Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
It's slightly confusing, as the following note to the Financial Statements says on Page 173 of the annual report.
5. Profit and loss account
As permitted by Section 408 of the Companies Act 2006, the Parent’s profit and loss account has not been included in these
financial statements. The Parent’s income for the year was $59.2 million.
More accurately, it was actually $59,198,000.
The following appears on this page (https://ukinvestormagazine.co.uk/novacyt-yourgene-five-top-ftse-picks-for-the-next-biotech-merger/), which was published on July 6th.
PureTech Health is a £616 million Main Market biotech, which specialises in creating therapies for illnesses with no or extremely limited existing treatment options. More precisely, it works in medical trials involving the immune system, brain, and gut.
PureTech has two drugs out with both EU and US approval, another soon to be filed for FDA approval, 15 more in clinical trials and 27 candidates being investigated through its R&D engine.
Further, it owns a healthy stake in eight other biotechs, three of which already have commercial products on the market.
The stock has fallen from 294p in December to 222p today, leaving an already profitable business at an attractive valuation for a larger pharma company to take it off the market — though the premium would need to be large to gain shareholder approval.
Manufacturing buyout group Melrose is splitting but the opportunities in the two demerged divisions are not recognised, says Peel Hunt.
Analyst Harry Philips retained his ‘buy’ recommendation and increased his target price from 195p to 204p on the stock, which lifted 3.4%, or 4.9p, to 147.4p yesterday.
The business plans to demerge its automotive and powder metallurgy arm – which will be known as Dowlais – from its aerospace division.
Philip predicted earnings of £575m will be delivered in aerospace by 2026 versus £180m in 2022, and ‘we believe this is conservative moving into recovery’.
Dowlais earnings are forecast at £560m in 2026 versus £330m in 2022, which Philips said is ‘realistic and potentially cautious’.
‘We increase our target price from 195p to 204p as we retest our sense check of putting the target margins onto 2024 estimated revenue,’ he said.
‘The improvement opportunity in aerospace is understated, while the resilience in the growth of Dowlais is under-recognised. The parts are worth more than the whole.’
Jefferies is predicting Glencore (GLEN) shares will compound at 20% a year for the next three years as metal prices rise.
Analyst Christopher LaFemina maintained his ‘buy’ recommendation and target price of 700p on the stock, which dropped 2.5%, or 12.9p, to 503p yesterday, after a top-line miss in the commodity trading and mining company’s bumper full-year results.
He said a shift in earnings from coal to copper ‘should drive a valuation re-rating over time’ as the world moves away from fossil fuels.
LaFemina predicted that an economic slowdown, particularly in the US, will be followed by ‘an environment of synchronised global demand growth for commodities.’
‘In light of the severe supply constraints, this will likely lead to shortages and much higher prices – an ideal environment for Glencore,’ he said.
‘We expect these shares to compound 20%-plus per year for at least the next three years on the back of rising prices for base metals and a rising equity valuation as the improving fundamental outlook becomes more clear.’
Part 2:-
before the Bank of England intervened to shore up the market.
A spokesperson for BTPS said on Wednesday that £11bn reflected the size of the collateral calls the scheme faced.
“Whilst the value of the scheme’s assets has fallen over this period, there has been no worsening in our estimated funding position,” said the scheme. “Our hedges have performed as expected.”
BTPSM defended the use of LDI — now subject to marketwide scrutiny from policymakers — saying the strategy was “key” in managing the volatility of its funding position.
It noted that, at the time of the last triennial valuation in 2020, the scheme’s funding deficit had been £8bn.
“We estimate that, in the absence of the LDI hedging programme, the deficit would have been £7.6bn higher (ie £15bn or more) and that would have required BT to pay significant additional contributions to repair the deficit,” said BTPSM.
BT’s £47bn pension scheme has warned it may need to call on the telecommunications group for more cash “support” as it tightens its use of leveraged investment strategies.
The 270,000-member scheme, which has a £4bn deficit, said it had become “more cautious” in how it managed liquidity following September’s gilt market crisis. That forced thousands of retirement schemes to sell assets, such as bonds and equities, to meet collateral calls.
Like many defined-benefit plans, the BT scheme used liability-driven investing (LDI) strategies to help mitigate the risks of interest rate and inflation movements on liabilities. Its pension payments run to around £2.5bn a year.
The value of its assets fell by around £11bn as it used cash, and sold gilt and equity holdings, to meet urgent collateral calls on its LDI strategies when gilt yields soared following the Truss government’s bungled “mini” Budget.
In a written submission to MPs investigating the gilt market turmoil, BT Pension Scheme Management (BTPSM) said changes it had made to its LDI strategy in response to the crisis could have consequences for the telecoms group.
“We have become more cautious in how we manage the scheme’s liquidity and have increased the collateral buffer to which we operate,” said BTPSM. “This will position the scheme to better weather any further volatility in the gilt market but will also reduce the expected returns from our assets.”
It added that, should expected returns fall below a certain level, it may need “more support from BT in future valuations than previously anticipated”.
If BTPS did turn to its parent company, it could put the former monopoly in a difficult financial situation at a time when it is already seeking to tighten its belt because of soaring inflation. BT — which employs nearly 100,000 people — recently said it had increased its 2025 target for cost savings by a fifth, from £2.5bn to £3bn, and that it may have to cut its headcount.
“Inflation is pushing us hard,” BT’s chief executive Philip Jansen said during the company’s second-quarter results last month.
BT said in a statement: “We remain on track with our plan to eradicate the BT Pension Scheme funding deficit by 2030, despite the recent volatility in the gilt markets and subsequent impact on the LDI market.”
This year, BT spent £1bn on deficit payments to its pension scheme, and is set to pay another £1bn next year. However, the figure is scheduled to taper off in the following years, down to £180mn by 2032.
In its submission, BTPSM said “the pace of change and the dysfunction in the gilt market had presented significant operational and liquidity challenges”.
However, it had a “robust liquidity process” and ran a “substantial gilts and cash buffer” which is used to meet collateral calls in the first instance. It had also sold equities to generate cash.
In its annual report published in October, BTPS said gilt market volatility reduced the scheme’s assets by £11b
I couldn't agree more Bruce, but I think that we Brits may be underestimating the potential upside offered by the opening of more and more state markets in America. I lived in America for twenty years, and the non-existence of licensed bookmakers in America certainly didn't quash the appetite for gambling. As that appetite can now be satisfied by actual bookmakers such as Entain (via BetMGM), I think that there could be serious future growth, or, perhaps, another takeover offer that would send the price back to previous heights.
Entain also benefitted from the recent Women's Euros, and will have had a good first weekend of the Premier League thanks to Liverpool and Man. Utd's failures to win destroying most football accumulator bets.
I assume that your question mark indicates that you see no relevance in what I posted to Entain.
America should be a huge growth market for Entain, thanks to its 50% stake in BetMGM, especially now that online gambling has just been legalised in Massachusetts, but, of course, everyone has been worrying about the effects of an economic slump on the American market. The figures that DraftKings (who made a proposal to acquire Entain last year) released on Friday, which boosted their share price by 12%, should be good news for Entain, at least in my perhaps foolish mind.
Shares of DraftKings Inc. (DKNG) shot up 9.4% toward a four-month high in premarket trading Friday, after the digital sports entertainment and gaming company reported a narrower-than-expected loss, revenue that rose above forecasts and lifted its full-year outlook, saying it is seeing "no perceivable impact" from broader macroeconomic pressures. The net loss narrowed to $217.1 million, or 50 cents a share, from $305.5 million, or 76 cents a share, in the year-ago period. The FactSet per-share loss consensus was 75 cents. Revenue jumped 56.6% to $466.2 million, above the FactSet consensus of $438.6 million. Cost of revenue climbed 67.2% to $312.8 million, while sales and marketing increased 15.7% to $197.5 million. The company revised its 2022 revenue guidance range to $2.08 billion to $2.18 billion from $2.055 billion to $2.175 billion, to raise the midpoint of guidance to $2.13 billion from $2.115 billion. The stock has rallied 13.3% over the past three months through Thursday, while the S&P 500 has ticked up 0.1%.
AVEVA, a global provider of industrial software, driving digital transformation and sustainability, has launched the 2023 release of its operations control software, the first major coordinated release of its HMI/SCADA software portfolio, available in both perpetual and subscription purchases.
The new release further supports the delivery of AVEVA Operations Control, a flexible, subscription-based solution of integrated capabilities that promotes greater efficiency and workforce collaboration at the scale that best suits the business.
The first of its kind in the industrial software sphere, AVEVA Operations Control simplifies day-to-day routines of teams by aligning workers around common digital threads of information, delivering the data and insights they need to drive growth at every level through increased efficiency, agility and reliability.
With rich visualisation technologies, analytics and development tools deployed within a hybrid cloud and on-premises environment, customers can ensure performance consistency, remove opportunity for human error, and improve operator insight and reactions to process deviations.
Not only can critical information be retrieved faster, but inbuilt flexibility provides greater scaling – of data, users, or routes to revealing the correct decision.
“Digital technologies now comprise the beating heart of industrial enterprises. But operations teams do not yet have the ability to contextualize decisions within a cohesive and sustainable framework. AVEVA Operations Control leverages this information environment with a comprehensive set of applications that empowers users from edge to enterprise with real-time visibility of critical processes in every industry,” says Rashesh Mody, Executive Vice President – Operations Business, AVEVA.
AVEVA’s extensive portfolio is a core strength that supports customers in achieving the outcomes they seek. The 2023 operations control release focuses on worker empowerment with UI/UX enhancements, increased flexibility for web and mobile users, and greater connectivity.
This release consists of updates in the following offerings: AVEVA System Platform 2023, AVEVA InTouch HMI 2023, AVEVA Edge 2023, AVEVA Plant SCADA 2023, AVEVA Historian 2023, AVEVA Communication Drivers 2023, AVEVA Reports for Operations 2023, AVEVA Development Studio, and AVEVA Teamwork.
“Value is often greater than the sum of its parts. The flexible collection of capabilities within the 2023 release function can be combined and linked for even greater effect. Instead of releasing a single HMI or SCADA product, we can enhance our customers’ ability to eliminate silos and build more intelligent systems that make their people smarter, thus maximizing the value obtained from their industrial data,” adds Mody.
The 2023 operations control software release is available through several procurement methods, including AVEVA Flex, the advanced industrial software subscription program.
I apologise to everyone for whom this is old news, but I have only just read this on the Entain website. The line about 72% of online bets being on England to win in 90 minutes is good news for the company.
29 July 2022
Entain reveals record number of bets placed on the Women’s Euros, as the UK backs the Lionesses to bring football home
A record 1.5 million online bets have been placed on Women’s Euro 2022, marking a significant milestone for the fastest growing female sport in the world
In the UK, Ladbrokes and Coral have experienced a fivefold increase in the number of bets placed on the tournament, versus the Women’s Euros 2017
Hopes are high for the Lionesses to finally bring the trophy home, after a stellar performance by the team in Tuesday’s semi-final
Ahead of the Women’s Euro 2022 final between England and Germany on Sunday, Entain, the global sports-betting, gaming and interactive entertainment group, reveals that the Lionesses are the favourites to win the trophy and bring football home. So far, 72% of bets placed with Ladbrokes Digital UK are on England to win the match in 90 minutes.
Entain’s data also reveals that, as of 28 July 2022:
1.5 million online bets in total, across all of Entain’s brands, have been placed on the tournament. 14% of these bets have been made by women
In the UK specifically, Ladbrokes and Coral have experienced a fivefold increase in the number of bets placed on the tournament (up to and including the semi-final), versus the Women’s Euro 2017. There has also been a sixfold increase in bets placed by women, compared to the previous tournament in 2017
Fans in the UK have been the biggest bettors on Women’s Euro 2022, placing 46% of the total online bets, followed by Germany (22%) and Brazil (16%)
From the beginning of the tournament, fans have shown their patriotic side, with nearly 60% of outright bets from the UK rooting for England to win. Likewise, there have been nearly 60% of outright bets from Germany banking on their home team to walk away as champions
NEW YORK, July 14, 2022 /PRNewswire/ -- Major League Baseball (MLB), MGM Resorts International (NYSE: MGM) and BetMGM, a leading sports betting and digital gaming operator, today announced the renewal and expansion of an integrated, historic partnership that, in 2018, designated MGM Resorts as MLB's first Official Gaming Sponsor. Under the renewed, multi-year agreement, BetMGM will continue to be an Official Sports Betting partner of MLB, domestically marketing its brand and gaming options across a variety of league and team platforms including MLB Network, MLB.com and the portfolio of MLB apps.
(PRNewsfoto/MGM Resorts and BetMGM)
(PRNewsfoto/MGM Resorts and BetMGM)
MGM Rewards, MGM Resorts' loyalty program, will be the Title Sponsor of this year's All-Star Celebrity Softball Game and Presenting Sponsor of the first-ever All-Star Saturday Extra Innings musical performance at Dodger Stadium.
"We are thrilled to extend and expand upon our groundbreaking work with Major League Baseball," said Lance Evans, Senior Vice President of Sports & Sponsorships, MGM Resorts. "We're incredibly proud of the growth and innovation that have transformed our industries since launching our partnership four years ago, and we're eager to continue breaking new ground and delivering world-class sports and entertainment experiences for baseball fans worldwide."
The partnership between BetMGM and MLB includes data usage in sports betting, promotion across MLB-owned media platforms, domestic and international activations at MLB events, plus multiple fan experiences.
BetMGM Chief Revenue Officer Matt Prevost added, "It is an exciting day to announce the extension of our partnership with MLB. The collaboration with the League allows us to reach new audiences while delivering a best-in-class baseball wagering product. We look forward to growing our industries together."
The long-term extension between MGM Resorts and MLB includes the presenting sponsorship of Bettor's Eye, MLB's digital baseball show on MLB.TV with a focus on betting for fans who want to engage on a deeper level within that aspect of the game. BetMGM will continue to be recognized as an MLB-Authorized Gaming Operator and utilize MLB's official statistics feed throughout both digital and live domestic sports gaming options on a non-exclusive basis. MLB will make enhanced statistics available to BetMGM on an exclusive basis. MLB, MGM Resorts and BetMGM will continue to work together on comprehensive responsible gaming measures and protecting the integrity of the game, both on and off the field.
MLB Chief Revenue Officer Noah Garden said, "Since creating this historic partnership four years ago, MGM Resorts and BetMGM have been truly collaborative and innovative business partners to Major League Baseball. With the success of Bettor's Eye and introduction of All-Star Saturday's Extra Innings concert, we look forward to seeing how MGM Resorts and BetMGM will continue to broaden their business w
Entain (ENT) has dialled back its expectations for net gaming revenues this year but Shore Capital says the valuation of the gaming group is still too low. Analyst Greg Johnson retained his ‘buy’ recommendation after the company said it expects digital net gaming revenue to be flat for the full year. He said the stock trades on 7-8x EBITDA for the core operations but that is ‘too low given the long-term opportunities’.