Member Info for maninbag

(Sharecast News) - Bank of America initiated coverage of wealth manager Rathbones on Wednesday with a 'buy' rating and 2,250p price target, as it said the stock remains highly undervalued on around 10x 2026 estimated price-to-earnings.

It noted that this is a 19% discount to the five-year average.

"We think the current valuation does not price in the transformational acquisition of IW&I, which has driven FUMA +67% and formed one of the largest UK wealth managers," the bank said.

"The migration of IW&I is due to complete in H125, followed by a net flow recovery and realisation of most synergies in H225E."

Bank of America said this should drive operating margin expansion to 28.4% in 2026E, versus consensus of 27.7%.

"We further expect wealth and asset management net flows to be supported by equity market momentum, softening interest rates and reallocation from US to EU equities," it added.

They have confirmed 1.58p. xd on 12th.

Could be an interesting opening tomorrow!

https://www.lse.co.uk/rns/interim-dividend-declaration-iltf1ymaa3ky7a6.html?utm_source=alerts&utm_medium=email&utm_campaign=2025-06-05&utm_term=rns&nl_key=60a977af7f1d9fd2f2caf2bbff908e37156cc8a1f2b6708d97ebc1fecc55be5f

SDCL Efficiency Income Trust plc will announce its results for the year ended 31 March 2025 on Monday 23 June 2025.

see: https://www.lse.co.uk/rns/notice-of-annual-results-2w2tngflje4zhpi.html?utm_source=alerts&utm_medium=email&utm_campaign=2025-05-30&utm_term=rns&nl_key=60a977af7f1d9fd2f2caf2bbff908e37156cc8a1f2b6708d97ebc1fecc55be5f

No. Suspended payments after December 2023, so no final (or 4th interim as they call it).

They have stated 'Upon refinancing of the existing debt, the Company expects to reinitiate distributions to shareholders.'

It should be in H2 2025. Obviously at that point they will presumably decide what dividend is appropriate.

Results due next Tuesday.

Https://www.lse.co.uk/rns/ITH/payment-of-third-interim-dividend-in-sterling-yssoqv88xylomoc.html

Payment of third interim dividend in sterling

On 26 March 2025, the Board of Ithaca Energy announced a third interim dividend of $200 million, representing $0.1209 per ordinary share. The third interim dividend will be paid on 25 April 2025 to shareholders on the share register on 4 April 2025.

As previously announced, the dividend is payable in cash in Sterling to holders of ordinary shares. Sterling dividends have been converted from US dollars at the average of the mid-point of the market exchange rate over the three dealing days on 8 April, 9 April and 10 April 2025 (£1 = US$1.2830). Accordingly, the amount of the sterling dividend payable in cash on 25 April 2025 will be 9.4232 pence per share.

Sorry, for some reason I can't get the link to the RNS but it was dated earlier today.

Https://www.lse.co.uk/rns/ITH/acquisition-of-japex-uk-ep-ltd-qen786iexdh7kw8.html

A good summary from Citywire: https://citywire.com/investment-trust-insider/news/supermarket-income-restructure-targets-4m-annual-saving/a2460632?re=129073&refea=2096471&link_id=1825959

Tomorrow 10:00am.

Registration details are in the RESULTS rns, but not mentioned in the NAV & Trading Update.

Or go to: https://www.investormeetcompany.com/

Bit of a mystery. 'Negotiations ... concluded ... early Feb'.

Really needs some form of statement to avoid a potentially disorderly market.

Https://www.lse.co.uk/news/equinor-to-push-ahead-with-rosebank-oil-and-gas-project-in-britain-k3vftk6rwny0vli.html?utm_source=alerts&utm_medium=email&utm_campaign=2025-02-12&utm_term=news&nl_key=60a977af7f1d9fd2f2caf2bbff908e37156cc8a1f2b6708d97ebc1fecc55be5f

Planning approved (with conditions) 30 Jan 2025.

From the 'Update on asset sale process' dated 19 Dec. 'the Company anticipates that negotiations with the preferred bidder will be concluded in early February 2025'.

That suggests something needs to come out next week, either the details or a update on the delay.

There is a presentation for retail investors at 3:00pm.

Requires registration via Investor Meet Company.

Having held this stock since the late 80's/early 90's it is the 1st time I remember a presentation for non-institutional investors.

The official announcement is made after COB tonight.

According to FTSE Russell:

FTSE Russell, the global index provider, advises of the following indicative changes to the FTSE 100 and FTSE 250, based on data as of Friday 22nd November 2024.

PLEASE NOTE: The actual review of the FTSE UK Index Series will be conducted using data as at market close on Tuesday 3rd December 2024. Confirmed rebalance changes will be announced after market close on Wednesday 4th December 2024.

Https://www.londonstockexchange.com/news-article/GRID/trading-and-regulatory-update/16757109