Sterling Considered Overbought, Could Move Lower -2-

NatWest Group PLC on Tuesday said its Chairman Howard Davies will be stepping down from the role before July 2024 and that a search for his successor will start in the coming months.

---

Hyve Group Agrees to Final GBP363 Mln Takeover Offer by Providence Equity Partners

Hyve Group PLC said Tuesday that it has agreed to a 363 million pound ($453.2 million) final takeover offer from private equity firm Providence Equity Partners LLP.

---

Guanajuato Silver Appoints Mario Valdez Co-COO, Hernan Dorado Smith CSO

Guanajuato Silver Co. said Wednesday that Mario Valdez has been promoted to co-chief operating officer and that Hernan Dorado Smith will take the position of chief strategy officer.

MARKET TALK:

Mattioli Woods' Acquisition of Doherty Looks Like a Good Fit

1336 GMT - Mattioli Woods' GBP15 million acquisition of Doherty Pension & Investment Consultancy seems a good fit and a good price, says Shore Capital in a note, adding the accretive purchase of the Northern Ireland company adds at least 3% to its earnings per share. The wealth and asset management business trades "with high returns, sticky clients, and a well-articulated plan to capture, where appropriate, more of a client's [total expense ratio] in future years," says analyst Ben Williams. He also flags Mattioli sees revenue synergies from the acquisition as Doherty's clients access its products and platforms as well as cost synergies from migrating the group's portfolio into its platforms. Shore has a buy rating on the stock. ([e-mail])

---

Redcentric's Revenue Growth Seen as Positive

1310 GMT - Redcentric's strong run rates and synergies in progress from acquisitions lead to forecast upgrades, says finnCap in a note after the IT managed-services provider posted strong fiscal 2023 revenues and annualized revenue figures for fiscal 2024. "Revenue growth as a category has always been less certain, and so delivery ahead of expectations is a significant positive which is at risk of being overlooked today, providing an additional long-term benefit with synergies eventually GBP5 million better than expected," says analyst Andrew Darley. The broker updates its forecasts taking into account cost reduction timings--part of the acquisition risk--which will settle as management has a strong delivery track record, he adds. Shares fall 3% at 113.5 pence. ([e-mail])

---

Victoria Seems Strongly Positioned As Outlook Improves

1242 GMT - Victoria PLC is in a strong position to prosper as market conditions improve, Peel Hunt says in a note after the U.K. maker of flooring products confirmed it sees its full-year revenue and Ebitda in line with market views. It also expects improved earnings and cash flow from the cost benefits of its Balta integration, which is on track to be completed by the end of the calendar year. Analysts Charles Hall and Andrew Ford see this outlook as a confident and encouraging. Peel Hunt rates the stock buy. Shares rise 5.2% at 499.5 pence. ([e-mail])

---

Whitbread Beats Expectations as Premier Inn's Performance Outpaces Competitors

1232 GMT - Whitbread smashed earnings and revenue expectations for fiscal 2023 following an impressive year of growth, eToro analyst Mark Crouch says in a note. Its Premier Inn brand exceeded the hospitality company's food and beverage brands and is significantly outpacing peers, Crouch says. Although the brand's German operations were loss-making in the period, its rapid revenue growth appears able to replicate the U.K. model in Germany successfully, he says. "When household finances are tight, people want value, but not at the expense of quality. Premier Inn provides both of this, which helps explain why it has performed so spectacularly well over the past 12 months, despite the tough operating background," Crouch says. Shares are up 4.9% at 3,280 pence. ([e-mail])

---

Eurowag's 1Q Growth Despite Tough Backdrop Highlights Attractive Investment Opportunity

1226 GMT - W.A.G Payment Solutions' strong first quarter suggests market share gains and its standout financial profile makes it highly attractive, Peel Hunt says in a note after the London-listed integrated payments and mobility platform--known as Eurowag--posted "impressive" revenue growth tracking ahead of expectations despite tougher comparatives. The brokerage flags its encouraging operational KPIs with higher average number of active customers and trucks. "We believe Eurowag offers a compelling investment opportunity, given its ability to sustain high-teens growth and 40%+ adjusted Ebitda margins even under tough macro conditions," says analyst Gautam Pillai. Peel has a buy rating on the stock. Shares are down 1.25% at 94.8 pence. ([e-mail])

---

Jupiter Fund Management Flows to Remain Subdued Near-Term

1215 GMT - Jupiter Fund Management's overall flows are expected to remain subdued near-term, says Citi in a note after the London-listed money manager posted a slight rise in its assets under management over the first quarter, in line with consensus, and outflows a touch above. "While Jupiter is increasing the share of Institutional AUM, investor sentiment appears weak, in our view. We expect muted flows trends over the near-term, and model net outflows into 2Q23," analyst Samarth Agrawal says. Citi has a neutral rating on the stock. Shares fall 1% at 130.7 pence.([e-mail])

---

Travis Perkins Looks Well-Placed Despite Hurdles

1200 GMT - Travis Perkins drops 3% to 932 pence after the builders' merchant blamed difficult market conditions for lower first-quarter sales. Trading in 1Q was as expected and while the market could get tougher, the company's shares reflect that, RBC Capital Markets says. "Despite the macro uncertainty, we see this as a good opportunity for longer-term investors to buy into a market leader with a sensible strategy, a strong balance sheet, property backing and a sound dividend yield," RBC analyst Andrew Brooke says in a note, reiterating the brokerage's outperform recommendation and 1250p price target.([e-mail])

---

Quilter's Self-Help Story Makes It an Attractive Asset

1125 GMT - Quilter's first-quarter net flows improved from the previous quarters while its trends by division were similar, with its platform and channel performing, Liberum says in a note after the London-listed wealth manager's quarterly update. Assets held on other platforms and the IFA channel continued to see outflows, it notes. "Self-help initiatives designed to drive greater efficiencies across the business remain a key focus for the new CEO," analysts James Allen and Nick Anderson say, adding that the group has a strong brand and is now a simpler business, with a new full-capability platform and a plan. Liberum sees the stock, which it rates buy, as an attractive asset at a cheap valuation. Shares are up 1.9% at 83.6 pence. ([e-mail])

---

Eurowag 1Q's In-Line Trading Was Helped by Inelo Contribution

1113 GMT - W.A.G Payment Solutions' recently-closed acquisition of Inelo provides substantial cross-selling opportunity along a good market position in core markets, Jefferies says in a note after the company posted first-quarter results. The London-listed integrated payments and mobility platform--known as Eurowag--first-quarter revenue grew to EUR52 million in line with management expectations with Inelo bringing in EUR11 million in revenue and contributing to serving most of its connected trucks. "With improving cash generation and fading capex, we see shares as attractive trading substantially at a discount to payments services and U.K. midcap peers", say analysts at the brokerage, who rate the stock buy. Shares are down 1% at 95 pence. ([e-mail])

---

Coca-Cola Europacific Partners Has Potential for Mid-Term Rerating

1111 GMT - Coca-Cola Europacific Partners looks set for potential positive earnings momentum through the year after booking a strong start and backing its guidance for the year at 1Q results, Jefferies analysts write in a research note. "We see potential for rerating as confidence in the medium-term growth framework increases, which should drive deleveraging and accelerated returns to shareholders," they say. Shares in the London-listed bottling company are inexpensive for a business that should deliver double-digit total shareholder return over the medium-term, they say. Jefferies has a buy rating on the stock and a EUR70 price target. Shares are flat at EUR56.25. ([e-mail])

---

Jupiter Fund Management Heading in Right Direction

1050 GMT - Jupiter Fund Management shares drop 1% after it reported higher first-quarter assets under management, but flagged market volatility toward the end of the period. AUM at the end of March were slightly below Panmure Gordon's estimates and with fractionally worse-than-hoped-for mix, but Jupiter has had worse quarters recently, the U.K. brokerage says. "A case might be made that this time, the outflows of retail funds reflect broader industry conditions rather than company-specific issues, but it does remain the case that the corner on flows is still yet to be turned," Panmure analyst Rae Maile says in a note. "Fortunately, expectations are now quite modest, but management actions seem to be heading in the right direction, albeit slowly." ([e-mail])

---

Quilter's 1Q Flows Show Improvement But Still Below Target

(MORE TO FOLLOW) Dow Jones Newswires

04-25-23 1015ET