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FTSE Gains, Bunzl's Prospects Are Better Than The Market Thinks

07/09/2021 | 09:54am EDT

Bunzl's Prospects Are Better Than The Market Thinks

1217 GMT - Bunzl is a well-run, attractively priced, acquisitive business where market expectations are too cautious, Berenberg says, raising its rating to buy from hold and its price target to 2750 pence from 2650p. After Bunzl's shares did relatively well following the March 2020 market trough, since November the re-opening trade has taken hold and investors have rotated out of--or bet against--perceived 2020 winners, Berenberg says. "We think the recent relative under-performance of Bunzl has run its course," Berenberg analysts say. "The shares are attractively valued and consensus estimates are conservative; we note the robustness of the group's balance sheet...and think Bunzl is well-placed to continue to compound shareholder value via mergers & acquisitions." Shares rise 3% to 2539p.

 
Companies News: 

Essensys to Receive Less Proceeds Than Expected From Discounted Share Placing

Essensys PLC said Friday that it will receive less net proceeds than it expected from its discounted share placing.

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Victrex Says 3Q Revenue Grew, But Sees Headwinds for FY 2022

Victrex PLC said Friday that third-quarter revenue grew and that its order book for the current quarter is robust, helped by restocking, but warned that currency and material inflation headwinds could weigh on its prospects for next year.

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UK Oil & Gas Proposes to Raise Up tp GBP4.7 Mln Via Open Offer

UK Oil & Gas PLC said Friday that it proposes to raise up to 4.7 million pounds ($6.5 million) through an open offer to existing shareholders on terms of a share placing disclosed earlier this week.

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Tharisa Reaches Record High Mining Rates, Tons Processed

Tharisa PLC said Friday that it delivered record mining and processing figures in the third quarter, noting that it was one of the strongest operational periods of its history.

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Senior Expects Fall in 1H Aerospace, Group Sales

Senior PLC said Friday that it expects a 21% fall in first-half sales in its aerospace division and that group sales for the period are likely to be 13% lower, both on a constant currency basis.

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Chamberlin to Report a Loss for Fiscal 2021

Chamberlin PLC said on Friday that it will report a loss for the year ended May 31 after losing a contract in late 2020 and the ensuing restructuring and refinancing.

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Empyrean Energy Shares Fall on Discounted Share Placing

Shares in Empyrean Energy PLC fell on Friday after the company said it launched a share placing of 83.7 million new ordinary shares in the company at a discounted price to raise 5.0 million pounds ($6.9 million).

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RM Secured Direct Lending to Buy Back Up to 14.99% of Issued Share Capital

RM Secured Direct Lending PLC said Friday that its shareholders have approved a resolution to buy back up to 14.99% of the company's issued ordinary share capital.

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President Energy Subsidiary Acquires 75% Interest in Undisclosed Green Hydrogen, Ammonia Company

President Energy PLC said Friday that its hydrogen and ammonia-production subsidiary Atome has acquired a 75% interest in an undisclosed northern Europe-based green hydrogen and ammonia company for nominal share value.

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M.J. Gleeson Expects FY Pretax Profit to Be Ahead of Market Views

M.J. Gleeson PLC said Friday that it expects to post pretax profit for fiscal 2021 marginally ahead of market expectations.

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LendInvest Targets Market Cap of Around GBP255.6 Mln in AIM Listing

LendInvest plc said Friday that it has proposed to be admitted to trading on the London Stock Exchange's AIM.

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Philip Morris Buys Inhaled-Medicine Company for $1.2 Billion Amid Health Push

Philip Morris International Inc. agreed to buy Vectura Group PLC, a U.K. pharmaceuticals business specializing in inhaled medicines, for $1.24 billion in cash, bolstering its push to expand beyond tobacco and nicotine.

 
Market Talk: 

Synthomer's Markets Are Still Strong; Upgrades Possible

1233 GMT - Synthomer's markets still look strong and upgrades to 2022 forecasts are possible at forthcoming half-year results, Peel Hunt says, raising its rating to buy from add and its price target to 600 pence from 538p. Strong cash-flow generation is allowing the chemical company to pay down debt and new Chief Executive Michael Willome has said M&A is back on the cards, Peel says. "Even looking through the current nitrile windfall, we believe GBP350 million of EBITDA is sustainable; we use this as the basis for our new 600p target price," Peel analysts say. Shares rise 2.8% to 517p.

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Subsea 7's Renewable Deal Unlocks Value

1120 GMT - Subsea 7 has agreed to combine its renewables business with OHT, a smaller offshore heavy-transport player, providing a separate listing of Subsea 7's renewables business and driving a change in spending on wind-installation assets, Bank of America Securities says. The main value in OHT from Subsea 7's perspective is related to the two vessels for the offshore wind market that are under construction, the bank says. "We believe the proposed deal should help to unlock value and support the re-rating case for Subsea 7. The only 'side effect' we see is related to a meaningfully dilutive impact on Subsea 7's free cash flow," it says. BofA Securities reiterates its buy rating and 125 kroner ($14.22) target price.

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UK Property Developers Rise After Land Secs Rent Update

0933 GMT - Shares in property developers rise after Land Securities Group reported upbeat progress on rent collection. The company said 81% of net rent due on June 24 had been paid as of June 7. Shares in the group and rival British Land are among the FTSE 100 top risers, rising about 3%, while FTSE 250 players Hammerson and Shaftesbury also gain. Citigroup said in a note in May that it was keeping its sell recommendation on Land Securities as there was still uncertainty on the shape of recovery and the brokerage was concerned that the office sector may face further hurdles in particular.

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Philip Morris Bid for Vectura Shows UK Companies Have Overseas Appeal

0912 GMT - Vectura recommending the new 150 pence-a-share bid from Philip Morris is a reminder that U.K. companies still appeal to "overseas predators," Russ Mould at AJ Bell says. In this deal there seems to be an element of "poacher turned gamekeeper" for Philip Morris as it looks to use its expertise in inhalation for good, making the British pharmaceutical company's inhaled drug delivery solutions a good fit, Mould says. "Vectura shareholders may be pleased this is an all-cash offer as many might have had ESG objections to being left with a position in a manufacturer of harmful cigarettes as opposed to a business working to improve people's health," Mould says. Vectura shares are up 13% at 153 pence.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

07-09-21 0953ET

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