Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SAFESTYLE UK PLC. We currently have 52 research reports from 4 professional analysts.
|23Jan17 07:00||RNS||Year End Trading Update|
|19Dec16 05:20||RNS||Holding(s) in Company|
|21Nov16 07:00||RNS||Director/PDMR Shareholding|
|10Nov16 03:37||RNS||Holding(s) in Company|
|10Oct16 05:41||RNS||Holding(s) in Company|
|27Sep16 07:00||RNS||Director/PDMR Shareholding|
|15Sep16 07:00||RNS||Interim Results|
Frequency of research reports
Research reports on
SAFESTYLE UK PLC
SAFESTYLE UK PLC
N+1 Singer - Safestyle UK - Delivering growth but no further upgrades - Hold
23 Jan 17
Against tough comps, and with slightly less efficient conversion rates, H2 sales were shy of expectations. But this was more than offset by strong margin performance, driven by price rises and absence of mix dilution. The net result is FY16 EPS growth of >15%, equating to a small 1% beat. Despite the uncertain macro outlook, the board remains cautiously optimistic about growth prospects (2yr EPS CAGR, 10%). However, it is unclear if the market is growing or not and national competition is intensifying, so further upgrades aren’t guaranteed. After a great run, and now on 10x EV/EBITDA, we downgrade to Hold (from Buy); Halfords/N Brown (Buy) offer better valuations/yields.
Another good year
23 Jan 17
Today’s trading update highlights that 2016 has been another good year for Safestyle reporting record revenue, that will translate into record profitability, and continuing to take market share. Revenue of £163.5m (FY15: £148.9m) is broadly in line with the ZC estimate of £165.0. Profitability is in line with management expectations and will be in line with consensus and the ZC estimate of £20.2m. Safestyle has grown revenue and profit by c. 10.0% and c. 15.0%, respectively, during FY16. This level of growth looks to be at the upper end of the peer group’s performance in a year when the sector has had to deal with the continuing difficult RMI market and input price pressures, as raw material costs increase. Safestyle’s best in class performance has been reflected in the share price which is trading near all-time highs at 311.75p. Despite this, the FY17 PER multiple of 15.3x does not look stretched when taking into account the competitive position of the business in its market and the potential for further cash returns.
Small Cap Breakfast
23 Jan 17
Jackpotjoy — Prospectus now approved by the FCA. Admission to Official List expected 25 January. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Small-cap quantitative research - Consistent growth screen refresh + “11 with legs”
29 Sep 16
We have performed a second refresh of our consistent growth screen, first established with our research note of 17 December last year. As previously, the screen produces a basket of 25 stocks that exhibit not only good growth in EPS and sales, but also a consistency of growth in both measures each year. This basket, or style, has underperformed the small-cap benchmark by 9.1% since inception last December, and by 4.8% since the last refresh on 13 April. We highlight stocks leaving and joining the basket and take a closer look at 11 stocks “11 with legs” in the refreshed screen. We will continue to monitor performance of the basket and refresh it again in about 4 months’ time, but interestingly, consistent growth is beginning to look like consistent underperformance!
Strong H1 and another double digit dividend increase
15 Sep 16
Safestyle has announced another set of strong results with revenue growth of 12.8% to £83.5m (HY15: £74.0m) and underlying PBT of £10.6m (HY15: £9.0m) a 17.8% YoY increase. Operationally the business has progressed on all fronts with growth in installed frames, number of installations and average unit price. The conservatory refurbishment business is gaining scale and is on track to achieve its annual target, the structural change towards on-line derived sales continues and the production facility extension is on plan. We leave profit forecasts unchanged in expectation of slightly slower revenue growth in H2, albeit still c. 9%, against tough comparatives and expectations of further cost pressures to come through, particularly in Q4. The FY dividend estimate increases 5.6% to mirror the 10.3% YoY uplift at the interims. Safestyle’s trades on a PER of 13.4x underpinned by structural growth and yields 4.3% with the potential for further special dividends.
Retain forecasts for FY17E and FY18E
05 Oct 16
While LFL sales growth of 1.8% for the first 12 weeks of FY17 looked a little light, this was on the back of 2.8% growth in the prior period. H2 comps become easier to lap and Christmas bookings (festive trading comprises 15% of FY sales on average) are up 10% YoY.
Strong H1 17 performance, confident outlook for H2
20 Jan 17
Following on from the positive AGM statement at the end of November, MySale has released an upbeat pre-close trading update. Group revenue increased 6% to A$136.1m, while higher margin online revenue, now representing over 90% of the total group, experienced a strong rate of growth of 18% to A$126.5m. As a result, gross margin showed continued improvement of 270bps driving a 17% uplift in gross profit to A$38.4m (versus A$32.7m). Strong trading for the half, combined with a carefully controlled cost base, led to a doubling in EBITDA to A$3.0m. Management are confident going into the second half period and following the increase in guidance at the end of November, the company remains comfortable with current full year forecasts. More detail and an update on trading will be given at the interims expected on 1st March 2017.
EBITDA break-even reached, positive outlook
18 Jan 17
7digital’s FY16 revenues increased 7% y-o-y and EBITDA profitability was reached, as targeted, in Q4. New contract wins in FY16 set the stage for a stronger top-line performance in FY17 and we consider management’s reiterated target of operating profitability in FY17 as realistic. For an operationally geared growth company in its first year of profitability, the FY17e EV/EBITDA of c 12x looks attractive.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
A year of expansion
17 Jan 17
Final results are broadly in line with our revised forecasts on most headline levels in what proved to be a difficult year for the Group. That said, it has significantly increased room capacity, which is now +40% ahead at the time of the IPO (+14.5% yoy), which improves its competitive position and offering. We are maintaining our headline forecasts, and with the dividend expected to be held for the foreseeable future producing an 8.7% yield with a NAV in excess of 180p, we continue to believe there is strong long term value offered at present.