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.
|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|
|09Feb17 17:00||RNS||TR-1: Notification of major interest in shares|
|07Feb17 18:10||RNS||Director/PDMR Shareholding|
|01Feb17 07:00||RNS||Total Voting Rights|
|30Jan17 15:00||RNS||Annual Report and Accounts and Notice of AGM|
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).
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
The Crown Joules
15 Feb 17
We believe that own-brand retailers that operate a balanced multi-channel proposition will be well placed to prosper in a competitive apparel market going forward. Joules is one company in particular which we believe will outperform the sector given its loyal and growing customer base, distinctive brand and strong track record of opening profitable space. We initiate coverage on the shares with a buy recommendation and price target of 249p, implying upside of 16.9% over the prevailing market price.
N+1 Singer - Carpetright - Recovery has just begun
17 Feb 17
With UK LFLs up 6.8% in Jan against tough comparatives, and Europe LFLs up 5.4% in Q3, the first clear evidence is now visible that the transformation strategy is gaining momentum. Given some uncertainties, market forecasts are yet to reflect this, but upgrades seem likely as further initiatives are rolled out. Despite a recent bounce from its all time low, the valuation is still very low on consensus assumptions, where risk now appears to be shifting to the upside. With scope for re-rating too, our 300p target price has the scope to grow to 500p over 18 months. We re-initiate with a Buy.
Panmure Morning Note 19-01-2017
19 Jan 17
Pets at Home have released a Q3 trading update this morning that will disappoint the market. Group like-for-like revenue growth was just +0.1% through 3Q16 as subdued trading across the Merchandise business weighed on continued strong growth in Veterinary Services. Profit outlook for FY17 remains in line with expectations. Suspect the shares will come under pressure.