Robotaxi Companies That Can Navigate Capital Markets, Local Policy Would Be Winners — Market Talk

Investing.com -- Mony Group Plc (LON:MONY) on Wednesday said management expectations for the full year remain unchanged after reporting growth in revenue and adjusted EBITDA through Nov. 30, supported by a stronger second half.

The company said improved performance in the second half compared with the same period in 2024 was helped by better trends in Money and modest improvements in Insurance.

The London-listed price comparison and financial services group said revenue and adjusted EBITDA growth came despite pressure from inflation, insurance costs and pay-per-click costs. The company said the trend underlined its ability to deliver returns through a diversified model.

Mony said growth in the Money segment was driven by borrowing, supported by strong credit card demand and an increase in attractive current account switching offers. 

In Insurance, performance was supported by the diversity of the offering and a gradual easing of the market.

In Home Services, growth was primarily driven by Energy, with MoneySavingExpert running its first collective switch since the collapse of the energy market in 2021, completed in October. 

The company said the collective switch offered lower prices than standard market rates. The Cashback segment remained affected by economic conditions and uncertainty in U.K. consumer finances, while the Travel business faced competitive pressure in package holidays and softer demand for car hire.

The group said its two-sided marketplace strategy continued to deliver results, with SuperSaveClub membership reaching two million members and contributing to revenue growth. 

The statement said provider propositions, including Market Boost, Tenancy and B2B partnerships, were also contributing to growth. 

It said the combination of brands, data and technology supported competitive advantage and would enable opportunities as artificial intelligence adoption accelerates.

Mony completed a £30 million share buyback on Dec. 2 in line with its capital allocation policy. The group also reduced its holding in Ice Travel Group to 49% from 67% as of Dec. 1, a move it described as intended to reduce operational complexity while retaining influence.

The statement said Ice Travel Group would benefit from greater operational independence while continuing to receive support. 

From fiscal 2026, Ice Travel Group will be treated as an associate rather than a consolidated unit, and revenue and EBITDA from the unit will be removed from forecasts and instead reflected as income from profit.

Dividend receipts will be modelled separately and full-year 2025 results will include 11 months of Ice Travel Group consolidation.

Market expectations for adjusted EBITDA for 2025 are £123 million, according to analyst consensus referenced in the statement.

In the statement, Chief executive Peter Duffy said, “2025 has been a tough trading year so we are pleased with the Group’s performance.” 

He flagged brand relevance and what he called the resilience of the model, adding that SuperSaveClub “has now reached a milestone two million members.”

Investing.com -- Europe, the Middle East and Africa (EMEA) mining and steel companies head into 2026 with a clearer runway for outperformance as supply deficits, policy support and a renewed focus on strategic repositioning begin to reshape the sector, according to JPMorgan’s latest outlook.

Mining shares remain sharply discounted relative to the broader market, lagging MSCI Europe by about 45% since early 2023 despite entering a phase of meaningful forecast upgrades, the bank said in a Wednesday note.

Analysts highlight that copper and gold remain the highest-conviction themes for next year. They forecast “new highs for base metals and gold in 2026,” supported by resilient global growth, tighter supply and demand from electrification, data centers and grid investment.

Copper is projected to exceed $12,000 per tonne, driven by roughly 800,000 tonnes of supply disruptions and a deficit expected to widen through the decade. Gold is seen above $5,000 an ounce, underpinned by central-bank buying and diversification flows.

Strategic change remains a defining feature. Major producers are under pressure to simplify portfolios, unlock hidden copper value and prepare for activist scrutiny. JPMorgan cites valuation gaps between diversified miners’ break-up values and current share prices, with Rio Tinto trading at a roughly 25% discount to its sum-of-the-parts estimate.

Analysts expect the group’s new leadership to prioritise value creation in 2026.

The upcoming Anglo-Teck combination is set to create the world’s third-largest listed copper pure play by 2027, which analysts view as an “exceptional” long-term investment case.

Glencore, meanwhile, is placed on Negative Catalyst Watch ahead of its December capital markets day, with analysts warning of downside risks to 2026–27 production guidance and the possibility of higher capital spending under a shift toward greenfield copper projects.

Copper-focused names lead the bank’s preferred list. Antofagasta remains its top EMEA pick, backed by about 30% organic copper growth to 2029 and returns on capital forecast above 30% by 2028.

First Quantum is also rated Overweight, with JPMorgan arguing the stock reflects only half of its estimated value for Cobre Panama even as the government prepares an update on the mine in early 2026.

The bank is similarly constructive on gold miners. AngloGold and Fresnillo are both placed on Positive Catalyst Watch ahead of their fourth-quarter updates. Analysts project around 50% upside to fair values across the EMEA gold coverage, helped by strong cash generation and potential buyback announcements.

"JPM is structurally bullish gold and Fresnillo (OW) remains our top pick in U.K./EU gold, U.S.-listed AngloGold (OW) is top pick for investors with global reach," the note says. 

In steel, JPMorgan expects a “powerful earnings recovery” as the European Commission’s 40% cut to steel imports and the activation of CBAM reshape market conditions from the second quarter.

Restocking should begin earlier in the year, with steel prices forecast to rise 10–15% by late 2026. The bank prefers carbon-steel names with leverage to the rebound, including Voestalpine, ArcelorMittal and SSAB.

Analysts also downgraded Salzgitter to Underweight, pointing to around 20% downside to its price target, earnings running below consensus and a potential overhang following a major shareholder’s intention to exit.

Investing.com -- Spire Healthcare Group plc (LSE:SPI) announced Wednesday that its full-year adjusted EBITDA for 2025 is expected to be around the bottom end of its guidance range of £270 million to £285 million, despite positive trading in recent months.

The UK-based independent healthcare provider reported 3.6% year-over-year revenue growth for the four-month period from July to October 2025, following 4.9% growth in the first half of the year.

The company’s transformation program is on track to deliver £30 million in new savings during the year, including an additional £10 million identified earlier in 2025 to offset half the costs from increases in National Insurance and National Minimum Wage.

Spire noted that while self-pay trends have continued to improve and private medical insurance (PMI) trends remain broadly unchanged since the first half, these positive factors have not been sufficient to counter a recent slowdown in NHS commissioning activity due to Integrated Care Board budgetary restrictions.

Looking ahead to fiscal year 2026, Spire expects adjusted EBITDA to be "broadly in line or slightly ahead of 2025," citing continued improvement in self-pay and PMI trends as its Patient Support Centres reach operational maturity. The company plans to deliver a further £30 million in new savings next year.

Spire also announced an 18-month extension to its existing banking facilities of £425 million, which now mature in August 2028. The facility comprises a £325 million term loan and a £100 million revolving credit facility.

The company confirmed it is evaluating actions to drive shareholder value, including discussions with various parties about potential options such as a company sale, value generation from its hospital property estate, and increased focus on private payors.

Spire entered an "offer period" under the Takeover Code following its September 19 announcement, but noted there is no certainty that any offer will be made.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- NextEnergy Solar Fund Limited (LON:NESF) on Wednesday reported a 3.2% decline in its net asset value (NAV) for the first half of its fiscal year, primarily due to lower power price assumptions.

The company’s NAV stood at 88.8p per share as of September 30, representing a 2.9p per share decrease from the previous period. The main factors driving this decline were lower power price assumptions resulting from falling gas prices, which reduced NAV by 2.2p per share, and the quarterly dividend payment that decreased NAV by 2.5p per share.

These negative impacts were partially offset by a new, lower asset management fee that added 1.3p per share.

Despite the NAV decline, portfolio generation exceeded budget by 7.6%, driven by solar irradiation levels that were approximately 13% higher than expected.

The company’s gearing level increased to 49.2% of gross asset value (GAV), up from 48.4% in March 2025. This rise was primarily due to declining asset valuations. NextEnergy’s £205 million revolving credit facility currently has approximately £151.9 million drawn, compared to £144.9 million in March 2025.

With gearing approaching the company’s investment limit of 50% of GAV, and its preference shares’ debt to enterprise value ratio already exceeding limits at 54.8%, NextEnergy faces constraints on additional borrowing and share buybacks.

The company’s buyback program is currently paused after completing about 58% (£11.5 million) of planned repurchases.

NextEnergy is conducting a strategic review that may expand its disposal program beyond the currently targeted 100MW to include more marketable subsidy-backed assets. Further details on this initiative are expected in 2026.

The company has maintained its dividend guidance for fiscal year 2026, with expected coverage of 1.1-1.3 times. With more than 70% of annual generation already delivered in the first half, which exceeded budget by 7.6%, the company has strong visibility on cash flows.

Looking ahead, NextEnergy’s revenue appears well hedged against moderating power prices, with approximately 73% of fiscal year 2027 revenue already contracted, and about 64% contracted for fiscal year 2028.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- Big Yellow Group (LON:BYG) expects its annual business rates bill to increase by £1.8 million following the UK’s recent commercial property revaluation announced in the Budget.

The self-storage company projects its rates bill will reach £22.9 million for the year ending March 31, 2027, representing an 8.5% increase from current levels for stores open as of March 31, 2025.

This increase amounts to approximately 0.9% of the group’s last reported full-year revenue, before accounting for any potential reductions from successful appeals against the new rateable values.

The company faces additional pressure from a new high-value multiplier that will apply to properties with rateable values exceeding £500,000, affecting 27 of Big Yellow’s stores.

Big Yellow has previously demonstrated success in challenging business rates assessments. Since the 2017 listing, the company has secured reductions in rateable values for 35 properties, representing 30% of its listings from 51 concluded appeals. These successful challenges generated approximately £5 million in rates rebates over the six-year listing period through 2023, cutting about 6% from the company’s total rates bill.

Currently, Big Yellow has 63 outstanding appeals - four from the 2017 listing and 59 from the 2023 listing. The company is reviewing the new 2026 listing to determine which stores to prioritize for appeals in the initial phase.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- Jefferies in a note dated Wednesday downgraded UK building materials distributor Travis Perkins (LON:TPK) to “underperform” from “hold,” setting a price target of 535 pence that implies 16% downside from the current 634 pence share price.

The downgrade reflects concerns that the company’s elevated 18.6 times 2026 estimated price-to-earnings ratio already prices in turnaround hopes under a new chief executive joining in early 2026, while the core Merchanting division’s profit margin may struggle to return to historical levels of 7-8% over the next three to five years.

The Merchanting division, representing approximately 81% of group sales and 77% of adjusted EBITA excluding property profits, currently operates at roughly half its 2019 margin levels. 

To reach normalized 7-8% margins within three years would require either 9-11% annual volume growth with no price inflation, or 3.6-4% price inflation annually without volume progression, as per Jefferies’ calculations.

Even extending the recovery timeframe to five years would demand 6.5-7.6% annual volume growth alone, or 3.1-3.3% price inflation per year, the analysts note. 

These targets appear aggressive compared to 2018-19 performance, when Merchanting achieved volume growth of just 0.1% and 1.7% respectively, with price growth of 3.5% and 1.6%.

Travis Perkins remains effectively a "UK pure play" with approximately 98% domestic exposure, concentrated in residential repair, maintenance and improvement activity at approximately 35% of sales. 

This represents the only UK end-market where Jefferies reduced volume forecasts, cutting 50 basis points per year for 2026-27 to 0.5% and 1% growth respectively.

The company has limited exposure, less than 20% of group sales, to residential new build, which Jefferies expects to show the strongest UK construction growth with mid-single digit annual increases. 

This profile drives forecasted sales growth of 3.1% compound annual growth rate for 2025-27, toward the lower end of UK construction stocks, according to the analysis.

Jefferies forecasts 2025 revenue of £4.60 billion with adjusted EBITA of £131 million representing a 2.8% margin and earnings per share of 26.8 pence. 

For 2026, the brokerage projects revenue of £4,690 million, adjusted EBITA of £153 million for a 3.3% margin, and earnings per share of 34.2 pence.

These estimates sit 5.1% below consensus for 2025 adjusted EBITA excluding property profits, widening to 7.8% below for 2026, 10.3% for 2027, and 11.2% for 2028. 

The company’s net debt to EBITDA ratio is projected at 1.8 times for 2025 and 1.3 times for 2026 on a post-IFRS 16 basis.

Gavin Slark joins as chief executive in January 2026 with significant industry experience, but Jefferies sees limited quick-fix levers available for margin improvement.