Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TYMAN PLC. We currently have 8 research reports from 3 professional analysts.
|05Dec16 05:47||RNS||Holding(s) in Company|
|02Dec16 04:52||RNS||Holding(s) in Company|
|25Nov16 04:00||RNS||Holding(s) in Company|
|08Nov16 07:01||RNS||Board Changes|
|08Nov16 07:00||RNS||Trading Update|
|03Nov16 05:00||RNS||Holding(s) in Company|
|03Oct16 07:00||RNS||Directorate Change|
Frequency of research reports
Research reports on
Focus on above market growth
09 Dec 16
While market conditions are mixed, Tyman is focused on significant investment and footprint programmes in all three divisions, each also benefitting from acquisitions. This should provide relative resilience if markets remain sluggish and the rating and yield both have attractions given our expectations for progress.
FY16 starts in line with expectations
13 May 16
An AGM update indicated that year to date trading has been in line with management expectations. Regional trends and outlooks also appear to be consistent with those outlined at the time of the FY15 results in March and estimates are unchanged. The rating is consistent with a mid-cycle position, but we believe that Tyman offers an extended earnings growth profile derived from internal initiatives that are underway.
Consensus eps falling…falling…falling…rising 2.0
29 Apr 16
In January we screened for companies with estimates that had been declining consistently since a year previously, but which had risen in the immediately preceding three months (see our note dated 22 January 2016). We have reviewed the performance of those companies and, given the overall strength of this selection, we have re-run the screen. In the c.3 months since selection, the unweighted average rise was c.34% against a c.11% rise in the main All-Share index. From the same universe as before (some 900 companies) we find 38 companies selected by the screen. We note a number of stocks in the list where we have a supportive stance including: Devro (DVO LN, Buy), James Fisher (FSJ LN, Corporate), Mattioli Woods (MTW LN, Buy) and Spirent Communications (SPT LN, Buy).
Building a bigger and better business
27 Apr 16
Management has set a clear vision for developing the platform created to date, through fundamental business footprint changes and integrating acquisitions. FY16 will demonstrate further execution of this strategy and underpin earnings progress. The rating factors in growth – possibly ahead of our estimates – and provides income attractions.
Subdued markets, but progress expected
19 Nov 15
As Tyman's year end approaches, it has pointed to subdued Q3 trading in a number of regional markets but also provided grounds for improved profitability in FY16. Overall, we have trimmed our FY15 PBT estimate by 3.4% with no net change to future years at this stage. We believe that the absence of a growth premium understates market and company prospects.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.