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View the article online at http://citywire.co.uk/wealth-manager/article/a756616

Brewin's Guy Foster slaps 'outperform' rating on England football team

by Dylan Lobo on Jun 12, 2014 at 12:21

'The most recent results, against Honduras, Peru and Ecuador were in line with expectations, although we are concerned about previous management’s inability to deliver on market forecasts. Despite a goalless draw in Honduras, England is well-placed to take advantage of opportunities in the coming weeks.'

Groin strain

'In an investor call, Hodgson has brushed off queries about the performance of England’s "Rooney" unit. The unit has been hampered by groin strain since April last year, with output well below expectations.

'However, Hodgson believes that, following a general overhaul, full production can be maintained. Following the updates in Honduras, Peru and Ecuador, we are increasing our forecasts on England by 10%, but will be scrutinising the performance of the Rooney unit in the coming weeks to see whether our forecasts need to be altered.'

Regulatory risk

'Despite a more positive stance on England, we are concerned about the longer team impact of FIFA regulation across the industry.

'Whilst this will not impact on the current trading period, we do see this as a business risk moving forward with the potential impact of cartels in other geographies.'

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