Ideas Farm 

Ideas Farm: Distressing debt

Ideas Farm: Distressing debt

It's been a tough time for short sellers lately. The 'dash for trash' (buying beaten-up shares in companies with the most to gain from an economic recovery), which I wrote about in this column last week, has been rather indiscriminate. Even real no-hoper shares have benefited. The most headline-grabbing example of investors’ willingness to overlook all fundamentals in their hunt for 'trash' has been the strong performance of shares in US companies that have already declared bankruptcy or are about to (Hertz, JC Penny and Cheapsake being a few stand-outs).

There is actually an easy-to-overlook logic to this bankruptcy trade. While it may be more fun to characterise it as merely the work of Robinhood retail crazies, this type of stock can see a short-term fillip as investors that have shorted the shares cover their positions, creating a so-called 'short squeeze'. Over recent weeks, this phenomenon may well have been exacerbated by enthusiasm about economic recovery prospects. Still, this is a trade few would want to take on given the likelihood shares in bankrupt companies will ultimately prove worthless.

But looking more widely at the share price gains from some of these truly diabolical situations, it may be tempting to think investors who want to play the 'dash for trash' should simply seek out shares in the lowest quality companies; the worst-of-the-worst, if you like. However, ignoring 'quality' when it comes to buying beaten-up stocks (the kind of shares found on these pages in our tables of shorts, downgrades and 52-week lows) is rarely wise. 

Intrigued by the price movement of bankrupt-company stocks, Verdad – a US investment firm that specialises in investing in the shares of cheap, indebted, smaller companies – trawled its database. It looked for the long-term relationship between share price performance and the level of distress shown by a company’s debt. Based on data from the end of 1996 through to the end of May this year, the research found a clear linear relationship between the pricing of a company’s bonds and the performance of its equity (see chart below). 

 

 

The average annualised equity return for companies with bonds trading at less than 20c versus each dollar issued was a negative 94 per cent; a total car crash! In fact, equity returns were negative all the way through to companies with bonds trading at 90c to the dollar. Companies with debt trading at between 90 and 100c delivered a positive 6 per cent. And the best returns were from shares in companies with debt valued at or above the issue price. These shares produced a positive annualised return of 17 per cent.  

A similar story was found when Verdad compared equity performance with credit quality based on the scores of rating agencies. Here the research found share performance started to deteriorate when ratings fell below a high single B rating. The annualised equity return from stocks in the least creditworthy category (CC and below) was a negative 34 per cent!

This research holds an important lesson for investors targeting the grubbier end of this recovery. Rather than buying the worst-of-the-worst, it's the best-of-the-worst that should provide the optimal trade-off between risk and reward – although still risky and volatile.

On that note, we continue to recommend selling shares in companies we believe face challenges based on their fundamentals. This can feel like a bit of a thankless task at times like these, but over the longer term it is best to avoid companies that look as though they are in weak positions, even if this sometimes means missing out on a great recovery play at ground-floor level. 

One of the stocks in our tips section this week is a case in point. Signature Aviation (SIG) has recovered 70 per cent from its lows, but has also recently appeared in both our table of most-shorted shares and forecast downgrades. We think the recovery in the stock has got ahead of itself. In the interest of balance, credit rating agency S&P gave its bonds a BB rating in April, putting it outside what Verdad found to be the credit-quality danger zone.

 

Click here to view this week's Ideas Farm tables in PDF form

 

 

NEW 52-WEEK HIGHS  Thursday, 18 June 2020
NameTIDMPrice% from hi
Premier Foods plcLSE:PFD57p0.0%
EQTEC plcAIM:EQT1p0.0%
Scottish Mortgage Investment Trust PLCLSE:SMT759p0.1%
Manchester & London Investment Trust plcLSE:MNL628p0.3%
Allianz Technology Trust PLCLSE:ATT2,175p0.7%
Oncimmune Holdings plcAIM:ONC136p0.7%
Caledonia Mining Corporation PlcAIM:CMCL1,378p0.8%
BH Macro LimitedLSE:BHMG3,530p0.8%
BH Global LimitedLSE:BHGG1,930p1.0%
Pacific Horizon Investment Trust PLCLSE:PHI454p1.2%
Octopus Renewables Infrastructure Trust PLCLSE:ORIT111p1.3%
Baillie Gifford US Growth Trust PLCLSE:USA202p1.5%
Fidelity China Special Situations PLCLSE:FCSS254p1.6%
Polar Capital Technology Trust plcLSE:PCT1,950p1.7%
Bango plcAIM:BGO163p1.8%
YouGov plcAIM:YOU785p1.9%
Pebble Beach Systems Group plcAIM:PEB13p1.9%
Oxford Biomedica plcLSE:OXB808p1.9%
Capital Gearing Trust p.l.cLSE:CGT4,400p2.0%
Personal Assets Trust plcLSE:PNL43,850p2.0%
JTC PLCLSE:JTC454p2.1%
JPMorgan Japanese Investment Trust plcLSE:JFJ514p2.1%
boohoo group plcAIM:BOO389p2.2%
Bunzl plcLSE:BNZL2,149p2.3%
Jarvis Securities plcAIM:JIM593p2.4%
The Monks Investment Trust PLCLSE:MNKS1,010p2.5%
Reckitt Benckiser Group plcLSE:RB.7,054p2.6%
Civitas Social Housing PLCLSE:CSH109p2.7%
Codemasters Group Holdings PlcAIM:CDM348p2.7%
Games Workshop Group PLCLSE:GAW7,950p2.8%
Hipgnosis Songs Fund LimitedLSE:SONG114p2.9%
Cardiff Property PlcLSE:CDFF1,725p3.0%

Source: S&P Capital IQ

 

NEW LOWS  Thursday, 18 June 2020
NameTIDMPrice% from lo
Craven House Capital PlcAIM:CRV79p0.0%
Gem Diamonds LimitedLSE:GEMD26p0.0%
Impellam Group PLCAIM:IPEL234p1.7%
Worsley Investors LimitedLSE:WINV25p2.0%
Pittards plcAIM:PTD41p2.4%
Macau Property Opportunities Fund LimitedLSE:MPO59p2.5%
Town Centre Securities PLCLSE:TOWN93p2.7%

Source: S&P Capital IQ

 

SHORTS  Wednesday, 17 June 2020
CompanyShort InterestNo. Shorters1wk chg in short interest
HAMMERSON PLC11.1%70.4%
METRO BANK PLC9.7%43.7%
PREMIER OIL PLC8.7%3-10.9%
Royal Mail Plc8.7%70.0%
TULLOW OIL PLC7.8%60.6%
PEARSON PLC7.3%80.1%
BABCOCK INTL GROUP PLC6.4%60.0%
INTU PROPERTIES PLC5.4%30.0%
WM MORRISON SUPERMARKETS5.2%4-0.4%
GW PHARMACEUTICALS PLC5.2%40.0%
PETROPAVLOVSK PLC5.1%10.0%
CAPITA PLC5.0%4-0.4%
PETS AT HOME GROUP PLC4.8%20.0%
IQE PLC4.8%30.0%
SAINSBURY (J) PLC4.7%40.3%
DIGNITY PLC4.6%30.0%
EASYJET PLC4.6%4-1.2%
CRODA INTERNATIONAL PLC4.4%50.0%
CINEWORLD GROUP4.2%61.5%
PETROFAC LTD4.2%30.0%
FUTURE PLC4.1%30.0%
VODAFONE GROUP PLC3.9%40.0%
WOOD GROUP (JOHN) PLC3.9%60.6%
TUI AG3.9%40.0%
BLUE PRISM GROUP PLC3.8%4-0.2%
ASCENTIAL PLC3.7%4-0.8%
KEYWORDS STUDIOS PLC3.5%40.0%
SMITH (DAVID S) HOLDINGS PLC3.4%50.1%
AGGREKO PLC3.4%30.0%
MARKS & SPENCER GROUP PLC3.2%20.0%
AA PLC3.2%30.6%
WEIR GROUP PLC/THE3.1%3-0.1%
AUTO TRADER GROUP PLC3.1%50.0%
DAILY MAIL & GENERAL TRUST3.1%3-0.2%
A.G. Barr PLC3.1%20.0%
Primary Health Properties PLC3.1%40.1%
ULTRA ELECTRONICS HLDGS PLC3.0%2NEW
ASHMORE GROUP PLC2.9%30.0%
DOMINO'S PIZZA GROUP PLC2.9%4NEW
VIRGIN MONEY UK PLC2.8%3-0.3%
VALARIS PLC2.8%10.0%
RESTAURANT GROUP PLC2.6%30.0%
BURBERRY GROUP PLC2.5%3NEW
VICTREX PLC2.5%3-0.5%
Signature Aviation Plc2.4%4-0.6%
CREST NICHOLSON HLDGS PLC2.4%1NEW

Source: FCA

 

UPGRADES 
Wednesday, 17 June 2020FWD EPS CHG   
NameTIDM1mth3mth1yr
SDX Energy plcAIM:SDX191.7%-43.5%-69%
Best of the Best PLCAIM:BOTB148.4%267.4%385%
Luceco plcLSE:LUCE75.8%-44.2%-38%
McCarthy & Stone plcLSE:MCS68.2%-86.9%-
Ramsdens Holdings PLCAIM:RFX56.7%-53.4%-54%
CMC Markets PlcLSE:CMCX48.4%68.7%143%
4imprint Group plcLSE:FOUR40.4%-76.6%-76%
Titon Holdings PlcAIM:TON37.6%37.6%-27%
Frasers Group plcLSE:FRAS35.5%-48.2%-26%
Orchard Funding Group plcAIM:ORCH29.7%29.7%-24%
Venture Life Group plcAIM:VLG27.6%62.8%85%
Bank of Georgia Group PLCLSE:BGEO26.7%--
Bloomsbury Publishing plcLSE:BMY24.1%-48.8%-51%
Urban&Civic plcLSE:UANC22.2%-18.2%-36%
CRH plcLSE:CRH19.6%-23.4%-26%
Mattioli Woods plcAIM:MTW18.6%18.6%12%
Frontier Developments plcAIM:FDEV15.3%24.3%35%
B&M European Value Retail S.A.LSE:BME14.4%2.6%-4%
McBride plcLSE:MCB14.4%14.1%-
Ebiquity plcAIM:EBQ13.6%-49.5%-50%
CVS Group plcAIM:CVSG12.4%-52.9%-43%
Totally plcAIM:TLY9.9%9.9%-
boohoo group plcAIM:BOO9.1%-10.3%5%
Bunzl plcLSE:BNZL9.1%-18.1%-21%
Airtel Africa PlcLSE:AAF9.0%-31.7%-
IntegraFin Holdings plcLSE:IHP8.7%-4.6%-6%
Legal & General Group PlcLSE:LGEN8.1%-6.0%-1%
Zotefoams plcLSE:ZTF8.0%-29.2%-51%
Zotefoams plcLSE:ZTF8.0%-29.2%-51%
Team17 Group PLCAIM:TM178.0%7.8%48%
Warpaint London PLCAIM:W7L7.7%7.7%-43%
XP Power LimitedLSE:XPP7.7%-7.7%-20%
XP Power LimitedLSE:XPP7.7%-7.7%-20%
Shield Therapeutics plcAIM:STX7.3%220.9%-
Rio Tinto GroupLSE:RIO6.8%5.8%-7%
Sirius Real Estate LimitedLSE:SRE6.6%-9.4%2%
Watches of Switzerland Group PLCLSE:WOSG6.6%-39.9%-
Antofagasta plcLSE:ANTO6.6%-65.8%-78%
Alfa Financial Software Holdings PLCLSE:ALFA6.3%-63.9%-87%
KAZ Minerals PLCLSE:KAZ6.0%-22.3%-42%
3i Group plcLSE:III5.9%-25.6%-24%
Dart Group PLCAIM:DTG5.7%25.1%80%
ASOS PlcAIM:ASC5.5%--
ECO Animal Health Group plcAIM:EAH5.4%5.4%-70%
Chemring Group PLCLSE:CHG5.2%-3.2%0%
Lancashire Holdings LimitedLSE:LRE5.1%-33.4%-37%
IG Group Holdings plcLSE:IGG5.0%35.1%-
Playtech plcLSE:PTEC4.9%-33.0%-69%
Eckoh plcAIM:ECK4.8%4.1%11%
Quilter plcLSE:QLT4.7%-22.8%-47%
Serabi Gold plcAIM:SRB4.6%-5.3%-
Warehouse REIT plcAIM:WHR4.1%-16.1%-2%
Petropavlovsk PLCLSE:POG3.8%21.8%-
Ninety One GroupLSE:N913.8%--
AJ Bell plcLSE:AJB3.8%2.0%-8%
Polar Capital Holdings plcAIM:POLR3.5%-10.0%-
PCF Group plcAIM:PCF3.4%3.4%-5%
BHP GroupLSE:BHP3.3%-5.9%-
De La Rue plcLSE:DLAR3.2%3.2%-69%
Bodycote plcLSE:BOY3.1%-38.1%-48%
Ferrexpo plcLSE:FXPO3.0%-3.2%-38%

Source: S&P Capital IQ

 

DOWNGRADES 
Wednesday, 17 June 2020FWD EPS CHG   
NameTIDM1mth3mth1yr
Cineworld Group plcLSE:CINE-98.9%-99.3%-100%
MJ Hudson Group plcAIM:MJH-95.5%--
Young & Co.'s Brewery, P.L.C.AIM:YNGA-89.9%-94.6%-95%
Young & Co.'s Brewery, P.L.C.AIM:YNGA-89.9%-94.6%-95%
Renewi plcLSE:RWI-87.4%-89.8%-93%
WH Smith PLCLSE:SMWH-83.3%--
Henry Boot PLCLSE:BOOT-73.4%-73.4%-74%
MJ Gleeson plcLSE:GLE-70.7%-82.2%-82%
C&C Group plcLSE:CCR-69.0%-81.5%-
Draper Esprit plcAIM:GROW-68.4%-68.4%-72%
Biffa plcLSE:BIFF-67.2%-78.4%-78%
The Vitec Group plcLSE:VTC-63.8%-82.6%-87%
Fuller, Smith & Turner P.L.C.LSE:FSTA-57.9%-69.3%-
Steppe Cement Ltd.AIM:STCM-57.6%-57.6%-63%
Blancco Technology Group plcAIM:BLTG-52.0%-59.1%-59%
Grafton Group plcLSE:GFTU-50.1%-66.9%-72%
Yourgene Health PlcAIM:YGEN-50.0%-50.0%-
Yourgene Health PlcAIM:YGEN-50.0%-50.0%-
Amigo Holdings PLCLSE:AMGO-48.5%-52.1%-
Iofina plcAIM:IOF-47.3%-47.3%-2%
Beazley plcLSE:BEZ-44.4%-95.2%-97%
Mediclinic International plcLSE:MDC-44.1%-50.0%-53%
Vp plcLSE:VP.-42.8%-47.4%-49%
Howden Joinery Group PlcLSE:HWDN-42.0%-50.3%-49%
Royal Mail plcLSE:RMG-41.6%-58.9%-
Countryside Properties PLCLSE:CSP-40.4%-50.1%-51%
Joules Group PlcAIM:JOUL-37.6%-62.2%-76%
Vivo Energy plcLSE:VVO-37.2%-48.1%-55%
Costain Group PLCLSE:COST-37.2%-53.6%-81%
M.P. Evans Group plcAIM:MPE-36.5%-18.4%-29%
Forterra plcLSE:FORT-36.5%-64.2%-68%
Mears Group plcLSE:MER-36.5%-61.4%-64%
Hollywood Bowl Group plcLSE:BOWL-36.4%-75.0%-74%
Morgan Sindall Group plcLSE:MGNS-36.3%-52.2%-50%
1Spatial PlcAIM:SPA-35.0%-34.5%-35%
Ibstock plcLSE:IBST-35.0%-59.8%-65%
Harworth Group plcLSE:HWG-33.1%-22.8%5%
J D Wetherspoon plcLSE:JDW-32.8%--
Pets at Home Group PlcLSE:PETS-32.3%-31.1%-26%
Balfour Beatty plcLSE:BBY-32.3%-47.6%-49%
Polypipe Group plcLSE:PLP-30.7%-42.0%-45%
First Derivatives plcAIM:FDP-30.2%-38.1%-39%
Empiric Student Property plcLSE:ESP-29.5%-54.9%-56%
Gem Diamonds LimitedLSE:GEMD-29.1%-76.8%-92%
Hummingbird Resources PLCAIM:HUM-28.7%-14.6%17%
Coats Group plcLSE:COA-28.5%-67.0%-70%
Card Factory plcLSE:CARD-27.1%-81.9%-86%
Pelatro PlcAIM:PTRO-26.6%-38.4%-79%
DWF Group plcLSE:DWF-26.6%-46.0%-
ASA International Group PLCLSE:ASAI-26.5%-40.3%-46%
Travis Perkins plcLSE:TPK-25.9%-52.5%-54%
Mitie Group plcLSE:MTO-24.2%-29.5%-
Bushveld Minerals LimitedAIM:BMN-24.0%-28.7%-
Lloyds Banking Group plcLSE:LLOY-23.9%--
Intermediate Capital Group plcLSE:ICP-23.4%-35.4%-26%
Paragon Banking Group PLCLSE:PAG-23.2%-29.2%-32%
NEXT plcLSE:NXT-23.2%-83.2%-83%
Crest Nicholson Holdings plcLSE:CRST-22.4%-49.8%-61%
Clarkson PLCLSE:CKN-22.3%-30.0%-37%
Investec GroupLSE:INVP-22.3%-46.0%-48%
IGas Energy plcAIM:IGAS-22.2%-84.3%-85%
Capital & Regional PlcLSE:CAL-22.0%-39.8%-62%
Town Centre Securities PLCLSE:TOWN-21.8%-35.6%-39%
TI Fluid Systems plcLSE:TIFS-21.6%-94.0%-95%
RPS Group plcLSE:RPS-21.5%-53.4%-68%
Keystone Law Group plcAIM:KEYS-21.3%-39.0%-41%
The Go-Ahead Group plcLSE:GOG-20.9%-45.6%-47%
PageGroup plcLSE:PAGE-20.5%-52.0%-66%
Helical plcLSE:HLCL-20.5%-52.2%-39%
N Brown Group plcLSE:BWNG-20.0%-22.6%-
Close Brothers Group plcLSE:CBG-19.9%-33.9%-39%
Kainos Group plcLSE:KNOS-18.8%-25.8%-27%
Petrofac LimitedLSE:PFC-18.7%-39.1%-55%
Vistry Group PLCLSE:VTY-18.4%-43.7%-35%
Hunting PLCLSE:HTG-17.1%-84.9%-92%
Johnson Matthey PlcLSE:JMAT-16.7%-38.5%-42%
Capital & Counties Properties PLCLSE:CAPC-16.6%-67.0%-54%
PayPoint plcLSE:PAY-16.2%-33.1%-37%
Randall & Quilter Investment Holdings LtdAIM:RQIH-15.6%-15.6%-21%
Hays plcLSE:HAS-15.0%-57.6%-
Babcock International Group PLCLSE:BAB-15.0%-22.0%-26%
Volution Group plcLSE:FAN-14.1%-33.6%-34%
Marshalls plcLSE:MSLH-14.0%-47.6%-48%
Marks and Spencer Group plcLSE:MKS-13.8%-59.7%-65%
GCP Student Living plcLSE:DIGS-13.8%-33.8%-38%
SThree plcLSE:STEM-13.6%-32.2%-58%
Restore plcAIM:RST-13.5%-45.6%-46%
Hochschild Mining plcLSE:HOC-13.0%-51.3%-37%
Glencore plcLSE:GLEN-12.9%-73.6%-88%
Breedon Group plcAIM:BREE-12.8%-33.1%-34%
Standard Chartered PLCLSE:STAN-12.2%--
Great Portland Estates PlcLSE:GPOR-12.2%-23.2%-22%
Moneysupermarket.com Group PLCLSE:MONY-12.2%-19.1%-22%
The Royal Bank of Scotland Group plcLSE:RBS-12.0%--
Hill & Smith Holdings PLCLSE:HILS-12.0%-28.9%-31%
Ashtead Group plcLSE:AHT-12.0%-42.2%-44%
InterContinental Hotels Group PLCLSE:IHG-11.8%-60.4%-66%
Kingfisher plcLSE:KGF-11.3%-21.9%-
Duke Royalty LimitedAIM:DUKE-11.0%-11.5%-23%
Jadestone Energy Inc.AIM:JSE-10.7%82.5%-92%
Workspace Group plcLSE:WKP-10.5%-35.2%-37%
Renew Holdings plcAIM:RNWH-9.9%-13.6%-12%
Severn Trent PlcLSE:SVT-9.7%-13.9%-11%
Keller Group plcLSE:KLR-9.6%-28.1%-36%
Tyman plcLSE:TYMN-9.5%-53.7%-61%
McKay Securities PlcLSE:MCKS-9.1%-18.2%-19%
Diaceutics PLCAIM:DXRX-9.1%-9.1%-9%
Science in Sport plcAIM:SIS-9.1%-9.1%-99%
Barclays PLCLSE:BARC-9.0%--
FirstGroup plcLSE:FGP-8.8%-53.3%-
Spectris plcLSE:SXS-8.8%-31.0%-42%
Essentra plcLSE:ESNT-8.8%-36.5%-47%
Watkin Jones PlcAIM:WJG-8.5%-12.2%-10%
TT Electronics plcLSE:TTG-8.5%-36.2%-46%
EKF Diagnostics Holdings plcAIM:EKF-8.5%27.5%34%
Virgin Money UK PLCLSE:VMUK-8.1%--
Centrica plcLSE:CNA-8.1%-48.9%-65%
Dixons Carphone plcLSE:DC.-7.7%-38.4%-
British Land Company PlcLSE:BLND-7.6%-22.7%-25%
Informa plcLSE:INF-7.6%-36.2%-53%
AA plcLSE:AA.-7.5%-32.3%-35%
Bakkavor Group plcLSE:BAKK-7.4%-31.7%-42%
Tatton Asset Management plcAIM:TAM-7.4%-11.2%-12%
Taylor Wimpey plcLSE:TW.-7.1%-44.6%-46%
AFH Financial Group PlcAIM:AFHP-7.1%-7.1%-12%
Redde Northgate plcLSE:REDD-7.0%-13.5%-
Senior plcLSE:SNR-7.0%-57.9%-80%
Pearson plcLSE:PSON-7.0%-28.9%-47%
Knights Group Holdings plcAIM:KGH-7.0%-7.0%-6%
Sigma Capital Group plcAIM:SGM-6.9%-31.3%-35%
Network International Holdings plcLSE:NETW-6.7%-45.4%-50%
Capital Drilling LimitedLSE:CAPD-6.5%-11.3%9%
Gateley (Holdings) PlcAIM:GTLY-6.4%-9.2%-
Signature Aviation plcLSE:SIG-6.4%-64.7%-76%
Pennon Group PlcLSE:PNN-6.4%-9.2%-8%
Victrex plcLSE:VCT-6.3%--
Atalaya Mining PlcAIM:ATYM-6.3%--
Smart Metering Systems plcAIM:SMS-6.2%-40.0%-49%
Experian plcLSE:EXPN-6.1%-18.5%-20%
Begbies Traynor Group plcAIM:BEG-6.1%-6.1%-
Loungers plcAIM:LGRS-6.0%-48.0%-45%
Grainger plcLSE:GRI-5.7%--
Instem plcAIM:INS-5.7%-5.7%2%
Rightmove plcLSE:RMV-5.4%-41.1%-42%
Residential Secure Income plcLSE:RESI-5.4%-21.9%-13%
Ascential plcLSE:ASCL-5.3%-78.3%-80%
Big Yellow Group PlcLSE:BYG-5.3%-11.8%-16%
Vesuvius plcLSE:VSVS-5.3%-41.0%-56%
Burberry Group plcLSE:BRBY-5.2%-36.1%-40%
Rathbone Brothers PlcLSE:RAT-5.2%-31.2%-39%
intu properties plcLSE:INTU-5.2%-58.3%-69%
Somero Enterprises, Inc.AIM:SOM-5.1%-6.7%-14%
Kier Group plcLSE:KIE-5.0%-18.2%-
Tate & Lyle plcLSE:TATE-4.9%-13.7%-12%
Vodafone Group PlcLSE:VOD-4.9%-28.1%-35%
Associated British Foods plcLSE:ABF-4.9%--
Electrocomponents plcLSE:ECM-4.8%-27.8%-35%
Bellway p.l.c.LSE:BWY-4.6%--
BP p.l.c.LSE:BP.-4.6%--
Tesco PLCLSE:TSCO-4.4%-19.8%-20%
TalkTalk Telecom Group PLCLSE:TALK-4.4%-6.7%-14%
Stagecoach Group plcLSE:SGC-4.2%-22.1%-23%
Pan African Resources PLCAIM:PAF-4.1%2.7%-
Judges Scientific plcAIM:JDG-4.0%-30.7%-22%
Sabre Insurance Group PlcLSE:SBRE-3.9%-2.8%-14%
EVRAZ plcLSE:EVR-3.8%-35.5%-58%
HomeServe plcLSE:HSV-3.8%-8.4%-5%
Ricardo plcLSE:RCDO-3.7%-17.2%-39%
Dechra Pharmaceuticals PLCLSE:DPH-3.7%-4.4%-
Intertek Group plcLSE:ITRK-3.7%-20.4%-26%
Rentokil Initial plcLSE:RTO-3.5%-21.4%-25%
SEGRO PlcLSE:SGRO-3.5%-9.4%-8%
Gooch & Housego PLCAIM:GHH-3.5%-34.5%-44%
Micro Focus International plcLSE:MCRO-3.4%-6.1%-40%
FDM Group (Holdings) plcLSE:FDM-3.2%-20.5%-24%
Advanced Medical Solutions Group plcAIM:AMS-3.2%-27.9%-30%
Morgan Advanced Materials plcLSE:MGAM-3.1%-31.4%-34%
Connect Group PLCLSE:CNCT-3.1%-10.3%-21%
QinetiQ Group plcLSE:QQ.-3.0%-9.8%-3%

Source: S&P Capital IQ

 

Click here to view this week's Ideas Farm tables in PDF form

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