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Research Tree offers TELEPERFORMANCE research coverage from 1 professional analysts, and we have 4 reports on our platform.
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Smartly reinforcing its global leadership
23 Aug 16
Teleperformance has just announced it is on its way to acquire the US market leader in over-the-phone and video interpretation solutions LanguageLine Solutions (LLS) for $1,522m (i.e. c.€1,350m). The transaction, made from ABRY Partners and minority equity owners, is expected to be closed before the year-end, subject to some regulatory approvals.
Growth accelerating in Q2 and a positive FY16e guidance
16 Aug 16
After a very satisfactory Q1 16 (+5.5% organic growth), Teleperformance’s consolidated revenues accelerated further over Q2 on an underlying basis (+8.2%) to reach +6.8% over H1. Reported revenue growth amounted to +1.8% (€1,689m, i.e. +€31m), impacted by a €77m negative forex impact (more than 2/3rds due to Latin American currencies’ weakness against the euro). Underlying EBITA margin slightly improved from 8.7% to 8.9%, despite security costs impacting for >50bp (c.50bp anticipated for FY16e and targeted to move in line with revenue growth as soon as next year). The FY16e guidance was revised upward for organic revenue growth with it now expected to be “around” +7% instead of “between +5% and +7%” but an unchanged target for the operating margin of “at least” 10.3% (FY15 was 10.34%), after a 19bp improvement in H1 (to 8.88%) on a recurring basis, driven by Iberico-LatAm and Continental Europe & MEA. A high level of net free cash flow was also reiterated for the full year (reported H1 16 net free cash flow up 16.3% to €121m).
Continuing strong momentum business
18 Nov 15
Teleperformance reported satisfactory figures for Q3, with organic revenue growth reaching +7% (versus a demanding Q3 14 of +12.8%). For the 9-month period, organic performance therefore amounted to +7.5% (€2,496m; 9 months 2014 was up 11.2%), slightly decelerating from H1 15's +7.8%. Reported revenue growth year-to-date reached +27.8% after a €225m positive perimeter impact (mainly Aegis USA, a small part coming from City Park Technologies) and a €159m positive forex impact (mainly the increase of the US$ and £ against the €). The FY15e guidance for organic revenue growth to be "at least" +7% (a positive as it is against a rather high 2014 basis of comparison of +9.9%; note that this implies at least a +5.5% trend in Q4 which seems highly achievable) was reiterated with an operating margin of "at least" 10.3% (AV at 10.4%) on a recurring basis (FY14: 9.7%). The group also confirmed it expects a sharp increase in FY15e net FCF (tight control of capex pursued), confirming its appetite for further acquisitions (likely in FY16e).
Solid H1 figures and guidance...well priced in
06 Aug 15
After very solid Q1 15 revenue figures (+10% organic growth), Teleperformance produced, as expected (i.e. higher basis of comparison as Q2 14 was up 11.6%), a lower Q2 organic growth but maintained a very satisfactory H1 performance (+7.8% organic). Reported revenue growth rose +33.2% (to €1,658m), benefiting from the Aegis USA integration (since early August 2014; largely responsible for the +€190m perimeter effect) as well as a positive €117m forex (mainly $ and £ increases versus the €). Note that management specified that the work of integrating Aegis is considered as completed now. The FY15e guidance was reiterated, i.e. organic revenue growth expected to be "at least" +7% (a positive as it is against a rather high 2014 basis of comparison of +9.9%) with an operating margin of "at least" 10.3% (AV at 10.4%), after a 60bp improvement in H1 (to 8.7%) on a recurring basis.
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
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N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
N+1 Singer - Morning Song 20-10-2016
20 Oct 16
A highly disappointing update from Senior reports a number of issues adding up to the Group being behind expectations. Following the Flexonics issues over the past 12 months, there are now issues on the Aerospace side which are affecting the outlook. In a period when some stability was required, this is disappointing. We have downgraded FY16 EPS by 6.8% and, whilst we see Senior remaining a US takeover target, we move from Buy to Hold (target price down from 262p to 196p) until more clarity is available on the direction of the Group.