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Zalaris announced a strategic review process on 2 April, as the company explores potential opportunities to accelerate growth and maximise value for both customers and shareholders. The potential of a sale and delisting reflects the sentiment from many other listed technology businesses that have recently gone private, finding public markets a restraint to investment in growth. There is no certainty that an initiative, event or transaction will take place. Zalaris’s Q124 results are scheduled fo
Companies: ZALARIS (ZAL:STO)Zalaris ASA (ZAL:OSL)
Edison
Zalaris is a leading European provider of comprehensive payroll and HR solutions and services, covering the entire employee lifecycle. The company’s proprietary platform PeopleHub is tailored towards multinational corporations or large and complex single-country projects, the more attractive end of the business process outsourcing (BPO) market. Due to long-term relationships with customers and a low churn rate, the company has an improving financial profile with good revenue momentum as well as
SAP CEO talked about the weak guidance in a Bloomberg interview …says it is evidence of cloud transition Covid-19 is speeding shift from on-prem to cloud software Could be viewed as more “company specific” than broad sector specific
Companies: Zalaris ASA
Arctic Securities
Despite Covid-19 halting growth and scale for Zalaris, the company is delivering on its cost cutting with another solid quarter, showcased by an underlying EBIT margin of 8% and 6.1% FCF yield (incl. leases) YTD. Management also seemed confident of further margin improvement and growth in 2021, with the latter being key for achieving more scale as the fixed cost base is still high. We reiterate our BUY recommendation and lift our target to NOK 63/sh.
Revenues of NOK 189.7m, 7% and 4% below ARCe and Consensus Underlying cash-EBIT margin of 8.2%, in line with ARCe Still slight revenue impact by Covid-19, but better outlook Figures slightly below expectations, but still supportive
SAP cut both its 2020 and mid-term targets yesterday …citing more muted demand, following re-introduced lockdowns ZAP expects this to last to at least 1H 2021 Outlook risk on Zalaris, but margin improvement our main focus in Q3
Zalaris will report Q3 figures 27 October and we expect another solid quarter with further margin improvement. We have lifted our Q3 estimates on lower cost assumptions and slightly upped growth for Q4/20 and Q1/21 following continued easing of Covid-19 restrictions. If Zalaris delivers on our Q3 EBIT margin, we argue it should lead to a repricing as it adds further support to the margin recovery with the third consecutive quarter of margin improvement.
Zalaris reported strong Q2 figures, which added confidence to our margin expansion view. Management also gave a positive outlook statement and Zalaris is on track to deliver on its 10% adj. EBIT margin target, already achieving a 5% FCF yield (incl. leases) in 2020 despite modelling negative FCF in H2 due to WC. We lift our target price to NOK 61 based on revised estimates and lower NIBD, but emphasize further upside as we currently model 8% FCF yield in 2022.
Strong Q2 figures and underlying margins DPS of NOK 0.5 per share has a strong signalling effect Zalaris highlights strong pipeline and positive effects post COVID-19 We expect positive estimate revisions and spread tightening
Strong figures and underlying margin Dividend of minimum NOK 0.5 per share announced Zalaris expects positive effects post COVID-19 We expect positive estimate revisions and share to trade up
NPL companies: Proposal for changes to debt collection law in Norway Axactor: Renews and expands forward flow agreement in Norway NRC group : SEK 149m contract in Sweden Zalaris: Renews payroll and HR services for leading fertilizer company
Companies: 0DSJ 0QWF 2LJ
Research Tree provides access to ongoing research coverage, media content and regulatory news on Zalaris ASA. We currently have 57 research reports from 3 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
Companies: MPE TRI VNET BVXP HVO
Companies: James Latham Plc
SP Angel
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Companies: Ilika plc
Liberum
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: Gattaca plc
Companies: Severfield Plc
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