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Webstep’s Q3 results were broadly in-line with our estimates, with revenues growth at 7% y-y and adding 4 more employees vs. Q2. We expect some of the temporary positive cost effects to also impact Q4. While Webstep is trading at a discount to peers, we consider this fair until it proves a headcount increase, and given for instance Bouvet’s Q3 revenue growth at 13% and sequential increase in employees at 56. As such, we reiterate our Hold rating.
Companies: Webstep AS
Arctic Securities
Q3 figures were broadly in-line with our estimates Employees increased by 4 sequentially, expect flat headcount into Q4 High personnel costs though low utilization offset by Covid-19 savings Compared; Bouvet with Covid-savings at NOK 22m of an EBIT at NOK 55m
Webstep reported Q2 revenues slightly below estimates, but EBITDA was stronger than expected. Some of the profitability improvement though was due to temporary effects and as such should not impact forward figures. We maintain our Hold rating until we see an improvement on headcounts, an important KPI on forward figures, where we only expect a slight increase in 2H/20. As such, we find other more interesting TMT shares in the near term.
Q2 revenue slightly below estimates due to churn, but EBITDA above Temporary costs savings, government grants of NOK 4.8m in Q2 Negative Covid-impact of NOK -10m on Q2 revenue but only -1m on EBIT Minor estimate changes expected
We maintain our Hold rating, as we do not expect a re-pricing of Webstep until it proves execution on recruitment and we get more clarity on Covid-19 effects. Despite a stabilized churn with an increase in Q2 in the number of employees (end of period), the Q1 results were softer than expected. This was driven by Norway (Oslo) and also an estimated negative COVID-19 impact of NOK ~3m.
Q1 results weaker than expected, driven by soft results in Norway COVID-19 had a negative revenue impact of at least ~NOK 3m The number of employees increased by 8 to 417 (Q4: 409) by quarter-end ..supporting our estimates and hence minor estimate changes expected
Webstep announced that it will suspend its NOK 1.6/share dividend ..this is changed to an authorization to resolve a dividend based on 2019 The dividend authorisation will be placed on the AGM agenda on 7 May
We cut our target to NOK 22 (28) following lower estimates and downgrade Webstep to Hold (Buy). We think Webstep needs to prove execution on recruitment and less use of subcontractors before a re-pricing. With lower growth than peers, we consider its discount as fair. Webstep announced a DPS at 1.6 (flat y-y), and though 7% yield looks attractive, it implies a pay-out ratio at 118%. This is supported by our FCF estimate but assumes improved execution in 2020.
Q4 revenues and EBITDA below estimates The number of employees increased sequentially by 2 to 409 (Q3: 407) DPS announced at NOK 1.6 (flat y-y) – in line with estimates Still needs to prove execution before a re-pricing of the stock, we argue
Research Tree provides access to ongoing research coverage, media content and regulatory news on Webstep AS. We currently have 42 research reports from 1 professional analysts.
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Cavendish
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The past month has been busy with US Elections, the UK Budget and multiple Central Bank rate decisions. This unsettled the industrial sector in the UK and elsewhere. The UK manufacturing PMI slowed to 49.9 in October; the first reading below the neutral 50 mark since April. The UK budget introduced higher employer costs which will need to be absorbed or passed on in higher prices. In better news, UK inflation fell below the BoE target and the base rate was reduced by a further 25bps to 4.75%, re
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Zeus Capital
Areas of market softness in the UK and Germany continue to hold back the enlarged Group’s full potential in the short term. However, with a new government in the UK committed to infrastructure spend and the Bundesbank forecasting a return to German economic growth after two years of weakness, the future looks brighter. We make no changes to our FY24 numbers which forecast adjusted EBITDA growth of 19% and adjusted PBT growth of 13%. While there is a growing pipeline of required maintenance work
Companies: Franchise Brands plc
Allenby Capital
Litigation Capital Management (LCM) is one of the world’s most established litigation funders, providing capital for legal actions in return for a share of the settlement. The company has consistently delivered 3x returns on every A$1 invested over the past 13 years, frequently exceeding 10x, illustrating a robust investment process. These private equity-like returns are achieved in typically half the time of a PE fund (leading to 60-70% IRRs), uncorrelated to the broader economy and achieved wi
Companies: Litigation Capital Management Ltd
Despite short term cyclical headwinds to certain elements of the business, we very much believe this to be a company capable of strong structural growth.
Dowgate Capital
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Panmure Liberum
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Canaccord Genuity
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 31 October 2024: Winking Studios: the AAA Art Outsourcing and Game De
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Hybridan
Biome’s Q3 trading update highlighted a delay in the shipping of one of the three major RF orders that were scheduled for delivery in H2 FY24. The slippage of this contract into FY25, coupled with delays to the expected ramp-up at one of Bioplastics’ end customers has led us to reduce expectations for FY24. While the former issue will result in higher FY25 revenues in RF, the latter encourages us to add some more caution into our FY25 forecasts for Bioplastics. Overall, Group adjusted LBT for FY
Companies: Biome Technologies PLC
Sareum Holdings’ FY24 results summarised an active period for lead asset SDC-1801, a dual TYK2/JAK1 inhibitor, which successfully completed Phase I trials in Australia and is now undergoing preparatory work to commence Phase II studies, likely in psoriasis patients. The recently reported unblinded data noted robust pharmacokinetic (PK)/pharmacodynamic (PD) properties and reiterated the drug’s desirable safety profile. While Sareum had previously proposed a smaller Phase Ib study, the plan has pi
Companies: Sareum Holdings plc
Edison
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SP Angel
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: Live Company Group (LVCG.L) has delisted from the AIM market What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 31 October 20
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Time has released positive FY24A annual results which showed a continuation of the growth story as the gross book hit £200m and PBT increased over 40% to £5.9m, 3% ahead of the recently upgraded forecasts at the trading update. The momentum has continued into FY25E, and it remains on track to hit or exceed current expectations. We have released FY26E forecasts which show another year of double-digit earnings growth and PBT increasing 16% to £8.1m as the easing of interest rates will likely furth
Companies: Time Finance plc