Whitman Howard

Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.

The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.

Coverage

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Ticker Underlying First Report Latest Report
102S GB00BYSRJ698 Lonmin PLC 2017/10/06 2017/12/14
840400 DE0008404005 Allianz SE 2017/09/04 2017/09/04
908093 BMG702781094 Petra Diamonds 2018/01/29 2018/01/29
A0HGPZ GB00B0C18177 Anglo Asian Mining PLC 2017/08/14 2018/01/16
A0MK5R VGG379591065 Gem Diamonds Ltd. 2017/11/23 2017/11/23
A14UTJ IE00BWY4ZF18 Cairn Homes 2017/09/05 2017/09/05
A14XBY BM04521V1038 Asiamet Resources Ltd 2017/10/03 2018/01/31
A1C72R CA2354991002 Dalradian Resources Inc. 2017/09/11 2018/01/12
A1JAGV JE00B4T3BW64 Glencore 2017/10/17 2018/01/22
A1JPZ6 JE00B5TT1872 Centamin Egypt Ltd. 2018/01/31 2018/01/31
A2DYSH GB00B1WBW239 Blinkx PLC 2017/09/05 2017/09/05
A2N9WV GB0000566504 BHP Group Plc 2017/08/15 2018/02/02
A2NB49 GB00B0351429 Ceres Power Holdings PLC 2017/10/06 2018/03/01
AAL GB00B1XZS820 Anglo American PLC 2017/01/02 2018/01/02
AAU GB00B085SD50 Ariana Resources 2017/09/05 2018/02/01
ACA GB00B61D2N63 Acacia Mining 2016/10/04 2018/02/01
ACT GB00BJ05QC14 Actual Experience 2017/09/25 2018/06/01
AGN NL0000303709 Aegon N.V. 2017/10/04 2017/10/04
ALBA GB00B06KBB18 Alba Mineral Resources PLC 2017/09/26 2017/11/16
ALM GB00BLRLH124 Allied Minds 2017/01/17 2018/01/19
AMG NL0000888691 AMG Advanced Metallurgical Group N.V. 2017/12/13 2017/12/13
AMPH GB00BC4F3V69 Aggregated Micro Power Holdings 2018/06/04 2018/06/04
ANTO GB0000456144 Antofagasta PLC 2017/12/06 2017/12/06
APF GB0006449366 Anglo Pacific Group PLC 2017/08/23 2017/09/15
ARK IE00B2357X72 Arkle Resources 2017/09/13 2017/10/19
ASA GB00B0GN3470 Asa Resource Group Plc 2017/04/03 2017/04/03
ASC GB0030927254 ASOS PLC 2017/11/24 2017/11/24
ASO CA05366A1049 Avesoro Resources Inc 2018/01/10 2018/01/10
AXM GB00B06K1665 Alexander Mining PLC 2018/01/25 2018/02/01
BAG GB00B6XZKY75 A.G. Barr PLC 2017/09/26 2017/11/08
BATS GB0002875804 British American Tobacco PLC 2017/10/26 2017/10/26
BCN CA05634Q1054 Bacanora Lithium 2017/08/24 2018/02/01
BKY AU000000BKY0 Berkeley Energia 2017/11/24 2017/11/24
BRD GB00B84H1764 Bluerock Diamonds 2017/09/27 2017/12/05
BSE AU000000BSE5 Base Resources 2017/10/12 2018/01/11
CARR GB00BRK01058 Carrs Group 2017/02/01 2017/11/13
CGH VGG203461055 Chaarat Gold Holdings 2018/01/31 2018/01/31
CLI GB00BF044593 CLS Holdings PLC 2018/03/21 2018/03/21
CNE GB00B74CDH82 Cairn Energy PLC 2017/08/18 2018/01/23
CNR GB00B8225591 Condor Gold 2017/11/06 2017/11/06
CS FR0000120628 AXA S.A. 2017/08/31 2017/08/31
CWK GB0002318888 Cranswick PLC 2017/09/29 2017/10/19
DBHSF GB00B126KH97 DEBENHAMS PLC 2017/11/02 2018/04/20
DC. GB00B4Y7R145 Dixons Carphone 2017/12/13 2018/01/22
DCG GB0002502812 Dairy Crest Group PLC 2017/09/13 2017/11/15
DGE GB0002374006 Diageo PLC 2017/11/01 2017/11/01
ENQ GB00B635TG28 EnQuest 2017/08/31 2017/09/08
FCRM KYG368851047 Fulcrum Utility Services 2017/06/08 2017/10/17
FDI GB00BKX59Y86 Firestone Diamonds PLC 2017/09/29 2017/09/29
FEVR GB00BRJ9BJ26 Fevertree Drinks 2015/10/15 2017/11/07
FLX VGG3338A1075 Falanx Group 2017/07/10 2017/07/10
FPM GB0033032904 Faroe Petroleum PLC 2018/02/12 2018/04/24
FXPO GB00B1XH2C03 Ferrexpo 2017/12/07 2018/01/09
G IT0000062072 Generali 2017/09/15 2017/09/15
GAL. CA36315W2022 Galantas Gold Corp. 2017/10/02 2017/10/02
GDP GB00B0HCWM45 Goldplat 2017/09/12 2018/01/30
GFM BMG319201049 Griffin Mining Ltd. 2017/08/25 2017/08/25
GNC IE0003864109 Greencore Group 2017/02/24 2017/09/22
HFD GB00B012TP20 Halfords Group PLC 2018/01/18 2018/02/07
HLI US4415931009 Houlihan Lokey 2017/10/20 2017/10/20
HMI AU000XINEAB4 Harvest Minerals 2018/02/01 2018/02/01
HOC GB00B1FW5029 Hochschild Mining 2018/01/03 2018/01/03
IMB GB0004544929 Imperial Brands 2017/09/15 2017/11/07
IMO GB00BLBP4Y22 Imimobile 2017/11/01 2017/12/07
JAY GB00BFD3VF20 Bluejay Mining 2017/09/20 2017/10/16
JMAT GB00BZ4BQC70 Johnson Matthey PLC 2017/09/22 2018/02/01
JSG GB0004762810 Johnson Service Group PLC 2017/08/02 2017/08/02
KAZ GB00B0HZPV38 Kaz Minerals 2017/11/03 2018/01/25
KGF GB0033195214 Kingfisher PLC 2018/01/29 2018/01/29
KOD GB00BH3X7Y70 Kodal Minerals 2018/02/02 2018/02/02
KRS GB00B649J414 Keras Resources 2018/01/31 2018/01/31
LDBKF GB00B0ZSH635 Ladbrokes Coral Group Plc 2018/04/25 2018/04/25
MIDW GB00BYSXWW41 Midwich Group 2017/07/28 2017/10/12
MKS GB0031274896 Marks & Spencer Group PLC 2017/11/08 2018/01/11
NICL GB0006389398 Nichols PLC 2016/11/15 2016/11/15
NXT GB0032089863 Next 2018/04/10 2018/04/10
PETS GB00BJ62K685 Pets At Home Group 2017/11/28 2018/01/23
PGM VGG7060R1055 Phoenix Global Mining 2018/01/30 2018/01/30
PIL GB00B3ZGBY47 Produce Investments 2017/09/21 2017/10/05
POG GB0031544546 Petropavlovsk 2018/01/25 2018/01/30
POT.N CA73755L1076 Nutrien Ltd 2017/10/27 2017/10/27
PRSM GB00BYQ0HV16 Blue Prism Group 2017/11/15 2018/01/25
RB. GB00B24CGK77 Reckitt Benckiser Group 2017/10/16 2017/10/18
RIO GB0007188757 Rio Tinto PLC 2017/11/13 2018/01/26
RMM GB00B06Y3F14 Rambler Metals & Mining PLC 2017/11/27 2017/11/27
RTC GB0002920121 RTC Group 2017/07/26 2018/02/26
RTHM GB00BYW0RC64 Rhythmone 2017/10/17 2017/12/04
RTP.. US7672041008 Rio Tinto PLC ADS (Mexico) 2017/11/09 2017/11/09
SAV GB00B647W791 Savannah Resources 2017/12/08 2018/01/25
SMRT GB00BYWN0F98 Smartspace Software 2017/05/10 2017/11/08
SPD GB00B1QH8P22 Sports Direct International 2017/12/14 2017/12/14
STCK GB00BF5SDZ96 Stock Spirits Group 2017/09/12 2017/10/12
TLW GB0001500809 Tullow Oil PLC 2017/09/20 2018/02/07
TSLA US88160R1014 Tesla 2017/11/17 2017/11/17
ULVR GB00B10RZP78 Unilever PLC 2017/09/25 2017/10/19
WRES GB00B0358H47 W Resources 2018/02/01 2018/02/01
ZURN CH0011075394 Zurich Insurance Group 2017/10/06 2017/10/06

Analysts

  • Jessica Saadat

    Analyst
  • Roger Bade

    Mining Analyst
  • Harvey Robinson

    Analyst
  • Chris Wickham

    Head of Research
  • Andy Smith

    Analyst
  • Craig Bourke

    Insurance Analyst
  • Tony Shiret

    Retail Analyst
  • Michael Campbell

    Gaming & Leisure Analyst
  • Robin White

    Analyst
Andy Smith

CORPORATE SPONSORED MATERIAL: Aggregated Micro Power* (AMPH LN, BUY, T/P 136p) - Initiation | The rise of a challenger utility

Aggregated Micro Power Holdings (AMPH) is emerging as a challenger utility presenting a unique investment opportunity. It is essentially an asset play offering exposure to a diverse stream of energy related revenues taking advantage of the fundamental changes in the UK energy sector as it strives to meet its legally binding CO2 emission targets. Revenues are forecast to grow from £19.7m in FY17 to £70m by FY21 and for EBITDA to reach £4m by FY21. In addition to earnings growth it is also creating value in the form of off-balance sheet ‘deferred carry’ interest. Combined, the earnings profi...

Harvey Robinson

Actual Experience 2nd large scale deployment with 2nd Channel Partner

Actual Experience (Buy PT 450p) has announced that it has received another order for the full-scale deployment of its software within a large enterprise customer of another one of its four Channel Partners. We retain our Buy rating and 450p price target.

Michael Campbell

UK Gambling - FOBT regulation bites

In our initiation report on UK Gambling on 11 December 2017, we referenced likely volatility in share prices as a result of the uncertainty surrounding B2 staking levels. UK media, citing the Chancellor is in favour of a £2 stake on B2 (FOBT) machines, and that the Treasury is close to a deal with the Department of Culture, Media and Sport (DCMS) and is seeking tax neutrality.

Michael Campbell

Playtech (PTEC LN, BUY, T/P 972p) - Update | Machine & Online Opportunity

The SNAI deal improves PTECs regulated profile where we estimate that over 70% of EBITDA will come from regulated markets by the end of FY19e. The deal is expected to complete in two steps by the end of 2018. We expect to see the enlarged group generate revenue of c. €1.9bn and EBITDA of c. €516m in FY19e.

Jessica Saadat

Faroe Petroleum (FPM LN, BUY, T/P 142p) - Update | Updating Model

We update our model for recent news flow which increases RENAV from 124p to 142p. Although the upside to our PT (set at RENAV) is only 12%, we believe the recent stake building by DNO should limit the downside, and hence believe the risk reward profile given organic and inorganic growth options is still attractive. News flow is limited over the next 6 months so short term the share price may drift, but we expect E&A drilling to ramp up again in Q418.

Jessica Saadat

UK E&P - Updating oil price assumptions

In this short note, we update our oil price assumptions. Given that share prices are now looking more reasonable relative to our RENAVs, we downgrade Tullow Oil and Faroe Petroleum to HOLD. We reiterate our BUY recommendations on Cairn Energy and Trinity E&P, and remain with our HOLD recommendation on EnQuest.

Roger Bade

Sector Overview - Attention moves to potential US tariffs on Chinese aluminium exports

All eyes are on aluminium, as according to various news agencies the US Commerce Department’s report on Chinese aluminium dumping is on the President’s desk. Overnight new US tariffs have been introduced for solar power and washing machines, so the omens are not good.

Roger Bade

Thermal Coal - Baby its cold outside!

For the time being, bearishness, coming from various institutional climate change pressures will have to wait, as the cold weather in the northern hemisphere is driving thermal coal prices. Firm oil & gas prices aren't doing any harm either.

Roger Bade

BHP Billiton (BLT) - To exit Samarco?

There are numerous reports this morning that Vale is negotiating with BHP to acquire its stake in Samarco. Apparently the Brazilian mine is ready to go and customers are clamouring for product.

Roger Bade

Base Metals - US hedge funds want prices up for year end

Base metals were quiet until the New York opening, were ramped up on year end considerations and went back to sleep again. The copper price is up two and a half US cents per pound ($/lb.) at $3.125/lb.; aluminium one cent/lb. at 94 cents and lead and zinc both one and a half cents/lb. to $1.17/lb. and $1.455/lb. respectively. Even the nickel price moved from just below $5.30/lb. to just above.

Andy Smith

CORPORATE SPONSORED MATERIAL: Aggregated Micro Power* (AMPH LN, BUY, T/P 136p) - Initiation | The rise of a challenger utility

Aggregated Micro Power Holdings (AMPH) is emerging as a challenger utility presenting a unique investment opportunity. It is essentially an asset play offering exposure to a diverse stream of energy related revenues taking advantage of the fundamental changes in the UK energy sector as it strives to meet its legally binding CO2 emission targets. Revenues are forecast to grow from £19.7m in FY17 to £70m by FY21 and for EBITDA to reach £4m by FY21. In addition to earnings growth it is also creating value in the form of off-balance sheet ‘deferred carry’ interest. Combined, the earnings profi...

Harvey Robinson

Actual Experience 2nd large scale deployment with 2nd Channel Partner

Actual Experience (Buy PT 450p) has announced that it has received another order for the full-scale deployment of its software within a large enterprise customer of another one of its four Channel Partners. We retain our Buy rating and 450p price target.

Michael Campbell

UK Gambling - FOBT regulation bites

In our initiation report on UK Gambling on 11 December 2017, we referenced likely volatility in share prices as a result of the uncertainty surrounding B2 staking levels. UK media, citing the Chancellor is in favour of a £2 stake on B2 (FOBT) machines, and that the Treasury is close to a deal with the Department of Culture, Media and Sport (DCMS) and is seeking tax neutrality.

Michael Campbell

Playtech (PTEC LN, BUY, T/P 972p) - Update | Machine & Online Opportunity

The SNAI deal improves PTECs regulated profile where we estimate that over 70% of EBITDA will come from regulated markets by the end of FY19e. The deal is expected to complete in two steps by the end of 2018. We expect to see the enlarged group generate revenue of c. €1.9bn and EBITDA of c. €516m in FY19e.

Jessica Saadat

Faroe Petroleum (FPM LN, BUY, T/P 142p) - Update | Updating Model

We update our model for recent news flow which increases RENAV from 124p to 142p. Although the upside to our PT (set at RENAV) is only 12%, we believe the recent stake building by DNO should limit the downside, and hence believe the risk reward profile given organic and inorganic growth options is still attractive. News flow is limited over the next 6 months so short term the share price may drift, but we expect E&A drilling to ramp up again in Q418.

Jessica Saadat

UK E&P Sector

We briefly look at what impact a lower for longer oil price could have on the NAVs of our names under coverage. Cairn Energy remains our top pick.

Roger Bade

Gem Diamonds (GEMD) - Strong Q4 production and revenue numbers

The Q4 update from the Lesotho diamond miner is very positive, particularly as it predates the various large gemstone found recently. Full year revenues from their Letšeng mine reached US$184.6m, up 12% over 2016, with an average price of $1,695 per carat ($/ct). Pricing progress has continued in Q4 where prices reached $2,217/ct, from $1,858/ct in Q3. Sales were strong in Q4, as not only did the average price go up, but so did the caratage (nearly 31,500 carats as compared to just over 25,900 carats in Q3).

Roger Bade

Sector Overview - Placid State of the Union Address

The US dollar weakened a little after the US President’s State of the Union address and precious metals prices mainly firmed. However, palladium was an exception and it appears the platinum/palladium parity trade is back on again, just in the opposite direction to that seen last year. The palladium price collapsed fifteen US dollars per ounce ($/oz) to $1,060/oz, whilst at the same time, platinum moved from just below $1,000/oz, to just above. The gold price was over $5/oz better at just over $1,340/oz and silver rose ten cents/oz to almost $17.20/oz.

Roger Bade

Base Metals - Zinc prices above $1.60/lb.

Base metals have jumped in thin Asian trading to more than make up falls in London and New York. Zinc and nickel are particularly strong.

Roger Bade

Sector Overview - The US President wants a strong dollar, not a weak one

As expected “Troy Tempest” in his Donaldo disguise swung into action and contradicted his own Treasury Secretary. The US President actually wants a stronger US dollar. Precious metals were volatile, with 50 million ounces of the February contract traded.

Roger Bade

Sector Overview - US dollar very weak

In a race to the bottom for the US dollar, the local gold price slipped a couple of pounds per ounce (£/oz) to just under £955/oz. It was a totally different story for US dollar priced commodities. Silver was also helped by a recovery from the previous day’s fall, which had occurred in response to US tariffs on solar panels. It is argued that growth elsewhere, particularly in China, will make up for any shortfall in US demand.

Jessica Saadat

UK E&P sector

In this note we revise our oil price deck, roll forward our NAV discount origins to end 2017, and update models for spot fx rates and operational updates. The net effect is to reduce PTs by 21% on average. However, our revised PTs still show considerable upside relative to the current share prices, and we believe the sector can still create value in a Lower for Longer oil price world. We retain Cairn Energy as our top pick. We also upgrade Faroe Petroleum to BUY, given an attractive valuation and defensive story. Lower for Longer: In this note we cut our Brent oil price forecasts from $54/b...

Chris Wickham

FMCG Sector - “Assembled Here Together”

A debate about why major US food manufacturers’ margins appear consistently higher than those achieved in Europe is, in our view, worth having. In particular, should greater willingness to outsource production processes and focus more on marketing, new product development, finance and strategic M&A be the answer, there could be significant revenue growth opportunities for those who act as food industry solution providers.

Harvey Robinson

Making Mobiles Better

Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.

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