Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SENIOR PLC. We currently have 38 research reports from 3 professional analysts.
|22Mar17 13:01||RNS||Director/PDMR Shareholding|
|16Mar17 10:54||RNS||Holding(s) in Company|
|01Mar17 15:42||RNS||Holding(s) in Company|
|01Mar17 12:30||RNS||Director/PDMR Shareholding|
|01Mar17 12:19||RNS||Director/PDMR Shareholding|
|01Mar17 12:17||RNS||Documents available for inspection|
|27Feb17 07:00||RNS||Final Results|
Frequency of research reports
Research reports on
N+1 Singer - Senior - Forecasts updated; FY17 to be the bottom?
28 Feb 17
After a series of disappointments, it is to be hoped that FY17 will be the bottom for the recent cycle of earnings, as Flexonics markets recover and Aerospace volumes transition towards the new commercial programmes. FY18 should see the benefit of cost actions as well as Flexonics market recovery and on a P/E of 11.9x FY18 EPS, the shares do not look expensive. However, as we said yesterday, confidence needs to be rebuilt and we remain at Hold for now with a target price of 178p.
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 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.