Guinness Peat Group
Guinness Peat Group (GPG) has been upgraded to buy from hold by Deutsche Bank. GPG continues to work through the implementation of its capital return initiative to shareholders which saw £80 million returned to shareholders on 12 July 2011. GPG intends to realize value for shareholders by discontinuing any new investment and proceeding with an orderly realisation of its investment portfolio.
Last week GPG released its half year result for the six months ending 30 June 2011, which saw the company end the first six months with a net asset backing of 54.79p per share. Disposals of investments during the period saw net cash generated from investment activity and realisations totaling £98 million.
GPG reported that its investment in Coats continued its recovery during the first half, and an attributable GPG profit of £23 million was reported.
Coasts’ Industrial Division experienced continued raw material and payroll inflationary pressures during the first half, and some local disruption to customer activity in both North East Asia (arising from the catastrophic events in Japan in the first quarter) and North Africa. However Coats reportat that the business performed well overall in the first half, and each geographic region traded in advance of 2010.
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Recommendation sourced from the IRESS software trading platform
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