSb) shows the oil giant is on the way to recovery, says Hargreaves Lansdown.
The upstream division - which focuses on exploration and production - has seen profits rise to $3.4 billion, a 315% improvement over the year. The shares were up 1.7% at £20.96 at the time of writing.
Analyst Nicholas Hyett said the improvement in its upstream division was expected due to rising oil prices but the ‘strong cashflow and lower debt are a pleasant surprise’.
‘Shell’s fortunes remain exposed to the oil price of course, and capital expenditure has been slashed. That can’t last forever, but [the] numbers suggest Shell is well on the way to recovery,’ he said.
He added that the cash component of the dividend was now ‘comfortably covered’ and increasing cashflow ‘bodes well for future deleveraging’.
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| Key stats | |
|---|---|
| Market capitalisation | £5,507m |
| No. of shares out | 2,336m |
| No. of shares floating | 2,224m |
| No. of common shareholders | not stated |
| No. of employees | 47925 |
| Trading volume (10 day avg.) | 10m |
| Turnover | £16,317m |
| Profit before tax | £305m |
| Earnings per share | 12.95p |
| Cashflow per share | 29.89p |
| Cash per share | 13.96p |
Jefferies: Morrisons taking pole position
Morrisons (MRW) is better placed than its supermarket peers in a troubled shopping environment and is rebuilding its sales, says Jefferies.
Analyst James Grzinic retained his ‘hold’ recommendation and target price of 250p on the stock after first quarter results that showed retail like-for-like sales up 3%. The shares were trading down 1% at 236.4p at the time of writing.
Grzinic said improved customer experience remained the key driver as management had ‘overhauled all key parts of the proposition in the past couple of years’.
‘Consistent improvements in the customer proposition are driving a rebuild in sales densities,’ he said. ‘We are in the early stages of wholesale growth, but this could prove accretive...in due time.’
He added the supermarket was ‘better equipped than peers to face an unhelpfully uncertain UK outlook’.
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| Key stats | |
|---|---|
| Market capitalisation | £2,342m |
| No. of shares out | 1,915m |
| No. of shares floating | 1,595m |
| No. of common shareholders | not stated |
| No. of employees | 26141 |
| Trading volume (10 day avg.) | 9m |
| Turnover | £1,508m |
| Profit before tax | £-204m |
| Earnings per share | -17.49p |
| Cashflow per share | -8.34p |
| Cash per share | 3.44p |
Numis remains cautious on Ladbrokes
Bookmaker Ladbrokes Coral (LCL) has seen strong growth but concerns about the regulation of fixed odds betting terminals is still hanging over the company, according to Numis.
Analyst Richard Stuber retained his ‘hold’ recommendation and target price of 140p on the stock after the company reported net revenue growth of 5% over the year to date. He said online betting had continued its ‘strong growth trend’ although UK and European retail fell by 2% and 15% respectively.
‘With uncertainty over fixed odds betting terminal regulation - a third of group revenue - we retail our “hold” recommendation,’ he said.
The shares were trading down 4%, or 5p, at 123p at the time of writing.
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| Key stats | |
|---|---|
| Market capitalisation | £133,166m |
| No. of shares out | 20,049m |
| No. of shares floating | 19,973m |
| No. of common shareholders | not stated |
| No. of employees | 235175 |
| Trading volume (10 day avg.) | 27m |
| Turnover | 32,973m USD |
| Profit before tax | 1,010m USD |
| Earnings per share | 0.05 USD |
| Cashflow per share | 0.21 USD |
| Cash per share | 8.65 USD |
Shore Capital: sell HSBC despite positive quarter
HSBC (HSBA) may have reported better-than-expected first quarter results but Shore Capital believes the share price is still too full.
Analyst Gary Greenwood retained his ‘sell’ recommendation and ‘fair value’ estimate of 575p on the stock after first quarter results that showed profit before tax increase 12% to $5.9 billion, ahead of consensus $5.3 billion.
While he said the results were ‘positive’ and expected them to be ‘welcomed by the market’ he still retained a ‘sell’ recommendation.
‘The shares have drifted back following the full-year results in February but continue to trade at a premium to our last published fair value estimate of 575p - to which there may be modest upside risk,’ he said.
‘While we view the first quarter results as positive, we continue to see the valuation as being full.’
At the time of writing the shares were trading up 3%, or 19.9p, at 665p.
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| Key stats | |
|---|---|
| Market capitalisation | £1,390m |
| No. of shares out | 200m |
| No. of shares floating | 188m |
| No. of common shareholders | not stated |
| No. of employees | 103 |
| Trading volume (10 day avg.) | 1m |
| Turnover | 425m USD |
| Profit before tax | 120m USD |
| Earnings per share | 0.59 USD |
| Cashflow per share | 0.60 USD |
| Cash per share | 1.20 USD |
Peel Hunt backs high yielding Lancashire
Specialist insurer Lancashire (LRE) is weathering a dip in the insurance cycle and Peel Hunt believes the high dividend yield makes the stock worth hanging on to.
Analyst Andreas van Embden retained his ‘hold’ recommendation and target price of 725p on the stock after first quarter results. The shares were trading down 2.4%, or 17p, at 677p at the time of writing.
‘Lancashire delivered profit growth during the first quarter of 2017 despite a sharp decline in underwriting results, thanks to a combination of investment gains, higher profit commissions and lower compensation and financing costs,’ he said.
He added the company was continuing to reduce its top line but despite ‘encouraging evidence of slowing rate declines...Lancashire has not started to redeploy capital yet’.
‘In the meantime, we remain supportive of the stock thanks to our expectations of high dividend payouts - 7% yield - until the cycle turns, which by that time we will see a return to growth,’ he said.
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| Key stats | |
|---|---|
| Market capitalisation | £127,277m |
| No. of shares out | 6,312m |
| No. of shares floating | 6,301m |
| No. of common shareholders | not stated |
| No. of employees | 97000 |
| Trading volume (10 day avg.) | 4m |
| Turnover | 237,577m USD |
| Profit before tax | 12,992m USD |
| Earnings per share | 2.12 USD |
| Cashflow per share | 3.79 USD |
| Cash per share | 1.41 USD |
Hargreaves: Shell on the road to recovery
A significant improvement in performance at Royal Dutch Shell (RDSb) shows the oil giant is on the way to recovery, says Hargreaves Lansdown.
The upstream division - which focuses on exploration and production - has seen profits rise to $3.4 billion, a 315% improvement over the year. The shares were up 1.7% at £20.96 at the time of writing.
Analyst Nicholas Hyett said the improvement in its upstream division was expected due to rising oil prices but the ‘strong cashflow and lower debt are a pleasant surprise’.
‘Shell’s fortunes remain exposed to the oil price of course, and capital expenditure has been slashed. That can’t last forever, but [the] numbers suggest Shell is well on the way to recovery,’ he said.
He added that the cash component of the dividend was now ‘comfortably covered’ and increasing cashflow ‘bodes well for future deleveraging’.
| Key stats | |
|---|---|
| Market capitalisation | £5,507m |
| No. of shares out | 2,336m |
| No. of shares floating | 2,224m |
| No. of common shareholders | not stated |
| No. of employees | 47925 |
| Trading volume (10 day avg.) | 10m |
| Turnover | £16,317m |
| Profit before tax | £305m |
| Earnings per share | 12.95p |
| Cashflow per share | 29.89p |
| Cash per share | 13.96p |
Jefferies: Morrisons taking pole position
Morrisons (MRW) is better placed than its supermarket peers in a troubled shopping environment and is rebuilding its sales, says Jefferies.
Analyst James Grzinic retained his ‘hold’ recommendation and target price of 250p on the stock after first quarter results that showed retail like-for-like sales up 3%. The shares were trading down 1% at 236.4p at the time of writing.
Grzinic said improved customer experience remained the key driver as management had ‘overhauled all key parts of the proposition in the past couple of years’.
‘Consistent improvements in the customer proposition are driving a rebuild in sales densities,’ he said. ‘We are in the early stages of wholesale growth, but this could prove accretive...in due time.’
He added the supermarket was ‘better equipped than peers to face an unhelpfully uncertain UK outlook’.
| Key stats | |
|---|---|
| Market capitalisation | £2,342m |
| No. of shares out | 1,915m |
| No. of shares floating | 1,595m |
| No. of common shareholders | not stated |
| No. of employees | 26141 |
| Trading volume (10 day avg.) | 9m |
| Turnover | £1,508m |
| Profit before tax | £-204m |
| Earnings per share | -17.49p |
| Cashflow per share | -8.34p |
| Cash per share | 3.44p |
Numis remains cautious on Ladbrokes
Bookmaker Ladbrokes Coral (LCL) has seen strong growth but concerns about the regulation of fixed odds betting terminals is still hanging over the company, according to Numis.
Analyst Richard Stuber retained his ‘hold’ recommendation and target price of 140p on the stock after the company reported net revenue growth of 5% over the year to date. He said online betting had continued its ‘strong growth trend’ although UK and European retail fell by 2% and 15% respectively.
‘With uncertainty over fixed odds betting terminal regulation - a third of group revenue - we retail our “hold” recommendation,’ he said.
The shares were trading down 4%, or 5p, at 123p at the time of writing.
| Key stats | |
|---|---|
| Market capitalisation | £133,166m |
| No. of shares out | 20,049m |
| No. of shares floating | 19,973m |
| No. of common shareholders | not stated |
| No. of employees | 235175 |
| Trading volume (10 day avg.) | 27m |
| Turnover | 32,973m USD |
| Profit before tax | 1,010m USD |
| Earnings per share | 0.05 USD |
| Cashflow per share | 0.21 USD |
| Cash per share | 8.65 USD |
Shore Capital: sell HSBC despite positive quarter
HSBC (HSBA) may have reported better-than-expected first quarter results but Shore Capital believes the share price is still too full.
Analyst Gary Greenwood retained his ‘sell’ recommendation and ‘fair value’ estimate of 575p on the stock after first quarter results that showed profit before tax increase 12% to $5.9 billion, ahead of consensus $5.3 billion.
While he said the results were ‘positive’ and expected them to be ‘welcomed by the market’ he still retained a ‘sell’ recommendation.
‘The shares have drifted back following the full-year results in February but continue to trade at a premium to our last published fair value estimate of 575p - to which there may be modest upside risk,’ he said.
‘While we view the first quarter results as positive, we continue to see the valuation as being full.’
At the time of writing the shares were trading up 3%, or 19.9p, at 665p.
| Key stats | |
|---|---|
| Market capitalisation | £1,390m |
| No. of shares out | 200m |
| No. of shares floating | 188m |
| No. of common shareholders | not stated |
| No. of employees | 103 |
| Trading volume (10 day avg.) | 1m |
| Turnover | 425m USD |
| Profit before tax | 120m USD |
| Earnings per share | 0.59 USD |
| Cashflow per share | 0.60 USD |
| Cash per share | 1.20 USD |
Peel Hunt backs high yielding Lancashire
Specialist insurer Lancashire (LRE) is weathering a dip in the insurance cycle and Peel Hunt believes the high dividend yield makes the stock worth hanging on to.
Analyst Andreas van Embden retained his ‘hold’ recommendation and target price of 725p on the stock after first quarter results. The shares were trading down 2.4%, or 17p, at 677p at the time of writing.
‘Lancashire delivered profit growth during the first quarter of 2017 despite a sharp decline in underwriting results, thanks to a combination of investment gains, higher profit commissions and lower compensation and financing costs,’ he said.
He added the company was continuing to reduce its top line but despite ‘encouraging evidence of slowing rate declines...Lancashire has not started to redeploy capital yet’.
‘In the meantime, we remain supportive of the stock thanks to our expectations of high dividend payouts - 7% yield - until the cycle turns, which by that time we will see a return to growth,’ he said.