Research, Charts & Company Announcements
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|10/10/2016 17:41:34||London Stock Exchange||Holding(s) in Company|
|27/09/2016 07:00:11||London Stock Exchange||Director/PDMR Shareholding|
|15/09/2016 07:00:08||London Stock Exchange||Interim Results|
|25/08/2016 11:17:08||London Stock Exchange||Holding(s) in Company|
|15/08/2016 14:53:19||London Stock Exchange||Holding(s) in Company|
|25/07/2016 11:22:12||London Stock Exchange||Holding(s) in Company|
|19/07/2016 07:00:07||London Stock Exchange||Half Year Trading Update|
Frequency of research reports
Research reports on SAFESTYLE UK PLC
Providers covering SAFESTYLE UK PLC
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.
N+1 Singer - Safestyle UK - Compelling strategic positioning and signs of end market growth
15 Sep 16
Safestyle has established a formidable track record of profitable growth and is further extending its market leadership. Brand awareness and digital penetration are both increasing and geographic expansion continues (new offices in Guildford/Norwich). Performance from new products and conservatory refurbs is encouraging, potentially offering upside to forecasts. With end markets seemingly entering the growth phase we have highlighted in previous research, and with no visible sign of weakness post Brexit, prospects remain bright, albeit we make no further upgrades to forecasts at this stage. On 8.0x cal17 EV/EBITDA and with forecast risk to the upside we maintain a Buy stance.
N+1 Singer - Morning Song 15-09-2016
15 Sep 16
Tribal’s interims, under the new Board and CEO Ian Bowles, were in line with expectations. We make no changes to EBIT forecasts but upgraded PBT and EPS due to lower interest costs. Substantial progress has been achieved, with stability restored and new deals won. The group de-risked major contract challenges and restructured the workforce which will deliver £8.5m of annualised savings. The group has a valuable customer base, domain expertise, and now the leadership team and vision to execute a plan supported by a strengthened balance sheet. In the medium-term, we believe the group is capable of generating mid-teens EBIT margin, which coupled with top line momentum, should drive substantial returns over current levels.
Trading in line indicating that recent share price weakness offers an opportunity
19 Jul 16
The recent share price performance (c.-20%) offers investors’ an attractive entry point into a market leading business that continues to win market share due to its competitive advantages. Today’s statement reinforces the view that trading has been strong and should it continue in a similar vein during H2 forecast risk is to the upside. We leave estimates unchanged acknowledging the recent referendum and its potential impact on consumer confidence, the wider UK economy and cost input prices. Albeit the direct impact from raw material cost increases is limited in FY16 and even in FY17 it is estimated that it would not be material. Safestyle’s ability to drive volume growth through innovative low rate financing that competitors find it difficult to match and its natural competitive advantage of being a low cost producer will lead to further market share gains as evidenced in today’s trading statement. Post the recent share price fall the shares trade on 12.1x current year earnings and yield 4.5%.
N+1 Singer - Retail - Matthew - Brexit driven forecasts and valuation update
27 Jun 16
Prior to the EU vote, fears of Brexit undermined consumer confidence and spending patterns, and sterling weakened against the US$ and the €. Wider fears for employment, consumer spending and economic slow-down had hit Retail stocks significantly (-10% rel. YTD). Friday’s surprise Brexit vote has impacted Sterling again and will further knock confidence and spending too. The sector came under material further pressure as a result, falling 10% on the day vs the Allshare’s 3%. As noted on Friday, there are 4 stocks in our universe where forecasts are favourably exposed to FX upside risk (BCA, Boohoo, Swallowfield, Walker Greenbank), 5 stocks which we have downgraded (Debenhams, Findel, Halfords, N Brown, Howden Joinery) with the remainder left unchanged including Motor Retailers.
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Panmure Morning Note 25-09-2016
25 Oct 16
Whitbread released interim results a little ahead of expectations with Revenues £1,556m (PGe £1,548m), giving underlying PBT £307.0 (PGe £301.3) and EPS of 133.9p (PGe 130.9p) with interim dividend of 29.9p (PGe 28.6p) however the outlook statement is fairly cautious and we do not expect to adjust our estimates ahead of the call. LFL sales of 2.0% was an improvement from 1.8% in Q1 but is increasingly being driven by room extensions rather than RevPAR or Costa LFL - hence is likely to be a drag on returns. UK room target is being scaled back 3,700 (from 4,000-4,500) and there is ££43.3m exceptional items relating to Premier Inn’s withdrawal from some international markets. No change to our view and we retain Hold recommendation.
Time to grab a late season holiday bargain?
22 Sep 16
Dart Group’s AGM update contained two good news messages. Trading in the first half of the current year has continued to be strong and is ahead of our forecasts. Also, in addition to the new base at Birmingham Airport announced in July, the company revealed that it was opening a base at London Stansted, which would also start operations in spring 2017. The considerable costs of setting up these two bases falls in the current financial year and the company therefore guided that reported profits are likely to be slightly behind market expectations. We think that the market has misconstrued the reasons for the forecast downgrade, leading to unwarranted share price weakness, which provides an excellent buying opportunity.
Construction delays have limited impact on value
14 Sep 16
PPHE’s 2016 interim results disappointed the market, as construction delays will affect 2016 profitability. The key point for long term investors is that, although the loss of profits and cash flow is disappointing, the business outlook for 2017 and on is unaffected, while property values are above expectations. Our forecasts for 2016 and 2017 are reduced for this and other reasons. The shares trade at a significant discount to book value as adjusted for the real value of the assets, and this value will be further boosted when the new hotels open, and we expect the discount to narrow.
29 Sep 16
Cambridge Cognition Holdings* (COG.L) | Edenville Energy (EDL.L) | Avingtrans (AVG.L) | Gaming Realms (GMR.L) | Redstone Connect (REDS.L) | Concurrent Technologies (CNC.L) | Porta Communications (PTCM.L) | Galantas Gold (GAL.L) | Range Resources (RRL.L) | Plutus Power Gen (PPG.L)
28 Sep 16
In H1 2016, the Group reported a like-for-like revenue decline of 3.9%, which was its worst performance for over a decade. Although the Concessions and Pub divisions delivered a ‘good’ performance, problems have arisen in the Leisure division, most notably with Frankie & Benny’s, but also with some of the other brands prompting management changes and a strategic review of the business.