Good morning - it's officially the start of summer! With rising temperatures, my cooling fan has officially made its return to the office.

Our agenda is still under construction - sorry it will be slower than normal as I'm working on my own today. The agenda is finished now.

I'll  be working late through the afternoon on this report - please continue to check back for updates. I appreciate your patience!

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About the Author

Graham Neary

Premium Member

I've been a full-time stock market analyst and investor since 2009, with the exception of one "year out"!I was a chartist (technical analyst) for three years, analysing the fixed income and futures markets for hedge funds and investment bank traders.After that I moved over to the buyside where I got my CFA qualification and learned how to manage equities and fixed income portfolios for a large institution. When given the chance to manage a diversified UK equity portfolio, I generated a return of 28.5% in two years (benchmark: 17.1%).  Avoiding the mining sector was a big help! I then took my year out to study Mandarin in China. Ever since, I've been spreading the word on how individuals can  find exciting investment opportunities.  I've spoken at countless events, taught financial statement analysis to private investors, built up a small following on social media, and have been a regular fixture here at Stockopedia for many years. The stock market continues to fascinate me and I'm sure it always will. more »

50 comments

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Trident
10:21am

This stock is quite illiquid so price movements can be very jerky on relatvely small volumes.  Once the share buyback programme starts I would expect price support barring disasters
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Paul Walton
10:21am

You generally get poor returns in the Summer for ASX. Similar with .INX

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jonno
11:02am

Hi Tommy

I don't hold, but like Whitbread (LON:WTB).  My son, who works for a large multi-national remarked a few years ago that consistency of quality/service is one of the hallmarks of a good business. There are off course many more, but with Premier Inn you know that you are going to get, clean and comfortable accommodation without getting ripped off. In some ways it reminds me of Pizza Express, you know that you will get a decent pizza and usually good service, again without having to take out a mortgage.

On the subject of shareholder cards, I recently bought shares in Fuller Smith & Turner (LON:FSTA) when they were trading close to 500p.  Investment thesis; trading well, substantial discount to NAV (most of the estate is freehold), decent yield etc. The cherry on the cake was that I got an 'Inndulgence Card' that entitles one to a 15% discount on food and drink and from memory accommodation at some of their pubs/hotels.  The minimum holding is 1000 shares.

All the best
Reply
Yellowstone Advisory
11:06am

Currys (LON:CURY) DP Poland (LON:DPP) and 2 more Co's

Are you interested in meeting management teams face to face? Yellowstone Advisory is organising an in person event with 4 listed smaller companies on 21 May and you are invited to attend.

Management teams from Currys, DP Poland and 2 other TBC will be presenting and there will be plenty of time after the presentations for informal discussions with the management teams over drinks and canapes.

The event starts at 5.30pm in EC1

Register:

https://www.yellowstoneadvisor...
Reply
Rusty2
11:16am

Eleco (LON:ELCO) final results out today, look ok, market likes them, shares are up 10%. 
Reply
Rusty2
11:22am

Cohort (LON:CHRT) large new 15 year contract but shares are down.
Reply
Benson
11:30am

It is one of the strategies that does seem to work almost every year I have used it successfully for many years
Reply
yiannos1
12:18pm

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A brief history for the last 10 years in exactly what’s happening in May!

Just to clear some confusion and to provide real time information and facts rather than post ancient sayings.


All the best 
Reply
murrb
12:19pm

Graham commented on the results for 4imprint (LON:FOUR)  in the 12 Mar report
Reply
JASVFS
12:44pm

Thank you for your comment on WJG Graham, we continue to hold.  I'd been monitoring IPF since you met the CEO and we're happy we are now shareholders after reading todays update!  I have noted the more cautious comments this morning too but my only regret is I didn't buy on your earlier coverage. 
Reply
boringchess
12:51pm

But is Mars in retrograde?
Reply
Revs8
12:55pm

This surprised me although something similar happened on last trading update and it turned out to be a buying opportunity as the big boys stepped in a couple of days later.  It’s also ex div at the moment. 
Reply
boringchess
1:07pm

I think the presence of Donald Trump is a pretty big turn off for the attractiveness of IPF

I was contemplating increasing my position after reading the results but the overhanging threats in the air hold me back

I think they do need to get a bit more aggressive with buybacks to land the right side of the risk / reward calculation for me to take a bit of a bigger position
Reply
doctor dave
1:55pm

AIM showing possible signs of life. A neo-bowl? Not miles from the 120-day average.....
Pigs being fed and prepared for lift-off....

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eggbaconandbubble
2:03pm

Pinch & a punch! 
Reply
ISAallowance
2:04pm

Provident Financial is now known as Vanquis Banking (LON:VANQ).  As far as I am aware there is no connection with International Personal Finance (LON:IPF).

Reply
yiannos1
2:20pm

I was never good in science 
Reply
boringchess
3:00pm

Looks like picked up a bit since the Americans woke up
Reply
boringchess
3:14pm

Don't want to jinx it but is it just me or are things really picking up in the UK small / mid cap market (finally)?

Wonder if a little bit of money is starting to flow in as people try to diversify from super concentrated US exposure?
Reply
Graham Neary
3:58pm

Hi Andy, sorry this is a very late reply to your request but I don't see any news on 4imprint?
Reply
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Name (Mkt Cap)RNSSummaryOur view (Author)

Rolls-Royce Holdings (LON:RR.) (£64bn)

AGM Statement & Trading Update

Strong start. Tariff impact to be offset. Confidence in guidance for £2.7-2.9bn adj. op profit.

London Stock Exchange (LON:LSEG) (£62bn)

Trading Statement

Strong start. Full year guidance confirmed. Total income +8.7% including M&A, +7.8% organic.

Lloyds Banking (LON:LLOY) (£44bn)

Q1 Interim Management Statement

Q1 profit after tax £1.1bn (LY: £1.2bn). Return on tang. equity 12.6%. Guidance confirmed.

Informa (LON:INF) (£9.6bn)

Trading Update

Q1 underlying revenue growth 7.6%. Full year guidance reaffirmed (revenue growth 5%+).

Schroders (LON:SDR) (£5.3bn)

Q1 2025 Update

Net inflows of £1.1bn if we exclude joint ventures/associates. Asset management is neutral, while wealth management saw inflows. But at the same time there were £8.5bn of outflows from JVs/associates.GREEN (Graham)
I was GREEN on Aberdeen yesterday and it's only fair that I go GREEN on this one, too. We have another giant in the UK asset management industry with very modest outflows (or inflows, depending on how you count it). So another demonstration that it's not all doom and gloom in fund management right now. Just like Aberdeen, Schroders is in another league to the smaller fund managers we cover in this report, and is more than just a fund manager. Additionally, I appreciate the history of this company (well over 200 years old) and its continued ownership by the Schroder family. At a P/E ratio of 11x, I think this is quite attractive.

Whitbread (LON:WTB) (£4.6bn)

Preliminary Results

Rev -1%: lower food & beverage revenues. Profit after tax falls 19% to £254m. 5-year plan on track.

Persimmon (LON:PSN) (£4.2bn)

AGM Trading Statement

On track for growth in completions to 11 - 11.5k for the full year, assuming a stable housing market.

Hiscox (LON:HSX) (£3.7bn)

Q1 Trading Statement

No change in estimates for California wildfires. Written premiums +2.4% to $1,558m.