Member Info for surprised

Panmure brokers detailed response looks past the recent issues and on a forward view maintains an 1100p target 👇

https://x.com/surprised_trade/status/1991488588056563897

Summary from Panmure

PayPoint’s position on the high street differentiates it in the crowded payment space; a CY 26 P/E of 8.3x and ordinary yield of 8.0% are too cheap

PayPoint is differentiated by its position on the high street, where physical cash meets digital, and where physical services are provided like PayPoint One, Click and Collect, and vouchers. The network, the client relationships and the ability to offer a one-stop shop solution for payments makes PayPoint unique in the crowded payment space. A CY 26 P/E of 8.3x is attractive given the cash generation and growth opportunities, and the company offers a CY 26 ordinary dividend yield of 8.0%.

We derive a target price of 1,100p. We maintain our BUY recommendation.

The Board has declared an interim dividend of [19.8]p per share, an increase of [2.1]% vs the prior year interim dividend of 19.4p per share, consistent with our dividend policy and target cover range of 1.5 to 2.0 times earnings

TP ICAP is the world’s largest interdealer broker with particular focus on OTC derivatives across a wide range of asset classes. Additionally, the Group encompasses Liquidnet, a technology-driven agency execution specialist with particular focus on cash equities and block trading liquidity. As a result of its market-leading position within the more unique OTC derivatives markets, the Group generates valuable pre- and post-transaction data, which has led to the data offering within Parameta Solutions.

Parameta remains in focus: The Group sees significant value to be unlocked in Parameta Solutions and aims to do this via the listing of a minority stake of the business in the US. We also see significant value to unlock within the subsidiary, albeit see other avenues, some of which could be more attractive, such as selling a minority stake to a strategic partner. That said, any successful transaction at an attractive valuation should represent a strongly positive catalyst for the shares and we expect clarity on next steps by 1Q26.

Significant capital return opportunities: Between a persistently supportive trading background, organic opportunities such as the credit platform and the further roll-out of Fusion as well as the significant transaction opportunity around Parameta Solutions, TP ICAP retains attractive capital generation potential. The Group maintains a strong balance sheet and its capital allocation policy allows for further growth of the business as well as any absorption of potential financial impacts from its contingent liabilities. Beyond this, we see a well-covered dividend and attractive yields of 6-7% at current share price levels as well as the potential for further buybacks going forward, providing attractive capital return metrics for investors.

Initiate with a 342p price target and a Buy rating: TP ICAP currently trades on 8.5x CY26E P/E, which we do not believe appropriately reflects either the significant value within Parameta Solutions or the strong market backdrop and opportunity around the credit platform expansion. We initiate with a 342p target price and a Buy rating, also highlighting 7-8% dividend yields and the potential for further buybacks.

https://x.com/surprised_trade/status/1990358260105560428

They keep on coming...

With the support of professional advisors (Begbies Traynor), BBF Ltd is taking the necessary steps to place the company into Liquidation 14/11/25

https://gb.basketball/news/bbf/british-basketball-federation-statement/

Principal Insurance Limited Buyout: Begbies Traynor managed the administration process that led to Principal Insurance Limited acquiring the business of Peart Performance Marque Limited. 12/11/25

https://www.insurancetimes.co.uk/news/manchester-based-broker-completes-buyout-of-non-standard-broker-that-entered-administration/1456818.article

The business has been hitting its stride lately. In its October update, management said profits for 2025 will come in “significantly ahead” of previous expectations, thanks largely to another strong run from the Fit Out division. That part of the business, which handles

major interior refurbishments, now boasts a record £1.6bn order book, with a decent chunk already locked in for 2026.

There’s more to like. The Construction division continues to deliver solid margins (3.0 to 3.5% range), and the wider group is sitting on a net cash pile that averages over £350m.

That strength gives it flexibility most peers don’t have, especially those still burdened by pension deficits or legacy debt.Order books across the group are in good shape (£12.2bn total), giving visibility well into 2026.

Importantly, Morgan Sindall is in the sweet spot for UK government spending, with rising capital budgets in infrastructure, defence, schools, and affordable housing. Panmure Liberum rates the stock a Buy, with a price target of 5,008p, and notes its sector-leading return on capital and free cash flow

''Government spending is also set to be higher than previously forecast. For profitable companies that are locked into this spending, this is creating a wonderful opportunity.”

https://why.stockopedia.com/top2025/?utm_source=social&utm_medium=twitter/x&utm_campaign=q42025

Seplat business has been transformed over the past year following its acquisition of ExxonMobil’s shallow water assets (MPNU), making it the country’s

leading supplier of processed gas. A key project, the ANOH gas facility, is on the brink of starting exports, which should further boost Seplat’s cash generation.

Recent results show just how far the company has come. In the first nine months of 2025, production jumped 185% to 135.6kboed, revenues trebled to $2.18bn, and net profit surged 169% to $95m, despite a drop in oil prices. Strong cash flow helped cut net debt to

$386m and brought leverage down to just 0.27x EBITDA.

With this momentum, Seplat declared a special dividend of 2.5 cents alongside its new base dividend of 5 cents per quarter. Management has tightened production guidance and trimmed its capex forecast, and it remains on track with its plan to drill 13 new onshore wells and complete 50 workovers.

At September’s Capital Markets Day, Seplat laid out a bold five-year plan: grow production by 50% to 200kboed, invest up to $3bn in capex, and return at least $120m annually to shareholders even if oil prices dip as low as $50 per barrel.

Broker forecasts suggest this could generate up to $6bn in free cash flow by 2030. That cash profile is hard to ignore. Seplat trades on a price-to-free-cash-flow ratio of just 3.2, well below most sector peers, while offering a forecast dividend yield above 6%.

It is a rare mix of scale, income, and upside in a still-overlooked name.

https://why.stockopedia.com/top2025/?utm_source=social&utm_medium=twitter/x&utm_campaign=q42025

Scotch Frost of Glasgow Limited: The Uddingston-based food importer and distributor ceased trading, with Kevin Mapstone and Paul Webber of Begbies Traynor appointed as joint administrators on November 4, 2025.

The estate of former Scottish first minister Alex Salmond: Kenny Craig of Begbies Traynor was named as the trustee in sequestration (the Scottish equivalent of bankruptcy) to manage the complex and unusual case involving ongoing legal proceedings against the Scottish Government on November 7, 2025

PayPoint- BUY, target price 1100p

PayPoint’s position on the high street differentiates it in the crowded payment space.

The business goes from strength to strength, with growth in Parcels, the benefits of the Lloyds partnership and opportunities in open banking and local banking.

FY 28 targets show upside;106p of FD EPS should be achievable, with 5-8% net revenue growth.

CY 26 P/E of 8.1x is undemanding and is not consistent with the revenue growth and operational leverage.

Negotiated trade on all attempts to buy for last half hour, however, our 'algo' buyer/seller is rampant.....

TP Icap Group reiterated its full-year guidance on Wednesday, after favourable market conditions helped boost third-quarter revenues at the broker.

In a brief trading update, the City stalwart said group revenues in the three months to 30 September had improved 3% at £560m, against tough comparatives, or by 1% in reported currencies. Driving the growth was global broking, which saw revenues spark 7%.

The FTSE 250 firm said: "Following a strong first half, the division continued to capitalise on favourable market conditions across all asset classes."

It also helped offset an expected 7% decline in energy and commodities, which TP Icap said reflected ongoing difficulties hiring broking talent in a highly competitive market.

"The division has a strong hiring pipeline in place, with benefits expected to materialise from 2026 onwards," the firm noted.

Revenues at data unit Parameta Solutions rose 4%. TP Icap reiterated plans for a minority US listing of the division, but said timings had yet to be confirmed.

It concluded: "The board remains comfortable with full-year 2025 market expectations for adjusted earnings before interest and tax, subject to foreign exchange movements, especially the US dollar against sterling."

Brokers Peel Hunt called the update "solid". It said: "The overall message is that management remains comfortable with current market expectations.

"There are many positives...such as the ongoing process of investing in technology and the delivering of strong profits and cash flows to support ongoing capital management."The share price has drifted more recently, and the PE multiple now stands at only 8x.

"We maintain our 'buy' recommendation, with further upside possible depending on the value ultimately ascribed to Parameta."

Five5 brokers have a 'strong buy' and 327p target.

TP ICAP Group Says Group Revenue Up 7% To £1,783 Million

BOARD REMAINS COMFORTABLE WITH FULL YEAR 2025 MARKET EXPECTATIONS

BOARD REMAINS FOCUSED ON PARAMETA'S SUSTAINABLE GROWTH, WILL CONTINUE TO ASSESS APPROPRIATE TIMING FOR POTENTIAL MINORITY US LISTING

Drill oil to be a better ally to the US, Trump’s ambassador tells Starmer -

“Having a growing economy is essential and the UK's high electricity costs make it very, very difficult, you’re using oil and gas but you’re importing it. Why not use your own?”

https://www.telegraph.co.uk/politics/2025/11/03/drill-oil-better-ally-us-ambassador-to-starmer/

Barclays raises Whitbread price target to 3250p from 3020p on 31/10/25

&

Peel Hunt price target 3500p

Lot's of rumours in press of EPL being favourably adjusted and the granting of new drilling licences

https://x.com/surprised_trade/status/1983837837314421230

Sheena McGuinness, Co-Head of Energy and Natural Resources at RSM UK, the leading global audit, tax and consulting network says: “I welcome Offshore Energies UK’s proposal to reform the Energy Profits Levy from 2026. This tax is not fit for purpose and is damaging UK business investment and jobs, which means lower revenues to the Exchequer. The UK is the only country that continues to levy a windfall tax on energy profits, where there is no windfall left to tax. We must reset this tax so firms have the confidence to build our integrated energy future at home rather than looking overseas.”

https://oeuk.org.uk/offshore-energies-uk-survey-shows-reform-of-energy-profits-levy-needed-now/

UK considers scrapping oil and gas windfall tax in bid to boost growth

https://www.politico.eu/article/uk-treasury-oil-gas-windfall-tax-growth-november-budget/

Looks like we have some 'high frequency' trading on our own sp ...having walked it down they are welcome to start walking it back up...

Drop in sp is against the backdrop pf - TP ICAP's latest updates include a strong H1 2025 financial performance with a 7% revenue increase, a £30 million share buyback, and an interim dividend of 5.2p per share. The company is also progressing with its efficiency program, focusing on digital assets with its institutional crypto platform Fusion Digital Assets, and winning the "Global Interdealer Broker of the Year" awardH1 2025 Results:

Reported a 7% increase in revenue to £1,224 million, driven by strong performance in Global Broking and Liquidnet.

Share Buyback and Dividends:

Announced a new £30 million share buyback program, bringing the total to £150 million over the past 24 months. The board also declared an interim dividend of 5.2 pence per share.

Efficiency Program:

The three-year operational efficiency program is on track to deliver its targets by 2027, which includes annualised cost savings of £50 million and releasing £50 million in surplus cash.

Capital Allocation:

Maintains a leverage ratio of 1.6x and expects to deliver over £200 million in surplus cash organically across 2026 and 2027 for investment and shareholder return

Analysts have a median 12-month price target of 335.00p, suggesting a potential 32% increase from a recent price of 253.50p

6 brokers with a strong buy and 150p+ target.

'highly profitable organic growth of 5%-6%, and free cashflow, we see scope for a further rerating. Cash generative business with a strong balance sheet providing an estimated c.£30m of further M&A headroom

https://x.com/surprised_trade/status/1980540504770302411