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  • 31 Jul 19
Small Cap Feast

Interswitch, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, which may value the financial technology company at $1.3bn to $1.5bn.

Companies: MBT DVO SOG bmn INQO ATM GBP SMS PXS CKT

  • 25 Apr 19
Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer to raise £61.6m at 200p with market cap of £185m, expected 29 April 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 2019.

Companies: DVO AIR PHTM NSCI MCON SXX SNX LOK SCLP

  • 01 Aug 18
Morning Song

A G Barr (BAG LN) Broadly satisfactory H1 update | Clipper Logistics (CLG LN) Share price reaction overdone | Devro (DVO LN) Mixed interims | Directa Plus (DCTA LN) Graphene producer with commercial momentum | Hargreaves Services (HSP LN) Trading well; strategic progress | StatPro Group (SOG LN) Strong Revolution ARR growth, but cancellations still higher than usual

Companies: BAG CLG DVO DCTA HSP SOG

  • 28 Feb 18
Morning Song

Avingtrans (AVG LN) Good progress on integration; FY19 PBT raised 13% | Devro (DVO LN) Upgrading to Buy on valuation and recovery grounds | Genus (GNS LN) H1’s in line with expectations: solid ABS performance | Vernalis (VER LN) Tuzistra® XR scrips below guidance: evaluating strategic options

Companies: AVG DVO GNS VER

  • 28 Feb 18
Upgrading to Buy on valuation and recovery grounds

In the context of the recovery thesis the 2017 finals are a good staging post. Most of the key goals were achieved last year and there is good top-line and cost saving momentum going into 2018. Geographical commentary is generally positive and leverage is becoming less of a concern. We are lowering our FY18/FY19 PBT expectations by 8-10% to largely reflect anticipated input cost/FX headwinds. Overall, we see value developing at current lows and upgrade to Buy.

Companies: Devro
  • 09 Nov 17
N+1 Singer - Devro - A very brief and in-line Q3 trading update with no new catalyst

Today’s Q3 trading update indicates that the positive volume momentum seen in H1 has continued into H2, which is a good message this morning. This, however, was expected given the very weak comps for both periods post an annus horribilis 2016 and the fact that China is ramping up. There is also reassuring commentary around cost savings. Notable by its absence is any reference to the price/mix dynamic or how the weak geography of the America’s is faring and whether the China plant is on track to exit FY17 at full run rate. All three were potential catalysts this morning. Instead we have an in-line update which is not sufficient for the share price to kick-on in our view. The shares have had a good run this year, rising by 27% on easing of forecast and leverage concerns post a satisfactory set of interims. This, however, should not disguise the fact that the profit stability we are expecting in FY17 is effectively being driven by FX and cost savings, suggesting elements of the business are still challenged. Admittedly Devro looks interesting over the medium term but we would like to become more confident around top-line growth and returns on the heavy investment before turning more positive. On our numbers the shares are broadly up with events on a P/E of 16.3x falling to 14.1x with the respective EV/EBITDA rating 10.5x/9.3x and the yield 3.6%. Management is guiding to no change to full year guidance and we make no forecast changes this morning, but flag the possibility of FX being a headwind next year. We stay at Hold but as a house-keeping exercise lift our target price from 200p to 255p.

Companies: Devro
  • 16 Mar 17
N+1 Singer - Morning Song 16-03-2017

Brady (BRY LN) Building a platform for superior growth and margin | Devro (DVO LN) We see 3 key sentiment drivers for FY17 | EMIS Group (EMIS LN) In line prelims, investment in patient a short term drag | M&C Saatchi (SAA LN) 9.3% LFL revenue growth, 3% profit beat, dividend +15% | Northgate (NTG LN) Strategy refresh expected in June | Oxford BioMedica (OXB LN) Full year results; anticipate CTL019 launch later this year

Companies: SAA NTG EMIS DVO BRY OXB

  • 07 Mar 17
Returning to growth

Having completed its capital investment projects, Devro's manufacturing footprint is now aligned to customer demand and should allow growth in more profitable areas as management purposefully moves away from the oversupplied low-price segment. The transition was complex and there is still more work to do, especially in Latin America. Devro has now commenced a new programme, Devro 100, to accelerate sales and profit growth in order to make the most of the new capacity.

Companies: Devro
  • 03 Aug 16
N+1 Singer - Morning Song 03-08-2016

A G Barr (BAG LN) Struggling to grow the top-line | Devro (DVO LN) Interims a curate’s egg | GlobalData (DATA LN) – contains a video link Video overview

Companies: SXS DATA BAG DVO

  • 27 Jun 16
N+1 Singer - Strategy - Brexit – a few thoughts in mid and small cap

Friday’s “surprise” referendum vote still has of course a very long way to play out in terms of political, geo-political and economic ramifications, though the initial movements in markets and currencies were not a surprise given the obvious shock and uncertainty. In this piece we offer a few thoughts on our coverage universe going forward, both where our views are evolving and where existing themes are reinforced. Sectors under more pressure than before include: Consumer, General Retail, Construction & Support Services. Sectors where our existing themes should prove more resilient include: Technology, Life Sciences and Healthcare and much of General Financials – though with some caveats. In most sectors interesting opportunities/angles are arising – currency and potential M&A being obvious examples in the Industrials, Tech, Heallthcare and Media sectors.

Companies: WIL BOY SGM DVO SNR DOTD BUR WKOF VEC

  • 23 May 16
Addressing investor pushback

Four key issues have weighed on Devro’s share price in recent months. Detailed analysis of each of these concerns suggests that the risks are actually relatively limited and that Devro offers good mid-long term potential. Our revised forecasts post the FY15 finals give a projected 3 year PBT CAGR of 14%. Devro remains one of our top picks of the year as we see the group as having successfully repositioned itself to accelerate growth over the next 3 years. The shares on a FY17 P/E of 12.6x, a >3.5% yield and 8% FCF yield offer compelling value.

Companies: Devro
  • 23 May 16
Morning Song

Carador Income Fund (CIFU LN) April NAV rebound +1.8%, premium rating restored | Devro (DVO LN) – includes a video summary Addressing investor pushback | Halfords Group (HFD LN) Preview – prelims on 1st June

Companies: DVO HFD MMX

  • 27 Apr 16
In line AGM update with positive China news

A very brief but in line AGM update from Devro this morning. As anticipated underlying trading conditions remain mixed but there is positive news around growth investment, especially government approvals around the new China facility. This removes a key area of uncertainty. We do not envisage consensus expectations changing on the back of today’s update. We remain positive as we see structural growth of the collagen market and Devro’s re-positioning of the business to capitalise on emerging market growth as supportive of EPS growth recovering in the next 3 years. The shares have been weak in recent weeks primarily on the back of soft Viscofan Q4-15 LFL’s and a tempering of its FY16 expectations. We understand most of Viscofan’s short-term trading challenges revolve around high exposure to the weak Brazilian market and increased competition in the non-collagen artificial casing categories. Devro is much less exposed to both these issues. We stay at Buy with a 350p 12m TP.

Companies: Devro
  • 08 Mar 16
Getting ready

Devro’s transformation programme is almost complete and by the end of 2016 it will have an upgraded and more efficient production footprint. Once the group is operating at lower cost and with a product portfolio better aligned with market opportunities, there is the potential for material savings and further revenue growth in the medium term. While 2016 is likely to be another year of transition, we would expect PBT to make progress, and we believe the restructuring and reinvestment will start to contribute more materially to the bottom line.

Companies: Devro
  • 01 Mar 16
FY15 finals – all on track

Devro finals have come in ahead of our forecasts at the PBT and net-debt level. End markets remain mixed but having a portfolio approach helps the group to offset areas of geographical weakness. There is reassuring news around the large China and USA projects. In the update there is reference to the value end of the Chinese market declining in 2015, but reassuringly the premium segment in which Devro is positioned in remains in growth mode. We keep forecasts unchanged and the stock remains an N+1 Singer key pick for 2016 on conviction of growth and returns accelerating over FY16/FY17.

Companies: Devro

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Devro. We currently have 43 research reports from 4 professional analysts.

Open
N/A
Range Today
N/A
52 Week
156/222p
Daily Volume
N/A
# Shares
166.9m
Daily Liquidity
(0.09%)
Pension Liability
£95.3m
Enterprise Value
£467.2m
Market Cap
£280.5m
Latest PE (hist)
13.35
Div Yield
4.61

Latest News/RNS

(more news)
Date Source Announcement
12Dec19 08:42 RNS Director Declaration
25Oct19 17:31 RNS Director/PDMR Shareholding
24Oct19 10:57 RNS Director/PDMR Shareholding
22Oct19 07:00 RNS Trading Update & Manufacturing Footprint Review
10Oct19 11:44 RNS Director/PDMR Shareholding
20Sep19 12:59 RNS Holding(s) in Company
14Aug19 13:45 RNS Holding(s) in Company
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  • 13 Dec 19
LIBERUM: Science in Sport* - Too cheap to ignore

SiS’s valuation has fallen from over 2x EV/Sales in 2017 to just 0.8x currently. This is despite the group now consisting of two leading brands with over £20m of sales each, growing at strong double-digit rates, compared to it being just the SiS standalone business previously.

Companies: Science In Sport
  • 04 Nov 19
THE MONTHLY November 2019

The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.

Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN ESRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

  • 16 Sep 19
Prices and volumes under pressure in H1

MPE has announced H1 2019 results to end June 2019. H1 2019 was always going to be a difficult reporting period, simply because the average CPO price in H1 2019 is down 20% on H1 2018. Further, some of the plantations have taken a bit of a ‘growth pause’ after exceptional growth in 2018, while MPE has accelerated some field and mill maintenance tasks (and associated costs) in H1 2019. While H2 is likely to be much stronger due to a stronger CPO price and helpful seasonality with plantation harvests, we find it necessary to trim forecasts. However, our price target of 1,100p/share is unchanged as it looks through short-term earnings volatility.

Companies: M.P. Evans Group
  • 09 Dec 19
Good FY results despite difficult backdrop

Zambeef has reported FY2019 results for the twelve-month period ending 30 September 2019. In what is a tough macro environment in Zambia, we believe that the company has delivered a very creditable performance, with underlying growth in revenue of +12.7% y-o-y and +10.0% y-o-y underlying growth in gross profit. The underlying gross margin slipped 80bps in the period, reflecting the lack of pricing power given the tough economic environment and customers gravitating to lower-margin products, plus several other cost pressures. Our forecasts had anticipated many of these issues. However, expectations are for another material weakening (c15%) of the Kwacha in FY2020 which we had not anticipated. Our US Dollar forecasts move down commensurately.

Companies: Zambeef Products
  • 02 Jul 19
Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 24 Sep 19
LIBERUM: Hotel Chocolat* - Very well positioned for FY’20

FY’19 results are strong with the core business (ex-USA) delivering +13% sales and +20% PAT growth. The UK has seen trading and profits improve (YoY and H2 vs. H1) which is a noteworthy point highlighting the group’s growth and defensive qualities.

Companies: Hotel Chocolat Group
  • 03 Oct 19
THE MONTHLY October 2019

Since their privatisation in 1989, the 10 water companies have faced a periodic review every five years; it is undertaken by Ofwat, and prescribes customer prices, along with the investment requirements. As part of the ongoing review, PR19, Ofwat will publish its Final Determination numbers on 11 December 2019; they will apply as from April 2020, although water companies do have the option to seek a reference to the CMA.

Companies: AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF PCA PIN PHP RE/ RECI RMDL STX SCE SIXH TON SHED VTA W7L

  • 11 Nov 19
Carr's Group - Engineering growth continues

Carr’s Group delivered a 7.0% increase in adjusted profit before tax during FY19 despite adverse weather conditions in both the US and the UK, which affected demand for feed blocks, animal feed and fuel. The profit growth was attributable to a strong performance from the Engineering division. We leave our FY20 and FY21 estimates broadly unchanged, nudge our indicative valuation up 6p to 190p/share and present FY22 estimates for the first time.

Companies: Carr's Group
  • 22 Nov 19
LIBERUM: Science in Sport* - Strategic delivery ahead, amidst higher costs

The positives from today’s update are continued very strong top line growth, tracking slightly ahead of expectations, and operational and executional excellence, which has delivered the integration of PhD on time and within budget. The new powder line is up and running, the fulfilment centre is delivering eCommerce benefits across both brands and new product innovation is clearly delivering new account wins.

Companies: Science In Sport