Vodafone's Dividend in the Crosshairs Following CEO
1026 GMT - Vodafone's dividend policy may come under review
following Nick Read's decision to step down as chief executive
officer, Jefferies analysts Jerry Dellis and Yi Hsin Yeoh say in a
research note. The U.K. telecommunications company's board appears
to appreciate the size of the challenges it faces and is now
looking to accelerate the recovery of shareholder value, they say.
Vodafone faces significant headwinds, which lead the analysts to
question the dividend policy going forward. Interim CEO and current
Chief Financial Officer Margherita Della Valle is said to be in the
running for the top job on a permanent basis. Jefferies has a hold
rating on the stock with a 100 pence price target.
Vodafone CEO Nick Read Steps Down; CFO Named as Interim
Vodafone Group PLC said Monday that Nick Read has agreed to step
down as chief executive and that current Chief Financial Officer
Margherita Della Valle has been appointed as interim chief
Wentworth Resources Agrees to GBP61.7M Takeover by
Etablissements Maurel Et Prom
Wentworth Resources PLC said Monday that it has agreed to a 61.7
million pound ($75.9 million) cash takeover from Etablissements
Maurel et Prom S.A.
Avon Protection to Sell Lexington Facility Assets for 'Modest'
Avon Protection PLC said Monday that it is selling the assets of
its Lexington facility in the U.S. for "a modest cash
consideration" to advanced ceramics-materials manufacturer CoorsTek
Keywords Studios to Buy Helpshift for Up to $75 Mln
Keywords Studios PLC said Monday that it has agreed to buy
Helpshift, Inc. for up to $75 million to expand its player support
and engagement capability.
Condor Gold Seeking to Raise up to GBP4.0 Mln via Open Offer
Condor Gold PLC said Monday that it is seeking to raise up to
4.0 million pounds ($4.9 million) via an open offer to
shareholders, as first flagged last week.
RBG Holdings Sees Adjusted Ebitda Behind Views After LionFish
RBG Holdings PLC said Monday that it now expects adjusted Ebitda
to be materially behind market consensus expectations for 2022
after losses at its litigation finance subsidiary LionFish.
A.G. Barr Buys Boost Drinks for Up to GBP32 Mln
A.G. Barr PLC said Monday that it has bought beverage group
Boost Drinks Holdings Ltd. for up to 32 million pounds ($39.3
Equals Group Expects to Beat 2022 Market Views
Equals Group PLC on Monday said it expects its full-year result
to come ahead of current market expectations, boosted by an
increase in revenue.
National Express Appoints James Stamp as Permanent CFO
National Express Group PLC said Monday that it has appointed
James Stamp as group chief financial officer with immediate effect,
having held the role on an interim basis since Nov. 1.
Bigblu Broadband Buys Australia Satellite Operations for A$5.2
Bigblu Broadband PLC said Monday that it bought the satellite
operations of a subsidiary of Uniti Group Ltd. in Australia for up
to 5.2 million Australian dollars ($3.5 million).
Pod Point Appoints David Wolffe as CFO
Pod Point Group Holdings PLC said Monday that Chief Financial
Officer-Designate David Wolffe has been appointed as chief
financial officer, effective Jan. 3.
Luxury Set to Feel the Chill as Macro Pressures Weigh on
1153 GMT - The luxury-goods industry is set for a slower end to
the year as macroeconomic challenges mount and comparison bases
toughen, analysts at HSBC write in a note. The sector should
average 8% organic sales growth in 4Q on year, slowing from 16% the
previous quarter, according to HSBC's forecasts. More and more
countries are facing economic issues, and the comparison bases in
the final quarter are harder, the analysts note, adding that the
slowdown should continue into 1H 2023. The bank cuts its rating on
U.K. luxury-fashion firm Burberry to reduce from hold, and on
Watches of Switzerland to hold from buy. "Luxury could be the last
shoe to drop, but we think it will indeed end up dropping," the
analysts say. (firstname.lastname@example.org; @joshualeokirby)
BOE Likely to Raise Rates By 50Bps Next Week
1139 GMT - The Bank of England is expected to slow the pace of
rate increases to 50 basis points at its meeting next week, from 75
basis points in November as medium-term inflation expectations and
labor demand show signs of easing, say UBS analysts in a note.
"Absent of major surprises in the December labor market report and
November CPI, we expect the majority of the Monetary Policy
Committee to vote in favour of a smaller rate increase," the
analysts say. In addition, there is a lag in the transmission of
the Monetary Policy Committee decisions, therefore "most of the
impact of the hikes already delivered is still yet to come," they
say. The BOE's rate decision is on Dec. 15.
Savills Faces Tougher Times Amid Transaction Pressure
1119 GMT - Savills is facing tougher times, Peel Hunt says,
downgrading the real-estate agent to add from buy. Savills
continues to look like a high-quality business with attractive
long-term growth prospects, Peel says, adding that property market
activity is likely to normalize over the next couple of years,
allowing Savills to resume longer-term growth. However, transaction
activity is under pressure, particularly in commercial markets, as
yields and values adjust to changed interest-rate expectations, the
brokerage says. "The current market softness and FY23 outlook see
us cut our target price from1275 pence to 1000p and we downgrade
our recommendation from buy to add," Peel Hunt analysts say in a
note. Shares fall 9% to 859p. (email@example.com)
Glencore's Investor Day to Be Scoured for Positive Comments
1056 GMT - Glencore is expected to provide strategic updates,
discuss current Ebitda and free cash flow run rates and its capital
returns outlook at its annual investor day on Tuesday, Jefferies
says. "Production guidance for 2022-2025 may disappoint, but this
should be more than offset by positive comments regarding
marketing, cash flows and capital returns," the U.S. bank says. The
commodity mining and trading company's shares trade at a discount
compared to peers, and its value has derated over recent
years--possibly due to its exposure to thermal coal, which is near
peak pricing, but also likely a fundamental undervaluing of the
company, Jefferies analysts say in a research note. Jefferies
reiterates its buy rating and 700 pence price target on Glencore's
stock. Shares are up 2.1% at 570.0 pence.
BOE Could Further Delay Sales of Long-Dated Gilts Under APF
1035 GMT - Barclays expects the Bank of England will again delay
the sale of gilts with maturies of over 20 years from the Asset
Purchase Facility until it has sold more of its holdings from its
temporary gilt-purchase portfolio, says Barclays fixed income
strategist Moyeen Islam in a note. "That way, the Bank avoids the
accusation of being a source of market disruption by selling bonds
into the market from the APF when there is limited appetite for
longs apparent from its reverse inquiry-driven sales," says Islam.
The bank shelved the sale of long-maturity gilts in 4Q 2022, only
selling gilts with a maturity of 20 years or under from the Asset
Purchase Facility. (firstname.lastname@example.org)
Bellway Shares Look Cheap Given Value on Offer
1019 GMT - Bellway now has one of the cheapest shares for value
on offer of the U.K. house builders, Jefferies says. The house
builder sits in the middle of the road in many sector aspects--like
proportion of first-time buyers and geographical mix--and
previously we saw Bellway as un-differentiated compared to peers,
Jefferies analysts say in a research note. "However, staring into a
downturn, it has... unrivalled house-building experience, and its
land buying through the last two years positions it not just to
better manage its cash near term but also to grow into market
improvements when they are seen," the U.S. bank says. Jefferies
raises its stock rating to buy from hold, with a price target of
2458 pence, from 1,918 pence. Shares are up 2.4% at 1,991.0 pence.
Contact: London NewsPlus; email@example.com
(END) Dow Jones Newswires
December 05, 2022 07:19 ET (12:19 GMT)
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