Edison Investment Research

Google – Pilgrim’s progress.

Google advances further towards full control of Android.

Development lead times

How long does it take to develop a new discovery to first production? The answer will of course vary greatly and depend on a wide range of factors, from the size of the accumulation, to the maturity of the basin and the presence or lack of existing infrastructure. But in many cases the time taken will probably be longer than originally anticipated.
The recently published Oil & Gas UK economic report contributes some interesting statistics on this subject from a UK perspective.In the North Sea, the current average is 17 years (for those fields entering production since 2005), with all developments during this time taking more than 10 years. This is a lengthy payback time for both operators and investors.

Yahoo – Irrelevant pandemonium.

The mess of the Verizon sale is almost irrelevant when valuing Yahoo.

Samsung – Uncharted territory.

Samsung’s loss could be Huawei and Google’s gain.

Heathrow vs. Gatwick?

The airport expansion debate rages on

Are we finally about to get an answer to the Heathrow vs. Gatwick airport expansion question? MPs are scheduled to debate the question of UK airport capacity next Tuesday (18 October) as the Prime Minister has indicated a desire to finally make a decision on an issue the Conservative Government has thus far managed to sweep under the carpet. Interestingly, the debate will be set against the backdrop of new research which shows that it is the road traffic in and around the airport that is the main contributor to emissions, not the aircraft themselves.

Samsung – Uncharted territory.

Samsung’s loss could be Huawei and Google’s gain.

Market Commentary - Housing, Infrastructure, Construction and Services 11th October 2016

More news than expected this morning. SIG has got a new FD, Doug Robertson will retire at age 63 to be replaced by the current incumbent at McCarthy and Stone Nick Maddock. On the face of it this is not a natural move in our view. Entu has issued yet another profit warning for the year ending 31st October as, despite improvements in parts of the business following management action, the performance in the Installation operations of the Home Improvement Division is less than good.Mitie was the best performer yesterday with a 2.4% rise to 199p. We have talked enough about this stock and sustain a view that on a 12-18 month basis it should perform well but there may be a lower entry point as the accounts are adjusted away from “Old” Serco standard

Market Commentary - Housing, Infrastructure, Construction and Services 10th October 2016

Mitie’s CEO Ruby McGregor Smith will step down on 12 December 2016 to be replaced by Phil Bentley who has held senior roles at Cable and Wireless, British Gas and Centrica. Interserve has come out very strongly today with an announcement that its equipment services operation, Kwikform, will remain part of the business following a strategic review. The review process was widely expected to result in a sale. Mears and Wolseley were the best risers on Friday last and for the whole of the week beginning 3rd October . They were both up around 4.5% for the week, for different reasons

Twitter – Exit strategy pt. II.

If no one bids then there is much further to fall.

Samsung Q3 16A – Summer cycle

Margin to be strong while the cycle lasts.