NatEx warns on profits as bidder circles October 22, 2009 National Express warned yesterday that profits would miss forecasts, leading some in the City to speculate that suitor Stagecoach may lower its offer price. Analysts took a knife to their forecasts after the troubled bus and rail operator admitted annual profits before tax would be “slightly below” its previous expectations. It blamed rising debt interest [...]
BEST OF THE BROKERS October 11, 2009 VEDANTA RESOURCESGoldman Sachs cut its 2010 earnings estimates for Vedanta to $1.75 per share following the miner’s second-quarter production release and an investor conference call. The broker retains a “neutral” stance on the stock, with a lower price target of 2,426p, to reflect the lower estimates and higher March 2010 net debt. HALFORDSKBC Peel Hunt [...]
IS CARPHONE WAREHOUSE WEATHERING THE DOWNTURN? October 8, 2009 MIKE JEREMY DANIEL STEWART & COI think it was a very satisfying update, with surprisingly good broadband numbers. For TalkTalk to get 77,000 net adds is very strong in a maturing market, especially with the churn figure decreasing. It bodes well for the market share. IPTV?looks like a great opportunity for them, but they are [...]
Bank united on decision to hold QE, rates October 21, 2009 MINUTES from the Bank of England’s October Monetary Policy Committee (MPC) meeting showed that the nine-member body was unanimous in its decision to keep both the cost of borrowing and quantitative easing (QE) on hold. The MPC also said it believed that the asset purchase programme had had a positive impact on financial markets, through [...]
CITY MOVES WHO’S SWITCHING JOBS September 10, 2009 WH IrelandThe stockbroker has appointed Lindsey Hamilton as head of wealth management. Hamilton brings with her a team from her previous employer Allied Irish Bank, where she led the national high net worth independent regulated sales force in the UK. “We have previously set out our intention to grow the private wealth management offering and [...]
CITY MOVES WHO’S SWITCHING JOBS September 10, 2009 WH IrelandThe stockbroker has appointed Lindsey Hamilton as head of wealth management. Hamilton brings with her a team from her previous employer Allied Irish Bank, where she led the national high net worth independent regulated sales force in the UK. “We have previously set out our intention to grow the private wealth management offering and [...]
BEST OF THE BROKERS October 6, 2009 LONMINCanaccord Adams changed its recommendation on Lonmin to a “sell” – from being under review and a “hold” prior to that – and increased the target price to 1,050p. The broker said that the share price is being driven by the potential for Xstrata to bid for the remainder of Lonmin, and argues that the [...]
BEST OF THE BROKERS October 4, 2009 CHIME COMMUNICATIONSKBC Peel Hunt said that Chime’s takeover of Essentially Group – to form one of the world’s most powerful full-service sports marketing organisations – is a good deal but not one without elements of risk. The broker indicated the potential upgrade that might result if and when the deal completes, and upgraded the stock [...]
ARE YOU ENCOURAGED BY DMGT’S TRADING UPDATE? September 29, 2009 ANDY VINER BDO STOY HAYWARD“DMGT is also benefiting from having reacted early to the downturn with a cost control programme of around 15 per cent of its workforce. It was also encouraging to see comments around positive cash flow and continued net debt reduction. It now looks to be boosted by an improved advertising outlook [...]
BEST OF THE BROKERS September 30, 2009 DATATECInvestec said that Datatec is on track to meet its full-year guidance, but that a technicality on the Johannesburg Stock Exchange mandates an update. The broker made no changes to its forecasts but increased its target price to 210p and downgraded its recommendation to “hold”, purely on valuation grounds. COMPASSEvolution Securities nudged up its Compass [...]