Member Info for mytton

IC comment 14.2.10
Segro (SGRO), the real estate investment trust, bumped up its full-year dividend by 10.1 per cent at 20.7p, after it reported earnings in line with market expectations. The group, which develops and manages warehouses, also posted a 7.5 per cent increase in the value of its portfolio, driven by capital growth in the UK and continental Europe, up 2.5 per cent and 13.5 per cent respectively. The company has benefitted from the rise of e-commerce and urbanisation, with its shares up more than 40 per cent over the past year. Buy.

Not yet in production ??
From modern meadow website -
"Inspired by leather, Zoa™ will be Modern Meadow’s first generation of materials created with our designed collagen protein. Not yet available commercially, ...

yes I thought I heard him say Hvivo contract in a week

2019 was another successful year for SEGRO, with our clear strategy delivering excellent financial and operational results. 
Our high-quality, well-located portfolio of urban and big box warehouses continues to attract a broad range of customers, benefitting from the structural drivers of e-commerce and urbanisation. As anticipated, these trends are now having an increasing impact on the Continent as well as in the UK.
Highlights:

·    Adjusted pre-tax profit, up 10.8 per cent,reflecting a record year of development completions, high customer retention rates, like-for-like rental growth and a low vacancy rate.

·    Adjusted EPS of 24.4 pence, an increase of 4.3 per cent compared to 2018 (23.4 pence) or 9.9 per cent excluding the impact of the SELP performance fee received in 2018 (payable every five years). IFRS EPS of 79.3 pence (2018: 105.4 pence) reflects the 7.5 per cent increase in the value of our portfolio (2018: 10.7 per cent increase).

·    EPRA NAV per share up 8.9 per cent to 708 pence (31 December 2018: 650 pence). IFRS NAV per share was 697 pence (31 December 2018: 644 pence).

·    Future earnings prospects underpinned by 1.2 million sq m of development projects under construction or in advanced pre-let discussions. This equates to an additional 15 per cent of space and £70 million of potential rent, 71 per cent of which relates to pre-lets and lettings prior to completion.

·    2019 full year dividend increased by 10.1 per cent to 20.7 pence (2018: 18.8 pence). Final dividend increased by 8.7 per cent to 14.4 pence (2018: 13.25 pence).

IC
Ramping up housing completions to 2,000 a year by 2022 remains a top priority for MJ Gleeson (GLE), said chief executive James Thomson, but the housebuilder delayed opening new sites during the first half to tighten-up the pre-start process. “Sometimes the focus on the building can begin to slip,” said Mr Thomson. However, management still expects to open a further seven sites by June.
Lower active sites did not hinder completions during the first half, which rose 17 per cent to 811 units, although selling a greater proportion of two-bed homes meant Gleeson Homes’ operating margin declined 90 basis points to 15.1 per cent.
Three strategic site sales that were expected to complete in December were delayed due to the timing of the general election, although all are expected to complete by the end of February. That lack of sales was responsible for pulling down the group’s pre-tax profits during the period and meant the return on capital employed declined to 19.1 per cent, from 29.5 per cent in the prior year.
House broker Liberum forecasts adjusted pre-tax profits of £44.5m and EPS of 65.7p for December 2020, rising to £48.5m and 71.1p in 2021.
IC View
Management expects gross margins to remain around 30 per cent and said the group is on track to hit its home completions target. The shares have rebounded since December and trade at 15 times forward earnings or 2.2 times forecast net asset value at the June 2020 year-end. That is a premium worth paying for a housebuilder whose low cost focus has managed to broadly maintain margins and completions. Buy.
Last IC view: Buy, 727p, 8 Jan 2020

https://www.investorschronicle.co.uk/tips-ideas/2020/02/13/gleeson-holds-back-site-openings/

RNS
Outlook in line.
SP opened -4% . Now +0.8%
Div up.

RNS further investment in Vitrolabs - due to launch first product to the market in next 12 months

Rerun of the Paterson scandal . And at the same hospital??
It cost SPI £27 m last time.
"Linda Millband from Thompsons Solicitors, who is representing the woman, said: "A second patient recall and another rogue surgeon operating unnecessarily at Mr Paterson's old private hospital suggests systemic failings."

Solicitor looking for claimants
https://www.thompsons.law/news/news-releases/medical-negligence-news/controversy-stalks-spire-healthcare-amid-reports-of-new-surgery-scandal

They raised at 5p, 5.5p and now 7p.
At least the trend is up.

Joe666
Tyson and Cargill - two of the biggest meat processors in the US are partnering vegetarian/vegan producers.
So traditional meat producers seem to be hedging their bets and can see where the market is going.
That's not to say the word "meat" as used by cellular producers will not be disputed by traditional farmers.

People already accept sausage meat which is highly processed in a factory.
If cultured meat lost the "lab" word in the description then is it so much different to milk protein already being used in the cheese/yogurt industry?

There are some weird bat stew pics on twit ter and another dish with baby live mice.
Odd because whenever the Chinese visit the UK they always seem so hygiene conscious.
There is also reference to 'gutter oil ' - made from waste oil collected from sewers!! It's ok apparently as it's filtered and boiled.
Still hasn't put me off a good bacon sarnie - yet.

World food production will continue to be headline news.
Aside from climate change/deforestation for meat production, animal cruelty and increasing vegan/vegetarian diets there have been pork shortages due to swine flu in China which has wiped out half the pig herds in that country. Also the coronavirus is being blamed on eating exotic animals eg bats.

BlueNalu interesting but ... "by the end of this decade."
Was hoping for IPO news or commercialisation before then

from IC yesterday.
After raising an initial £150m by listing shares on Aim in 2017, Warehouse Reit has been focusing on warehouse storage and distribution assets close to urban areas. Capitalising on the shortage of these types of assets, which account for 79 per cent of its portfolio, has generated a solidly rising income stream for the group. During the final three months of 2019 the group secured 24 new lettings at 7.5 per cent ahead of estimated rental values (ERV) at the end of September and 20 lease renewals at 6.4 per cent ahead of ERVs at that same date. 

The ability to continue raising rents translates into a growing dividend for shareholders. In November management raised the target dividend for the financial year ending March 2020 above the 6p a share paid in 2019, with analysts at house broker Peel Hunt forecasting 6.2p. At the current price, that leaves the shares offering a generous potential dividend yield of 5.3 per cent, rising to 5.6 per cent the following year, based on the same broker’s forecasts. After gaining almost a fifth in value over the past 12 months, the shares trade at a 6 per cent premium to forecast NAV at March 2020, but that looks like a price worth paying for the secure income on offer.

"we will prioritise those commodities essential to deliver the technology required to achieve environmental and climate change targets in the years ahead."
More focus on copper?

No response from MW and nothing new in Sunday press.

thanks. i will look at that