Daily Stock Market Report (Thur 13 Feb 2025) - THRU, TRI, GATC, BATS, RSW, CNC, ONDO, APN, ULVR, AVG

13th Feb by Graham Neary

93 comments 5669 reads

Good morning - today's updates are thankfully more exciting than yesterday's!

1.30pm: we're out of time, thanks for dropping in!

Companies Reporting

Name (Mkt Cap)	RNS	Summary	Our view (Author)
Unilever (LON:ULVR) (£117bn)	Final Results	2025 outlook: sales growth 3%-5%. Subdued growth in near term, to improve during the year.	AMBER/GREEN (Graham) One of my all-time favourite blue-chips. Growth is limited. However I still think it's probably worth what the market is asking for currently. Ice cream demerger will be interesting.
Relx (LON:REL) (£76.4bn)	FY24 Results	2025 outlook: another year of strong underlying growth in revenue and adj. operating profit.
British American Tobacco (LON:BATS) (£74.7bn)	Final Results	2025: regulatory, fiscal headwinds. Committed to 3-5% rev growth, 4-6% adj. profit growth in 2026.	AMBER/GREEN (Graham - I hold) A large shock in terms of the Canadian class action lawsuit, and competitive pressures. But it still offers amazing cash generation despite its various problems.
Barclays (LON:BARC) (£44.3bn)	Final Results	2025 guidance: RoTE c. 11%, progressive capital returns, £0.5bn efficiency savings, CET1 13-14%.
South32 (LON:S32) (£7.8bn)	HY Report	FY25 production guidance unchanged, except for aluminium in Mozambique (civil unrest)
Tate & Lyle (LON:TATE) (£2.8bn)	TU	Mild profit warning: rev mid single digit % lower, EBITDA growth at low end of 4%-7%.
Renishaw (LON:RSW) (£2.6bn)	HY Report	Rev +3%, EPS +2%, dividend flat. FY rev exp. £695-735m, Adj. PBT £105-135m.	AMBER/RED (Mark) A moaty business but with little sign of growth. With what appears to be a further warning today, this looks to be living on past glories and is significantly overvalued.
Applied Nutrition (LON:APN) (£372m)	TU	Rev £47.6m ahead of £46m IPO guidance. EBITDA margin in line.	AMBER/RED (Graham) We have a new sports nutrition stock to look at and today's update is positive, beating revenue expectations set out at the IPO. At this early stage in its life as a listed company, I maintain scepticism.
Concurrent Technologies (LON:CNC) (£163m)	Commencement of trading on OTCQX	Trading under the ticker COTGF in the US. Will continue to trade on AIM too.	AMBER (Graham) I like dual-listings and a combined AIM/OTCQX listing for CNC strikes me as a positive step. This ambitious company is enjoying very strong share price momentum, and it has strong business momentum to help back this up.
Avingtrans (LON:AVG) (£119m)	Contract Win	Booth Industries £4.5m contract win.	AMBER (Mark) This contract…

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BnB

13th Feb

What on earth are you people trying to do? I am skiing in France for the season and my iPad works flawlessly.

I’m trying to keep in touch with the daily thread on a permanently open tab in Safari without having to log back into the site constantly. I’m kicked out more often than yiannos1 ;-)

Spender71

Agreed. There is ample opportunity to find neglected value in the top division with less volatility. Just look at International Consolidated Airlines SA (LON:IAG)

Agreed. Just look at 3i (LON:III) for one. We shouldn’t be elitist when it comes to making a profit on shares.

I believe value is value from whatever source. To ignore the top division when you have such gems as International Consolidated Airlines SA (LON:IAG) and 3i (LON:III) is at best silly and at worst snobby.

Lochinver

See John Gibsons comment below

JSLDUK

Agreed I like the mix of big and small caps. There’s are some great (in my opinion) opportunities in the ftse large caps currently that should be reported on to give us members as much info as we want / are willing to consume.
It’s easy enough to scroll past if not of interest or too large for the readers. British American Tobacco (LON:BATS) reported on today for example there aren’t many mega caps with stable revenues and cash flow to support a 7% divi

Cancun

Many thanks indeed Graham and team for all your hard work... we're all here to hopefully make decent returns, so my penny's worth would be to align with Ed's articles and concentrate on stocks that are upgrading and ranked Green , with potential to multi bag ... anything that's red or amber red is presumably less likely to need a full section write up ( sell on profit warnings lesson ), unless it's a special case being potentially oversold / very heavily owned ( perhaps a Warpaint London (LON:W7L) ? )...

planetx

Why ? I dont agree with that and i just dont want to read about large caps because its pretty much the same analysis i can read anywhere . Doesnt give me a warm feeling and definitely not what i signed up for

I think just a simple separation solves it and should be easy to sort on the side of stocko

jonno

Hi Sparkler

Avingtrans (LON:AVG)

Like you I am an admirier of the company. It is my largest holding having initially bought around 220p. I think Adaptix and the 3D X-ray scanner is more advanced than the Magnetica MRI scanner and at present the most promising for commercialisation.

Whatever I see either scenario as a win for shareholders, Adaptix and/or Magnetica are successful and the share price takes of; doubles I would suggest. The medical division fails to achieve commercialisation and is mothballed. The management (two Steve’s) can focus on the Advanced Engineering Division, which is worth more than the current share price by some margin. The second scenario if it materialised would be similar to Zotefoams (LON:ZTF) and it’s investment in Rezorce.

Seems it’s not such a boring discussion, for you at least !

RDHOWARTH

Yes but if an institution really wants stock they just ring the company up and get some.. one way or another … just because they aren’t trading doesn’t mean they aren’t influencing price. They ring the broker, tell them their view and where they will transact. The broker shakes the tree and sees if any stock is loose. They certainly don’t sit there working orders on the book … unless they want to send a message. I’m just making the point that everything is being looked at …

boringchess

I was happy to see coverage on BATS - I'm sure plenty of people around here hold it (myself included) given how cheap its been over last year

I'm sure most people only hold genuine small caps as a % of their portfolio

Indeed, but presumably the small cap portion is the under researched, illiquid, actively ( self ) managed part where they feel that they can potentially outperform...

And hopefully the said institutions are buying small caps that are on a journey into £ 250 - 500 mio mid caps...

14th Feb

Not necessarily, many of us are buying mid and large caps ourselves actively too - I assume we are all actively buying the best opportunities we can find in the market? For me that means a minimum market cap but I don't have a maximum - it does means a large tilt towards small and mid caps but that is simply because that is often where the value is.

Fair points Boringchess... I just feel that we're more likely to find a frog to kiss under the small cap rocks ( if that's not mixing metaphors too much )... once over £ 2 bn / 5 bn ( pick a number ), information becomes too perfectly disseminated and liquidity too deep to drive prices too far from values ... that's not to say that a large cap can't gap 10% on an unexpected earnings upgrade, but it's much harder to find a ' wrong ' price... many thanks for the reply though...

timarr

... once over £ 2 bn / 5 bn ( pick a number ), information becomes too perfectly disseminated and liquidity too deep to drive prices too far from values ...

Are you sure?

International Consolidated Airlines SA (LON:IAG)- market cap £16.4 billion, price up 140% in last year
Natwest (LON:NWG) - £38.8 billion, up 109%
Barclays (LON:BARC) and Rolls-Royce Holdings (LON:RR.) also up over 100%
Ocado (LON:OCDO) - £3.3 billion, down 40%
Vistry (LON:VTY) - £2 billion, down 35%.

You can find similar examples every year.

Timarr

I'm not going to spend time going back and forth on this ( and I regret getting involved yesterday ), but you've deliberately not included my comment re unexpected news... many of the stories that you mention above include that...

And I was talking about price dislocation versus value... Rolls Royce was a classic example of a turnaround story, but arguably the price was always roughly in line with value , as the improved Metrics filtered through across the year... Stocks like Brave Bison (LON:BBSN) , Oxford Metrics (LON:OMG) , Card Factory (LON:CARD) , Gulf Keystone Petroleum (LON:GKP) which many of us have highlighted , can trade temporarily at ' wrong ' prices, far from intrinsic value , thanks to fund redemptions etc... that extra cushion often feels comforting...

And I didn't say that you can't, but that it's ' much harder ' to find a wrong price in large caps.....

Anyway.... I have always tried to be courteous and supportive on here, but it has become increasingly like ADVFN... many people now seem determined to complain, or be confrontational... I'm convinced that its why so many top drawer posters have left... I definitely wouldn't put myself in that bracket and this is unfortunately a tiny straw on a camel's back, but thats me done too....

Good luck to all in the years ahead...

Hi Cancun

I'm sorry you're leaving, especially if I was the camel breaking straw, but I wasn't being deliberately confrontational (I never am, albeit the written word is an imperfect means of communication).

Anyway, good luck wherever you end up.

john2

17th Feb

I should have replied to this earlier. If you are trying to keep a tab open permanently and you are having problems then that is a problem with the iPad operating system not with the Stockopedia software. I generally only have one tab open in Safari and having once logged in I do not have to log in again when I select Stockopedia from my bookmarks.

Daily Stock Market Report (Thur 13 Feb 2025) - THRU, TRI, GATC, BATS, RSW, CNC, ONDO, APN, ULVR, AVG

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Graham Neary

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