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TECHNOLOGY ONE LTD
TECHNOLOGY ONE LTD
Panmure - Flash - 22-03-2016
22 Mar 16
The first hint of Spring has seen the tech sector valuation spring forward - our average EV/EBITDA blossomed from 12.4x to 13.7x in the past month. This was despite dull ‘some up/some down’ corporate news and an absence of earnings upgrades. But, as we passed the Ides of March, investor appetite switched in favour of ‘growth’ as the ‘macro’ was not as bad as feared and so tech recovered from the January/February sell-off. Also the tech IPO market was re-kindled, and the fall in IT contractor pay, last month’s only poor operational KPI, reversed. With news from Micro Focus this morning, M&A is back on the corporate agenda. We are reminded that with the Spring forward, we also have Fall back. Given; (i) the sector is valued above its long term (16 year) average, and (ii) earnings upgrades remain unlikely, we retain a generally cautious view, remembering that Philip Larkin told us: “The trees are coming into leaf / Like something almost being said; / The recent buds relax and spread, / Their greenness is a kind of grief.”
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
N+1 Singer - dotDigital Group - Trading update
17 Jan 17
dotDigital issued a trading update for the six months ended 31 December 2016, indicating revenue growth up 17% y-o-y to £15.0m with EBITDA in line with market expectations and on track for the full year. Cash has grown to £18.9m. Revenue was slightly light of expectations owing to a slower start in the US but Q2 already showed improvement with a strong pipeline building. Our EBITDA and EPS forecasts are unchanged but revenues trimmed by 4% for both years. There is much activity in broadening avenues of growth in terms of new connectors, partnerships and geographical footprint and we remain positive of its prospects. Interim results will be released on Feb 21.
N+1 Singer - NCC Group - Rebuilding credibility from a sound base
24 Jan 17
NCC’s interim results last week held few surprises. The group issued a detailed trading update in December, giving full details of H1’17 trading and the impact of the contract losses/deferrals seen in the period. We make no major changes to our P&L forecasts today and retain our fundamentally positive view on the stock. The announcement that Paul Mitchell intends to step down as Chairman comes shortly after the appointment of Brian Tenner as CFO. We see the refreshed exec team as part of a wider renewal of the investment case, which will continue with the capital markets day next month. We believe that NCC remains a highly attractive asset and retain our Buy recommendation with a target price of 237p.