11th Feb by Graham Neary

54 comments 6026 reads

Good morning! As usual, Tuesday is a little busier than Monday.

1pm: thanks for your patience, the report is finished for now!

Companies Reporting

Name (Mkt Cap)	RNS	Summary	Our view (Author)
BP (LON:BP.) (£74.5bn)	Final Results	Q4 adj. profit $1.2bn, reported loss $2bn after impairments. 2025: upstream production to be lower.	AMBER/GREEN (Roland) [no section below] Today’s 2024 results show profits down 35% to $8.9bn, as expected, due to refining losses. The dividend is held. The real news will come on 26 Feb when BP unveils its plans to “fundamentally reset our strategy”. BP is under pressure to address its sector underperformance and respond to the challenge of activist investor Elliott – see our comments yesterday.
Bellway (LON:BWY) (£3.1bn)	TU	On track for >8,500 homes (FY24: 7,654). ASP slightly higher £310k. Op. margin to approach 11%.	AMBER/GREEN (Roland) A solid H1 update that appears in line with previous guidance. Increased land purchasing suggests medium-term confidence. Shares look reasonably priced to me, at a modest discount to NAV.
Dunelm (LON:DNLM) (£2.0bn)	Interim Results	In line. PBT expectations unch. and in line with consensus (£209m, range £204-214m).
PRS Reit (LON:PRSR) (£590m)	Strategic Review	Has received several acquisition proposals above current SP (109.2p), but below NAV (133.2p).	PINK
RWS Holdings (LON:RWS) (£518m)	AGM Statement	In line with previous guidance, volume growth expected to more than offset price weakness.
Warehouse Reit (LON:WHR) (£341m)	TU	Another positive quarter of leasing activity. Transactions 32% ahead of previous contracted rent.
PZ Cussons (LON:PZC) (£340m)	Interim Results	Rev -10%, LFL rev +7.1% from pricing. PBT -24%. Adj op margin 10.8%. Trading to end Jan in line.	AMBER (Roland) Performance is acceptable in western markets but currency devaluation remains an issue in Africa and progress seems slow with disposal plans. I’m neutral on this turnaround situation.
MJ GLEESON (LON:GLE) (£287m)	Interim Results	Rev +4.2% to £157.9m but op profit -42% to £5.1m. ASP +4.8% to £193.9k. In line for FY exps.	GREEN (Graham) No major change here since the H1 trading update but it seems that demand continues to improve. Along with interest rate cuts, this sets GLE up well for a bounce in earnings over the next two years. Market cap fully supported by balance sheet strength.
S&U (LON:SUS) (£195m)	TU	In motor finance, “we anticipate a recovery in profitability during the next financial year”.	AMBER/GREEN (Graham) Regulatory…

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InvestmentHunter

11th Feb

Urban Logistics Reit (LON:SHED) is single, let small and mid box. Warehouse Reit (LON:WHR) is multi-let, intensive management. I prefer Urban Logistics Reit (LON:SHED) and the team also

Camtab

Of course all of this is a good reason to hold Bitcoin.

JSLDUK

Think Aew UK Reit (LON:AEWU) and Care REIT (LON:CRT) offer good value too. REITs aren’t usually spectacular but some can offer steady dividends.

turbo

VanEck Uranium and Nuclear Technlgs U ETF USD A (LON:NUCG)

The ETF’s top holdings include Cameco Corporation (13.29%), BWX Technologies, Inc. (9.37%), and Oklo Inc. (6.72%).

Over the past year, NUCG has delivered a return of approximately 21.09%.

One source states that technical indicators suggest a neutral outlook for NUCG. They say the ETF is currently trading in the middle of its 52-week range, with a positive long-term trend but a negative short-term trend.

A recent chart signal from another source has an intermediate-term target price of 32.25 - 33.5p

I have bought today with the intention of holding for the long term.

rmillaree

They are right to do so because there is a long tradition of governments raising taxes in such a way as to turn into criminals all their citizens who have savings.

well i have heard some nonsense in my time but this takes the biscuit !!

iwright7

If Time Finance (LON:TIME) can meet its targets over the next 3 years and double its ROE%, the EPS could double to 12p and the PE multiple should rise from 9x to say 12x, giving a Target Price of 144p. This would be a 31%/annum share price gain and a total upside of 135%.

Given Time’s consecutive monthly revenue growth during the last 3 years, I wouldn’t bet against it.

JimMcLad

Thanks Alphaflight. Very interesting link you posted on the London Gold Market - well worth watching IMO as it covers much more than the title suggests beyond Gold at a macro level.

bohenie

Agree this is a good sign - but then he already owns 28% of the company - worth a cool £100m - but yes maybe its worth getting on the bandwagon before he sells out as happened with the forestry subsid just last year.

Granted the ‘Swiss’ statement might be a tad hyperbolic but I think the example posted earlier of a government arbitrarily deciding in it’s wisdom that citizens can no longer hold a certain commodity and must sell it to them at below market value under pain of imprisonment supports the view.

raggedtp

Interesting, thanks. They took on the old John Laing Environmental Infrastructure fund last year, since renamed Foresight Environmental Infrastructure (LON:FGEN) , since when I bought, and the price kept sliding, and yesterday we bought more at prices between 67 and 69p. It just seems bonkers that this is c. 49% below NAV, with a yield of 11.5% at this price, that they confirm is covered by cashflow. While interest rates glide down, which will eventually mean they and similar with reduce their discount rate from the current 9.5%. .5% reduction adds 3.6p to current NAV, I believe.

ACounsell

I was contemplating doing the opposite and buying some silver physical ETF to add to a gold ETF holding Wisdomtree Metal Securities (LON:PHGP) (though sold half a couple a few weeks ago and of course gold has continued to rise!). Largest two in the silver space are Wisdomtree Metal Securities (LON:PHSP) or Ishares Physical Metals (LON:SSLN) and would replace my platinum ETF Wisdomtree Metal Securities (LON:PHPT) which has gone nowhere for the last 10 years. However, given my past track record if I go ahead and buy a suitable ETF silver will bomb and you will have made a good decision!!

I think the example posted earlier of a government arbitrarily deciding in it’s wisdom that citizens can no longer hold a certain commodity and must sell it to them at below market value under pain of imprisonment supports the view.

i missed that example but two wrongs generally never make a right through - the facts are those comments are just utter complete nonsense - its a disgarce to those that dutifully pay taxes due to try and agrue that criminals who dont are anything other than criminals - they are anything but robin hood types. if thats the the swiss government well they have generally benefited from the well at heel turning up and having plenty to spend at their place whilst keeping quiet over obvious fraudc - they are also going to be talking their own shop on top of it being nonsense. Generally all these people moaning can eaily pay the tax - they would just rather not and spout any crapola in the hope of justifying their criminal intent if they are tempted to play that game. We may not like the law and we may think laws are unfair but crazy to suggest thats its okay to be accessory to such crimes.

timarr

I can’t recollect where I picked this up about the Swiss approach to life but it appealed to me so I use a Zurich vault.

It's estimated that at least $8 billion of Nazi looted gold found its way into Swiss bank accounts. About 80% of South Africa gold was channelled through Switizerland in the 1980's, effectively propping up the apartheid regime.

It's certainly a "unique contribution to personal liberty".

Harry Hindsight

The ETFs are good for exposure to Canadian, Japanese, Australian, and the ia's.

I like Global X products Global X Uranium UCITS ETF USD Acc (LON:URND) Global X Uranium UCITS ETF USD Acc (LON:URNG).

Blackrocks iShares offerings iShares Global Clean Energy UCITS ETF USD (Dist) (LON:INRG) but currently in the doldrums.

My focus on North American new small modular reactor tech and enriched fuels. But high risk.

Tailwind in my view as power will be required and nuclear is the only sensible tech to provide serious baseload. Batteries ok in vehicles and phones but container sized to balance grid supply between renewables and gas generation seems old industry to me and not sustainable cost wise over the long term. Ok can be recycled but at what effort, environmental damage and cost.

Seems the government is waking up, other than people who think their IQ is higher than it is.

I'm with the streamers/royalty cos Royal Gold (NSQ:RGLD) Wheaton Precious Metals (LON:WPM) Sandstorm Gold (NYQ:SAND) all who have gold and silver plus other stuff dug out at the same time (gold is found with copper etc).

Silver has lagged gold so there could be a good catch up and it does have significant industrial uses (solar panels, anti-sac). And maybe one day silver coinage returns as currency, as opposed to a decimal point holding of nutin in a cloud.

drsanjb

Apple partners with Alibaba to develop AI features for iPhone in China

Alphaflight

My pleasure JimMcLAd. Yes few people are paying attention to this. Meanwhile GBP has lost 50% of its purchasing power in the last 5 years measured against real money (gold).

Rhodie Jonners

The biggest issue with S&U (LON:SUS) is the free float at just 11%. Having skin in the game (I hate that cliched phrase) is all well and good, but when its at the point when the owners are answerable to no-one, it becomes an uninvestable stock to me, regardless of how attractive it superficially looks.

Sorry, finger trouble. A mere 39% below NAV.

12th Feb

Interesting company , not heard of it before. I’m now a holder as this looks compelling!

Daily Stock Market Report (Tue 11 Feb 2025) - WYN, SUS, BWY, BP., GLE, PZC, TIME

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Graham Neary

54 comments

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