15th Jul 2026. 9.02am
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Regency View:
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There are weeks where company news is dominated by earnings upgrades, and others where strategic decisions reshape the investment case for years to come. The past fortnight has delivered a healthy mix of both. Computacenter and Playtech demonstrated that strong operational execution continues to be rewarded, IntegraFin quietly extended its impressive growth story, while ITV took a bold step towards unlocking shareholder value. Meanwhile, easyJet’s takeover battle continues to intensify, with bidders now placing a substantial premium on assets the market had previously overlooked.
Computacenter’s AI Momentum Accelerates
Computacenter enjoyed one of the strongest share price performances across the FTSE portfolio after upgrading profit expectations following an excellent second quarter. Management now expects first-half adjusted profit before tax to be approximately double last year’s relatively weak comparative, with full-year results expected to come in comfortably ahead of market expectations.
Growth continues to be driven by several areas simultaneously. North America delivered exceptional demand from hyperscale customers across both Technology Sourcing and Professional Services, while the UK also benefited from strong technology spending, including further AI-related projects. Germany remained more mixed, with solid product demand offset by softer Professional Services activity.
Perhaps most encouragingly, the group’s committed order backlog finished the half well ahead of the year-end position, providing increased revenue visibility heading into the second half. With AI infrastructure investment continuing across many large enterprise customers, Computacenter appears well positioned to benefit from another structural technology spending cycle.
What we are watching next: Order backlog conversion and continued AI-related project demand.
Themes: Trading Update | AI Infrastructure | Earnings Upgrade
CCC Daily Candle Chart
easyJet’s Takeover Battle Takes Another Turn
The battle for easyJet has intensified, with Apollo Global Management emerging as the leading bidder after reportedly increasing its indicative offer to around 750p per share, overtaking Castlelake’s previous proposal. The bidding war highlights just how valuable easyJet’s strategic assets have become despite the operational challenges facing the wider airline sector.
Only weeks ago, management described initial takeover interest as opportunistic, arguing that geopolitical tensions and elevated fuel prices had temporarily depressed the share price. Since then, competing bidders have continued to increase their offers, suggesting sophisticated investors see considerably more long-term value than the market had previously recognised.
Significant hurdles remain before any transaction completes. European airline ownership rules require careful structuring, regulatory approvals will be extensive and both bidders face strict deadlines under the UK Takeover Code. Nevertheless, the competitive tension continues to support the shares while reinforcing the underlying value of easyJet’s airport slots, network and holiday business.
What we are watching next: Whether either bidder submits a formal offer before the Takeover Panel deadlines.
Themes: Takeover Battle | Airlines | Corporate Activity
EZJ Daily Candle Chart
Quietly Extending An Impressive Growth Run
IntegraFin continued to demonstrate why it remains one of the most consistent compounders in the UK financial sector. Funds under direction reached a record £85.5 billion during the third quarter, up 23% year-on-year as strong market performance combined with another quarter of robust client inflows.
Net inflows exceeded £1 billion for the sixth consecutive quarter despite ongoing macroeconomic uncertainty, while average daily funds under direction reached another record high. Management also highlighted growing demand for inheritance tax planning solutions ahead of planned pension tax changes in 2027, with new products helping advisers manage increasing client demand.
Importantly, the company reiterated its cost guidance, leaving the business well positioned to benefit from further operational leverage as assets continue to grow. The combination of recurring revenues, disciplined cost control and consistently strong adviser inflows continues to support a highly attractive long-term earnings profile.
What we are watching next: Adviser inflows and margin expansion as operational efficiencies continue to build.
Themes: Trading Update | Investment Platform | Funds Under Direction
IHP Daily Candle Chart
ITV Finally Unlocks The Sum Of Its Parts
ITV’s agreement to sell its Media & Entertainment division to Sky in a deal worth up to £1.6 billion represents one of the most significant strategic developments in the company’s recent history. More importantly, it addresses an issue investors have debated for years: whether ITV’s broadcasting business has been masking the value of ITV Studios.
The transaction leaves ITV Studios as a standalone listed content producer while returning approximately £950 million of cash proceeds to shareholders. The production business also benefits from a long-term supply agreement under which the combined Sky-ITV broadcasting operation will spend at least £2.1 billion on content between 2028 and 2032, providing meaningful revenue visibility.
The deal still faces regulatory scrutiny and completion is not expected until 2027. However, if approved, investors may finally be able to value ITV Studios as a pure-play international content business rather than as part of a mature broadcaster, potentially removing the long-standing conglomerate discount that has weighed on the shares.
What we are watching next: Competition approval and details surrounding the ITV Studios separation.
Themes: Corporate Restructuring | Media | Shareholder Value
ITV Daily Candle Chart
Playtech’s Americas Strategy Pays Off
Playtech upgraded full-year expectations after reporting an excellent first half, with adjusted EBITDA expected to exceed €155 million, significantly ahead of market forecasts. The standout performer continues to be the Americas, where strong momentum across the US, Mexico and Colombia has accelerated throughout the year.
Much of the recent strength has come from Playtech’s partnership with Hard Rock Digital, where the company’s innovative Past Motor Racing product has delivered exceptionally strong revenues after securing an important first-mover advantage. Management expects this contribution to normalise during the second half, although at a more sustainable level going forward.
Beyond the near-term strength, Playtech continues investing heavily into future growth opportunities, including preparations for a significant partnership in Brazil expected to begin contributing from 2027. Even after allowing for lower second-half revenues and higher UK gaming taxes, management now expects full-year EBITDA of at least €270 million, comfortably ahead of previous market expectations.
What we are watching next: Progress of the Brazil partnership and sustainable growth across regulated markets.
Themes: Trading Update | Online Gaming | Earnings Upgrade
PTEC Daily Candle Chart
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