Good morning and Happy Friday! The Agenda is very short today.
My colleague Alex has published a new research piece on the value of broker price targets and whether or not they are worth following: here's the link. The answer did not surprise me! But it's great to see the verification.
12.30pm: Hanging up my pen there for the week. Have a nice weekend!
Spreadsheet that accompanies this report: updated to 14/2/2025.
I've updated this and found the following statistics.
In the first 15 weeks of the new format, we have given views on:
- 340 unique companies
- 92 companies at least twice
- 19 companies at least three times
- 5 companies four times! (BOO, FTC, SQZ, TIME, VLX)
Cheers!
The Week Ahead has been published by Keelan this time - check it out for a preview of next week!
Companies Reporting
| Name (Mkt Cap) | RNS | Summary | Our view (Author) |
|---|---|---|---|
Standard Chartered (LON:STAN) (£27.5bn) | FY24 Results | Return on tangible equity 11.7%, up 160 basis points. CET1 ratio 14.2%, above target range. | |
Ceres Power Holdings (LON:CWR) (£156m) | Statement regarding Robert Bosch GmBH (yesterday) | Bosch ending its partnership with CWR and selling its 17% stake. No change to FY25 expectations. | AMBER/RED (Graham) It still has enough cash to fund its losses without external help for at least a few years, but not as long as I thought it did the last time I covered this stock. |
Litigation Capital Management (LON:LIT) (£79m) | Judgement delivered in class action investment | Invested $13.2m in a class action case that has been unsuccessful. Considering the merits of appeal. | AMBER (Graham) I think this is still trading at a discount to book value. Potentially interesting but difficult to analyse. |
Videndum (LON:VID) (£57m) | TU | FY24 was in line. Won’t meet March 2025 bank covenant. Banks “supportive”. Discussions ongoing. | RED (Graham) The existing equity is not secure. Bank covenants were already loose but the company still can't meet them. |
Ceres Power Holdings (LON:CWR)
Down 38.5% yesterday to 81p (£156m) - Statement regarding Robert Bosch GmbH - Graham - AMBER/RED
We probably should have covered this yesterday, but better late than never I hope!
I looked at CWR in January, taking a neutral view as the company had cash and short-term investments of £102m, which I figured might be enough to fund it through to profitability.
I…
