UK&I Daily Focus: Thursday, 14th May 2026

研报英文原文证据摘录

UK&I Daily Focus: Thursday, 14th May 2026

Deutsche Bank

Research

Europe Strategy Date

14 May 2026

UK&I Daily Focus Periodical

Thursday, 14th May 2026

Jonathan Jayarajan

LEADING STORIES Research Analyst

GRAINGER PLC (GRI.L) - Strong operational performance continues +44-20-754-76037

Chris Millington: Tgt 336p to 238p. Last Close 155.20p, Buy. Grainger's update Andy Chu, FCA

shows the inherent resilience and compounding nature of its business model. Research Analyst

Whilst outward yield shift has impacted NTA 3% in H1, EPRA earnings are expected +44-20-754-11360

to grow 12% in FY26. Furthermore, with rental growth inherently linked to wage

growth/inflation, alongside Grainger's de-risked development pipeline, we think

the group offers very attractive risk adjusted returns/growth. To reflect the de-rating

of the wider real estate sector and the general higher cost of capital, we rebase our

target price to 238p (336p previously), reflecting a 10% cost of capital versus

Grainger's target TAR of 8% - equating to 0.8x P/NTA. We do not see this as

demanding given the above, and it still leaves >50% upside versus the current share

price, and we therefore reiterate our Buy rating.

Figure 1: Table of Contents

VICTREX PLC (VCTX.L) - Risk & opportunity?

Leading Stories Page 01

Kevin Fogarty: Tgt 780p to 600p. Last Close 585p, Hold. The FY26 dividend yield Sector Update Page 04

of 10.2% is the key investor attraction. However, our forecasts imply Victrex is on Source : Deutsche Bank

track for its 4th consecutive year of earnings contraction in FY26. Self-help

initiatives have only just started, and could have implications for capital allocation,

presenting risks to an investment case centred on income attraction, in our view. H1 Figure 2: Target Price Changes