Market Commentary - Housing, Infrastructure, Construction and Services 28th October 2016
There is little new news this morning in the sector. No prize for guessing that Berendsen was the largest faller yesterday. Galliford Try deserves a mention as it fell 3.9% yesterday to 1211p at close and is 10% lower last night than at the end of the session on Monday.
Read more...Consolidation in the Cyber market
Who will benefit from the super nomal levels of forecast growth?
The global Cyber attack last Friday is the latest stark reminder of how the defence and security market is changing. Attacks do not have to be physical in order to cause harm. Cyber attacks have the potential to be fatal or economically disastrous in just the same way as conventional warfare. As President Obama said on Monday “One of the biggest challenges for the next President, and the President after that is going to be how do we continue to get all the benefits of cyberspace but protect our finances, protect our privacy”. In a world where growth is hard to come by, new forecasts see the Cyber Security market growing 12-15% year on year until 2021. But is it clear what the products of the future will look like? And can we discern which protagonists will win market share?
Read more...Deutsche Beteiligungs proposes €1.20 per share dividend for FY16
Recommended increase in FY16 dividend to €1.20 from €1.00 in FY15
Deutsche Beteiligungs (DBAG) announced today that at the Annual Meeting of Shareholders on 22 February 2017, a dividend of €1.20 per share will be proposed for the year to 30 September 2016 (FY16), representing a 20% increase from the €1.00 per share FY15 total dividend.
Read more...Berendsen Conference Call and Arcadis
The Berendsen conference call was disappointing. Clearly the long term earnings capacity of the business is not around 15-20% lower now than it was last night. The problems seem to be short term ones. All is not lost and on a 2/3 year view the business could be worth much more than it is now but the risk has suddenly increased and that will hit valuation.
Read more...Microsoft – Wood for the trees.
Microsoft is so focused on the future that it misses the opportunity in the present.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 27th October 2016
Berendsen issued its trading update this morning for the period from 1st July to end September.Wolsleley and Galliford Try go XD today with final dividend s for 15/16 of 66.7p and 56p respectively. The moves down yesterday were a little more convincing than the up ones.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 26th October 2016
There is no directly relevant news this morning. There are however two items that are of interest. Firstly, Bunzl in its Q3 trading update tell us that the recent weakening of sterling has had a significant positive impact on its Q3 reported results. The other item of note is that Lloyds Bank in its Q3 update seems to have cooled its enthusiasm for mortgage lending
Read more...
HarbourVest Global Private Equity consolidates listing in London
Cancellation of Euronext Amsterdam listing
HarbourVest Global Private Equity (HVPE) has today delisted from the Euronext Amsterdam exchange, as announced in the half-year results to 31 July 2016.
Market Commentary - Housing, Infrastructure, Construction and Services 25th October 2016
There is no directly relevant new today though Carpetright is often a good read across and it had a trading update today. The best riser yesterday was up 0.7% (Balfour Beatty, closed at 281p) and the worst loser was down 1.5% (Berendsen, fell to 1230p). The small range of movement being indicative, in our view, of a lack of direction at present.
The half term break has made the market quite subdued and company news scarcer