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(Sharecast News) - Analysts at Canaccord Genuity hiked their target price on diversified financials outfit Equals Group from 57.0p to 98.0p on Tuesday following the firm's recently published interim results.
Canaccord, which stood by its 'buy' rating on the stock, stated the strength of Equals' first-half results, bolstered by the acceleration of activity in the third quarter, gave it the confidence to upgrade its assumptions.
"We now expect revenue to be 6% higher than our prior forecast in CY21E and 5% above in CY22E. Positive operational gearing implies that our EPS forecasts are upgraded by 8% in each year," said Canaccord.
The Canadian bank added Equals' outlook was "strong" and underpinned by its investments in technology in previous years, which it said were now bearing fruit.
"We roll forward our target date to CY22E and now assign a 28.9x P/E multiple (previous: 28.6x CY21E) to our upgraded EPS forecast. The multiple is a 25% discount to its closest peer (38.5x CY22E P/E)," said Canaccord.
"We assign the discount since EQLS remains in a recovery phase, although is making strong progress particularly given the Q3'21 result."
14 May 2024 16:19
UK shareholder meetings calendar - next 7 days
| Wednesday 15 May | |
| Accrol Group Holdings PLC | GM re takeover by Navigator Paper |
| Aura Renewable Acquisitions PLC | AGM |
| Barratt Developments PLC | GM re takeover of Redrow PLC |
| Bridgepoint Group PLC | AGM |
| Burford Capital Ltd | AGM |
| Conduit Holdings Ltd | AGM |
| Funding Circle Holdings PLC | AGM |
| Gama Aviation PLC | GM re tender offer |
| GCP Asset Backed Income Fund Ltd | AGM |
| Greggs PLC | AGM |
| IQGeo Group PLC | AGM |
| Literacy Capital PLC | AGM |
| Marshalls PLC | AGM |
| Mpac Group PLC | AGM |
| Redrow PLC | GM re takeover by Barratt Developments PLC |
| Renewables Infrastructure Group Ltd | AGM |
| Savills PLC | AGM |
| Seneca Growth Capital VCT PLC | AGM |
| Spirax-Sarco Engineering PLC | AGM |
| St James's Place PLC | AGM |
| TP ICAP Group PLC | AGM |
| Vesuvius PLC | AGM |
| Thursday 16 May | |
| Ceres Power Holdings PLC | AGM |
| ConvaTec Group PLC | AGM |
| Costain Group PLC | AGM |
| Eurocell PLC | AGM |
| Global Opportunities Trust PLC | AGM |
| Gresham Technologies PLC | GM re takeover by STG Partners funds |
| H&T Group PLC | AGM |
| Ibstock PLC | AGM |
| Just Eat Takeaway.com NV | AGM |
| Lloyds Banking Group PLC | AGM |
| M&C Saatchi PLC | AGM |
| Michelmersh Brick Holdings PLC | AGM |
| Next PLC | AGM |
| Predator Oil & Gas Holdings PLC | AGM |
| PYX Resources Ltd | AGM |
| Restore PLC | AGM |
| RTW Biotech Opportunities Ltd | AGM |
| Secure Trust Bank PLC | AGM |
| Seplat Energy PLC | AGM |
| Triple Point Social Housing REIT PLC | AGM |
| Tyman PLC | AGM |
| Unite Group PLC | AGM |
| Vector Capital PLC | AGM |
| Vistry PLC | AGM |
| WAG Payment Solutions PLC | AGM |
| Friday 17 May | |
| Bank of Cyprus Holdings PLC | AGM |
| Central Asia Metals PLC | AGM |
| Quantum Exponential Group PLC | GM re potential substantial investment in company |
| Monday 20 May | |
| Georgia Capital PLC | AGM |
| Harworth Group PLC | AGM |
| Hilton Food Group PLC | AGM |
| Itaconix PLC | AGM |
| Malvern International PLC | AGM |
| Windward Ltd | AGM |
| Revolution Bars Group PLC | GM re fundraising |
| Tuesday 21 May | |
| Capita PLC | AGM |
| Centamin PLC | AGM |
| Coca-Cola HBC AG | AGM |
| Dowlais Group PLC | AGM |
| Empresaria Group PLC | AGM |
| Equals Group PLC | AGM |
| Fintel PLC | AGM |
| Forterra PLC | AGM |
| Gamma Communications PLC | AGM |
| GetBusy PLC | AGM |
| HydrogenOne Capital Growth PLC | AGM |
| Impact Healthcare REIT PLC | AGM |
| IWG PLC | AGM |
| JTC PLC | AGM |
| K3 Business Technology Group PLC | AGM |
| M&G Credit Income Investment Trust PLC | AGM |
| Metro Bank Holdings PLC | AGM |
| Portmeirion Group PLC | AGM |
| Riverstone Energy Ltd | AGM |
| Shell PLC | AGM |
| Sherborne Investors (Guernsey) C Ltd | AGM |
| TBC Bank Group PLC | AGM |
| Trustpilot Group PLC | AGM |
| US Solar Fund PLC | AGM |
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