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Research Tree provides access to ongoing research coverage, media content and regulatory news on ASETEK A S. We currently have 0 research reports from 0 professional analysts.

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    ASETEK A S

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    ASETEK A S

  • 11 Jul 19

FY19e trading in line with June guidance

Somero’s trading update confirms that performance is in line with June guidance ($87m revenues, $28m EBITDA and net cash of $18m). We leave our forecasts unchanged on the back of this, though we highlight that we remain 6% below guidance/consensus at the EBITDA level, reflecting our cautious view surrounding the extent to which further cost savings can be materialised, particularly following recent success in delivering a lean operating structure. We remain Neutral on a short-term horizon as we see limited negative earnings catalysts in coming months, though we maintain our fundamental view that ongoing signs of industry and economic headwinds facing the US non-residential construction industry could have a material impact on FY20e earnings.

Companies: Somero Enterprises
  • 12 Jul 19

Half-year end trading update

The half-year trading update was satisfactory, indicating trading in line with expectations. A new revenue split between components and services was previously flagged and highlights revenue growth of 5.7%, of which 2.9% is organic. The net debt position at £18.8m is better than expected and points to good underlying cash generation from trading, with a further debt reduction in H2. No change to forecasts. We retain our 200p price target, with the shares currently trading at very attractive levels and at a significant discount to its peer group. The dividend yield remains attractive at 4.9%.

Companies: Flowtech Fluidpower
  • 16 Jul 19

Small Cap Feast

Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raising EUR135m with market cap on admission of EUR309.6m, expected 17 July 2019. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Companies: CALL BIRD ABC KDR EMAN BST SCE ZEG SAG FUL

  • 16 Jul 19

LIBERUM: Staffline* - Dilution results in EPS reduction

We expect an H1 FD EPS weighting of 27%, vs 43% in FY18. The significant H2 weighting leaves a lot of work to do in a difficult trading environment.

Companies: Staffline Group
  • 16 Jul 19

Upgrading forecasts after strong H1

“Don’t fight the Fed” is a tried and tested Wall Street strategy that has worked a treat over the past decade. Basically it states that when US interest rates fall, global equities should rise thanks to lower borrowing costs for consumers and corporates alike. Similarly after last week’s dovish testimony to Congress by FOMC Chair, Jerome Powell, we believe this bias towards more monetary easing should keep the economy ticking along, and places a ‘Put’ under valuations

Companies: Mpac
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 12 Jul 19

Q2 trading update indicates a positive H1 performance

Trading remains in line with FY19 expectations with Group revenue increasing 5.7% to £59.6m (HY18: £56.4m) in H1 19. This consisted of 6.5% in Components to £50.0m (HY18: £46.9m) and 1.4% in Services to £9.6m (HY18: £9.5m). Group organic growth of 2.9% was supplemented by the acquisition of Beaumanor and Derek Lane in March of last year. The slight slowdown in organic growth from the 4% reported in Q1 is not a surprise and the Q2 like for like performance is in line with FY expectations. The net debt position of £18.8m is encouraging showing a decline of £1.1m from the £19.9m reported at the end of FY18, despite £1.6m deferred consideration in the period. We leave forecasts unchanged, awaiting interim results for further guidance on the improved cash position. Flowtech is undervalued relative to peers, trading on 8.0x FY19 earnings forecasts.

Companies: Flowtech Fluidpower
  • 16 Jul 19

Facebook to use Libra to become utility, Slack not worried about Microsoft, Symantec ends talks with Broadcom

The Senate Banking Committee on Monday released the testimony of David Marcus, the head of Facebook's cryptocurrency projects ahead of his testimony Tuesday. In his prepared remarks, Marcus perfectly outlines the business model behind the social network’s upcoming Libra digital currency and its Calibra digital wallet. Microsoft might be the primary competitor for Slack, but the widespread adoption of Microsoft's software is not a major problem for Stewart Butterfield, co-founder and CEO of the messaging app. Last week, Microsoft said Teams had more daily active users than Slack. Cybersecurity company Symantec Corp has walked away from negotiations to sell itself to chipmaker Broadcom over price disagreements, people familiar with the matter said on Monday. Symantec's decision raises new questions over the future of the US antivirus software provider, which is looking for a new CEO and has been struggling to grow its business serving companies.

Companies: KAPE AVST CNS DFX ECSC FLX IGP NCC OSI SWG SOPH

  • 10 Jul 19

CEO succession plan

Gateley has announced that Rod Waldie, who is currently the Senior Office Partner of the Manchester office, as well as a key member of the group’s management board and head of the national property team, has been chosen to succeed Michael Ward as the new CEO, when Michael stands down from the role on 30 April 2020. After standing down, Michael will remain a main board director and will be responsible for the non-legal subsidiary businesses within the group. He will also retain a significant shareholding in Gateley for the foreseeable future.

Companies: Gateley
  • 09 Jul 19

Solid State - FY19 record for revenues and profits

Crowning a year in which broker consensus was raised three times (twice in response to trading updates and once for an acquisition), Solid State has reported record revenues, profit before tax and dividends for FY19. This is the result of continued strong demand in the Value-Added Distribution (VAD) division, the Pacer acquisition and the anticipated H2 recovery in the Manufacturing division materialising. The consensus FY20 EPS estimate has been raised by 7%. The shares continue to trade at a substantial discount to peers with regards to prospective P/E.

Companies: Solid State
  • 09 Jul 19

Cenkos: Eddie Stobart Logistics Plc - Valuation remains attractive

This morning, Eddie Stobart Logistics published its trading statement for the six months to end May 2019. It is a short statement, but confirms that revenues for the six-month period are 25% ahead of the comparable period (Cenkos: +25%), and that FY results are expected to be in line with management expectations.

Companies: Eddie Stobart Logistics
  • 16 Jul 19

Gateley - Strong momentum and investment for growth

Gateley continued its strong growth track record in FY 2019 with adj. EPS up +18% driven by organic sales growth of +10% and acquisitions (total sales +20%). The balance sheet remains strong with net debt of only £3.2m, and the dividend was raised by 14% to 8.0p. The outlook is positive, with the group continuing to attract high quality staff and acquisitions at least meeting expectations, growing the range of services offered. We make no major changes to our forecasts but upgrade our target price from 193p to 210p as we roll forward a year and update the market FCF yield that supports our model from 5.5% to 5.1%.

Companies: Gateley
  • 16 Jul 19

FY’19 results – delivery and opportunity

As foreshadowed by the trading update in May, Gateley has delivered results in line with expectations. This continues a pattern of organic growth (pre- and post-IPO) on a broad front supplemented by acquisitions of complementary professional services businesses. A focus on long term projects and cross-selling with a diverse client base, coupled with some counter-cyclic business lines lends considerable confidence and we suggest the FY’20 PER discount of nearly 40% to the generally similar Knights Group (not rated) looks very overdone.

Companies: Gateley
  • 02 Jul 19

THE MONTHLY July 2019

When advisers first start looking at business relief (BR) products, there is much to take in: the rules governing such products; the investment strategies being used; and what the investment risk is. It is easy to lose sight of the fact that, for non-AIM products, the investment is being made directly into a company or partnership, rather than a fund. It is, therefore, essential that governance is part of the diligence process.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SIXH TRX TON SHED VAL VTA W7L

  • 13 Jun 19

Significant momentum being generated

Volex had already signalled trading was ahead of expectations but with adjusted PBT increasing from US$9.6m to US$20.2m against initial expectations of US$18.3m, these results confirm the momentum generated by Volex. In addition, the cash balance of US$20.6m beat our estimate of US$15.7m and management now expects to reinstate the dividend in FY20. Trading on a FY20 PE rating of 9.6x, a FCF yield of 7.7% and offering a potential dividend yield of 2.3%, we reiterate our buy recommendation. We have also increased our price target from 130p to 140p to reflect increased contributions from the higher margin Cable Assembly division. Even then, at 140p the FY20 PE rating is still only 13x. Thus, with significant growth, net cash, a single digit rating and the expectation of a dividend, Volex offers substantial upside and remains undervalued.

Companies: Volex