N+1 Singer - T3 Trend spotting - Strategy update
28 Apr 17
In our third edition of Trend spotting we stick with our suggestion at the end of March to up European exposure and we review the recent market moves and macro trends. We comment on the recent strong performance of our growth, quality and momentum styles which we expect to continue and we examine what happened to sectors around the last general election period in 2015, adding some new colour.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Morning Song 31-03-2017
31 Mar 17
Cathay International Holdings Limited (CTI LN) FY results: Solid trading at Lansen; negative impact from FX and Haizi | CVS Group (CVSG LN) Excellent interims. Reappraising mid-term earnings potential | Dechra Pharmaceuticals (DPH LN) IP licensing agreement and minority investment | eg solutions (EGS LN) Significant contract win | Entertainment One Ltd (ETO LN) Trading update for YE Mar’17 | Harwood Wealth (HW LN) £10m new equity to maintain impressive pace | iomart Group (IOM LN) Year end trading update | Mobile Streams (MOS LN) The start…| Oxford Pharmascience Group (OXP LN) FDA feedback: clinical outcomes data required for GI safety claim | Speedy Hire (SDY LN) In line trading update | T2 Trend spotting Strategy update | Imperial Innovations Group (IVO LN) H1 results: solid portfolio progress and net fair value gain
N+1 Singer - Harwood Wealth - FY16 EBITDA 11% ahead, positive strategic progress
24 Jan 17
Harwood Wealth (“HW”) has delivered final results which showed EBITDA 11% ahead of our forecasts and successful execution of the consolidation strategy with 17 acquisitions in FY16 using IPO proceeds. The board has declared a maiden final dividend of 2p (payable in May) from cash generation. £10.5m net cash leaves the business well positioned to continue to pursue acquisition opportunities. Based on previous multiples paid, we estimate HW has cash resources to materially increase EBITDA complemented by organic growth. HW reports a positive start to FY17e.
N+1 Singer - Morning Song 24-01-2017
24 Jan 17
Harwood Wealth (HW LN) FY16 EBITDA 11% ahead, positive strategic progress | Horizon Discovery Group (HZD LN) Positive trading update, 2017e EBITDA guidance maintained | Kalibrate Technologies (KLBT LN) Trading update – contract delays | Marston’s (MARS LN) Decent start to the year | Murgitroyd Group (MUR LN) H1 trading behind budget | NCC Group (NCC LN) Rebuilding credibility from a sound base | Restore (RST LN) Positive conclusion to FY16 confirmed | Servelec Group (SERV LN) In line FY16 trading update | Xaar (XAR LN) Announcement of new FD
N+1 Singer - Harwood Wealth - Appointment of Nick Bravery as Chief Financial Officer
06 Oct 16
Nick Bravery, Harwood Wealth’s Finance Director, has been appointed to the board as Chief Financial Officer with immediate effect. Harwood Wealth is growing both organically and through consolidation of the fragmented financial advisory industry, capturing returns through integration of target businesses on to an efficient and comprehensive platform. HW currently has c.£3bn AuI/M.
N+1 Singer - Harwood Wealth - Interims in-line, healthy acquisition pipeline
29 Jun 16
Harwood Wealth Group (“HW”) has reported interims – maiden results as a PLC – which are in line with our expectations. Revenues have continued to grow fuelled by underlying organic growth and the impact of a number of successful acquisitions. The acquisition pipeline is healthy with 7 prospects at non-binding heads of terms and having completed 13 YTD. We leave our forecasts unchanged at this point in time. We note £12.1m net cash post-IPO to be deployed on earnings enhancing acquisitions.
N+1 Singer - Morning Song 29-06-2016
29 Jun 16
Greene King (GNK LN) Stronger than anticipated finals | Harwood Wealth (HW LN) Interims in-line, healthy acquisition pipeline | Infrastructure India (IIP LN) Sale of interest in WMP toll road completes | OMG (OMG LN) Appointment of Non-Executive Chairman
Profitable consolidation on an established platform
19 Apr 16
Harwood Wealth is a vertically integrated wealth management business with c.£1.25bn AuI/M. The business has a proven track record of selecting, completing and integrating acquisitions, with 48 completed to date. With 11 acquisitions made in FY16e to date, FY17e provides a more accurate representation of the current run rate performance. As our forecasts only capture organic growth, we see upside from the deployment of £10m new equity raised on IPO (at 81p) vs the current share price. The acquisition strategy will deliver earnings accretion creating shareholder value. The board will look to pay a dividend following FY16 final results (N+1Se 2.1p).
19 Apr 16
Connect Group (CNCT LN) Solid interims, contract extension & good growth at Parcel Freight | Ergomed (ERGO LN) Forecasts updated, remain at Buy | Harwood Wealth (HW LN) Profitable consolidation on an established platform | IQE (IQE LN) Strong momentum in Infrared | Oxford Pharmascience Group (OXP LN) Positive MHRA advice on OXPzero™ NSAID programmes | Quantum Pharma (QP LN) Another ray of sunshine | Sigma Capital Group (SGM LN) Earnings accelerate on PRS, more to come in FY16Trifast (TRI LN) PBT forecasts increased by 3% on year end update