Daily Stock Market Report (Fri 14 Mar 2025) - IQE, LABS, VANQ, SAG/RCDO, THRL, BOY, BKG, GLV

14th Mar by Graham Neary

56 comments 4955 reads

Good morning! It has been a hectic week for results, but we're expecting a quieter day today. Today's Agenda is now complete - and the report is now finished. Have a great weekend.

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Companies Reporting

Name (Mkt Cap)	RNS	Summary	Our view (Author)
Berkeley group (LON:BKG) (£3.3bn)	Trading Statement	Reaffirms earnings guidance - at least £975m of PBT across FY25 (£525m) and FY26 (£450m)	AMBER (Graham) [no section below] Profit guidance is impressive and puts the shares on a PER of about 10x for FY April 2026. Berkeley have been aggressively buying back their shares but the share price has been above the stock's last-reported NAV so this isn't helping to grow official NAV. At this earnings multiple and with no discount to official NAV, I can't get away from a neutral stance.
Bodycote (LON:BOY) (£1.14bn)	Full year results	SP down 7% Revenue remains under some pressure with a 2.9% organic decline or 1% growth excluding energy surcharges. "Core" adjusted operating profit grows by 2.9% to £128m. PW: Challenging conditions. Current run-rate profit is broadly similar to H2 2024.	BLACK (AMBER) (Graham) [no section below] This is now a little lower vs. when we looked at in November. A recovery in market conditions is taking longer than anticipated and profitability is standing still while the company goes about a restructuring programme that includes plant closures and operational performance improvements. There is now a small net debt position (£68m) vs. net cash last year. It spent nearly £60m on buybacks in 2024 and continues to buy them back today, and I'm not sure that its shares are sufficiently cheap to justify this. I downgrade my stance to neutral to reflect today's disappointing guidance.
Target Healthcare Reit (LON:THRL) (£564m)	Half-year Report	Net tangible assets +1.8% to 112.7p (SP: 90.8p). “Growing rent roll and stable valuations”.	GREEN (Graham) I like this category of real estate and the discount to NAV on offer here, even after the share price recently…

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jonno

14th Mar

Sigmaroc (LON:SRC)

I hold and the share price has been surprisingly strong recently, so rightly or wrongly I have sold some at around 90p (blended purchase price of 62p to add to other holdings. MPAC (LON:MPAC) and Wynnstay (LON:WYN) to name two . I also took an opening position in Tracsis (LON:TRCS) with some of the proceeds. For various reasons all three look enticing at current levels.

Back to Sigmaroc (LON:SRC) I like the company and know it well, although not aware of any specific reason for the current share price strength, hopefully we will find out on Monday. It may be the proposed infrastructure fund by the German government of 500 billion euros?

Anyway, aggregates and related products are heavy and generally are not transported over significant distances. Sigmaroc does have a facility in Poland which is part of its Eastern Region. I do not know how close it/they is/are to the Ukraine border, but both countries are vast and whilst I would not rule out Sigmaroc playing a role in the rebuilding of Ukraine I would need to get a better understanding of the logistics before coming to any firm view.

Silver Moon

Not the EU either.

Bouden54

Agree, the discounts on the renewable energy ITs look insane and seem to be entirely sentiment driven. There will surely be some takeovers in this space as these make attractive asets for pension funds and other long term investors. While you wait (either for a rerating or a bid) you can get a 10-11% dividend yield.

rwh3ue

That's true Rusty2 but given the extent of destruction do they have enough. I don't know, it's just a thought.

Colin Frank

Bakkavor (LON:BAKK) - RNS today saying they rejected 189p takeover offer. SP catching up +18% !

Pimlico on Thames

Thank you, everyone, for your suggestions. I have added some construction, steel and shipping as well as another energy price sensitive stock.

10 stocks:

Burberry (LON:BRBY)
Watches of Switzerland (LON:WOSG) *
Savills (LON:SVS)

Clarkson (LON:CKN)
Bodycote (LON:BOY)
Synthomer (LON:SYNT)

Ferrexpo (LON:FXPO)
Sigmaroc (LON:SRC) *

Costain (LON:COST)
Kier (LON:KIE)

* current holdings

By return of cash, I was referring to spending by those who have money to spend in the west once sanctions are relaxed.

Yes, SRC has done well in recent weeks (30% YTD) but think there is more to come from integration and strong operational gearing as housing starts begin to increase, although I may top slice given the sp is within reach of 100p

JimMcLad

DLTTWTD

You can get notification of significant changes to holdings as the company is required to report them. Set an alert for news via the stock report and you’ll get a copy.

Don`t let the tail wag the dog

Thanks for this. I`ve just discovered I can do this in Sharescope for my portfolios in the format I was looking for.

tony axon

Thanks for writeup. Had a hugely successful year with CRN ,and decided to put some of the earnings into GLV. Both have settled since AIM/Reeves/ Trump effects ?

Only -tive with GLV was the7% b/o spread.

Thanks again don't intend to sell either ,as the future in Ireland looks so more +tive than here currently Tony

Archer

One thing that makes me a bit reluctant to invest in many of these energy share is the end of the Ukraine war which in theory should drop gas and electricity prices. Many of these companies have dropped since the peak in electricity and I’m concerned that revenue could be further impacted. I do hold GCP Infrastructure Investments (LON:GCP) and have looked closely at the others but can’t pull the trigger… any other views on this would be welcome… as NAV and Divi’s are attractive.

Agree it’s child’s play. A negative reaction of +200% on alcohol because others counter your actions is a joke.
Trumps credibility is going to crash unless he changes his tactics. Having said that I don’t see why the tariffs on steel will have a big negative impact. Cost of employment in the USA is much higher than most other countries. Maybe he thinks AI will make the steel and aluminium…

abtan

Safestore Holdings (LON:SAFE)

https://www.stockopedia.com/co...

The Phoenix

The old boy is an unmitigated, people say he's a great business man but forget to say he's been bankrupt six times and probably stiffed creditors for tens of millions.

Everyone in his party seems terrified of him I did think Bessent was competent but he seems to be going along with all the nonsense.

it really is like school yard economics you have p-ssed me off so I've decided to now nick your dinner money all week.

Thanks for covering Target Healthcare Reit (LON:THRL) Graham.

Chris Evans

Any idea why Tesco (LON:TSCO) has fallen 8% today?

Rusty2

Asda profit warning.

Monty9

I hold a small amount after selling most at 80p a few years ago - and that was a stop loss down from about 160p if I remember right. What I don't get is how the apparent promise of complex chips, made from innovative materials, so completely failed to find a decent market. Bad luck or bad market analysis? who knows. The current business is a mess (although the well secured offer of a call at 15p is tempting in light of past glories - do the board know something we don't?). But the nature of what they do could, just maybe, find a source of hungry demand. I expect I will keep my remaining few for that just in case scenario!

Mark Carter

IQE I had a small number of shares in IQE many years ago now. Alas, it never seemed to gained traction. I must have sold out at a loss.

Douglas1971

15th Mar

Hi Planetx, great shout. I was thinking the same after reading many of Ken Mitchells interesting posts.

Graham one extra comment on GLV, which took my eye, was 94% customer satisfaction. An important indicator for future customers , is my belief. Tony

Daily Stock Market Report (Fri 14 Mar 2025) - IQE, LABS, VANQ, SAG/RCDO, THRL, BOY, BKG, GLV

Companies Reporting

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Graham Neary

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