Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SENIOR PLC. We currently have 37 research reports from 3 professional analysts.
|02Feb17 07:00||RNS||Directorate Change|
|01Feb17 12:41||RNS||Holding(s) in Company|
|30Jan17 14:50||RNS||Holding(s) in Company|
|27Jan17 16:16||RNS||Holding(s) in Company|
|17Jan17 11:18||RNS||Holding(s) in Company|
|16Jan17 14:32||RNS||Holding(s) in Company|
|13Jan17 15:21||RNS||Block listing Interim Review|
Frequency of research reports
Research reports on
Panmure Morning Note 10-02-2017
10 Feb 17
Cummins yesterday forecast that output of heavy-duty trucks in North America is projected to be 178,000 units in 2017, an 11% decrease yoy, with its market share to be between 29% and 32%. This is greater than the 9% decline we hadpreviously forecast. In 2016, output fell by 31% yoy with Cummins’ market share falling from 33% to 31%. As a result, we are cutting 2017 PBT and EPS forecast by 6% to £68.4m and 12.8p, respectively. With the share price now 25% above our target price, we are moving the stock back to SELL.
Civil: No Reflation here, only a Race to the Bottom
05 Dec 16
The strengthening of the US dollar since the election of Trump is adding to the headwinds in the airline industry: over-capacity and falling yields. The airline industry, which is expected to generate $8bn of free cashflow in 2016 on $600bn of capital employed, needs to spend $120bn annually to maintain current delivery rates. Deferrals and down-gauging is now spreading to narrow-bodies as more and more airlines review their capex plans. We expect acceleration of seat densification as airlines look to sweat their existing fleets. We now expect deliveries to fall by 5% over 2015-18 as opposed to our previous forecast of flat growth. Aftermarket may also suffer as seat densification helps cut number of flights. This leads to reduction in our EPS forecasts for key Civil Aerospace names: Rolls-Royce, Meggitt, GKN and Senior.
War & Peace
11 Nov 16
The UK Aerospace & Defence sector has gained 9% in the last two days following news that Donald Trump is the President-elect. This is understandable given his stated aim to: 1. fully repeal the defence sequester and submit a new budget to rebuild the “depleted” military; and 2. ask NATO allies to increase their defence spending. Current budgets imply a modest CAGR of 1% to FY2020 so it would appear that there is some scope to increase the rate of US defence spending. However, we would caution that the Trump team has not made any explicit commitment to increase total defence spending, only that the money for rebuilding will come from reducing inefficiency and collecting unpaid taxes. He is not the first President to promise to cut red tape and increase efficiency and we suspect not the last. With regards to Civil Aerospace, it is no secret that Republicans see the US Export Import Bank (Exim) as the poster child of corporate welfare and want to close it. This could add uncertainty at a time when traffic growth is under pressure and there is excess capacity. The strength of the dollar against several emerging market currencies is also a headwind for the sector.
N+1 Singer - Morning Song 28-10-2016
28 Oct 16
Elementis (ELM LN) Good Specialties progress and signs of stability in Chromium | Futura Medical (FUM LN) Successful placing; extended CSD500 shelf life approval received | Grainger (GRI LN) Positive FY update: recurring PBT +19%, NNNAV -2% | Mattioli Woods (MTW LN) Forecasts unchanged, HOLD post strong run | Senior (SNR LN) Refining forecasts post call | Zotefoams (ZTF LN) Positive Q3, growth outlook unchanged
Panmure Morning Note 21-10-2016
21 Oct 16
The company is paying the price of being bedazzled by the hubris of Aerospace OEMs, which are still punch drunk on easy money and government subsidies. If traffic growth was the answer, then the airline industry would not be consistently destroying value. Even if the management have recognised this, having committed vast resources to the Aerospace division it has little choice but to accept that days of double-digit margins are gone. Those debts have to be serviced. However, after yesterday’s downgrade and share price fall, at 12.5x 2016 EPS, Senior is arguably the cheapest stock in the Aerospace & Defence sector. We move our recommendation from SELL to HOLD.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume