reports
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
More Upside Expected; Upgrading Health Care Since early November 2023 we have laid out our bullish expectations for a year-end rally that we discussed would continue into the early part of 2024. Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. Bullish Outlook Intact. The S&P 500, Nasdaq 100, and DJI are breaking out to new all-time highs, while the small-cap Russell 2000 (IWM), mid-cap S&P 400 (IJH), Vanguard Extended Market ETF (VXF), ...
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Bullish Outlook Intact; Downgrading Communications The market remains in "lockout rally" mode, where prices continue to move higher with little-to-no pullbacks, while ignoring overbought readings. There is no reason to fight this bullish trend, and we continue to expect a rally into year-end and the early part of 2024. Lockout Rally Continues. In our 12/4/23 ETF Pathfinder we discussed how this is a very strong market that is not likely to pull back -- and the surge higher has continued. The S...
- Dave Nicoski
- Ross LaDuke
Kier Group: 1 director
A director at Kier Group bought 18,034 shares at 111p and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing...
- Liberum Research Team
APH ALLIANCE PHARMA PLC
DPH DECHRA PHARMACEUTICALS PLC
RCDO RICARDO PLC
EZJ EASYJET PLC
KIE KIER GROUP PLC
YNGA YOUNG & CO.'S BREWERY PLC A
PETS PETS AT HOME GROUP PLC
LMP LONDONMETRIC PROPERTY PLC
RMG ROYAL MAIL PLC
SPI SPIRE HEALTHCARE GROUP PLC
FEVR FEVERTREE DRINKS PLC
AJB AJ BELL
BYIT BYTES TECHNOLOGY GROUP PLC
JE00BLR94N79 INVINITY ENERGY
- Liberum Research Team
APH ALLIANCE PHARMA PLC
DPH DECHRA PHARMACEUTICALS PLC
RCDO RICARDO PLC
EZJ EASYJET PLC
KIE KIER GROUP PLC
YNGA YOUNG & CO.'S BREWERY PLC A
PETS PETS AT HOME GROUP PLC
LMP LONDONMETRIC PROPERTY PLC
RMG ROYAL MAIL PLC
SPI SPIRE HEALTHCARE GROUP PLC
FEVR FEVERTREE DRINKS PLC
AJB AJ BELL
BYIT BYTES TECHNOLOGY GROUP PLC
JE00BLR94N79 INVINITY ENERGY
- Alex O’Hanlon
- Joe Brent
LIBERUM: Kier Group - Visit re-assures on outlook for HS2
We believe in a positive outlook for Infrastructure despite ‘re-phasing’ and ‘rescoping’, although there may be upward pressure on the interest cost. The Infrastructure Services division has been restructured to better align it with the evolving needs of its customers. The HS2 contract we visited show-cases Kier’s systems integration and partnering skills. We expect that Lots C2 and C3 (C23) are worth very material contracts. Kier has passed the stress test of high inflation. Delays on HS2 are u...
- MarketLine Department
Renew Holdings plc - Mergers & Acquisitions (M&A), Partnerships & Alli...
Summary Marketline's Renew Holdings plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Renew Holdings plc - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investmen...
- Liberum Research Team
- Liberum Research Team
- Alex O’Hanlon
- Joe Brent
LIBERUM: Kier Group - Continued margin strength
The H1 23 results were strong and ahead of our estimates. We make four key points: 1) Management’s medium-term targets suggest EBIT of c. £150m and we expect this to be achieved in FY 25; 2) This is the third consecutive set of results to have met or exceeded the margin target, suggesting that it is conservatively set; 3) The order book increased to £10.1bn at H1 23, which points to improving sales growth with little anticipated impact from HS2 and Road delays; and 4) We expect a full dividend i...
- Liberum Research Team
- Liberum Research Team
SFR SEVERFIELD
NEX NATIONAL EXPRESS GROUP PLC
AHT ASHTEAD GROUP PLC
RTN RESTAURANT GROUP PLC
KIE KIER GROUP PLC
FAN VOLUTION GROUP
OCI OAKLEY CAPITAL INVESTMENTS
PAGE PAGEGROUP PLC
TOWN TOWN CENTRE SECURITIES PLC
CTEC CONVATEC GROUP PLC
HMSO HAMMERSON PLC
1B3N THUNGELA RESOURCES LTD
DOM DOMINGUEZ & COMPANIA
- Alex O’Hanlon
- Joe Brent
LIBERUM: Kier Group - Strong H1 performance but some headwinds expecte...
The H1 23 results were strong with an EBIT Margin of 3.7% vs the target of 3.5% - H1 23 FD EPS increased 13% to 8.5p. Average month end net debt was £243m at H1 23, in line with guidance as the group focussed on reducing debt-like items. We decrease our FY 23 FD EPS estimate by 1% as increased interest costs are largely offset by a reduced share count. We reduce our FY 23 average net debt estimate from £251m to £243m due to slightly better cash flow and as management guides to a spot net cash po...
- Liberum Research Team
- Liberum Research Team
- Alex O’Hanlon
- Joe Brent
LIBERUM: Kier Group - Trading in line, with better cash expected in H2
Kier traded in line with expectations in H1 23 and we maintain our H1 23 FD EPS estimate of 7.2p. We maintain our headline earnings estimates. We also maintain our FY 23 average net debt estimate of £251m, given the expectation of stronger cash flow in H2. Management’s medium-term targets suggest EBIT of c. £150m which is only 8% ahead of our FY 24 estimate. We believe material shortages and input costs are moderating and continue to be managed. The order book has increased 3% since year end to ...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Today's Fed Day to Determine Next Big Market Move? The S&P 500, Russell 2000 (IWM), and Nasdaq 100 (QQQ) continue to have trouble breaking above their respective 200-day MAs and YTD downtrends, while the Dow Jones Industrials Average (DJIA) has been unable to sustain a breakout above 34,280. With that said, all four of these indexes are consolidating within tight ranges just below the aforementioned resistance levels, building energy for the eventual breakdown or breakout. We continue to recomm...
RNR RENAISSANCERE HOLDINGS LTD.
TLYS TILLYS
TJX TJX COMPANIES INC
RGA REINSURANCE GROUP OF AMERICA INCORPORATED
EVEREST RE GROUP LTD.
GPS GAP INC.
ESGR ENSTAR GROUP LIMITED
BKE BUCKLE INC.
ANF ABERCROMBIE & FITCH CO. CLASS A
AEO AMERICAN EAGLE OUTFITTERS INC.
ACGL ARCH CAPITAL GROUP LTD.
ROST ROSINTER RESTAURANTS HOLDING ORD SHS
DXYN DIXIE GROUP
IWM ISHARES RUSSELL 2000 INDEX FUND
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLF SELECT SECTOR SPDR-FINANCIAL
XLU SELECT SECTOR SPDR-UTILITIES
QQQ INVESCO QQQ TRUST
SERIES 1
- MarketLine Department
Mace Group Ltd - Strategy, SWOT and Corporate Finance Report
Summary Mace Group Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Mace Group Ltd (Mace) is a construction and consulting company. It offers development, construction, consultancy and operations services. The company’s portfolio of services includes general co...
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Commodity & Defensive Sectors Remain Leadership Much of the recent strength in the S&P 500 and Nasdaq 100 (QQQ) has been driven by a select few mega-cap growth names, while the Russell 2000 (IWM) and Russel Micro Caps (IWC) have not been able to reclaim important $209 and $134 resistance levels, respectively. This bifurcation between mega- and small/micro-caps can continue, but it is not the type of breadth that supports a sustainable new bull market. However, there continues to be several attr...
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