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.
|09Dec16 07:00||RNS||TR-1: Notification of major interest in shares|
|08Dec16 05:00||RNS||Director/PDMR Shareholding|
|30Nov16 05:00||RNS||Director/PDMR Shareholding|
|29Nov16 07:00||RNS||Final Results|
|17Nov16 02:53||RNS||Director/PDMR Shareholding|
|15Nov16 10:00||RNS||TR-1: Notification of major interest in shares|
|08Nov16 04:45||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
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.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
05 Dec 16
These interims show LPEs by is ahead of its plan to recruit 360 LPEs by April 2017 and is making impressive progress in Australia. The statement (and we expect the results presentation) provide considerable evidence of Purplebricks’ progress in building its brand, increasing its LPE footprint, developing its technology, creating engaging marketing and selling properties. We leave our forecasts unchanged. Investor confidence in Purplebricks’ ability to deliver sustainable profitable growth should result in share price appreciation towards a valuation based on its results for the year ended April 2019.
Successfully engaging players
06 Dec 16
Stride has a clear focus on online bingo and soft gaming and is growing rapidly, with FY16 l-f-l revenue up 22%. The acquisitions of Tarco and 8Ball at the end of FY16 doubled its share of the UK bingo-led market from 5% to 10% and should deliver material synergies from FY17. Our unchanged FY17 estimates are for 11% EPS growth and strong cash generation. We expect organic growth to be augmented by further accretive acquisitions in due course. Stride’s FY17 P/E is 10.3x and the calendarised EV/EBITDA is only 7.1x, implying considerable share price upside potential.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.