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View the rest of this gallery online at http://citywire.co.uk/money/gallery/a999034
Our daily roundup of analyst commentary on shares, also including Aldermore and Lookers.
Shore Capital: income attraction at L&G
All routes are leading to cash generation and therefore dividends at Legal & General (LGEN), which remains an attractive income generator, says Shore Capital.
Analyst Eamonn Flanagan reiterated his ‘buy’ recommendation on the stock following its full-year 2016 results. The stock was down 1.7%, or 4.4p, at 255.7p on Wednesday.
He noted the group’s reiteration of its ‘progressive dividend policy’ and 7% increase declared in its results.
‘L&G’s distribution footprint in the UK remains impressive, while its presence in the bulk annuity market offers huge scope for cash generation for many years to come,’ he said.
‘Legal & General Investment Management continues to rumble with total funds under management of £894 billion, while management remains focused on delivering cash and dividends for shareholders. The income attractions for this stock remain considerable.’
He said its focus on ageing populations, globalisation of asset market, and bulk annuities would ‘support further growth in the cash generation from the group, and hence dividends’.
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| Key stats | |
|---|---|
| Market capitalisation | £498m |
| No. of shares out | 397m |
| No. of shares floating | 302m |
| No. of common shareholders | not stated |
| No. of employees | 7287 |
| Trading volume (10 day avg.) | m |
| Turnover | £3,649m |
| Profit before tax | £51m |
| Earnings per share | 12.58p |
| Cashflow per share | 17.11p |
| Cash per share | 2.10p |
Lookers on the right road despite bumps, says Liberum
Car dealership Lookers (LOOK) is well positioned for long-term growth despite concerns around the new car market, says Liberum.
Analyst Adam Tomlinson retained his ‘buy’ recommendation and target price of 175p on the stock, which was trading up 1.9%, or 2.5p, at 130p at the time of writing. He said the company had enjoyed a ‘strong full-year 2016’ and that trading in 2017 had begun well.
‘There has been continued growth across all segments, with higher margin aftersales particularly encouraging,’ he said.
‘Management has completed significant mergers and acquisitions (M&A) to grow and refine the dealership portfolio. Balance sheet strength is much improved, supported by strong cashflow generation. We acknowledge the risks, particularly around the new car market, which are reflected in our forecasts. That said, we see Lookers as well positioned for long-term growth, organically and through further M&A.’
He said the value ‘remains attractive on a current year 2017 price/earnings of nine times’.
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| Key stats | |
|---|---|
| Market capitalisation | £2,366m |
| No. of shares out | 262m |
| No. of shares floating | 216m |
| No. of common shareholders | not stated |
| No. of employees | 6433 |
| Trading volume (10 day avg.) | 2m |
| Turnover | £1,515m |
| Profit before tax | £125m |
| Earnings per share | 49.02p |
| Cashflow per share | 160.78p |
| Cash per share | 16.79p |
Jefferies: Aggreko faces tough competition
Temporary power provider Aggreko (AGK) is facing ‘aggressive price competition’ which could put pressure on margins and returns, according to Jefferies.
Analyst Will Kirkness retained his ‘hold’ recommendation but increased the target price from 750p to 850p. The shares were trading down 1.69%, or 16.2p, at 902.78p at the time of writing.
‘While incremental cost savings of £25 million and improving rental solution and industrial markets may be welcome, we remain concerned that fading market share and aggressive price competition in both rental and utility markets will continue to put pressure on margins and returns,’ he said.
He downgraded 2017 and 2018 forecasted earnings per share by 3% to bring Jefferies’ view more in line with consensus.
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| Key stats | |
|---|---|
| Market capitalisation | £833m |
| No. of shares out | 345m |
| No. of shares floating | 339m |
| No. of common shareholders | not stated |
| No. of employees | 845 |
| Trading volume (10 day avg.) | 1m |
| Turnover | £300m |
| Profit before tax | £76m |
| Earnings per share | 22.56p |
| Cashflow per share | 24.98p |
| Cash per share | 57.87p |
Peel Hunt upgrades Aldermore on post-Brexit optimism
Peel Hunt has upgraded challenger bank Aldermore (ALD), reflecting a change in the analyst's view on Brexit.
Analyst Anthony Da Costa upgraded his recommendation from ‘hold’ to ‘buy’ with a price target of 275p, following a strategy update from the company last week. The shares rose slightly on Wednesday, up 0.08%, or 0.2p, to 239.5p.
‘The tone of last Thursday’s strategy update was far more upbeat than the company has been of late, with the group confident that loan growth will be strong in 2017 and beyond, underpinned by increasing market share,’ he said.
Da Costa is also taking a more optimistic view following the Brexit referendum given the ‘current benign economic outlook’.
‘We incorporate the updated guidance and upgrade our 2017 and 2018 profit before tax by 17% and 23%, which justifies our recently revised target price of 275p - equivalent to just 1.5x 2017 book,’ he said.
‘We see further re-rating in the specialist lending sector and move our recommendation to “buy”.’
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| Key stats | |
|---|---|
| Market capitalisation | £275m |
| No. of shares out | 282m |
| No. of shares floating | 248m |
| No. of common shareholders | not stated |
| No. of employees | 1323 |
| Trading volume (10 day avg.) | m |
| Turnover | £150m |
| Profit before tax | £35m |
| Earnings per share | 12.26p |
| Cashflow per share | 13.86p |
| Cash per share | 9.10p |
Property turnaround needed at Foxtons, says Numis
Tough conditions in the London property market continue to hit Foxtons (FOXT) but the estate agent will be a ‘major beneficiary’ of any bounce back, says Numis.
Analyst Chris Millington retained his ‘buy’ recommendation and target price of 123p on the stock, which was trading down 1.5%, or 1.5p, at 97.5p on Wednesday.
‘Foxtons’ full-year results are in line with expectations, but to take account of depressed market transactions and tough comparatives from the first quarter of 2016 we are reducing 2017 earnings from £25 million to £20 million,’ he said.
‘While there is little sign of London transaction volumes improving in the near term we would note they are now nearing the lows witnessed in 2008/09 and when they bounce back Foxtons will be a major beneficiary given strong listing volumes and high levels of operational gearing.’
He expects activity levels to improve ‘at some juncture’ but the ‘short-term highly depressed nature of transactions’ meant Foxtons was trading on a high price/earnings ratio - 26x for 2017 - ‘but the dividend yield of 4.6% should provide an underpinning to the share price’.
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| Key stats | |
|---|---|
| Market capitalisation | £14,926m |
| No. of shares out | 5,955m |
| No. of shares floating | 5,820m |
| No. of common shareholders | not stated |
| No. of employees | 8630 |
| Trading volume (10 day avg.) | 14m |
| Turnover | £16,408m |
| Profit before tax | £1,075m |
| Earnings per share | 18.04p |
| Cashflow per share | 19.47p |
| Cash per share | 347.58p |
Shore Capital: income attraction at L&G
All routes are leading to cash generation and therefore dividends at Legal & General (LGEN), which remains an attractive income generator, says Shore Capital.
Analyst Eamonn Flanagan reiterated his ‘buy’ recommendation on the stock following its full-year 2016 results. The stock was down 1.7%, or 4.4p, at 255.7p on Wednesday.
He noted the group’s reiteration of its ‘progressive dividend policy’ and 7% increase declared in its results.
‘L&G’s distribution footprint in the UK remains impressive, while its presence in the bulk annuity market offers huge scope for cash generation for many years to come,’ he said.
‘Legal & General Investment Management continues to rumble with total funds under management of £894 billion, while management remains focused on delivering cash and dividends for shareholders. The income attractions for this stock remain considerable.’
He said its focus on ageing populations, globalisation of asset market, and bulk annuities would ‘support further growth in the cash generation from the group, and hence dividends’.
| Key stats | |
|---|---|
| Market capitalisation | £498m |
| No. of shares out | 397m |
| No. of shares floating | 302m |
| No. of common shareholders | not stated |
| No. of employees | 7287 |
| Trading volume (10 day avg.) | m |
| Turnover | £3,649m |
| Profit before tax | £51m |
| Earnings per share | 12.58p |
| Cashflow per share | 17.11p |
| Cash per share | 2.10p |
Lookers on the right road despite bumps, says Liberum
Car dealership Lookers (LOOK) is well positioned for long-term growth despite concerns around the new car market, says Liberum.
Analyst Adam Tomlinson retained his ‘buy’ recommendation and target price of 175p on the stock, which was trading up 1.9%, or 2.5p, at 130p at the time of writing. He said the company had enjoyed a ‘strong full-year 2016’ and that trading in 2017 had begun well.
‘There has been continued growth across all segments, with higher margin aftersales particularly encouraging,’ he said.
‘Management has completed significant mergers and acquisitions (M&A) to grow and refine the dealership portfolio. Balance sheet strength is much improved, supported by strong cashflow generation. We acknowledge the risks, particularly around the new car market, which are reflected in our forecasts. That said, we see Lookers as well positioned for long-term growth, organically and through further M&A.’
He said the value ‘remains attractive on a current year 2017 price/earnings of nine times’.
| Key stats | |
|---|---|
| Market capitalisation | £2,366m |
| No. of shares out | 262m |
| No. of shares floating | 216m |
| No. of common shareholders | not stated |
| No. of employees | 6433 |
| Trading volume (10 day avg.) | 2m |
| Turnover | £1,515m |
| Profit before tax | £125m |
| Earnings per share | 49.02p |
| Cashflow per share | 160.78p |
| Cash per share | 16.79p |
Jefferies: Aggreko faces tough competition
Temporary power provider Aggreko (AGK) is facing ‘aggressive price competition’ which could put pressure on margins and returns, according to Jefferies.
Analyst Will Kirkness retained his ‘hold’ recommendation but increased the target price from 750p to 850p. The shares were trading down 1.69%, or 16.2p, at 902.78p at the time of writing.
‘While incremental cost savings of £25 million and improving rental solution and industrial markets may be welcome, we remain concerned that fading market share and aggressive price competition in both rental and utility markets will continue to put pressure on margins and returns,’ he said.
He downgraded 2017 and 2018 forecasted earnings per share by 3% to bring Jefferies’ view more in line with consensus.
| Key stats | |
|---|---|
| Market capitalisation | £833m |
| No. of shares out | 345m |
| No. of shares floating | 339m |
| No. of common shareholders | not stated |
| No. of employees | 845 |
| Trading volume (10 day avg.) | 1m |
| Turnover | £300m |
| Profit before tax | £76m |
| Earnings per share | 22.56p |
| Cashflow per share | 24.98p |
| Cash per share | 57.87p |
Peel Hunt upgrades Aldermore on post-Brexit optimism
Peel Hunt has upgraded challenger bank Aldermore (ALD), reflecting a change in the analyst's view on Brexit.
Analyst Anthony Da Costa upgraded his recommendation from ‘hold’ to ‘buy’ with a price target of 275p, following a strategy update from the company last week. The shares rose slightly on Wednesday, up 0.08%, or 0.2p, to 239.5p.
‘The tone of last Thursday’s strategy update was far more upbeat than the company has been of late, with the group confident that loan growth will be strong in 2017 and beyond, underpinned by increasing market share,’ he said.
Da Costa is also taking a more optimistic view following the Brexit referendum given the ‘current benign economic outlook’.
‘We incorporate the updated guidance and upgrade our 2017 and 2018 profit before tax by 17% and 23%, which justifies our recently revised target price of 275p - equivalent to just 1.5x 2017 book,’ he said.
‘We see further re-rating in the specialist lending sector and move our recommendation to “buy”.’
| Key stats | |
|---|---|
| Market capitalisation | £275m |
| No. of shares out | 282m |
| No. of shares floating | 248m |
| No. of common shareholders | not stated |
| No. of employees | 1323 |
| Trading volume (10 day avg.) | m |
| Turnover | £150m |
| Profit before tax | £35m |
| Earnings per share | 12.26p |
| Cashflow per share | 13.86p |
| Cash per share | 9.10p |
Property turnaround needed at Foxtons, says Numis
Tough conditions in the London property market continue to hit Foxtons (FOXT) but the estate agent will be a ‘major beneficiary’ of any bounce back, says Numis.
Analyst Chris Millington retained his ‘buy’ recommendation and target price of 123p on the stock, which was trading down 1.5%, or 1.5p, at 97.5p on Wednesday.
‘Foxtons’ full-year results are in line with expectations, but to take account of depressed market transactions and tough comparatives from the first quarter of 2016 we are reducing 2017 earnings from £25 million to £20 million,’ he said.
‘While there is little sign of London transaction volumes improving in the near term we would note they are now nearing the lows witnessed in 2008/09 and when they bounce back Foxtons will be a major beneficiary given strong listing volumes and high levels of operational gearing.’
He expects activity levels to improve ‘at some juncture’ but the ‘short-term highly depressed nature of transactions’ meant Foxtons was trading on a high price/earnings ratio - 26x for 2017 - ‘but the dividend yield of 4.6% should provide an underpinning to the share price’.
