Sharesify
Sharesify is an online resource for private investors and produced by several former employees of Shares magazine. It aims to help private individuals manage their own money and investment portfolios.
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We write about all companies on the UK stock market, covering large, mid and small cap stocks on both London’s Main Market and AIM. We also provide extensive coverage of stocks listed in the US, Europe, Asia and other overseas stock markets, interview fund and investment trust managers about performance and the secrets of their investing technique, highlighting products that provide exposure to interesting companies, geographies and growth or income-generating assets.
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Sharesify
Talking Greencore, Hardide, Kier, IQE, Mitie, Motorpoint, Rosebank, SEGRO and Alphabet
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
Join the guys as they talk through results and upgrades from UK companies including Greencore, Hardide, Kier Group, IQE, Motorpoint and Rosebank, as well as takeover deals involving Mitie and SEGRO.
There's also a look ahead to Alphabet, IBM and Intel numbers, and a note to tune in to Thursday's special podcast with Guy Anderson, manager of Mercantile investment trust, the UK small- and mid-cap specialist, who will be talking through his process and how he picks 'tomorrow's leaders'.
Hello and welcome to the midweek edition of the Sherify podcast. As usual, James and Steve are here. How are you guys? Good morning. And uh yet again, markets seem remarkably resilient given all the sort of macro headwinds. We've got crude oil back at 90 bucks, Brent Cruise over 90 bucks, in fact. Um, and if you think at the start of July, prediction markets were talking about the Strait of Hormuz being fully open by the end of this month. And so, you know, you'd be back to 80 transits a day. I think the maximum it got to is 25, and we're almost back to zero. So, Steve, what's uh what's what's going on? What do you think is that?
SPEAKER_02Well, I mean, everyone's aware of that, you know. We look like we were lurching towards some kind of agreement, and and that's all gone pear-shaped. So um there's all this issue with uh oil, trades of humors equals inflation. That's the big question. How much will it add to to heating costs? And of course, we're inching towards the end of the summer. Um, we it won't be long before we start looking to the heating season in the US, in Europe. Um, so um no one really knows what's going to happen, what's in Donald Trump's mind. What we do know is investors still in their very capricious mood, and we've seen a big rally back in in big memory chip stocks, in chip stocks in general, where they they were perceived to have been beaten down over the last sort of or multiple sessions. Um and I think investors have come back and saying, actually, I think there's some discount opportunities here, and so we've seen some big jumps in AMD, Sand Disc, uh Micron technology, for example. Um, and we've got obviously the start of really big tech earnings season to come as well.
SPEAKER_01Yeah, I mean, also though, in the UK, you know, I I do the morning kind of roundup very early, so it's 7.15-ish. And I'm getting a lot more kind of up arrows, a lot more positive reports coming out to me, it seems at least a negative. Yeah, we had a couple of warnings today, but on the whole, I mean, this week, this month, it's been pretty good. James, you picked up a few, haven't you?
SPEAKER_00Yeah, I've been a bit of a roving reporter this week, haven't I? And stepping outside of my patch somewhat, but uh lots of upgrades from the kind of construction engineering and services sector. So we had uh here uh over 90% of its FY27 revenues already in the bag, upgraded guidance and Rosebank. This is the kind of the buy improved sell model that was worked so well with Melrose, an upgrade there, and that's really been driven by the MW components business. Um, and another one this morning, a spectacular performer, is hard eyed, and this is a kind of advanced materials stock shares are up a thousand percent in one year. Um, they've doubled the revenues uh ahead of target, and they've set out a plan to double it again in the next two to three years. So very interesting in that particular part of the market.
SPEAKER_02I think it's worth pointing out to um to our listeners that uh it's all very well uh management's uh speaking a good game and and showing higher profits in last year, but it's all about the expectations. So it can be sounds really rosy on the front end, and look, our results are going in the right direction. But if the market already predicted that was going to be the case, then what else are they saying to give the shares a further push upwards? So it's always worth bearing in mind what does the market expect versus what the company actually produces? That's the best benchmark, and that's the real um the real driver of direction of share prices, not really about just the headline figures.
SPEAKER_01Yeah. The other thing I would point out is that you know we all know the UK market's cheap, and we have yet another takeover today uh this week with Mighty being taken over by OCS. Now they're both in facilities management, so it's another case of an insider, an industry insider, knowing the value of the business, putting the two together to make a much stronger offering to customers, existing and new customers. Uh, they're paying 3.1 billion in cash, that's 221p a share. I mean, that's that mighty shares never traded at 220p, so it's a great deal for investors as well. And we've got uh more rumblings in the real estate space, haven't we, James? With we mentioned it before, AEW saying that they'd be interested in AIRE. Um, we've had Prologists come back today to say that they're making a final and best offer £10.32 for Seagrow. Now, this is this is huge. It's valuing Seagrow at £14 billion, and interestingly, for me at least, I looked at the valuation and and they started off around £9. And I so I put a piece out and I said, make it about £10.25. And I think there's a conversation to be had. This offers £10.31. So I'd be very interested to see what you that management come back with. Oh no, I'd love to think prologics there.
SPEAKER_02Sending your messaging, were you? I'm sure they're not, but uh I mean it's it it does draw out an interesting point, though, is is to what extent? I mean, retail in particular, they've been beaten up for a long time. And uh, you know, investors have a long history in this country in particular of celebrating takeovers, but if they're being taken out on the relative cheap, that is not necessarily a good thing long term. And are we taking out really good quality companies that you know in five years' time might be worth considerably more than this buy-out price? So, um, this is always something that investors have to weigh up on their own birds.
SPEAKER_01Yeah, I mean, as I say, I I think I think £10.31 is good, it's a 14% premium to the latest nav at the end of June. Um, I look at cash flow and earnings, and on my model, I mean, earnings have been incredibly predictable for this business. Honestly, there's almost no variation in the trend. Six percent a year, year after year after year. It's a straight line, and so you know, I think that's the predict the predictability of these earnings and cash flows, is basically what prologists like, and they're prepared to pay a fair price. And I think £10.30 is a fair price. Very interesting to see what management come up with. But um, you've got your eye on a couple of big names tonight, Steve.
SPEAKER_02Yeah, I mean it's it's as I mentioned earlier, we we've got um a real thrust of of big tech earnings overnight. Alphabet, um, you've got Intel, um no, Intel's tomorrow, I think. Um there's a whole range of big tech earnings this evening, and and alphabet is really worth focusing on because it's all about frozen chips. So ultimately, they've developed this new idea um of freezing effectively low, low, low temperature chips because it makes them much more efficient. Now, this is old physics, right? Ultimately, if you the more you bring down the temperature, the the calmer the atoms become, and so the easier it is to pass an electrical current through any kind of collection of atoms. So this is um not new news, it makes uh copper, for example, we've been freezing copper with liquid uh nitrogen, liquid helium for years and years and years for superconductivity, superconductivity, easy for me to say. Um, so anyway, interesting development there. We'll see whether or not that actually um grabs more market attention because the market doesn't seem to have really sort of jumped on this, and it might simply be it's not really a game changer, it's a kind of a an addendum to the wider market. But we'll obviously be looking at uh trends in internet land advertising rates, and of course, Google Cloud, that's going to be the big driver, really, of surprise up or down, is what's Google Cloud doing and relative to its CapEx because we know it's spending an awful lot of money on driving AI capacity, but it is increasingly being seen um by fund managers I I I read and talk to um as the better placed of the the old Mag 7. And I'm not sure Mag 7 is terribly instructive anymore. We should probably find a new acronym.
SPEAKER_01Yeah, yeah. No, I I agree with you. I've been hearing this on Bloomberg. People say Mag 7 doesn't exist anymore. Um, James, you've got a few uh names on the horizon as well.
SPEAKER_00Yeah, we have another busy one tomorrow. So we've got the works and naked wines results. Um we've got motor point AGM, so we'll see what they say about the state of the car market, and Cranswick Q1 on Monday. Um, and also MyGo Investment Trust is reporting on Friday. So now another busy end to the week.
SPEAKER_01Yeah, yeah, yeah. I'm I'm gonna keep my eye out for so we talked about these really interesting uh small and mid-cap UK engineering and uh specialist uh technology firms. Discover IE is out tomorrow. Um, you wrote that up in your mid-Magic Mid-Caps note this month. Um, and we've got some comments there from Fraser McCursey at Unicorn, he he likes it, custom electronics maker, lots of these really interesting companies out there. Uh, you know, so you mentioned Hardide. I looked at IQE this week, photonics. Wow, that is a hot space. You know, that really is where the Gucci and House go do photonics. That that's been taken out. Um, Helmer's photonics business is what's driving this above-average you know revenue and cash flow growth for them.
SPEAKER_02There's certainly a lot more um drive in in I mean photonics is effectively using light as a way of transferring data rather than using copper cables, etc. Um, I think in I with IQE, it's it's it forms a part of their business, and it might be the most exciting part of their business, but of course, they're they're they're their big revenue generator over the over the years have been compound semiconductor uh wafers um and using those kind of substrates, and and it never really quite captured the um the market share it it kind of seemed to have the capacity to do. Um so maybe photonics is it's it's gonna it's gonna be its new future.
SPEAKER_01Yeah, yeah, yeah. And um before we go, uh we've got um news, uh we've got a new podcast, haven't we? Tomorrow, Jones.
SPEAKER_00Yeah, looking forward to that, Ian. So we've got Guy Anderson coming on from Mercantile Investment Trust. This is kind of mid and small cap focused. So we'll be uh you know really eager to hear what Guy has to say about valuations and that part of the market, where he's positioning the portfolio. So, you know, listeners and viewers, make sure you tune in. That's going to be a really good one.
