5 May 2016 16:02
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Don't have an account? Click here to register.RBC Capital ups Shawbrook to 'sector perform', lifts EPS estimates
Wed, 21st Dec 2016 07:39
(ShareCast News) - RBC Capital Markets upgraded challenger bank Shawbrook to 'sector perform' from 'underperform' and lifted the price target to 280p from 210p as it upped its earnings forecasts.The bank noted the stock is off 26% this year versus the sector average off 2%. In addition, it pointed out that its 2017/18 earnings per share forecasts are now 15%/17% above Bloomberg consensus, adding that consensus is wrong by "a significant margin".RBC said that following talks with management, further controls being implemented, and the nearly six months that has passed since without further incident, it is more confident that the breach was a one-off and is highly unlikely to be repeated, especially given that management turnover has abated.Back in June, Shawbrook revealed that one of its units had accidentally been giving out low-quality loans that broke internal risk rules."The CEO is approaching his one year anniversary, and we believe the interim CFO will become the permanent CFO, which would signal continuity," it said.RBC upped its adjusted diluted EPS forecasts for 2016/17/18 to 26.60p from 26.20p, 37.10p from 35.50p, and 43.10p from 42.10p, respectively.However, the Canadian bank still has some concerns, arguing that accelerating growth into riskier areas could lead to future impairment issues.Also, it said Shawbrook's underwriting standards are largely unchanged, while the majority of Shawbrook's listed peers have tightened standards, meaning that Shawbrook's growth could be resulting from loans deemed unattractive to others.
More News
5 May 2016 08:31
Shawbrook hikes profits and sets out confident loan targets
(ShareCast News) - Shawbrook Group grew profits 29% in the first quarter and, despite a small squeeze on net interest margins (NIM) from higher property lending in the period, stated its confidence in hitting full year targets. The challenger bank said its business pipelines remained healthy, even a
Read more15 Mar 2016 16:56
Sector movers: Antofagasta crushed after company abandons dividend
(ShareCast News) - Miners came under renewed selling pressure as iron ore futures continued to come off the boil and ahead of the US central bank's policy meeting the next day, with the Bank of Japan's decision overnight to keep its policy settings unchanged - instead of delivering further stimulus
Read more3 Mar 2016 16:40
Thursday newspaper share tips: Virgin Money, Challenger banks
(ShareCast News) - Homes are not always a safe repository of value, as property busts show, but at the moment they are the safest corner of the UK banking space. That was reflected yesterday in Virgin Money's full-year figures for return on tangible equity, which at 10.9% easily trumped those of the
Read more3 Mar 2016 15:58
Broker tips: Stagecoach, Shawbrook
(ShareCast News) - Stagecoach Group's shares declined on Thursday as Investec cut its rating to 'sell' from 'reduce' and target price to 250p from 300p. Investec said Stagecoach's trading update on Wednesday revealed softer revenues than expected in all divisions, apart from North America. The FTSE
Read more3 Mar 2016 13:32
Shore Capital says get Shawbrook while it's hot
(ShareCast News) - Shore Capital has reiterated its 'buy' rating on challenger Shawbrook Bank on its belief the valuation of the specialist lenders sub-sector is wrong, with Shawbrook being valued at 10 times earnings despite 20% EPS growth forecast. Maiden final results from the bank since its 2015
Read more3 Mar 2016 11:50
Shawbrook beats forecasts and plays down BTL worries
(ShareCast News) - Shawbrook Bank's first final results since its flotation last April showed underlying profits ahead of forecasts and confidence brimming for the years ahead. The 'challenger' bank, which was formed when the former RBS Equity Finance acquired the banking licence of Manchester-based
Read more29 Feb 2016 14:29
FTSE 250 movers: Ocado, Ultra and Hiscox weigh on index
(ShareCast News) - The FTSE 250 crawled back towards parity by mid-afternoon on Monday after an early morning dip, but the index remained doggedly on the wrong side of the line. Shares in Vedanta Resources led the recovery over the day, climbing on news that India will shelve export taxes on low-gra
Read more