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|24/10/2016 09:43:32||London Stock Exchange||Notice of Annual Report and AGM|
|13/10/2016 11:58:07||London Stock Exchange||Holding(s) in Company|
|12/10/2016 16:58:25||London Stock Exchange||Director/PDMR Shareholding|
|12/10/2016 16:57:52||London Stock Exchange||Director/PDMR Shareholding|
|05/10/2016 14:00:02||London Stock Exchange||Holding(s) in Company|
|05/10/2016 13:02:46||London Stock Exchange||Holding(s) in Company|
|30/09/2016 15:55:43||London Stock Exchange||Director/PDMR Shareholding|
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N+1 Singer - Morning Song 19-10-2016
19 Oct 16
Sanderson has released a full year trading update indicating that revenue is slightly ahead (we estimate 5%) of expectations, and profits are in line with expectations. Revenue growth of 10%, strong order intake (+20% to £12.0m), a reassuring order book (£3.0m) and positive trading momentum within both Digital Retail and Enterprise gives us confidence in the outlook for the current year. We increase our headline revenue estimates to reflect the strength of the full year outturn, but leave our profit and earnings estimates unchanged on slightly lower margin expectations. We continue to believe that Sanderson offers the highly attractive combination of accelerating growth potential, healthy cash generation and growing dividends at an inexpensive valuation (FY 2016 EV/EBITDA of 8.0x).
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.
A strong FY 2016
17 Oct 16
Full-year results were ahead of July’s trading update, boosted by a year-end Fx benefit and stronger than expected gross margins. Revenue growth of 12% was driven by overseas markets (+22%) and assisted by a stronger UK performance in the second half. A broader and deeper strategy for the US market, including the registration of surface and water disinfectants with the EPA, is now being pursued, with expected launches in FY 2019. We have increased our target price to 150p to reflect a 6% EPS upgrade to 2017 earnings and introduced a 2018 forecast, calling for EPS of 7.0p.
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
New impetus for injectables franchise
17 Oct 16
Bespak’s first deal for its proprietary Syrina autoinjector platform is with an undisclosed major global biopharma. Syrina is based on proprietary VapourSoft technology that uses a liquid gas propellant (rather than a conventional spring) to provide the force for drug delivery. Bespak’s ability to customise its devices to the specifications of its biopharma customers provides a significant competitive edge, enabling delivery of higher volumes and a broader range of formulations (including viscous biologics) while reducing the risk of safety hazards for users. This first deal provides technology validation and may catalyse further injectables deals. Bespak has the potential to become the partner of choice in an environment where rising numbers of biologic drugs in development and increased pressure on healthcare costs make self-administration a more attractive option.
FY 2016 results
17 Oct 16
Full-year results were 7% ahead of the August trading update. Revenue growth of 27% was driven by Vitamin D, up c55%, and sterling's depreciation, which contributed c11% to growth. A higher final dividend together with a 20p special dividend implies a combined yield of 2.9%. Management is confident that Siemens will launch its troponin-based assay contributing to and largely replacing lost NT proBNP royalties in FY 2018. We have increased our target price to 1450p to reflect a 5% EPS upgrade to 2017 earnings and introduced a 2018 forecast, calling for EPS of 72.7p.