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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

  • 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

  • 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

  • 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
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
  • 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
  • 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

  • 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
  • 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

  • 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

  • 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
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

  • 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
  • 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
  • 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
  • 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
N/A
Range Today
N/A
52 Week
156/222p
Daily Volume
N/A
# Shares
167.0m
Daily Liquidity
(0.11%)
Pension Liability
£95.3m
Enterprise Value
£467.2m
Market Cap
£273.8m
Latest PE (hist)
13.35
Div Yield
4.61

Latest News/RNS

(more news)
Date Source Announcement
17Jan20 07:00 RNS Trading Update
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
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  • 14 Feb 20
Mixed feelings after the FY19 results

FY19 and Q4 slightly missed expectations, while reaching the mid-term guidance for sales was finally postponed by 1-2 years. This, however, doesn’t stop us from continuing to believe that the food giant is still very robust, delivering lasting progress, while this should continue thanks to its successful transformation projects.

Companies: Nestle
  • 12 Feb 20
LIBERUM: Origin Enterprises - Under the weather and undervalued

Our Mud and Muck report last week highlighted the challenges UK farmers have faced in planting winter wheat this year given wet weather. Industry journals suggest the UK wheat harvest could be the lowest since the 1980s.

Companies: Origin Enterprises
  • 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 SRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

  • 18 Feb 20
FY19 confirmed the business model's solidity

FY19 results confirmed the predictability and toughness of Kerry’s business model. The same scenario continued: Taste & Nutrition remained solid, pushed up by healthy life style and acquisitions, while the Consumer Foods division is still challenging. We believe FY20 will stay the same way.

Companies: Kerry Group
  • 30 Apr 18
Key takeaways from the Consumer reporting season

With a busy reporting season behind us we use this note to take stock. Stepping back we pull out the key themes which emerged across the sub-sectors we actively follow in the consumer space. On balance there was more cause for optimism. This is supportive of our top-down view that there is scope for a better H2 for consumer related stocks as cost headwinds ease and pressure on disposable income moderates. We also take a close look at 7 stocks we actively research and which reported over March and April. For each we use charts to depict the key takeaways from an investment case perspective.

Companies: DOM BAG NICL CHH GOAL RTN GYM MARS CVSG

  • 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

  • 30 Jan 20
Lowered FY20 sales guidance does not really taint our confidence

Diageo reported H1 results just ahead of peers. However, the lowered FY20 sales guidance and the shy volume growth (+0.2%) have slightly darkened the picture. The strong metrics, still ahead of peers, and the still growing return to shareholders still make it a quality stock for us.

Companies: Diageo