Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on RENISHAW PLC. We currently have 18 research reports from 2 professional analysts.
|26Jan17 07:00||RNS||Half-year Report|
|09Jan17 10:00||RNS||Notice of Results|
|13Oct16 15:20||RNS||Result of AGM|
|13Oct16 10:54||RNS||Trading Statement|
|26Aug16 09:00||RNS||Annual Financial Report|
|27Jul16 07:00||RNS||Final Results|
|07Jul16 10:00||RNS||Notice of Results|
Frequency of research reports
Research reports on
N+1 Singer - Morning Song 30-01-2017
30 Jan 17
ATTRAQT Group (ATQT LN) Reverse takeover of Fredhopper, £28.5m Firm Placing and Open Offer | Conviviality (CVR LN) Delivering against strategy | Murgitroyd Group (MUR LN) Recovery in prospect after H1 setback | Realm Therapeutics (RLM LN) IND filing for lead atopic dermatitis programme | Renishaw (RSW LN) H1 results in line; backdrop more supportive | Revolymer (REVO LN) Joint development agreement with Akzo Nobel | SDL (SDL LN) Fredhopper cash disposal for £25m | Waterman Group (WTM LN) Positive trading update confirms in line H1 performance
N+1 Singer - Renishaw - H1 results in line; backdrop more supportive
30 Jan 17
Renishaw reported strong underlying sales growth of 12% for H1 17, with margins largely unchanged as investment continues to support long term growth. Improving industrial indicators suggest strong sales growth should continue or even accelerate over the coming months. However accompanying cost growth remains difficult to forecast, reflecting the group’s long-term approach to developing the business. Management has provided guidance for FY17 sales of £500-530m and PBT of £85-105m, with the mid-point of £95m only just above previous market expectations. We have increased our PBT forecasts by 3% to £95.9m for FY17 and by 7% for FY18 and FY19. We have also upgraded our recommendation to Hold with a 2923p target price (from 2242p), reflecting the more supportive backdrop.
N+1 Singer - Renishaw - Interim results and guidance in line with expectations
26 Jan 17
Renishaw has reported strong sales growth of 21% for H1 17, with margins largely unchanged as investment continues to support the long term. Management has given guidance of £85-105m for FY17 PBT, with the mid-point of £95m just above consensus of c.£92.7m. We view this as a reassuring update, but not one that is likely to drive significant changes to market expectations.
N+1 Singer - Morning Song 26-01-2017
26 Jan 17
Brewin Dolphin Holdings (BRW LN) Core FuM +3.4% on positive investment performance | Brooks Macdonald Group (BRK LN) +4.6% FuM: solid net inflows, benefiting from positive performance | EMIS Group (EMIS LN) In line trading update, market still challenging | Findel (FDL LN) Positive momentum and outlook in Express Gifts | Mobile Streams (MOS LN) H1 trading update – India scaling commences | Renishaw (RSW LN) Interim results and guidance in line with expectations | WYG (WYG LN) EU-financed contract wins support improving outlook
Q117 update; 7% organic revenue growth
13 Oct 16
Renishaw has developed world-leading market positions built on patented technology, and mediumterm growth should be sustainable as the global manufacturing industry looks to upgrade into state-of-the-art manufacturing systems with additive manufacturing, robotics, etc. likely to be strong growth drivers.
N+1 Singer - Capital Goods - Backdrop suggests upgrades ahead
09 Sep 16
Our latest review of the UK capital goods sector suggests a more positive outlook for our stocks, echoing the more hopeful picture we identified at the start of the year (Best Ideas 2016, 4 January). While growth remains very low, key indicators suggest a slight improvement for our universe by the end of 2016. More significantly, weak sterling is set to provide a materially bigger boost to sales in H2 than in H1 if FX rates are maintained. This does not appear to be reflected in consensus forecasts, which have also seen their first quarterly upgrade in Q3 to date after four years of quarterly downgrades. Share prices have risen sharply through 2016, taking our weighted sector P/E to c.20x. However the sector does not look expensive relative to the market, trading on its normal premium to the FTSE All-Share. To identify the best prospects we have assessed end market commentary from overseas capital goods groups, track records of growth and introduced quant screens relating to profitability and cash generation. Given the more positive tone to our findings, we have a number of Buy recommendations, but only one Sell. In this note we summarise the main inputs into our sector view, along with overviews of our coverage and some interesting non-coverage stocks.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
N+1 Singer - Xaar - 2016 results slightly ahead, reduced visibility in 2017
22 Mar 17
Xaar’s 2016 results were slightly ahead of our forecasts, showing a small decline in profit vs. the previous year. Sales grew by 3% to £96.2m, reflecting lower sales from ceramic tile printing, offset by strong growth from Packaging and licence income and an initial contribution from the Engineered Printing Solutions acquisition. Adjusted PBT reduced by 6% to £19.5m (N+1Se £18.7m). Xaar has made significant progress in terms of strategic development in 2016. Its growth drivers are broadening out and it remains focused on its target of £220m sales by 2020. However near term growth is dependent on new products and management has guided to a higher than normal H2 weighting and reduced visibility, which is likely to restrain the share price.