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selfside

@selfside_uk

Independent research and analysis on UK-listed equities. Not investment advice.

 London, England
selfside.co.uk
Joined May 2026
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Every trading morning before the open, the Selfside Premarket Bulletin reads the day's UK results and trading updates against the original filings, past results, guidance and consensus. Each story has tables, historical charts and sources. Sign up: selfside.co.uk/subscribe?lis…
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Seplat Petroleum Development Company PLC $SEPL.L's unaudited Q3 results showed full-year production guidance narrowed to 145-155 kboepd, though unit-cost guidance rose to $15.5-$16.5/boe and offshore delays persisted. Free cash flow still fell 9.8% year on year. #SEPL
Table: Production, prices and financial results for the nine months to September 2026 versus 2025; changes are Selfside calculations.

ALT Table: Production, prices and financial results for the nine months to September 2026 versus 2025; changes are Selfside calculations.

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St. James's Place plc $STJ.L's trading update showed Q3 net inflows fell 67.6% to £570m from £1,760m, even as funds under management hit a record £242.4bn. Gross inflows fell 9.6% and outflows rose 16.2%; annualised net inflows were 2.0% of opening funds, against 3.9%. #STJ
Table: Closing funds and Q3 2026 wrapper flows, with Q3 2025 net-flow changes; shares and changes are Selfside calculations.

ALT Table: Closing funds and Q3 2026 wrapper flows, with Q3 2025 net-flow changes; shares and changes are Selfside calculations.

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IMI PLC $IMI.L's trading update lifted full-year adjusted EPS guidance by 1p to 137p-143p, but the increase principally reflects the Truflo Marine disposal moving into Q4 rather than a core acceleration. The offset: Process Automation Q3 orders rose 19% ex-Truflo. #IMI
Table: Operating-unit shares of 2025 sales, organic growth in Q3 and year-to-date 2026, and company-reported order indicators.

ALT Table: Operating-unit shares of 2025 sales, organic growth in Q3 and year-to-date 2026, and company-reported order indicators.

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Haleon PLC $HLN.L's trading update cut FY organic revenue growth guidance to around 2.5%, implying revenue 0.8% below the pre-announcement consensus, while adjusted operating profit guidance and a £500m buyback stand. Margins and savings carry more of the earnings burden. #HLN
Table: Haleon Q3 2026 regional revenue and growth components, with portfolio shares calculated by Selfside.

ALT Table: Haleon Q3 2026 regional revenue and growth components, with portfolio shares calculated by Selfside.

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Lloyds Banking Group $LLOY.L's third-quarter interim management statement put nine-month net interest income at £11,084m, with management saying market conditions imply a full-year result modestly above its more than £14.9bn guidance; return on tangible equity ran at 17.9%. #LLOY
Table: Underlying results and banking measures for the nine months to September 2026 versus 2025; selected changes are Selfside calculations.

ALT Table: Underlying results and banking measures for the nine months to September 2026 versus 2025; selected changes are Selfside calculations.

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Shell plc $SHEL.L's third-quarter results put adjusted earnings at $10,814m, up 9.9% from Q2 and led by refining, where indicative margins rose to $42/bbl from $24/bbl. Operating cash flow of $21,043m supported another $5bn buyback, ahead of an expected $6.4bn pension loss. #SHEL
Table: Q3 2026 segment adjusted earnings and Selfside calculations of each division's share of group adjusted earnings.

ALT Table: Q3 2026 segment adjusted earnings and Selfside calculations of each division's share of group adjusted earnings.

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Premarket Bulletin, 29 October 2026 Today's stories: #SHEL #LLOY #HLN #IMI #STJ #SEPL selfside.co.uk/daily/2026-10…
Premarket Bulletin, 29 October 2026: SHEL, LLOY, HLN, IMI, STJ, SEPL — Selfside

Premarket Bulletin, 29 October 2026: SHEL, LLOY, HLN, IMI, STJ, SEPL — Selfside

Results and trading statements from the 29 October 2026 RNS tape: Shell plc (SHEL), Shell plc publishes third quarter 2026 press ...; Lloyds Banking Group PLC (LLOY), EQS-News: 2026 Q3 Interim...

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S4 Capital $SFOR.L held its £85m FY2026 earnings expectation in October while cutting its revenue outlook. The shares still fell 19.3% on the day. The market is pricing doubt about how long those earnings last. 🧵 #SFOR selfside.co.uk/r/SFOR_LSE_28…

S4 Capital PLC (SFOR) share analysis — Selfside Research

S4 Capital held its £85m FY2026 earnings expectation in October while cutting its revenue outlook. The shares still fell 19.3% on the day. The market is pricing doubt about how long those earnings...

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That legacy prices cheap. At 0.51x enterprise value to revenue, S4 sits below every UK peer: M&C Saatchi 0.52x, Next 15 0.67x, WPP 0.68x. Yet Next 15's Transform arm grew 26.8% organically while S4's Technology Services fell 17.6%, so the discount is not obviously unearned.
Bar chart comparing EV/Revenue multiples: S4 Capital 0.51x, M&C Saatchi 0.52x, Next 15 0.67x, WPP 0.68x, Brave Bison 1.19x.

ALT Bar chart comparing EV/Revenue multiples: S4 Capital 0.51x, M&C Saatchi 0.52x, Next 15 0.67x, WPP 0.68x, Brave Bison 1.19x.

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Selfside's view: risk-reward at 43.2p is balanced. The debt repair is real, but the low multiple compensates for an operating question the next results must answer. For information purposes only. Not investment advice. Independent research published by Selfside.
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After today’s Budget, the bank surcharge goes to 6% from January: bank by bank, what it could mean for your dividend, your buyback and the P/E you are paying. #NWG #LLOY #HSBA #BARC
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After today’s Budget, the bank surcharge goes to 6% from January: bank by bank, what it could mean for your dividend, your buyback and the P/E you are paying. #NWG #LLOY #HSBA #BARC
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Elementis PLC $ELM.L's third-quarter trading update lifted full-year adjusted operating-profit guidance to $133m-$135m. Nine-month revenue rose 7% organically, but orders brought forward temper the upgrade, with an implied second-half profit decline of 15.6% to 18.3%. #ELM
Elementis statutory operating margin trajectory, 2016 to 2025, based on Selfside income statement data as of 28 Oct 2026.

ALT Elementis statutory operating margin trajectory, 2016 to 2025, based on Selfside income statement data as of 28 Oct 2026.

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Intertek Group $ITRK.L's trading update showed like-for-like growth accelerating to 6.4% from 4.9% in the first half. Trading supports the reiterated outlook, but the agreed cash acquisition fixes the consideration, leaving the prior share close 80p below the offer. #ITRK
Table: Divisional revenue and like-for-like growth for the third quarter and nine months to September 2026, with company full-year outlooks.

ALT Table: Divisional revenue and like-for-like growth for the third quarter and nine months to September 2026, with company full-year outlooks.

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Standard Chartered $STAN.L's third-quarter results lifted full-year return on tangible equity guidance to around 14%, from more than 12% previously. Operating income of $5,781m rose 14% at constant currency, with $20bn of net new money added by affluent clients. #STAN
Table: Client-segment operating income and pre-tax profit in the third quarter of 2026, with company-reported year-on-year profit changes.

ALT Table: Client-segment operating income and pre-tax profit in the third quarter of 2026, with company-reported year-on-year profit changes.

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