Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on RESTAURANT GROUP PLC. We currently have 47 research reports from 4 professional analysts.
|13Jan17 07:00||RNS||Holding(s) in Company|
|20Dec16 07:00||RNS||Notification of post-close update|
|07Dec16 02:22||RNS||Holding(s) in Company|
|31Oct16 02:26||RNS||Total Voting Rights|
|31Oct16 02:24||RNS||Block listing Interim Review|
|31Oct16 02:22||RNS||Grant of Savings Related Share Options|
|28Oct16 10:41||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
RESTAURANT GROUP PLC
RESTAURANT GROUP PLC
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.
N+1 Singer - Restaurant Group - Our recovery expectations pushed out to 2018
30 Nov 16
Whilst we continue to have conviction in the new management turning around the group’s fortunes, the deterioration in the consumer and cost outlook for 2017 since the August interims influences us to revisit our FY17 and FY18 estimates. We put through 13%/12% PBT downgrades, though we believe the dividend can be held and note our revised SOTP of 434p is still above the current price. To better reflect the prospect of a turnaround being pushed out to FY18 we lower the basis of our 12m TP from 15x FY17 P/E to 13.5x resulting in a new 12m TP of 350p (from 480p) and move from Buy to Hold. With hindsight our move to a Buy back in Sept now seems premature.
N+1 Singer - Small-cap quantitative research - Consensus EPS falling…falling…falling…rising 3.0
05 Oct 16
At the end of April we re-ran our so-called “3 down then 1 up” screen. This selects companies with estimates that had been declining consistently since a year previously, but which had risen in the immediately preceding three months (see our note dated 29 April 2016). We have reviewed the performance and, while not being quite as strong as the previous period, it was still well ahead of the market and the screen appears to have some signalling value. In the c.5 months since selection the weighted average rise was 18.4% against a 9.8% rise in the main All-Share index. So we have re-run the screen, which selected 41 companies from the universe of nearly 800 companies. We note a number of companies where we also have a supportive fundamental stance including Creston (CRE LN, Buy), Restaurant Group (RTN LN, Buy), Senior (SNR LN, Buy), Sinclair Pharma (SPH LN, Buy) and (to a lesser extent) Speedy Hire (SDY LN, Hold).
N+1 Singer - Morning Song 05-10-2016
05 Oct 16
Summit is entering into an exclusive license and collaboration agreement with Sarepta for its utrophin modulation pipeline, including its lead DMD programme ezutromid, in Europe. This is very exciting and the most substantial event in Summit’s history. Summit will receive $40m upfront with potential ezutromid-related milestone payments totalling up to $522m plus royalties. We view the deal as highly value enhancing and look forward to the partnership progressing ezutromid to market.
28 Sep 16
In H1 2016, the Group reported a like-for-like revenue decline of 3.9%, which was its worst performance for over a decade. Although the Concessions and Pub divisions delivered a ‘good’ performance, problems have arisen in the Leisure division, most notably with Frankie & Benny’s, but also with some of the other brands prompting management changes and a strategic review of the business.
N+1 Singer - Restaurant Group - Serving up stability and delivering shareholder value
26 Sep 16
We are upgrading from Hold to Buy and lifting our 12m TP from 280p to 480p. Restaurant Group has been a poor performer this year but we think the worst may be past. Recovery will take time but a new high calibre management team is a good starting point. As is Phase I of the strategic review from which we take comfort that most of the recent problems are self-inflicted than external. Notably, RTN’s woes are not unique and there is sector precedent of old established brands being turned around. RTN has the added attraction of not having to deploy higher capex to revive LFL’s and has balance sheet optionality to enhance shareholder value (possible exits from Concessions and Pubs). In the context of a potential turnaround the shares are not expensive on a FY17 P/E of 13x, c.4.5% dividend yield and 9% FCF yield.
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.
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
A year of expansion
17 Jan 17
Final results are broadly in line with our revised forecasts on most headline levels in what proved to be a difficult year for the Group. That said, it has significantly increased room capacity, which is now +40% ahead at the time of the IPO (+14.5% yoy), which improves its competitive position and offering. We are maintaining our headline forecasts, and with the dividend expected to be held for the foreseeable future producing an 8.7% yield with a NAV in excess of 180p, we continue to believe there is strong long term value offered at present.