Daily Stock Market Report (Wed 12 Mar 2025) - FOUR

Good morning! Here's the agenda for today's report.

Companies Reporting
Name (Mkt Cap)RNSSummaryOur view (Author) Legal amp; General (LON:LGEN) (£14.4bn)Full Year ResultsCore op profit +6% (£1.6bn). Op ROE 34.8% (LY: 26.6%). Strong momentum. £500m buyback.Balfour Beatty (LON:BBY) (£2.2bn)Full Year ResultsUnderlying operating profit +7% (£252m). Divi increase and £125m buyback. Positive outlook.Hill amp; Smith (LON:HILS) (£1.39bn)Full Year ResultsProfit ahead of exps. Revenue +5% (constant FX). ROIC up to 24.8%. Outlook: well positioned.4imprint (LON:FOUR) (£1.35bn)Final ResultsPW. Orders slightly down in 2025, challenging environment. Brokers cut 2025 forecasts, e.g. PBT -6%.BLACK (AMBER/GREEN) (Graham)I’m downgrading our stance on this by just one notch, despite this profit warning. 4imprint might still be considered a company of the highest quality and its earnings multiple is now modest at around 13x. So despite the profit warning, I think there are some reasons for cautious optimism from the current level.Hochschild Mining (LON:HOC) (£987m)Preliminary ResultsRev +37%. Adj. PBT $199m. Restores dividend. New dividend policy: 20-30% of FCF. Forterra (LON:FORT) (£339m)Full Year ResultsRevenue flat. H2 weighting. Adj. PBT -29% (£22m). Net...