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FTSE 100 Flat, Wickes Shares Look Cheap Given its High Quality

09/28/2021 | 09:48am EST

Wickes Shares Look Cheap Given its High Quality

Wickes looks high-quality, cash-generative and a leader in its market, and shares currently remain far too cheap for the high-quality growth, upgrade momentum and strong cash generation on offer, Liberum says. The building-materials retailer continues to strengthen its market-leading position through multiple self-help levers--embedding digital channels, improving its curated product ranges and delivering best-in-class customer service, the brokerage says. There is further space to grow in Wickes' "do-it-for-me" business, while indicators for trade and DIY remain positive, Liberum says. The brokerage retains its buy rating on the stock with a target price of 221.0 pence, and says Wickes is one of the best ways to invest in the U.K.'s repair, maintenance and improvement market. Shares are up 2.2% at 226.0 pence.

 
Companies News: 

DWF Group Says Year-To-Date Performance Is in Line With Management Views

DWF Group PLC said Tuesday that its performance for the financial year to date is in line with management expectations.

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Carnival Appoints Sture Myrmell President of Carnival U.K., Marguerite Fitzgerald President of Carnival Australia, P&O Cruises Australia

Carnival PLC said Tuesday that Sture Myrmell has been appointed president of Carnival U.K. effective Oct. 18, replacing Simon Palethorpe, and that Marguerite Fitzgerald will assume his position and serve as president of Carnival Australia and P&O Cruises Australia effective Jan. 10.

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Osirium Technologies 1H Pretax Loss Narrowed

Osirium Technologies PLC on Tuesday reported a narrowed pretax loss for the first half of the year, and said that its positive momentum has continued into the second half.

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First Property Says Performance Remains In Line

First Property Group PLC said Tuesday that performance remains in line with management expectations.

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Ferro-Alloy Resources 1H Pretax Loss Narrowed; Positive on 2H

Ferro-Alloy Resources Ltd. reported on Tuesday a narrowed pretax loss for the first half of the year due to higher prices, which were partly offset by lower production linked to Covid-19 related effects that have now been largely resolved.

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UK Commercial Property REIT Swung to 1H Pretax Profit

UK Commercial Property REIT Ltd. said on Tuesday that it swung to a pretax profit for the first half and that it was seeing the positive impact of the economic recovery as lockdown measures were eased.

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Petershill Partners Debuts in London With GBP4.0 Bln Market Capitalization

Petershill Partners said Tuesday that its initial public offering on the London Stock Exchange will value the company at around 4.0 billion pounds ($5.48 billion).

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HeiQ 1H Pretax Profit Fell on Lower Revenue, Increasing Costs; Shares Fall

Shares in HeiQ PLC fell 21% in early trade Tuesday after the company reported lower profits for the first half of the year on reduced sales and higher costs.

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Statkraft Sells Wind Farm in Scotland to Greencoat UK Wind for $165.8 Mln

STOCKHOLM--Statkraft said Tuesday that it has sold the Andershaw Wind Farm in Scotland to Greencoat UK Wind PLC for 121 million pounds ($165.8 million).

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IHS Markit 3Q Profit Falls, Revenue Up

IHS Markit Ltd. said profit for its recent quarter fell as revenues for financial services, transportation and consolidated markets and solutions rose.

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IDE Group in Discussions to Sell Subsidiary for GBP250,000

IDE Group Holdings PLC said Tuesday that it is in advanced discussions to sell its wholly-owned subsidiary, IDE Group Connect Ltd., for an expected consideration of 250,000 pounds ($342,475).

 
Market Talk: 

Carmignac Looks to Invest in Internationally-Focused 'European Champions'

1239 GMT - Carmignac is looking to invest in European companies that are internationally-focused and "European champions," David Older, head of equities and member of the strategic investment committee says in a webinar outlining Carmignac's outlook and investment strategy. The French asset manager has a focus on "secular growth" and the stocks it favors are spread across sectors and are not country-specific, he says. Among individual companies Carmignac likes, he cites luxury-goods companies EssilorLuxottica and Hermes International, as well as pharmaceutical company AstraZeneca and airline Ryanair. He says 2021 has been "incredible" for earnings growth globally and from now growth should be heading back to "a more normalized level."

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U.K. Fintech Lenders Likely to Get More Regulation, Barclays CEO Says

1233 GMT - Financial technology startups which provide credit in the U.K. will require new regulation as they grow larger, Barclays Chief Executive Jes Staley said at The Wall Street Journal's CEO Council Tuesday. Mainstream U.K. banks such as Barclays are required to prove that consumers can afford the credit they receive, an obligation fintechs don't have, he said. "As they get bigger the affordability issue - them extending credit to U.K. consumers - will become an issue for the regulators and they will take a look at it, and I think the regulatory perimeter will widen and that will change the playing field."

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Euro Seen Falling Vs Pound on ECB-BOE Policy Divergence

1141 GMT - UBS Global Wealth Management expects the euro versus sterling to fall to 0.83 by the first quarter of 2022 on the European Central Bank's more accommodative policy mix compared to the Bank of England. EUR/GBP rises 0.6% to a near one-week high of 0.8597, according to FactSet. The BOE's meeting last Thursday put the central bank "firmly in the camp of G10 central banks preparing to hike rates by next year," UBS analysts say. "In contrast to its U.K. counterpart, the ECB is unlikely to raise rates in 2022, and is yet to announce that the Pandemic Emergency Purchase Program will end in March next year." This policy divergence will send EUR/GBP lower, the analysts say.

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Supermarket Income REIT Seen as Having More Potential

1040 GMT - Supermarket Income REIT's performance continues to be driven by sector tailwinds, with third-quarter U.K. supermarket sales up 9% compared with 2019 and like-for-like revaluation growth of 8.5% in its investment portfolio, Berenberg says. The real-estate trust's fiscal 2021 deployment of GBP541.2 million is impressive, and post-year-end the company announced the acquisition of a further six assets for a combined GBP113.1 million, the German brokerage says. While the trust's acquisition rate will likely slow, as investor competition for core assets remains high, there is still value in the company's high-quality portfolio of stores, which have plenty of asset-management potential, Berenberg says. The brokerage maintains its buy rating and 135-pence price target on the stock.

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Higher Power Prices Reflected in Latest Greencoat UK Wind Acquisition

1017 GMT - Greencoat UK Wind's acquisition of the Andershaw wind farm for GBP121 million appears to be a bolt-on acquisition that is almost business as usual for the fund these days, as it looks to utilize existing utility relationships to source new assets for its portfolio, RBC Capital Markets says. The price of GBP3.5 million a megawatt is slightly higher than other similar acquisitions by UKW, but, in part, is reflective of the current, more positive power price environment, RBC says. With the fund saying that its M&A pipeline remains healthy, further fundraising seems likely.

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British Land's Near-Term Risk Reduced, But Future Remains Murky

1005 GMT - British Land's upside and downside risk looks relatively balanced, though its path to structural growth remains uncertain, Citi says, upgrading its rating on the stock to neutral from sell. The real-estate company is less likely to face near-term downside from offices as the shift to work-from-home is seen occurring over a longer period than originally forecast, and Citi continues to expect a small recovery in property values. "While these changes in our view remove some downside risk for now, risks could quickly return, and even if they don't, we do not estimate significant structural office or retail property growth meaning the stock could lack upside catalysts," Citi says. Citi has a 526-pence price target. Shares fall 1.6% to 513.2 pence.

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Pennon 1H Revenue Rose, But Costs Are Set to Increase

0958 GMT - Pennon Group shares drop 4% after the U.K. water utility reported a first-half revenue increase, but forecast higher costs. Ebitda remains in line with management expectations as higher revenue offset increased costs, RBC Capital Markets says. "Pennon continues to be a strong performer within the U.K. water sector, given sector-leading [return on regulatory equity] performance; however, we see the current 34% premium to our FY22 [expected regulatory capital value] as challenging on a fundamental basis. We maintain a sector-perform recommendation," RBC analyst Alexander Wheeler

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

09-28-21 0939ET

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