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FTSE 250 movers: Tritax falls, Jupiter Fund Management gains on BNP rating

15:49, 12th February 2024

(Sharecast News) - FTSE 250 (MCX) 19,176.68 0.60%, Tritax Big Box said it had agreed terms on a possible bid for UK Commercial Property REIT in an all-share deal worth £924m.

The company on Monday said it had offered 0.444 new Tritax shares for every UKCP share, leaving it with 76.7% of the merged group and UKCM shareholders with the remainder.

It also represents a 10.8% premium to UKCP's closing share price of 64.2 pence per share on February 9.

Tritax said the boards of both companies believe the potential offer would "bring together complementary logistics-oriented investment portfolios with a shared focus on resilient and growing income".

Phoenix Life and Investec Wealth & Investment UK - which hold 56.5% of UKCP - have indicated they will accept the offer on current terms, it added.

Jupiter Fund Management gained after BNP Paribas Exane lifted the stock to 'neutral' from 'underperform'.

JPMorgan Cazenove nudged down its price target on Ashmore on Monday and reiterated its 'underweight' rating as it argued that the re-rating has gone too far.

The bank, which trimmed its price target to 184p from 185p, noted that Ashmore's shares have rebounded by around 8% in the past month, driven by better market performance and a slower pace of net outflows in Q4 23.

It said that even though fiscal H1 24 results beat what seemed to it like a "stale" consensus, the H1 24 adjusted EBITDA was 10% below its expectations. As a result, the bank cut its adjusted earnings per share estimates by around 9% on average for FY24-27E.

JPM said that even though it forecasts a gradual net flow recovery, it does not expect a return to double digit $bn net inflows.

"At 18.9x 2025E price-to-earnings (or 12.7x excluding excess capital) Ashmore is the most expensive stock within our traditional asset managers coverage," it said.

"We believe the circa 25% multiple rerating since October 2023 has gone too far, and reiterate our underweight recommendation."

Market Movers

FTSE 250 - Risers

Jupiter Fund Management (JUP) 85.55p 7.75%
TUI AG Reg Shs (DI) (TUI) 579.00p 5.56%
Watches of Switzerland Group (WOSG) 414.20p 5.18%
UK Commercial Property Reit Limited (UKCM) 67.50p 5.14%
Future (FUTR) 735.50p 4.18%
Wizz Air Holdings (WIZZ) 2,113.00p 3.12%
Direct Line Insurance Group (DLG) 166.65p 3.06%
Tritax Eurobox (GBP) (EBOX) 49.95p 2.99%
SDCL Energy Efficiency Income Trust (SEIT) 56.50p 2.91%
Crest Nicholson Holdings (CRST) 224.80p 2.74%

FTSE 250 - Fallers

Tritax Big Box Reit (BBOX) 155.00p -3.25%
Ashmore Group (ASHM) 223.20p -2.79%
Diversified Energy Company (DEC) 900.00p -2.12%
Baltic Classifieds Group (BCG) 229.50p -1.92%
Me Group International (MEGP) 134.00p -1.90%
BBGI Global Infrastructure S.A. NPV (DI) (BBGI) 121.60p -1.62%
NextEnergy Solar Fund Limited Red (NESF) 76.80p -1.54%
Octopus Renewables Infrastructure Trust (ORIT) 78.00p -1.27%
BH Macro Ltd. GBP Shares (BHMG) 352.50p -1.26%
NB Private Equity Partners Ltd. (NBPE) 1,576.00p -1.25%

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