Ideas Farm 

Ideas Farm: Value in trouble

Ideas Farm: Value in trouble

August is often a testy month for markets. The popular reasoning for this goes: as the holiday season gets underway in earnest, experienced investors and traders jet off to luxury resorts and seafront mansions, which reduces market liquidity (increasing share price sensitivity) just as jumpy juniors take the steering wheel.

With the Covid-19 pandemic very much still with us, and a looming US election also testing nerves, there’s certainly the potential for an interesting month ahead. Added to this, cries of “bubble” have been growing in volume over recent months. 

The most vociferous members of the it’s-a-bubble brigade are value investors. Indeed, after a decade of terrible performance for “value”, topped off by corona-carnage this year, professional value investors' desire for a bursting of the purported “growth bubble” is as much about survival as anything else.

The style chart we ublish in the Ideas Farm shows that once again, “value” is losing out to all the other investment styles we monitor. Based on conventional wisdom, stock market recoveries should not really be like this. Indeed, normally the early stages of a recovery is dominated by a so called “dash for trash” in which downtrodden value stocks massively outperform. This column highlighted this phenomenon when it briefly emerged a couple of months ago. But growth, quality and momentum strategies have swiftly reasserted their dominance.

 

 

Value investors reckon things will change soon. Garry Channon, the founder of deep value investment firm Phoenix Asset Management and manager of Aurora investment trust, has said the story of value investing will prove to be like horror movie with a happy ending. 

Meanwhile US value-focused hedge fund Longleaf Partners has recently written to investors saying it believes a speculative bubble very similar to that of the 1970’s and 1990’s has formed, focused on a relatively small number of excellent-but-grossly-overvalued companies. It expects a “near term” correction, marking “a rare moment that is measured in generations”. 

Small-cap-value quant firm Verdad, meanwhile has produced an extensive study which in part highlights the fragility of valuations based on the popular argument that low interest rates make future earnings more valuable, thereby justifying higher valuations for growth stocks. Verdad points out the theoretical framework that supports this argument means that the lower rates are, the more value is put on earnings expected further out. So ever lower rates create an ever more speculative market in growth stocks given " it is a big, big bet that is 90-per-cent-plus dependent upon assumptions about what the 2030s and 2040s will look like".

Low interest rates and extremely loose monetary policy is a topic that has also exercised value legend Seth Klarman in his second quarter letter from his Baupost Partners hedge fund. He describes the market’s recovery as “surreal” while decrying the Federal Reserve for “infantalising” investors with its relentlessly accommodative policies.

There’s no point in pretending value managers are not desperate to make an argument for their floundering investment style. But the desperation does not mean their arguments are without substance. The cruel irony with value investing is that it is often when arguments appear most desperate that they are most right - although, it is worth remembering the desperation has been palpable and growing for several years now!

While not neglecting the markets’ dominant "growth" theme, our tips section this week also offers up some “value” plays for those finding that all the bubble talk has got to them. Both of the “value” plays also actually boast a decent long-term structural growth story. 

In the case of Volution (FAN), a Covid hit has knocked earnings and the shares trade at a low double-digit forward price/earnings (PE) ratio. However, rising regulation should underpin good long-term growth. Meanwhile, there’s been no let-up in demand for the industrial units owned by Urban Logistics Reit (SHED). Based on solid rental-growth prospects, its shares offer the credible prospect of a 6 per cent dividend yield at a time when many erstwhile income stalwarts have disappointed.

 

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

 

 

New 52-week highs   
NameTIDMPrice% from hi
Octopus Renewables InfraORIT116p0.0%
Sterling EnergySEY13p0.0%
Hastings Group HoldingsHSTG215p0.4%
CentaminCEY212p0.6%
BBGIBBGI170p0.7%
Capital Gearing Trust PlcCGT4,480p0.9%
Vectura GroupVEC107p0.9%
Gresham HouseGHE693p1.1%
Clipper LogisticsCLG355p1.3%
Schroder Asian TotalATR388p1.3%
YouGovYOU815p1.5%
BunzlBNZL2,270p1.5%
Admiral GroupADM2,471p1.5%
Scottish American InvtSAIN436p1.6%
Polymetal InternationalPOLY1,928p1.7%
Fidelity China SpecialFCSS313p1.7%
IntegraFin HoldingsIHP548p1.8%
Herald Investment TrustHRI1,680p1.9%
Renewables InfrastructureTRIG137p1.9%
ComputacenterCCC1,986p1.9%
Civitas SocialCSH113p1.9%
SEGROSGRO963p1.9%
Impax Asset Management GpIPX402p2.0%
JTCJTC488p2.0%
JP Morgan Emerging MktsJMG1,068p2.0%
Cello HealthCLL162p2.1%
SoftcatSCT1,306p2.2%
SercoSRP165p2.2%
SDCL Energy EfficiencySEIT111p2.2%
Allianz Technology TrustATT2,430p2.2%
JPMorgan Global Core RealJARA110p2.2%
JPMorgan Global Core RealJARA110p2.2%
Intercede GroupIGP88p2.2%
HomeServeHSV1,340p2.2%
Martin Currie Global PortMNP326p2.2%
Flutter EntertainmentFLTR11,705p2.3%
Ultra Electronics HldgsULE2,402p2.3%
Tritax Big BoxBBOX153p2.3%
Gamesys GroupGYS969p2.4%
JLEN Env Assets GroupJLEN122p2.4%
B&M European Value RetailBME473p2.6%
Serabi GoldSRB95p2.6%
AntofagastaANTO1,055p2.6%
Montanaro Europn Small TrMTE1,305p2.6%
Reckitt Benckiser GroupRB7,804p2.7%
BlackRock World Mining TrBRWM413p2.8%
RenishawRSW4,910p2.9%
Croda InternationalCRDA5,738p2.9%
International PublicINPP167p2.9%
SynconaSYNC262p3.0%

Source: FactSet, as at 6 August 2020

 

New 52-week lows   
NameTIDMPrice% from lo
Gem DiamondsGEMD23p0.4%
Kier GroupKIE60p0.7%
ReachRCH58p0.9%
STV GroupSTVG218p1.4%
Real Estate InvestorsRLE29p1.4%
Advanced Medical Sol GrpAMS194p2.0%
Stagecoach GroupSGC45p2.4%
Imperial Brands PLCIMB1,280p2.5%
Worsley InvestorsWINV23p2.7%
TOC Property Backed LndngPBLT86p2.9%

Source: FactSet, as at 5 August 2020

 

Shorts   
CompanyShort InterestNo. Shorters1wk chg in short interest
HAMMERSON PLC13.9%10-0.4%
Royal Mail Plc9.6%80.5%
METRO BANK PLC8.9%4-0.1%
CINEWORLD GROUP8.8%90.5%
PREMIER OIL PLC8.7%30.0%
TULLOW OIL PLC7.8%50.0%
SAINSBURY (J) PLC6.8%61.2%
PEARSON PLC6.5%60.5%
PETROFAC LTD6.1%50.6%
DOMINO'S PIZZA GROUP PLC5.6%70.1%
PETROPAVLOVSK PLC5.5%10.3%
WEIR GROUP PLC/THE5.3%6-0.4%
GW PHARMACEUTICALS PLC5.2%40.0%
BLUE PRISM GROUP PLC5.0%5-0.5%
TUI AG4.9%60.5%
PETS AT HOME GROUP PLC4.9%20.0%
BABCOCK INTL GROUP PLC4.9%30.0%
IQE PLC4.8%30.0%
FUTURE PLC4.6%3-0.4%
VODAFONE GROUP PLC4.0%40.0%
WM MORRISON SUPERMARKETS4.0%40.5%
DIGNITY PLC4.0%30.2%
CRODA INTERNATIONAL PLC3.8%4-0.1%
MICRO FOCUS INTERNATIONAL3.6%30.0%
SMITH (DAVID S) HOLDINGS PLC3.6%5-0.2%
ASHMORE GROUP PLC3.5%40.6%
WOOD GROUP (JOHN) PLC3.5%60.4%
KEYWORDS STUDIOS PLC3.5%40.0%
ASCENTIAL PLC3.5%40.1%
MARKS & SPENCER GROUP PLC3.2%20.0%
CAPITA PLC3.2%4-0.4%
HURRICANE ENERGY PLC3.1%30.1%
Primary Health Properties PLC3.1%40.0%
AGGREKO PLC3.0%30.0%
GVC Holdings Plc3.0%40.1%
ULTRA ELECTRONICS HLDGS PLC3.0%10.0%
A.G. Barr PLC3.0%3-0.3%
RESTAURANT GROUP PLC2.9%3-0.1%
VICTREX PLC2.8%30.0%
INTERCONTINENTAL HOTELS GROUP PLC2.8%20.0%
VALARIS PLC2.8%10.0%
AUTO TRADER GROUP PLC2.6%40.0%
AA PLC2.5%20.0%
HISCOX LTD2.5%2-0.1%
Signature Aviation PLC2.4%40.0%

Source: FCA, as at 5 August 2020

 

Upgrades
 FWD EPS CHG
NameTIDM1mth3mth1yr
Yellow CakeYCA1027.8%4159.7%5404%
ASOSASC405.6%-51%
Belvoir GroupBLV141.0%35.5%18%
BeazleyBEZ132.4%135.2%-80%
TotallyTLY96.7%96.7%105%
ZOO Digital GroupZOO76.8%76.2%-61%
NextNXT69.6%-3.1%-60%
Atalaya MiningATYM65.3%100.1%-26%
Hochschild MiningHOC65.2%-15.2%-26%
WincantonWIN64.5%-40.4%-40%
Luceco PlcLUCE63.1%165.0%18%
EKF DiagnosticsEKF58.6%111.3%131%
TymanTYMN58.4%-9.4%-27%
LoopUp GroupLOOP57.8%232.6%133%
CVS GroupCVSG57.6%21.4%-14%
RMRM55.0%-76.7%-76%
3i Group PlcIII52.7%--29%
Allergy TherapeuticsAGY50.0%--
NumisNUM45.8%-38%
Hollywood Bowl GroupBOWL44.3%-18.2%-75%
GlencoreGLEN43.7%0.6%-72%
FresnilloFRES41.0%54.2%54%
AntofagastaANTO39.6%113.6%-47%
Panoply HoldingsTPX38.5%38.5%22%
Clipper LogisticsCLG38.0%27.4%12%
Blancco Technology GroupBLTG37.9%20.8%31%
DWF GroupDWF34.6%-19.4%-37%
BarclaysBARC33.7%-35.4%-91%
Wey EducationWEY33.3%33.3%-
HaysHAS33.2%16.9%-60%
RedcentricRCN32.7%32.7%44%
Kainos GroupKNOS30.1%19.9%19%
CentricaCNA29.9%-0.5%-35%
Knight Group HoldingsKGH27.8%15.8%15%
Hargreaves ServicesHSP25.3%25.3%40%
Royal Dutch ShellRDSB25.1%-23.5%-80%
Royal Dutch ShellRDSA24.8%-21.8%-80%
Jarvis SecuritiesJIM24.4%24.4%48%
Keller GroupKLR22.6%14.5%-14%
KingfisherKGF22.4%-0.9%-9%
National Express GroupNEX22.0%-70.2%-81%
IdeagenIDEA19.5%19.5%6%
TI Fluid SystemsTIFS19.3%-59.4%-91%
GVC HoldingsGVC19.2%1.0%-15%
Motorpoint GroupMOTR17.3%17.3%22%
HelicalHLCL16.0%-18.6%-3%
G4SGFS15.9%12.9%-34%
FerrexpoFXPO15.6%28.4%-50%
Nucleus Financial GroupNUC14.8%14.5%-30%
FocusriteTUNE14.7%24.2%49%
Liontrust Asset MgmtLIO14.5%15.4%16%
Just GrpJUST14.2%11.1%19%
IMIIMI13.7%12.5%-9%
B&M European Value RetailBME12.6%52.6%47%
ErgomedERGO12.3%14.6%102%
Connect GroupCNCT12.1%12.4%-5%
Rathbone BrothersRAT11.9%2.3%-21%
Plus500PLUS11.9%-2.3%128%
Ariana ResourcesAAU11.1%11.1%-25%
RenishawRSW10.6%15.7%-62%
AAAA9.8%-10.7%-14%
Impact HealthcareIHR9.2%6.9%-
Impax Asset Management GpIPX9.2%13.1%29%
Renewi PlcRWI9.1%-73.8%-79%
ComputacenterCCC8.2%12.3%18%
M&GMNG8.2%7.4%-
Curtis Banks GroupCBP8.1%1.7%-11%
Draper EspritGROW8.1%85.1%-16%
Phoenix Group HoldingsPHNX8.0%3.1%26%
PersimmonPSN7.7%-3.5%-31%
Gear4music HoldingsG4M7.5%179.3%338%
KAZ MineralsKAZ7.5%21.5%-17%
Breedon GrpBREE7.4%-48.4%-52%
Brewin DolphinBRW7.4%9.8%-6%
Vectura GroupVEC7.3%1.3%24%
CMC MarketsCMCX7.0%14.7%350%
Rentokil InitialRTO6.9%3.6%-13%
SchrodersSDR6.9%12.1%-11%
Morses ClubMCL6.7%-24.0%-19%
XP PowerXPP6.3%11.1%0%
Dunelm GroupDNLM6.2%0.0%-16%
Grafton GroupGFTU6.0%-39.6%-61%
CapitalCAPD5.9%-4.5%-
DiageoDGE5.9%1.1%-18%
Polar CapitalPOLR5.7%1.8%-2%
Just Eat Takeaway.comJET5.7%14.3%-
Mortgage Advice BureauMAB15.6%5.6%-32%
Begbies Traynor GroupBEG5.6%5.7%9%
Standard CharteredSTAN5.2%-25.3%-59%
discoverIE GroupDSCV5.2%-15.2%-22%
AggrekoAGK5.2%-14.0%-46%
Associated British FoodsABF5.2%-4.7%-45%
QuilterQLT5.0%6.9%-38%
Gamma CommunicationsGAMA4.8%5.0%34%
IofinaIOF4.7%-53%
Gateley HoldingsGTLY4.6%0.1%-2%
ApplegreenAPGN4.5%4.5%22%
Sage GroupSGE4.5%-1.8%-11%
Weir GroupWEIR4.5%3.3%-32%
Ninety One PlcN914.4%-8.7%-
AJ BellAJB4.4%9.6%15%
Volution GroupFAN4.0%-3.4%-27%
Jupiter Fund ManagementJUP4.0%10.7%-27%
IdoxIDOX3.9%-3.2%36%
Photo-MePHTM3.9%35.9%-5%
Palace CapitalPCA3.8%3.8%-25%
8888883.8%26.9%0%
RHI MagnesitaRHIM3.6%2.6%-48%
Ultra Electronics HldgsULE3.5%1.2%9%
EVRAZEVR3.5%-5.8%-63%
St James's PlaceSTJ3.5%7.0%18%
McBrideMCB3.5%20.0%-11%
Codemasters Group HoldingsCDM3.4%38.2%26%
SercoSRP3.4%12.4%26%
CRHCRH3.4%0.5%-27%
CLS HoldingsCLI3.4%-5.8%-25%
Premier Miton GroupPMI3.4%6.1%-21%
ChesnaraCSN3.3%6.7%-15%
FutureFUTR3.2%3.6%54%
RecordREC3.1%-25.9%-4%
Euromoney Instl InvestorERM3.1%2.7%-51%
Reckitt Benckiser GroupRB3.0%5.2%-7%
Berkeley Group HoldingsBKG3.0%-1.9%-11%

Source: FactSet, as at 5 August 2020

 

Downgrades
 FWD EPS CHG
NameTIDM1mth3mth1yr
SynconaSYNC-99.8%--100%
HuntingHTG-95.5%-99.7%-100%
Melrose IndustriesMRO-90.4%-93.8%-97%
Arbuthnot Banking GroupARBB-90.2%-94.4%-93%
Gem DiamondsGEMD-87.2%-88.9%-97%
Jadestone EnergyJSE-81.7%--99%
Stagecoach GroupSGC-77.3%-78.3%-82%
ScS GroupSCS-72.0%-20.2%-86%
Halfords GroupHFD-69.7%-66.6%-71%
VictoriaVCP-65.7%-68.2%-73%
MJ GleesonGLE-64.4%-80.0%-87%
JD Sports FashionJD-59.3%-59.3%-57%
Mears GroupMER-57.7%-66.9%-70%
Lloyds Banking GroupLLOY-52.8%-68.8%-91%
Bigblu BroadbandBBB-52.3%-52.3%-48%
IG Design GroupIGR-50.4%-50.4%-53%
Ince GroupINCE-49.1%-46.0%-54%
Forterra PlcFORT-45.8%-78.0%-83%
PageGroupPAGE-45.5%-58.2%-88%
Kenmare ResourcesKMR-45.2%-65.9%-82%
Advanced Medical Sol GrpAMS-43.3%-46.5%-55%
MITIE GroupMTO-42.2%-59.9%-66%
Countryside PropertiesCSP-38.5%-47.3%-57%
Polypipe GroupPLP-36.4%-54.7%-62%
GattacaGATC-36.2%-35.0%-
Frenkel Topping GroupFEN-35.7%-35.7%-31%
AscentialASCL-35.7%-59.2%-85%
Shearwater GroupSWG-34.8%-34.8%-33%
Franchise BrandsFRAN-34.3%-34.3%-4%
TrifastTRI-32.0%-31.6%-51%
Flowtech FluidpowerFLO-30.3%-48.5%-61%
RPS GroupRPS-28.7%-28.4%-57%
Picton Property IncomePCTN-27.7%-19.0%-21%
Taylor WimpeyTW-26.8%-50.4%-64%
Crest NicholsonCRST-26.8%-46.7%-75%
St Modwen PropertiesSMP-26.7%-47.4%-41%
CalisenCLSN-26.0%-10.5%-
InterContinental Hotels GroupIHG-25.8%-59.9%-80%
Alfa Financial SoftwareALFA-25.7%-53.7%-89%
InchcapeINCH-25.3%-63.3%-69%
Intu PropertiesINTU-24.9%-53.3%-81%
Signature AviationSIG-24.4%-47.2%-73%
MarshallsMSLH-23.9%-37.6%-48%
Serica EnergySQZ-23.3%31.3%-77%
Bank of Georgia GroupBGEO-23.3%-28.6%-51%
Serabi GoldSRB-23.0%-21.1%121%
DialightDIA-22.3%-22.3%-80%
PetropavlovskPOG-22.2%196.9%1558%
Smart Metering SystemsSMS-21.9%-24.3%-49%
Robert WaltersRWA-21.9%-21.6%-88%
IG Group HoldingsIGG-21.7%-17.4%23%
Wentworth ResourcesWEN-20.6%-22.7%-59%
Vistry GroupVTY-20.6%-27.3%-38%
RicardoRCDO-20.6%-39.6%-50%
Biffa PlcBIFF-20.2%-84.9%-86%
Mediclinic InternationalMDC-20.0%-53.7%-54%
LancashireLRE-19.7%-30.1%-41%
Midwich GroupMIDW-18.1%-14.4%-19%
Vivo EnergyVVO-17.2%-49.6%-59%
SavillsSVS-17.0%-44.2%-39%
InstemINS-16.3%3.0%-2%
IbstockIBST-15.8%-56.5%-70%
Beeks Financial Cloud GrpBKS-15.4%-15.4%-33%
Tekmar Group PlcTGP-15.0%-14.8%-52%
ElementisELM-14.8%-15.3%-56%
Babcock International GroupBAB-14.5%-32.8%-36%
Burberry GroupBRBY-13.9%-25.8%-45%
AbcamABC-13.4%-16.5%-44%
SimplyBiz GroupSBIZ-12.4%-12.4%-6%
Greencore GroupGNC-12.3%-58.7%-59%
De La RueDLAR-11.8%38.5%-60%
ZotefoamsZTF-11.5%-11.0%-41%
James HalsteadJHD-11.2%-13.7%-15%
Burford CapitalBUR-11.1%-30.6%-45%
Warehouse REITWHR-11.0%-10.9%14%
K3 Capital GroupK3C-10.9%-10.9%30%
HSBC HoldingsHSBA-10.9%-32.1%-67%
Frasers GroupFRAS-10.7%-27.4%-32%
Howden Joinery GroupHWDN-10.7%-45.0%-49%
Moneysupermarket com GrpMONY-10.6%-22.6%-24%
Redde NorthgateREDD-10.5%-12.8%-24%
SSESSE-10.2%-9.9%-17%
Hummingbird ResourcesHUM-9.7%--12%
SThreeSTEM-9.7%-17.5%-60%
Bushveld MineralsBMN-9.6%-18.6%-52%
Capital & Counties PropsCAPC-9.6%-59.8%-65%
Close Brothers GroupCBG-9.3%-32.2%-48%
DS SmithSMDS-9.1%-27.4%-34%
Sylvania PlatinumSLP-8.8%-9.1%66%
Pan African ResourcesPAF-8.8%-4.7%72%
ClarksonCKN-8.7%-8.7%-17%
Network International HoldingsNETW-8.5%-35.3%-53%
Urban&CivicUANC-8.4%58.8%-56%
RedrowRDW-8.4%-30.7%-48%
Legal & General GroupLGEN-8.2%-9.6%-16%
Equiniti GroupEQN-8.2%-13.3%-35%
PelatroPTRO-7.9%--87%
TBC Bank GroupTBCG-7.9%-32.3%-54%
Watches of Switzerland GroupWOSG-7.8%5.3%-29%
Vitec GroupVTC-7.7%-66.6%-87%
MeggittMGGT-7.6%-20.6%-48%
Clinigen GroupCLIN-7.4%-8.3%19%
InformaINF-7.2%-36.9%-63%
GCP Student LivingDIGS-7.0%-15.8%-21%
Keywords StudiosKWS-7.0%-5.7%-21%
STV GroupSTVG-6.8%-37.4%-38%
James Fisher & SonsFSJ-6.6%-12.0%-29%
Pennon GroupPNN-6.5%-35.1%-38%
McKay SecuritiesMCKS-6.5%--26%
Go-Ahead GroupGOG-6.4%-43.0%-63%
VictrexVCT-6.3%-20.5%-29%
Pearson PlcPSON-6.2%-12.9%-49%
National GridNG-6.2%-8.7%-9%
Man GroupEMG-6.0%-14.1%-33%
CapitaCPI-6.0%-24.4%-52%
UDG HealthcareUDG-5.9%-14.1%-18%
AvingtransAVG-5.9%-5.9%19%
GlobalDataDATA-5.9%0.6%21%
Micro Focus InternationalMCRO-5.6%-7.0%-35%
Inspecs GroupSPEC-5.4%-73.8%-
BT GroupBT.A-5.3%-20.5%-25%
BHP GroupBHP-5.2%-2.8%-10%
Craneware PlcCRW-5.2%-7.9%-13%
BodycoteBOY-5.1%-9.0%-47%
United Oil & GasUOG-5.0%--
BellwayBWY-5.0%-10.9%-38%
HalmaHLMA-4.9%-4.9%-8%
RestoreRST-4.8%-17.7%-45%
BATM Advanced CommBVC-4.8%64.4%50%
MJ Hudson GroupMJH-4.8%25.0%-
PetrofacPFC-4.7%-39.2%-67%
GoCo GroupGOCO-4.6%-8.9%-1%
Drax GroupDRX-4.6%-1.6%9%
Airtel AfricaAAF-4.6%-5.9%-
Fevertree DrinksFEVR-4.5%-8.4%-35%
Vodafone GroupVOD-4.4%2.6%-17%
600 GroupSIXH-4.4%-9.8%-78%
MP Evans GroupMPE-4.4%-26.3%10%
Amiad Water SystemsAFS-4.4%--
Water IntelligenceWATR-4.4%0.4%5%
Empyrean EnergyEME-4.4%--
Caledonia MiningCMCL-4.4%43.2%180%
Kape TechnologiesKAPE-4.4%-5.5%91%
Telit CommunicationsTCM-4.4%-4.8%159%
Griffin MiningGFM-4.4%-50.8%-58%
4Imprint GroupFOUR-4.4%-73.4%-88%
BOKUBOKU-4.4%16.2%34%
VolexVLX-4.4%-16.4%-14%
PayPointPAY-4.4%-19.9%-21%
Strix GroupKETL-4.3%-3.1%-4%
Standard Life AberdeenSLA-4.1%-2.0%-31%
AvastAVST-4.1%-4.9%1%
Johnson MattheyJMAT-4.0%-27.0%-39%
NWF GroupNWF-3.8%-3.8%16%
Direct Line Insurance GrpDLG-3.8%-8.5%-17%
Smith & NephewSN-3.7%-24.1%-38%
ITVITV-3.7%-9.6%-36%
NicholsNICL-3.6%-11.5%-36%
RightmoveRMV-3.6%-20.1%-41%
AvivaAV-3.6%-4.3%-25%
AstraZenecaAZN-3.5%-4.2%6%
Barratt DevelopmentsBDEV-3.4%-19.7%-37%
ShaftesburySHB-3.4%-33.1%-48%
ConvaTec GroupCTEC-3.3%-4.4%-20%
Coats GroupCOA-3.2%-38.9%-73%
Dixons CarphoneDC-3.2%-17.2%-38%
Intermediate Capital GrpICP-3.1%-18.3%-27%
YouGovYOU-3.1%1.1%19%

Source: FactSet, as at 5 August 2020

 

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

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