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.
|30Nov16 08:41||RNS||Holding(s) in Company|
|25Nov16 11:16||RNS||Holding(s) in Company|
|09Nov16 04:40||RNS||Holding(s) in Company|
|08Nov16 05:26||RNS||Holding(s) in Company|
|07Nov16 05:43||RNS||Holding(s) in Company|
|31Oct16 05:59||RNS||Holding(s) in Company|
|28Oct16 12:30||RNS||Director Declaration|
Frequency of research reports
Research reports on
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
A positive Q3 update from Zotefoams this morning confirms that Q3 sales were ahead of the prior year and the full year outlook is unchanged. Importantly, the US expansion in Kentucky also remains on track to be operational in H1’17. We remain confident in the Group’s prospects and note the tailwind that is building for next year. We remain at BUY.
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.
Panmure Morning Note 30-11-2016
30 Nov 16
RPC, the international plastics products design and engineering group, has delivered yet another strong set of results (1H17 EBITDA +65%, EPS +45%). At the interim stage PBT was +66% (materially better than we had forecast). Topline growth has principally being driven by acquisitions (GCS + BPI), though organic remains a feature (and crucially remains at levels consistent with FY16). The two recent acquisitions have quickly been assimilated into the panEuropean platform and management has raised cost synergy guidance (again).
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.
N+1 Singer - Vp - Excellent interims, outperforming again
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.