Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SSP GROUP PLC. We currently have 9 research reports from 1 professional analysts.
|21Mar17 13:00||RNS||Director/PDMR Shareholding|
|13Mar17 16:00||RNS||Result of AGM|
|07Mar17 17:45||RNS||Director/PDMR Shareholding|
|02Mar17 10:12||RNS||Total Voting Rights|
|20Feb17 14:00||RNS||Director/PDMR Shareholding|
|16Feb17 16:30||RNS||TR-1: Notification of major interest in shares|
|13Feb17 15:00||RNS||TR-1: Notification of major interest in shares|
Frequency of research reports
Research reports on
SSP GROUP PLC
SSP GROUP PLC
Panmure Morning Note 26-01-2017
26 Jan 17
SSPG has reported a solid 1Q, with encouraging LFL growth of 2.4%. No change to forecasts at this early stage. We continue to like the exposure to attractive travel trends, allied with self-help initiatives to support compounding total shareholder returns. After a strong run, the shares may pause for breath until/unless scope for upgrades emerges.
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).
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 - ScS Group - Strong progress on key growth initiatives albeit comps now toughen
21 Mar 17
Whilst interim results are complicated by timing differences around order deliveries (flattery of c£1.9m) and rephasing of marketing (drag of c£1.9m), adjusted EBITDA improved by c£1.7m on an underlying basis – moving ScS into positive territory in its historically loss-making first half. Good progress was made on all 4 growth strategies and it maintained its 5-star score on Trustpilot. Whilst LFL order intake is down c5-6% in current trading, this reflects weak retail park footfall in Feb (not a conversion issue) and it has seen an improvement since the start of March. This means it is on track to meet FY expectations. Reassuring dynamics on margins & costs may add to investor relief, with the shares on <2x EV/EBITDA.
N+1 Singer - Goals Soccer Centres - Good momentum under new team. It’s now all about delivery
21 Mar 17
2016 finals have come in marginally below consensus PBT forecasts but this should not detract from positive operational and strategic momentum. There is still much work to do, but the tenor of the results is encouraging and management signals a good start to FY17. The main surprise is news of a third USA site opening. We tweak our FY17/18 PBT forecast up by 2% and stay at Buy on recovery grounds with a 140p 12m TP.
Interim results confirm solid peak Pier trading
21 Mar 17
1H results demonstrate positive progress in both divisions, with a solid first peak trading contribution from the Pier and rationalisation/stabilisation of the Bars business. Trading is expected to remain in-line with market expectations, with management reiterating ambitions for further strategic acquisitions of experiential leisure sites. Our underlying forecasts are substantially unchanged, save for a one-off lower tax rate boosting FY17 EPS. BUY, 150p target price.
Strong set of full-year results, comforting guidance
23 Mar 17
GVC released a solid set of full-year results. Key highlights Pro forma Net Gaming Revenue (NGR) was up 12% at constant currency, or 9% on a reported basis at €895m, in line with the February trading update. Pro forma clean EBITDA was up 26%, at €205.7m, bang in line with AV’s €206m forecasts, translating a three percentage points increase in margin added to the growth in revenue. c.69% of NGR was derived from markets either regulated (including those in the process of regulating) and/or locally taxed (68% in 2015), while 95% of the revenues were derived from GVC’s proprietary platform. Net debt stood at €131.5m or 0.6x clean EBITDA. The board proposed a second special dividend of €0.15, giving a total dividend of €0.30 per share for the year, beating market expectations. Guidance The start of 2017 seems promising as management said that daily NGR had increased by 15% (+16% cc), translating into an 18% (+19% cc) growth in sports labels’ daily NGR and a 6% (+8% cc) increase in games labels’ daily NGR. The gross win margin reached 9.5% while it should move towards the 10% mark on the long term. Regarding dividends, the group confirmed a progressive distribution policy and expects to distribute at least 50% of the group’s free cash flow, starting from 2017. Debt refinancing In the first quarter of 2017, the group issued a €320m Senior Secured Term and Revolving Facility, composed of a €250m term loan (maturity 6 years) and a €70m revolving credit facility (maturity 5 years) used to pay down the Nomura Loan in full.