DL broker talk: Games Workshop, Aegis, Dixons Retail

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DL broker talk: Games Workshop, Aegis, Dixons Retail

Fri, 25 November 2011
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DL broker talk: Games Workshop, Aegis, Dixons Retail

Fuller Smith&Turner: “Despite the lack of a landmark acquisition, Fuller’s high quality estate is well placed to outperform with its London and South of England geography,” -Peel Hunt.

Games Workshop: “We are forecasting H1 PBT of £9m vs £6.7m last year, helped by the boost to royalty income. We are not changing our forecast at this stage, given the important Christmas period is still to come. However, this does make us more confident that full year forecasts will be exceeded,” - Peel Hunt.

Aegis: “Huntsworth/Benelux trading issues appear a red herring in terms of read-across for AEGS. Likewise, Posterscope fraud case has no ramifications for current trading. Retain Buy stance,” -Panmure Gordon.

Dixons Retail: “We retain our Neutral rating on the stock given a challenging macro environment but believe management execution is positioning the business ahead of any consumer recovery,” -Nomura.

Easy Jet: “We believe that the company needs to demonstrate the sustainability of the current returns to obtain a re-rating, and we believe management will achieve this,” –Nomura

Intermediate Capital Group: “Do not expect a significant hike in provisions: We forecast underlying provisions to increase in H212 but do not expect a significant spike given c£500m of provisions already against portfolio companies particularly the more cyclical names. Every £50m increase in provisions reduce TBV by c3%,” –Credit Suisse