Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SABIEN TECHNOLOGY GROUP PLC. We currently have 4 research reports from 2 professional analysts.
|29Nov16 12:19||RNS||Result of AGM|
|29Nov16 10:41||RNS||AGM Statement|
|07Nov16 05:28||RNS||Notice of AGM|
|25Oct16 07:00||RNS||Final Results|
|29Sep16 03:25||RNS||Holding(s) in Company|
|22Sep16 04:56||RNS||Holding(s) in Company|
|22Sep16 04:54||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
SABIEN TECHNOLOGY GROUP PLC
SABIEN TECHNOLOGY GROUP PLC
Pilot programme working
03 May 16
We are most encouraged by today’s update on the pilot programme in which the company has said it is on track to complete at least 34 pilots in the 2015-16 heating season. This compares to eight in 2014-15 and its target of up to 35 this financial year. Importantly, there is already the positive anticipated traction on the sales pipeline with 10 of those completed, adding an expected £3.5m. With a trading update scheduled for early June, we make no changes to any of our forecasts and reiterate our 50p DCF-derived TP and Buy rating.
Pilot programme showing promise
09 Feb 16
The key elements of the interims in our view are that 30 UK pilots have been agreed for this heating season and that the sales pipeline has increased to £6.4m from the last-reported £5.8m. As anticipated the adj. LBT increased to £1.0m in the first half due to the extra costs incurred in increasing the pilot programme. It is encouraging that the company still anticipates meeting expectations for FY2016. With no changes in our forecast of the move towards profitability in FY2017, we reiterate our 50p DCF-derived TP and Buy.
Breaking through the glass ceiling
20 Jul 15
Sabien’s profitability has depended on whether a substantial contract shipped or not. In order to boost the size of its sales pipeline and potentially the speed of conversion, Sabien has raised c.£0.7m net to introduce a more aggressive piloting strategy. It will offer a “free” pilot instead of charging c.£20k and increase the number of pilots it runs in a year from 10 in FY2015, to up to 35 in FY2016 and 50 in due course. There will be extra costs in the shorter-term, but our 50p DCF-derived TP and Buy rating remain intact.
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.
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.
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.
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.
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.