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Broker tips: Centrica, Shaftesbury

Tue, 22nd Dec 2015 15:52

(ShareCast News) - RBC Capital Markets cut its target price on Centrica to 260p from 280p, but reiterated its 'outperform' recommendation."We remain supporters of Centrica's strategy, but it is unsurprising that longer-term positives are currently being outweighed by weak oil & gas prices," said the bank.Following the company's recent trading statement, RBC downgraded its earnings per share forecasts by 9-13% over 2015-18, but said cash flow generation remains attractive and it forecasts free cash flow yields of 8-10% for 2015-18.RBC said Centrica's business model puts customers at the centre of the company, continues to downplay upstream assets, and focuses on growth from Connected Homes and Distributed Energy.It said this new strategy aligns Centrica with the transformation it sees happening in the European utility landscape.At the moment, these positives are being outweighed by earnings pressure from lower oil & gas prices."However, at full year results in February, we expect CNA will major on achievements to date, and clear targets for the new strategy. This may be a turning point for sentiment."RBC added that any investor concerns regarding the dividend are fundamentally misplaced and fail to recognise the 2x cash coverage. Canaccord Genuity retained its 'hold' rating on real estate company Shaftesbury on Tuesday but raised its target price to 996p from 934p.The broker said it was "confident" that the company would continue to see demand in rental income and asset value growth."Our net asset value (NAV) forecasts are increased to reflect the strength of occupier demand across Shaftesbury's West End village clusters," said analyst Charlie Foster."Our September 2016 NAV increases 8% to 964p with 2017 up 10.7% and 2018 up 11%. Our September 2016 earnings per share increases 7.5% with 2017 up 10.6% and 2018 up 11.9%."Canaccord also raised its dividend forecasts to 14.4p in 2016, 15.5p in 2017 and 16.7p in 2018, reflecting growth of 5% for next year and 7.5% for the following two years.The analyst said that the group's 2015 results reflected a 3% beat against its NAV forecast and a 4% beat against its EPS estimate. The dividend was in line, up 5%.The valuation of the company's West End portfolio increased 18% with Carnaby leading the way at 21%, followed by Charlotte Street at 20.3%, Longmartin at 19%, Chinatown at 17.3%, Soho at 15% and Covent Garden at 14.8%."This acceleration bodes well for future prospects," said Foster.
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11 Mar 2024 07:22

Shaftesbury acquires Covent Garden freeholds for £75.1m

(Sharecast News) - Shaftesbury Capital announced the acquisition of the freehold interests in 25-31 James Street, Covent Garden, for £75.1m before costs on Monday.

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29 Feb 2024 15:24

Director dealings: Wife of Shaftesbury CEO makes share purchase

(Sharecast News) - Shaftesbury Capital revealed on Thursday that Jane Hawksworth, the wife of chief executive Ian Hawksworth, had acquired 88,888 ordinary shares in the FTSE 250-listed property investment and development company.

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29 Feb 2024 08:15

Shaftesbury Capital swings to net profit on strong leasing

(Sharecast News) - West End-focused real estate group Shaftesbury Capital said it saw "excellent" leasing activity across all property with rents rising by a tenth as it swing to a net profit in 2023.

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13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

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13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

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18 Dec 2023 07:25

Shaftesbury Capital slims down board as three non-execs leave

(Sharecast News) - Shaftesbury Capital, the London-focused real estate group formed from the tie-up of Shaftesbury Plc and Capital & Counties, is saying goodbye to three board members as it works to slim down its organisational structure in the wake of March's merger.

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5 Dec 2023 10:28

Shaftesbury Capital agrees new £300m medium-term bank loan

(Sharecast News) - Shaftesbury Capital has entered into a £300m unsecured loan agreement, it announced on Tuesday, with an initial maturity period of three years.

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5 Dec 2023 10:28

Shaftesbury Capital agrees new £300m medium-term bank loan

(Sharecast News) - Shaftesbury Capital has entered into a £300m unsecured loan agreement, it announced on Tuesday, with an initial maturity period of three years.

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27 Nov 2023 16:12

London close: Stocks start week in subdued state

(Sharecast News) - London's financial markets saw a somewhat subdued performance on Monday, as concerns regarding the Chinese economy cast a shadow over investor sentiment.

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27 Nov 2023 08:23

Shaftesbury hails strong start to Christmas trading

(Sharecast News) - West End landlord Shaftesbury Capital hailed a strong start to the Christmas trading period on Monday, with footfall "high" and sales tracking above the prior year.

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14 Aug 2023 07:14

London pre-open: Subdued start expected on quiet day for earnings, data

(Sharecast News) - The UK stock market was set for a subdued start on Monday morning, with investors likely to show caution on a light day for economic data and corporate earnings.

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14 Aug 2023 07:10

Shaftesbury agrees new £200m loan with Aviva Investors

(Sharecast News) - Property investor Shaftesbury Capital announced a significant financial development on Monday, in the form of a new loan agreement with Aviva Investors.

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10 Jul 2023 20:11

HSBC cuts UK real estate, sees outlook as "particularly precarious"

(Alliance News) - HSBC no longer has any 'buy' ratings in the UK real estate sector, and believes that the near-to-medium outlook is "particularly precarious."

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14 Jun 2023 08:55

Shaftesbury Capital upbeat on post-merger portfolio performance

(Sharecast News) - Shaftesbury Capital - the result of the merger between Capital & Counties Properties and Shaftesbury - reported strong demand across all sectors in a trading update on Wednesday, with 173 leasing transactions concluded, surpassing the estimated rental value (ERV) of £11.4m as at 31 December.

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6 Mar 2023 16:25

Shaftesbury Capital formed after Shaftesbury CapCo merger

(Alliance News) - Shaftesbury Capital PLC announced on Monday that the all-share merger of Capital & Counties Properties PLC and Shaftesbury PLC to form Shaftesbury Capital has been completed.

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