Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SAFESTYLE UK PLC. We currently have 48 research reports from 3 professional analysts.
|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|
|25Aug16 11:17||RNS||Holding(s) in Company|
|15Aug16 02:53||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
SAFESTYLE UK PLC
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.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
N+1 Singer - Marston's - Delivering growth and standing out from the pack
30 Nov 16
Marston’s is our solitary positive stock pick in the sub-sector. Recent finals reflected a year of further strategic, LFL and earnings progress. We believe it is operationally in a strong shape to make further solid progress in FY17, not least as it does not have the acquisition integration or turnaround issues confronting GNK, MAB and RTN. Moreover, it is relatively better positioned to manage the cost headwinds. We forecast 11% TSR returns in FY17 and feel the shares with a 5.5% historical yield and 12% FCF yield (FY17e) are oversold. We are buyers with a revised 12m TP of 150p.
05 Dec 16
These interims show LPEs by is ahead of its plan to recruit 360 LPEs by April 2017 and is making impressive progress in Australia. The statement (and we expect the results presentation) provide considerable evidence of Purplebricks’ progress in building its brand, increasing its LPE footprint, developing its technology, creating engaging marketing and selling properties. We leave our forecasts unchanged. Investor confidence in Purplebricks’ ability to deliver sustainable profitable growth should result in share price appreciation towards a valuation based on its results for the year ended April 2019.