Investors' Chronicle

It’s another week and another break-up of a FTSE 100 business. This time it’s the turn of Associated British Foods, which has announced plans to spin off Primark into a separate entity. Erin Withey discusses the demerger and explains why management of both businesses will also have their hands full dealing with a range of issues arising from the Iran War and elsewhere.

After that, we delve into investment ideas in robotics, our Big Read of the week. The word robot has been around for a century, and the tech has been present in factories for over 60 years, but could the current age herald a step change in uses of the technology, and more widespread adoption than ever before? Mark Robinson reports.

To finish, we consider US equity funds. With the Magnificent Seven – or certain members of the group – struggling this year, is it time to look at a different set of active managers to gain exposure to US shares? Val Cipriani outlines some potential options.

Timestamps

00:00 Intro
01:12 Primark spin-off
12:14 Robotics
27:33 US equity funds

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Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.
Hosted on Acast. See acast.com/privacy for more information.

Primary Health Properties (PHP) is one of the UK market’s best-known income stocks.

With a record of 30 consecutive annual dividend increases and the strongest tenant base in the real estate sector, it has long been a favourite of investors looking for a secure, growing yield.

Since chief executive Mark Davies took over from founder and chair Harry Hyman in 2024, the story has been more dramatic. Last year, in a high-profile contest, Davies saw off KKR in its bid for Assura and combined with its major listed peer to form a Reit with £6bn of assets.

We discuss the logic of the deal, the landlord’s relationship with the NHS, debt, politics, why John believes PHP is a “no brainer” investment and the appropriate yield he, Davies and Hyman believe the stock warrants.

Let us know your thoughts, or if you have any questions or any suggestions for future guests, by emailing [email protected]
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Timestamps:
00:00 Intro
02:42 What is PHP?
05:29 Becoming a growth stock
08:20 Being a REIT
14:49 Maintaining dividend growth
18:60 How new opportunities arise
22:37 How lease negotiation works
26:33 Assura acquisition
34:54 Move to unsecured loans
37:15 The challenge of the political landscape
40:41 Potential for a buyout
45:23 Goodwins update
49:55 Small cap stock update

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.
Hosted on Acast. See acast.com/privacy for more information.

In this week’s episode we delve into FTSE 100 testing and assurance company Intertek (ITRK), which has had an action-packed few days: board changes, a strategic review, and a rejected bid offer from a private equity investor. Valeria Martinez explains everything you need to know.

Then we look to renewable energy investment trusts, which have enjoyed increased interest over the past month amid the US/Iran war and resultant rise in power prices. Holly McKechnie tells us which trusts stand to benefit the most, and we consider whether greater urgency over the energy transition means better times ahead.

Finally, we discuss microfinance lender ASA International (ASAI.L), which has been on a tear over the past year. Julian Hofmann reports on what’s been driving the business forward and whether it can continue.

Read more here:
Intertek rejects EQT takeover approach
The complete guide to buying investment trusts
ASA International’s microfinance push pays off

Timestamps
00:00 Intro
01:01 Intertek
9:45 Renewables trusts
19:19 ASA

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.
Hosted on Acast. See acast.com/privacy for more information.

In this week’s show we discuss the temporary ceasefire in the Middle East – if it is really appropriate to call it that – and consider whether the announcement has done anything to lighten a global economic outlook that has looked increasingly gloomy for the past few weeks.

Investors have certainly priced in a fair amount of relief. We discuss if they are right to do so, and what happens next. Julian Hofmann has the details.

Our big read this week, meanwhile, is about a continent that could be particularly affected by the energy shock – Africa – albeit, as Chris Akers explains, it’s far from a monolithic bloc and there’s the potential for both winners and losers. Chris tells us about the UK companies that have set up in Africa and why the investment opportunities take in everything from resources to telecoms.

To finish, we delve into specialist engineer Senior, which feeds into many of the hot sectors of the moment, but it’s had a topsy turvy time of it in recent months. That has now culminated in a takeover approach – Mark Robinson discusses whether that represents good value for holders and whether a rival approach could emerge.

Read more here
Ceasefire updates, Shell & Close Brothers: Markets live
How investors can make the most of the Africa opportunity
Senior backs £1.3bn private equity buyout

Timestamps:
00:00 Intro
01:15 US/Iran ceasefire
12:46 Africa
26:20 Senior

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube or by clicking here

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.
Hosted on Acast. See acast.com/privacy for more information.

We begin the show with consumer goods giant Unilever (ULVR) – soon to be somewhat smaller, given the $45bn spin-off of its foods business to US spice and sauce maker McCormick (MKC). The reaction to the news, though, has been distinctly underwhelming. Erin Withey examines what it means for Unilever’s future.

Then we turn to Berkeley (BKG), the housebuilder, which, this week, published an unscheduled negative update, less than three weeks after it told investors everything was fine. Hugh Moorhead explores what the company’s retrenchment says about the UK’s wider housebuilding goals.

Lastly, we discuss what is perhaps the UK’s very own meme stock – microcomputer maker Raspberry Pi (RPI). Its shares rose almost 50 per cent in one day following its full-year results. Arthur Sants explains how the company ended up part of the AI boom and whether there’s a decent business underneath it all.

Read more here:
Why the market is turning against Unilever’s $45bn food deal
Raspberry Pi ups sales volumes but margins tighten

Episode timestamps:
00:00 Intro
01:21 Unilever
09:54 Berkeley Group
18:30 Raspberry Pi

Listen to more podcasts from Investors’ Chronicle Apple, Spotify and YouTube or by clicking here

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.
Hosted on Acast. See acast.com/privacy for more information.