Research, Charts & Company Announcements
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|30Sep16 07:02||GNW||ALTRAN TECHNOLOGIES : Altran and Jaguar Land Rover alleviate need to reinvent the automotive electronics wheel|
|08Sep16 06:27||GNW||ALTRAN TECHNOLOGIES: Altran appoints new Chief Financial Officer, Albin Jacquemont|
|08Sep16 06:19||GNW||ALTRAN TECHNOLOGIES: Strong growth and sharp rise in profitability|
|07Sep16 06:58||GNW||ALTRAN TECHNOLOGIES : Altran Becomes Strategic Development Partner and Investor in Divergent|
|28Jul16 06:00||GNW||ALTRAN TECHNOLOGIES: Publication of H1 2016 revenues|
|20Jul16 23:11||GNW||ALTRAN TECHNOLOGIES : Altran acquires Lohika, a software engineering services firm|
|10Mar16 06:00||GNW||ALTRAN TECHNOLOGIES : Strong growth in 2015 results and rapid implementation of new Strategic Plan|
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ALTRAN TECHNOLOGIES SA
ALTRAN TECHNOLOGIES SA
N+1 Singer - NCC Group - Further issues in Assurance
22 Feb 17
NCC released a trading update yesterday afternoon highlighting further issues in its Assurance division. Sales growth has been lower than expected in all regions, resulting in a significant reduction in full year expectations. We have reduced our EPS forecasts by 25% in FY’17 and 22%/25% in FY’18/’19 respectively. Escrow continues to perform in line with expectations. In response to these issues the Board has announced a strategic review into all of the Assurance businesses. The results of the strategic review are expected to be announced at the FY results in July. With an extended period of uncertainty on the horizon we believe it will be hard for investors to gain confidence in NCC in the short term. That said we see fundamental value in the stock. Escrow is unaffected by this warning and remains an extremely high quality business, which we value at £353m in our SOTP. At the current share price this leaves Assurance valued at c.5x cal’17 EBITDA. While this appears to be an attractive multiple for a rare cybersecurity asset, we would like further clarity on the underlying nature of the current issues, hence our Hold recommendation. Our 138p target price assumes a 12x EBITDA multiple for Assurance but we apply a 20% discount to the group to account for the current uncertainty.
27 Feb 17
accesso expects full year profitability to be ahead of expectations. We have upgraded our Adj. PBT by 7% to $14.7m. The performance was achieved despite accelerated investment in “product and infrastructure to support business and growth opportunities in geographies outside its traditional core markets”. We see clear blue sky opportunity in the Asia-Pacific Market. We increase our T/P from 1850p to 1900p and maintain our Outperform recommendation.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - IDOX - Positive AGM statement
24 Feb 17
Idox issued a positive AGM statement, indicating a strong start to the year, building on the performance and organic and acquisitive growth of 2016. It recently secured significant contracts in healthcare and transport and is continuing to win across other segments. The order book and pipeline, combined with a stable outlook across all its markets, support our positive view on the stock. We make no changes to our estimates which were recently upgraded for FY’16 results and the accretive 6PM acquisition. We believe the current 11.2x cal’17 EV/EBITDA rating is undemanding given its scale, profitability and outlook.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
Myriad growth opportunities
21 Feb 17
dotDigital has delivered interims to December in line with unchanged expectations, and no change to forecasts. Prospects remain promising across each growth driving opportunity – enhancing the recurring revenue per customer, from greater customer numbers through both increased numbers of channels and partnerships, and also increasing the number of territories in which dotmailer focuses. The completed reorganisation of the UK sales team, and the pick-up in US activity in response to the release of Magento 2.1, have restored momentum into 2H, demonstrating effective management action where opportunities for improvement are identified. Target 70p reiterated.