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Tourism Holdings’ (THL’s) FY16 NPAT of NZ$24.4m was in line with company guidance, 21% ahead of FY15 and 1.3% below our forecasts. The company grew EPS by 20.5% and has restored ROCE to 15.1% (FY15: 12.9%), which compares with its targeted long-term average of 14%. The dividend of 19 cents per share (50% imputed) is a 26.7% increase on FY15. THL has not given specific guidance for FY17 and, in line with previous years, further guidance will be provided at the Annual Meeting on 18 October 2016. T
Companies: Tourism Holdings Limited
Tourism Holdings (THL) provides exposure to the buoyant tourist markets of New Zealand (NZ) and Australia. In 2015, in-bound visitor numbers were up 9.7% in NZ and 8.2% in Australia. In both markets visitors from China showed the strongest growth. This trend continues in 2016. THL’s focus will remain on innovative ways to reduce the capital costs in the business and achieve a long-term average company-wide ROCE target of 14%. Our forecasts show FY16 ROCE reaching 16.2% and improving thereafter.
Tourism Holdings’ (THL) H116 results (NPAT of NZ$8.2m up 45% on H115, interim dividend NZ$0.09 up 28.5%) and its ~10% lift in forecast FY16 NPAT guidance to ~NZ$24m provide proof of the success of its strategy to right size the fleet, optimise capital employed and position the business to take advantage of the strong tourism market in Australia and NZ. Management’s focus continues to be on optimising capital employed in the business and achieving a long-term average company-wide ROCE target of 1
At its Annual Meeting Tourism Holdings (THL) provided guidance for FY16 of NZ$37m EBIT and NZ$22m NPAT. This is an expected annual increase in NPAT of 10%. THL reported that the tourism markets in its key markets of New Zealand and Australia remain strong and that ongoing focus on cost reduction, improved efficiency and innovative ways to reduce capital costs are expected to drive ROCE. The company expects to achieve its long-term average ROCE of 14% in FY16. Our FY16 EBIT forecasts EBIT are unc
Tourism Holdings (THL) announced an FY15 NPAT of NZ$20.1m (guidance range NZ$19.5-20m). The result showed improved ROCE of 13.3% (the company’s target is at least 14%), which was 2.6x better than the returns of just two years ago. The improved result was achieved from a combination of solid top-line growth of 4%, fleet optimisation, improvements in manufacturing and reduced operating costs. We expect a continuation of solid tourism growth (~5%), more operating efficiencies and a flow-through fro
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The group posted a strong set of results showing faster and stronger-than-expected net interest margin expansion and no signs of a deterioration and above all anxiety on the asset quality front. It remains to be seen if the UK government will allow banks to hold on to the benefit of interest rate increases and if the UK economy proves as resilient as expected.
Companies: Lloyds Banking Group plc
Legal & General disclosed strong HY 22 results, albeit in line with the consensus’ expectations. With most of the metrics improving on a yoy and sequential basis, we believe that the strong solvency position, in an environment with (sustainable?) higher yields, should trigger capital distributions to shareholders at the year-end.
Companies: Legal & General Group Plc
Aviva unveiled a fair operating result. While, in line with the insurance industry, Aviva saw a strongly negative impact from financial assets revaluation, the solvency position improved materially, yielding additional capital distributions. Once distributions cease, we believe that Aviva could be a takeover target.
Companies: Aviva plc
Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy
Companies: EQT IES DRX NESF PHE SAE
Cenkos:Duke Royalty Ltd -Record revenues keep on rolling
Companies: Duke Royalty Limited
Companies: H&T Group plc
Dish of the day
No joiners today.
Leavers: No leavers today.
What’s cooking in the IPO kitchen?**
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports
Companies: UJO FAB HAT HZM SYM TRAC
Dish of the day
No joiners today.
No leavers today.
What’s cooking in the IPO kitchen?
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export
Companies: SDI FUL PURP OSI IXI BSE BRSD ATM
Great results posted by M&G, which recorded very resilient AUMs. The firm managed to outperform the consensus despite the tough environment. While the management avoided any capital plans comments, the resilient solvency position leaves great prospects while the current share buyback is still far from being completed.
Companies: M&G Plc
This quarter’s key observations
• Subsector performance: Marketplaces was by far the best performing subsector from an aggregate share price perspective (up 19.9%) vs. an average –5.2% for the other five subsectors. UK Digital Media was the worst performing subsector with a -12.4% aggregate share price move.
• Valuation trends: UK Managed Services saw the largest EV/ EBITDA derating (-2.1x) and is now on the lowest EV/Sales multiple (1.5x FY1) and second lowest average EV/EBITDA (11.3x FY1
Companies: CNIC BIG DEVO LBG OTMP SYS
Companies: Belvoir Group PLC (BLV:LON)SDI Group plc (SDI:LON)
Companies: Civitas Social Housing Plc (CSH:LON)Real Estate Credit Investments Limited (RECI:LON)
Tatton Asset Management has announced the completion of a 50% stake in 8AM, following regulatory approval. We update our model on the back of this, reflecting the positive financial impact of the investment. We see 2-4% EBITDA upgrades over the forecast period and 1-3% EPS upgrades, as the operating profit contribution more than offsets the higher sharecount as part of the share consideration. 8AM will provide TAM’s clients with access to an extended range of risk profiled investments, underpinn
Companies: Tatton Asset Management Plc
Singer Capital Markets
Companies: Real Estate Investors plc