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Companies: Ten Entertainment Group Plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Pendragon has announced interim results for the six months to 30 June 2021, which are ahead of guidance and our expectations. The Group has made strong progress in terms of growth, cost efficiencies and strategic implementation to ensure further progress can be made.
Companies: Pendragon PLC
Pendragon have published a revised strategy update reaffirming the investment in its used car business and software platform to be funded through strategic disposals and lower capital commitments to the new car market. This includes the potential sale of the group’s US Motor Group. We have modelled the implications of successful implementation of this strategy which would result in a £200m swing from a net debt position to a cashrich group over coming years. Whilst the US disposal would be earni
Pendragon has communicated a clear strategy focused on investment in its used car business and software platform to be funded through ongoing cash flow, strategic disposals and lower capital commitments to the new car market. This includes the disposal of the group’s US Motor Group. We have modelled the implications of successful implementation of this strategy which would result in a £200m swing from a net debt position to a cash-rich group over coming years. Whilst the US disposal would be ear
SCS Group’s full year trading update for the 53 weeks to 31st July shows that the strong demand that has been a hallmark of post lockdown periods over the past 15 months has continued, with LFL orders through the Group’s weeks 47 to 53 up by 23.7% on pre-Covid levels. Lower costs underpin a 16% upgrade to FY21 CPTP expectations, whilst the strong order book drives a 17% upgrade to our FY22 CPTP forecast. We look for EPS of 32.2p and 30.8p for FY21 and FY22 respectively. Year end net cash of £87.
Companies: ScS Group plc
Last week Lookers announced a record set of H1 results for the six months to 30 June 2021. Underlying PBT was £50.3m, versus an underlying loss of £36.5m in H1 2020. This stronger trading, coupled with cost control and working capital initiatives, has led to substantial cash generation. Lookers has gone from net debt of £40.7m (excl. leases) at the FY20 year end to net cash of £33.0m at 30 June 2021. With legacy issues now behind them, good evidence of trading outperformance and a strong balance
Companies: Lookers plc
Amid a background of uneven and subdued economic growth, persistent low interest rates and choppy financial markets, we posit the idea that “dividend surprise” may be a significant contributor to outperformance in the short to medium term. We have screened for particularly well-supported dividends, which has produced a list of 71 stocks. We then considered the wider fundamentals to arrive at a focus list of 10 companies, where we believe dividend surprise has a good chance of coming into play.
Companies: ADN BOY BRW ELM HSD JUP SFE SCS VCT REDD
We have performed a second refresh of our consistent growth screen, first established with our research note of 17 December last year. As previously, the screen produces a basket of 25 stocks that exhibit not only good growth in EPS and sales, but also a consistency of growth in both measures each year. This basket, or style, has underperformed the small-cap benchmark by 9.1% since inception last December, and by 4.8% since the last refresh on 13 April. We highlight stocks leaving and joining t
Companies: TRI IOM DOTD CAMB SFE TPFG TRCS INSE TAST MAB1 RWA
FY20 results – All Focus on Resuming Operations
Companies: Jet2 PLC
Dart Group has released an AGM statement this morning indicating satisfaction with load factors and financial performance achieved year-to-date in the context of the challenging operating environment. In addition, the Group has applied to change its name to Jet2 Plc in recognition of the recent sale of the Fowler Welch distribution business and the sole focus on leisure travel. We keep our forecasts withdrawn at this time.
The final results revealed adjusted PBT up 99% year-on-year, which was 10% better than forecast despite four upgrades during the financial year. This strong performance reflects the financial benefits that have accrued following the shift in the business model to online only, as well as management’s strategic decision to significantly increase marketing spend. A second special dividend for the 2020 financial year has also been announced, reflecting the strong cash flow characteristics of the bus
Companies: Best of the Best plc
Unprecedented times over the past 12 months have seen ScS Group deliver an exceptional set of H1 2021 results, dominated by the surge in orders post Lockdown 1.0. Group revenue grew 14.4%, with an incremental gross margin, tight cost control and UK government support (£6.6m) underpinning EBITDA* of £19.5m (£3.8m in H1 2020). We believe the average net cash through the period was c£97m (c£60m excluding customer balances). H2 2021 visibility remains low, with post Lockdown 3.0 demand uncertain, th
Alphawave IP Group is considering an IPO on the standard listing segment of the London Stock Exchange. Alphawave IP is a leading semiconductor IP company focusing on the hardest-to-solve connectivity challenges created by the exponential growth of data. Funds and accounts managed by BlackRock, and Janus Henderson, have each entered into cornerstone agreements with the Company to subscribe for, subject to certain conditions, in aggregate, c. USD 510m of Offer Shares at an offer price representing
Companies: ADME BXPHAR BHC FIPP FIH OKYO SOLG REDX IXI BRSD