Daily Stock Market Report (Wed 30 April 2025) - IGR, SRB, GNS, TW., SDG, ABDN

Wed 6:00am by Graham Neary

24 comments 4805 reads

Good morning and welcome to Wednesday's report - the Agenda is now complete. It's an awfully long list to digest but the good news is that there are hardly any profit warnings!

Companies Reporting

Name (Mkt Cap)	RNS	Summary	Our view (Author)
GSK (LON:GSK) (£58.9bn)	Q1 Results	Sales +2%. Op profit +50% to £2.2bn helped by accounting methods. Guidance unchanged.
Barclays (LON:BARC) (£42.6bn)	1st Quarter Results	Ahead of expectations, PBT £2.7bn vs. £2.5bn forecast (Reuters).
HALEON (LON:HLN) (£34.0bn)	Trading Update	Reiterates FY 2025 guidance. Organic revenue growth 4-6%, organic op profit ahead of this.
Glencore (LON:GLEN) (£31.8bn)	Q1 Production Report	Production guidance unchanged except for 5% reduction to energy coal’s range.
Prudential (LON:PRU) (£21.0bn)	Q1 Business Performance Update	Q1 new business profit +12% to $608m, consistent with guidance for FY growth of more than 10%.
Coca Cola HBC AG (LON:CCH) (£13.6bn)	Trading Update	Organic volume +1.8%, organic revenue +8.7%. Reiterating financial guidance for the year.
Smith & Nephew (LON:SN.) (£8.7bn)	Trading Update	Underlying revenue growth 3.1%. Full year guidance unchanged. Includes $15-20m tariff impact.
Melrose Industries (LON:MRO) (£5.5bn)	AGM Trading Update	Q1 in line with expectations. Guidance unchanged but excludes any tariff impact.
Taylor Wimpey (LON:TW.) (£4.2bn)	Trading Update	Full year guidance reiterated: operating profit of £444m. Small reduction in final dividend. Order book at 27 Apr was £2,335m, versus £2,093m last year. H1 25 margin expected to be lower than H1 24 due to the return of build cost inflation.	AMBER (Roland) [no section below] Spring sales have been as expected, supported by “robust” mortgage lending. New sales outlets are expected to open as the year progresses, with completions expected to be weighted 45/55 to H2. TW’s dividend policy of paying c.7.5% of NAV means a small cut to the payout is expected. At 116p, the shares are slightly below last-reported NAV of 124p and offer an 8% yield. The shares could be interesting for income, but essentially I think the valuation is quite fair at current levels given the company’s expected sub-10% return on equity.
Aberdeen (LON:ABDN) (£2.7bn)	Q1 AUM update	Q1 net outflows £5.2bn. Inflows at interactive investor. Still on track to meet FY 2026 growth targets.	GREEN (Graham) I am AMBER/GREEN on some fund managers now but Aberdeen strikes me as a likely winner in the sector…

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bohenie

Wed 6:56am

Graham - an impossible task to run through all these today. My own Quick Look - Serabi Gold (LON:SRB) and £YNGA among the goodies but pity anyone still holding Sanderson Design (LON:SDG)

eParo

Wed 7:15am

LBG Media (LON:LBG) half year update:

Revenue of £43.9m (HY24 £38.9m) up 13%, adjusted EBITDA £12.2m (HY24 £10.5m) up 16%.

Net cash and cash equivalents at 31 March 2025 of £32.9m compared to £27.2m at 30 September 2024, with strong cash conversion of over 100%.

Price drop of late seems unjustified. Directors have bought recently too.

https://www.investegate.co.uk/...

Hedgecutter

Wed 7:20am

Solid State (SOLI) post a very positive update this morning and are in a strong position to cope with Trumps tariffs. Any thoughts?

Charles Mitchell

Wed 7:43am

Palace Capital (LON:PCA) have assets and cash of £30.9m , no debt and remaining assets of £53.2m. Current market cap is just under £64m. Looks like another tender offer will take place this year. I Hold . Downside is they are vague about when the remaining assets will be sold.

JASVFS

Wed 8:24am

Your Agenda wasn't up when I asked Graham, I don't know how you get through it all! I'll settle for Sanderson Design comments which needless to say is another double down share for us! WJG and Sanderson are long term holds - I'm trying to break the habit on falling knives.

Wimbledonsprinter

Wed 8:26am

With Palace Capital (LON:PCA), I think you might be double-counting the value of HQ Office in York, which was sold on 1 April. This c£10m was presumably included in the end-March property valuation of £53.2m but is also included in the £30.9m of cash "currently" held by the company.

Therefore, the figures which I am working off is that the current NAV is around £73.2m (£30.9m in cash, £4.3m in residential and £39.0m in the 5 remaining non-residential assets). These seem to be the "current" numbers given in the RNS. So the market cap is still at a discount to NAV of around 14% . So I still like this as there no debt now and as you say I see no reason why they would not do another tender soon.

May be I have made a mistake?

Wed 9:04am

Thank you for pointing out my error.

transport_tycoon

Wed 9:35am

Very helpful commentary and another busy day! Appreciate your work at times like this, even if I don't own them it's very useful to get a feel for what's going on. I wouldn't otherwise be able to do so!

timarr

Wed 9:39am

RE: Camellia (LON:CAM)

Interesting statement out today. Net cash exceeds market cap, dividend restored and - finally - some sense of resolve in attempting to close the huge discount to NAV. We should hear the board's view on the future in May, although we already know this is targeting improved financial returns.

The shareholding structure means that there's no possibility of a takeover, but the value here is significant, if the owners are minded to access it.

af20001

Wed 10:35am

I noticed today that the FTSE250 & AIM have just crossed above the 50 day sma, for the first time since February. Hope fully there are no more shocks and we can keep recovering. The All share & FTSE100 indexes are also close to crossing.

JSchoffer

Wed 11:15am

Out of interest JASVFS, what would it take for you to cut your losses and close the Watkin Jones (LON:WJG) position? I have continually averaged down on losing stocks only to find myself with a very large position in something that I just want to break even so I can get out - whilst painful I've recently found it better to just close at a loss and forget the stock exists

The Phoenix

Wed 12:49pm

From memory Aberdeen (LON:ABDN) paid £1.5 billion for Interactive Investor, the view was they overpaid but would anyone more educated than me have any idea what a rough valuation to the II platform would currently be worth ?

Regards Andy

Bouden54

Wed 1:08pm

I did a quick comparison with AJ Bell and it is quite similar on many levels - number of customers, AUM, growth, etc. AJB was valued at around £1.6bn last time I looked so no reason why ii not worth a similar amount. While they probably did overpay, ii has grown a lot since then so should be worth at least £1.5bn now in my opinion. This is half the market cap of ABDN, and the main reason I hold. In addition to ii they also hold a huge amount of financial assets (including £0.5bn stake in Phoenix) which themselves are worth more than the market cap of ABDN, so while not a fan of the core fund management business, I think there's a lot of hidden value there.

Wed 1:28pm

Totally agree Bouden plus there is the £800 mil surplus from the DB pension scheme they are trying to unlock and according to Stocko they have roughly £545 mil net cash, so plenty of opportunities for a bidder or for the new CEO to start selling parts of the company off, unloading the Phoenix stake and paying out as special divi would be a start.

Wed 1:37pm

hVIVO (LON:HVO) seems to be on a slow recovery over the past few weeks - up nearly 6% today - any thoughts anyone ?

BTW re Oakley Capital Investments (LON:OCI) and Pantheon International (LON:PIN) discussion earlier this week - my broker won't allow mere punters like me to invest in OCI - too sophisticated or some such....

Silver Moon

Wed 2:38pm

my broker won't allow mere punters like me to invest in OCI - too sophisticated or some such....

bohemie, ii has on several occaisions asked me to acknowledge the risk entailed in such trades but allowed my application to purchase to go ahead.

yiannos1

Wed 3:52pm

Nothing to report

Just to break the 20 comment barrier…….

All the best

Taplow

Wed 5:43pm

Good for you Yiannos, Nice to see your still about

All the Best

jonno

Wed 6:31pm

Trump's delusional take economics gets absolutely excoriated. Great watch and listen. Mickey Mouse is smarter!

Jeffrey Sachs Goes Off, Roasts Donald Trump’s Trade Talk, Says 'Mickey Mouse Is Smarter Than Him'

Douglas1971

Wed 8:35pm

Solid State (LON:SOLI) I hold. Seems a positive T/U today. After large SP fall last year and bonus share scheme its seems the company is trying to push in the right direction. Large volume today which is also positive.

Daily Stock Market Report (Wed 30 April 2025) - IGR, SRB, GNS, TW., SDG, ABDN

Companies Reporting

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Graham Neary

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