Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SSP GROUP PLC. We currently have 8 research reports from 1 professional analysts.
|11Jan17 04:01||RNS||Director/PDMR Shareholding|
|10Jan17 02:01||RNS||Director/PDMR Shareholding|
|10Jan17 01:00||RNS||Total Voting Rights|
|05Jan17 12:48||RNS||Director/PDMR Shareholding|
|22Dec16 07:00||RNS||Director/PDMR Shareholding|
|20Dec16 04:20||RNS||Block listing Interim Review|
|15Dec16 05:00||RNS||TR-1: Notification of major interest in shares|
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SSP GROUP PLC
SSP GROUP PLC
Panmure Morning Note 29-11-16
29 Nov 16
SSP reported FY results towards top end of consensus with LFL sales growth of 3.0% (PGe 2.6%), +1.7% net new contract wins (PGe 1.9%), combined with positive FX impact to give 8.6% increase in Revenues to £1,990m (PGe £1,982m). Margin improvement was better than expected with 70bps improvement (PGe 55bps) to give Operating profit up 24.6% to £121.2m (PGe £116.2m), adj EPS up 26% to 15.5p (PGE 14.6p) and DPS of 5.4p (PGe 5.1p). Regionally, the UK performed well, with strong progress being made in North America, Europe positive. Conditions in RoW remain tough. The outlook statement was upbeat on new contract wins and cost initiatives – but cautions that tough comparative and economic uncertainty could slow LFL growth rate 1H17. We believe that the combination of positive LFL, net new business and margin progression gives SSP one of the strongest earnings growth profiles in the sector and we retain Buy.
The Third Space
15 Sep 16
The sector has de-rated 24% over the last 18 months as fluctuating LFL trends and oversupply concerns have been compounded by wider economic and political worries. Having examined the underlying trends in depth, we remain confident that industry growth will be sustained driven by: 1) rising population; 2) rising wealth and; 3) our social need for a ‘third space’. However shifting consumer preferences continue to accelerate refresh cycles which, combined with inflationary headwinds, create operational challenges for the less fleet of foot. Hence we place more emphasis on management track record and ‘self-help’ in assessing each company’s ability to remain the ‘third space’ of choice to defend top line growth, mitigate cost inflation and drive continued shareholder returns.
Panmure Morning Note 18-05-2016
18 May 16
SSP reported Interim results ahead of consensus with LFL sales growth of 3.3% (PGe 3.2%), +2.0% (PGe +1.5%) net new contract wins, offset by -1.5% FX impact to give overall +0.3% growth in Revenues to £897m (PGe £882m). Margin improvement was ahead with 50bps improvement (PGe 30bps) to give Operating Profit up +28% to £30.9m (PGe £25.3m), adj EPS up 43% to 3.0p (PGe 2.2p) and DPS of 2.5p. Regionally North America and Asia Pacific performed well. The outlook statement commented that 2H has started in line with expectations which we view as reassuring. Although LFL comparatives do toughen in 2H, there is scope to upgrade our numbers post the presentation this morning. Reiterate Buy and 350p price target.
Panmure Morning Note 22-03-2016
22 Mar 16
Yesterday’s site visit demonstrated the 5 levers of growth in action and we came away reassured about the significant growth potential of the UK market. This is a mature and established market yet we believe that SSP can continue to drive 2-4% like-for-like growth per annum over the long term, and achieve on- going efficiencies and margin improvements and hence higher profitability. The CEO mentioned that they were comfortable with current market expectations and we detected some improved optimism re post Paris recovery. Thus, we are reiterating our Buy recommendation and 350p price target. Next update will be the Interims on 18 May
Panmure Morning Note 28-01-16
28 Jan 16
Strong trading update should reassure investors of the solid fundaments and portfolio diversity with an impressive +4.3% growth in LFL sales and net contract gains of +1.9% over the period 1 Oct -31 Dec 2015. Clearly passenger numbers have held up better than expected post the Paris attacks but growth has moderated slightly in recent weeks reflecting the impact of geopolitical activity. However the company comments that trading is still in line with expectations and outlook remains positive and unchanged. Adverse FX of -4.3% clouds the growth story a little but underlying fundamentals remain solid with North America particularly strong. We retain our Buy recommendation and target price of 350p (23% upside).
Panmure Research - SSP Group PLC Flash 26-11-15
26 Nov 15
SSP reported FY results ahead of consensus with LFL sales growth of 3.7% (PGe 3.1%), with +0.6% net new contract wins, offset by -4.0% FX impact to give +0.3% increase in Revenues to £1,833m (PGe £1,822m). Margin improvement was better than expected with 50bps improvement (PGe 30bps) to give Operating profit up 10.1% to £97.4m (PGe £94.1m), adj EPS up 19.4% to 12.3p (PGE 11.5p) and DPS of 4.3p (PGe 4.2p). Regionally, the UK performed particularly well, with strong progress being made in North America. Conditions in Continental Europe remain tough but improving. The outlook statement was upbeat on new contract wins and cost initiatives – with the usual rider on uncertainty around short-term passenger volumes which perhaps has more resonance following the Paris attacks and Brussels shut down. We are increasing our 2016E forecasts by 3% to account for better margins. We retain our Buy recommendation, increasing our price target to 350p (from 330p) giving 19% upside.
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 - 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.
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.
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
Conviction List Q1 2017
05 Jan 17
Since its inception in 2010, the Conviction List has outperformed the market in 11 of 19 periods and a reinvested Conviction List would have returned 260% against a Small Companies index that would have returned 194%. Our Conviction List returned 0.4% over the last quarter; this was set against the benchmark UK Small Companies index that returned 4.0% over the same period.
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)