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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 44 research reports from 4 professional analysts.

Open
149p
Range Today
147/154p
52 Week
126/222p
Daily Volume
9.4k
# Shares
166.9m
Daily Liquidity
(0.01%)
Pension Liability
£95.3m
Enterprise Value
£400.4m
Market Cap
£253.4m
Latest PE (hist)
10.86
Div Yield
5.44

Latest News/RNS

(more news)
Date Source Announcement
31Mar20 12:03 RNS Price Monitoring Extension
26Mar20 16:37 RNS Price Monitoring Extension
17Mar20 07:00 RNS Directorate Changes
09Mar20 14:26 RNS Holding(s) in Company
06Mar20 17:10 RNS Director/PDMR Shareholding
06Mar20 12:11 RNS Director/PDMR Shareholding
06Mar20 12:11 RNS Director/PDMR Shareholding
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  • 01 Apr 20
THE MONTHLY April 2020


Companies: AVO AGY ARBB ARIX BUR CMH CLIG DNL GDR HAYD PCA PIN PHP RE/ RECI RMDL STX SHED VTA

  • 31 Mar 20
Covid-19 update

Nichols has issued a Covid-19 update this morning, signalling the need to protect the balance sheet during the current uncertainty to help ensure it emerges in a strong position to deliver mid-term growth objectives. Briefly, whilst trading in the first two months of FY20 was in line with management’s expectations, Covid-19 is expected to have an adverse impact in the months ahead. This reflects both the OOH division being directly exposed to the UK lockdown of pubs/restaurants/cinemas but also recognising the potential risk to retail sales from any protracted restriction of movement of people worldwide. Given this backdrop, management now expect a significant financial impact in FY20. In line with some of its peers, the company is temporarily removing financial guidance and we withdraw our forecasts. Given the uncertain outlook, the Board has taken the prudent decision to cancel the final dividend announced in the Feb finals of 28p per share, conserving a significant £10.4m of cash. Notably, the update signals that the Board will consider reinstating the dividend payment once there is a better handle on the cash position post the critical spring/summer period. In addition to this there are various other cost action plans to protect the P&L and cashflow. Whilst today’s update is not a huge surprise given the Covid-19 backdrop, it does not fundamentally change the positive investment thesis - as evidenced by 10% PBT CAGR in the last decade (virtually all organic). Nichols has an asset light business model, an excellent and proven management team and a robust balance sheet (£41m netcash at Dec’19) to ensure it effectively manages near term pressures and prospers over the medium term.

Companies: Nichols
  • 02 Mar 20
THE MONTHLY March 2020

Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.

Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMDL STX SCE SIXH TRX SHED VTA

  • 30 Mar 20
Cenkos: Finsbury Food Group Plc -- Trading Update

Whilst Finsbury is experiencing strong demand from the retail channel, the food service channel (c20% of FY19A revenues) has been significantly impacted by the government's decision to close food outlets in order to control the spread of COVID-19. Finsbury is only in the early stages of assessing the impact of the virus on their business, and as such, is unable to provide earnings guidance. We withdraw our forecasts and place our rating Under Review, until visibility improves.

Companies: Finsbury Food Group
  • 31 Mar 20
Excellent FY2019A results, upgrades for FY2020E

MPE has reported excellent results for the year ending December 2019. Total crop handled by MPE exceeded one million tons for the first time and exceeded our expectations by c9%. As a result, revenue was c10% ahead of our expectations, adjusted PBT c30% ahead. We are upgrading FY2020E adjusted PBT by c12% but this could prove conservative as we see significant potential deflation on the cost base while tension appears to be entering the CPO market. We expect MPE to maintain its dividend in FY2020E and we maintain our 1,000p price target.

Companies: M.P. Evans Group
  • 01 Aug 18
Britvic - Still(s) crazy

Britvic (BVIC) has successfully managed two potential threats – the Soft Drinks Levy (SDIL) and the industry CO2 shortage – to confirm modest earnings growth prospects for FY18. The recent heatwave might otherwise have driven outperformance. But with redirected marketing driving double-digit stills growth, the position was held. Looking forward, as BVIC’s business capability programme completes and benefits start to flow, more meaningful earnings growth may narrow the discount to peers.

Companies: Britvic
  • 15 Nov 18
Premier Foods - A more resilient business

Premier Foods’ H119 results demonstrate the business has become more resilient under the stewardship of outgoing CEO, Gavin Darby. Revenue growth of 1.0% in Q2 despite the hot summer was encouraging, and the UK relaunch of the Mr Kipling brand has clearly gone well. The news that Ambrosia may be sold suggests yet another step in the business transformation, although the price will determine the level of dilution and any change to net debt/EBITDA.

Companies: Premier Foods
  • 14 Jan 19
Opportunity knocks

We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.

Companies: BCA CLIN CLG CBP DNLM EAH STU FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

  • 05 Dec 19
Britvic - Evolution to drive continued growth

In FY19 Britvic delivered a strong performance showing good momentum in its core business. The GB business had both Britvic and PepsiCo brands showing revenue growth, Brazil continues to grow and problems in France are being addressed with a proposed exit from private-label juice. The Business Capability Programme (BCP) is complete, and cost savings delivered ahead of schedule. The outlook is somewhat cautious as the consumer environment remains tough, and changes in France will take a while to fully implement. Notwithstanding this, management expects to make further progress in FY20.

Companies: Britvic
  • 20 Jan 20
Glad Q3 tidings….

Distil has performed strongly in its core Q3 trading period covering October to December despite a backdrop of economic uncertainty and generally weak consumer demand. Against a very tough comparative of 29% growth in Q3 last year, Distil has reported revenue growth of 7% for Q3 this year. This continues to be driven by RedLeg Spiced Rum, with volume sales increasing by 16% in an intensely competitive market. With the company remaining positive on the outlook for Q4, it expects full year profits to be ahead of last year and broadly in line with market expectations.

Companies: Distil
  • 28 Jan 20
Year-end update more reassuring than feared but rating remains full given ongoing headwinds

A brief year-end trading update with not a huge amount of details. The main point is that post the July 2019 profit warning, the PBT performance through a combination of mix and cost savings has come in towards top-end of market expectations, implying c18% y/y decline. So a c3% beat vs our £36.5m. Revenue decline at -9% however was worse than our -7%. This reflects ongoing challenges with the Rubicon and Rockstar barns and lower Irn-Bru volume due to price realignment. Net, the company had a better H2 than H1 and from our understanding, exits Q4 with good momentum. Looking ahead to 2020, the comps are easier and the company is expected to get back into growth mode (albeit 3% at the PBT level). The main cloud on the horizon is the Deposit Return Scheme for Scotland, and we understand the Scottish Parliament will provide an update on plans in the next few weeks. We view this as short-term negative for AG Barr and hence have a y/y profit decline for FY22. Post today’s update we nudge our current year PBT up by 2% and FY21 by 2% also. There will be some investor relief this morning but given the anaemic growth outlook and ongoing headwinds we feel an FY21 P/E looks full. We stay at Hold.

Companies: A.G. Barr
  • 03 Feb 20
Britvic - A robust beginning to FY20

Britvic’s Q1 trading was in line with management expectations, indicating a good start to the year. The company acknowledges that market conditions ‘remain challenging’, but it is confident of achieving market expectations for the year. Q1 revenue was £369.8m, up 4.9% vs the prior year. This includes a benefit from extra trading days. On a comparable days and constant FX basis, revenues were up 2.6%.

Companies: Britvic
  • 26 Feb 20
FY19 - another year of strong execution & delivery

Nichols full year results show another year of good top-line execution and PBT delivery in line with market expectations. We make no meaningful forecast changes. The company enters 2020 with good self-help momentum and various NPD initiatives. There is no new news around the Middle East excise duty headwind. More clarity will emerge by the July interims. The recent FY20 profit reset should be seen in the context of an otherwise exemplary record on execution and delivery. A combination of high brand equity, significant top-line potential, geographical diversification, track record of innovation and a cash generative profile with balance sheet optionality warrants a premium rating.

Companies: Nichols
  • 27 Feb 20
Weak Q4, soft but realistic FY20 EBITDA guidance

A poor Q4, which strongly missed expectations on EBITDA (-5.5% vs. -1.9% expected). While FY20 guidance (2-5% EBITDA growth) appears soft, we believe that it is actually more reasonable following the H2 FY19 troubles which are likely to be exacerbated by the Coronavirus in the first half. Now trading at a discount to peers, we are just waiting for some visible improvements.

Companies: AB INBEV
  • 18 Mar 20
LIBERUM: Science in Sport* - A resilient model delivering continued growth

SiS has reported FY’19 results in line with expectations. The strategic goals to combine the PhD business, launch .com websites, commission a new production line, invest in new fulfilment solutions, up-weight investment in both brands and new product launches were all achieved. The group has cash on the balance sheet and has many levers to utilise in order to manage growth and expectations for the year ahead. While much attention is now on COVID-19 and its potential impact, it is pleasing to see none yet. Hence, no change to forecasts, but management have contingency plans to mitigate any future disruption. The shares are very cheap, and we re-iterate our BUY.

Companies: Science In Sport