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Broker tips: Jupiter Fund Management, Ladbrokes, GSK

Tue, 13th Oct 2015 16:41

(ShareCast News) - RBC Capital Markets has upgraded Jupiter Fund Management as it believes current forecasts underestimate the group's inflows and capital returns.After Monday's trading update, RBC's new 'outperform' rating, up from the previous 'sector perform', is accompanied by a 3% increase in the target price to 475p.With a diversification strategy in place, the Canadian bank thinks net flow forecasts "could be conservative" and it expects Jupiter to return a huge chunk of its current market value to shareholders by the end of the 2017 financial year.Forecasts for earnings per share are increased 1% for the current year, based on updated assets under management calculations after the flows and investment performance announced in Monday's results, while both 2016 and 2017 EPS are lifted 4%, while the changes to SICAV fees could be further profit-enhancing over time."Shareholders should continue to benefit from attractive returns," RBC analysts said, estimating a total dividend yield of 6% based on our 2015 forecast, which is among the highest in the sector."Further we estimate that Jupiter could return ~20% of its current market value to shareholders through 2017.""Our expectation for fairly flat net inflows going forward is achievable and could even be conservative given Jupiter's strong brand name and diversification efforts by product, geography and client type. " Citigroup upgraded Ladbrokes to 'neutral' from 'sell' and raised its price target to 110p from 100p, saying the shares have now fallen far enough.It said the new target price represents the mid-point between the upside potential it sees under a deal scenario and the downside risk under a no-deal scenario.Citi estimated the share price upside potential from a merger with Gala Coral at around 30% and the downside risk if no deal emerged also at around 30%."The competition authority investigation will rumble on for several more months, dampening any need to take a strong view in the shorter term," the analysts said.Citi added that the two key catalysts that could drive a more positive view were trading updates citing an online pick-up, with a rise in active customers and net gaming revenues, and CMA deal clearance arriving earlier than the bank's mid-2016 expectation. JPMorgan Cazenove upgraded GlaxoSmithKline to 'neutral' from 'underweight' and lifted the price target to 1,370p from 1,320p.The bank noted that medium-term consensus earnings per share estimates have fallen 15-18% year-to-date and expectations now look achievable, with downgrades no longer a concern.In addition, it said a pipeline review suggests the company's upcoming research and development day has a positive risk/reward.JPM said expectations are low heading into the R&D day, due to historical pipeline setbacks, and limited disclosure."We don't anticipate big upgrades , but we expect the event to be supportive, potentially increasing appreciation of the early-stage pipeline and partnered assets," it said. It expects a focus on oncology epigenetics, which involves turning off cancer genes, and very early stage immuno-oncology projects.Finally, JPM said the 6% dividend yield provides near-term support.

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31 Oct 2016 09:39

BROKER RATINGS SUMMARY: HSBC Raises IAG To Hold From Reduce

26 Oct 2016 15:57

Ladbrokes-Coral merger wins final CMA approval with 322 shop disposals

(ShareCast News) - Ladbrokes and Coral will be able to complete their merger "in the very near future" after the competition regulator gave its final approval on Wednesday. After the Competition & Markets Authority gave its green light, the FTSE 250 bookmaker said it had approved the disposal of

21 Oct 2016 14:38

Daisy pulls sterling junk bond as investors get tough

By Robert Smith LONDON, Oct 21 (IFR) - Daisy called off an attempt to issue a sterling high-yield deal on Friday, in the latest sign of waning UK investor appetite for riskier debt in challenging sectors. The UK company threw in the towel on the debut bond after four days of marketing

18 Oct 2016 17:12

UPDATE 4-William Hill, Amaya drop short-lived gambling merger talks

* Talks abandoned less than two weeks after announcement * Sector consolidating as more gamblers go online * European rivals have already joined forces * Amaya FY revenue forecast below market expectations * Amaya shares drop 8.3 percent (Adds share move, Amaya spokesman

18 Oct 2016 13:24

RPT-UPDATE 3-William Hill, Amaya drop short-lived gambling merger talks

(Repeats for wider distribution, no changes to text) * Talks abandoned less than two weeks after announcement * Sector is consolidating as more gamblers go online * European rivals have already joined forces * Amaya FY revenue forecast below market expectations * Ama

18 Oct 2016 08:28

Ladbrokes revenue grows for fourth successive quarter

(ShareCast News) - FTSE 250 betting and gambling company Ladbrokes reported growth for a fourth successive quarter for revenue as it remains confident of delivering full year results in line with expectations. In a trading update for the third quarter ended 30 September, net revenue increased 12.1%,

18 Oct 2016 06:56

Tuesday newspaper round-up: Bonds, Shell, bookmaker levy, farm boost

(ShareCast News) - Investors dumped UK government bonds yesterday in one of the heaviest sell-offs since the Brexit vote as international demand for sterling assets declined rapidly. Overseas investors are becoming increasingly worried that inflation and a move by the Conservative government towards

17 Oct 2016 07:13

Ladbrokes and Coral announce planned sale of 359 shops

(ShareCast News) - Bookmaker Ladbrokes announced on Monday that subsidiaries of both itself and merger partner Gala Coral Group have agreed to sell a total of 359 licensed betting offices to Done Brothers Cash Betting - trading as Betfred - and StanJames Abingdon - trading as Stan James. The FTSE 25

17 Oct 2016 06:58

Monday newspaper round-up: New Brexit plans, dividends, supermarkets

(ShareCast News) - Britain would continue to pay billions of pounds into the EU budget after Brexit to maintain cherished single-market access for the City of London and other sectors under plans being discussed by Theresa May's cabinet. The prime minister's demand that Britain controls its borders

17 Oct 2016 06:20

Ladbrokes, Gala Coral to sell 359 shops ahead of merger

LONDON, Oct 17 (Reuters) - British Ladbrokes and Gala Coral said they agreed to sell 359 shops for 55.5 million pounds ($69 million) to rivals, in a deal which will reduce their footprint and pave the way for competition authorities to allow their merger to proceed. The pair were told in Ju

10 Oct 2016 07:49

BUZZ-William Hill: best day in 3 months after confirming merger talks

** William Hill rises 5.4 pct, its best day since mid-July, after confirming merger talks with Canada's Amaya ** Co says deal would create a global leader in sports betting, poker and casino ** Top riser on Stoxx 600 and most traded by average volumes - 1.5x 30-day average in the firs

7 Oct 2016 07:39

BUZZ-UK gambling companies lower after media reports of TV ad ban

** Shares in British gambling companies fall after The Times newspaper reports that the companies are due to be banned from advertising on television during the day ** William Hill down 2.9 pct, Labrokes down 2.5 pct vs. Britain's midcap index which is up 0.2 pct ** Cenkos analyst Sim

20 Sep 2016 06:57

Tuesday newspaper round-up: May in New York, Ladbrokes, building blocked

(ShareCast News) - Theresa May will canvass leading Wall Street banks over how Britain should structure its departure from the EU to reassure them that Brexit will not damage their UK business. Mrs May will meet "mostly" chief executives from the finance sector along with figures from the technology

31 Aug 2016 07:51

Gala Coral revenue up but losses widen

(ShareCast News) - Ladbrokes said on Wednesday that revenue at Gala Coral, with which it has agreed to merge, rose in the third quarter, but the bookmaker's loss widened due to exceptional costs. In the 12 weeks ended 2 July, net revenue at Gala Coral was up 10% from 2015 to £264m, while earnings be

26 Aug 2016 08:46

Ladbrokes given a boost by Berenberg upgrade

(ShareCast News) - Berenberg has raised its rating on Ladbrokes to 'buy' from 'hold' and lifted its target price to 185p from 130p, saying the company is its second favourite stock in gaming after Playtech. The broker said since it initiated on Ladbrokes a number of positives have materialised with

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Broker tips: Jupiter Fund Management, Ladbrokes, GSK

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