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Zalaris announced a strategic review process on 2 April, as the company explores potential opportunities to accelerate growth and maximise value for both customers and shareholders. The potential of a sale and delisting reflects the sentiment from many other listed technology businesses that have recently gone private, finding public markets a restraint to investment in growth. There is no certainty that an initiative, event or transaction will take place. Zalaris’s Q124 results are scheduled fo
Companies: ZALARIS (ZAL:STO)Zalaris ASA (ZAL:OSL)
Edison
Zalaris is a leading European provider of comprehensive payroll and HR solutions and services, covering the entire employee lifecycle. The company’s proprietary platform PeopleHub is tailored towards multinational corporations or large and complex single-country projects, the more attractive end of the business process outsourcing (BPO) market. Due to long-term relationships with customers and a low churn rate, the company has an improving financial profile with good revenue momentum as well as
SAP CEO talked about the weak guidance in a Bloomberg interview …says it is evidence of cloud transition Covid-19 is speeding shift from on-prem to cloud software Could be viewed as more “company specific” than broad sector specific
Companies: Zalaris ASA
Arctic Securities
Despite Covid-19 halting growth and scale for Zalaris, the company is delivering on its cost cutting with another solid quarter, showcased by an underlying EBIT margin of 8% and 6.1% FCF yield (incl. leases) YTD. Management also seemed confident of further margin improvement and growth in 2021, with the latter being key for achieving more scale as the fixed cost base is still high. We reiterate our BUY recommendation and lift our target to NOK 63/sh.
Revenues of NOK 189.7m, 7% and 4% below ARCe and Consensus Underlying cash-EBIT margin of 8.2%, in line with ARCe Still slight revenue impact by Covid-19, but better outlook Figures slightly below expectations, but still supportive
SAP cut both its 2020 and mid-term targets yesterday …citing more muted demand, following re-introduced lockdowns ZAP expects this to last to at least 1H 2021 Outlook risk on Zalaris, but margin improvement our main focus in Q3
Zalaris will report Q3 figures 27 October and we expect another solid quarter with further margin improvement. We have lifted our Q3 estimates on lower cost assumptions and slightly upped growth for Q4/20 and Q1/21 following continued easing of Covid-19 restrictions. If Zalaris delivers on our Q3 EBIT margin, we argue it should lead to a repricing as it adds further support to the margin recovery with the third consecutive quarter of margin improvement.
Zalaris reported strong Q2 figures, which added confidence to our margin expansion view. Management also gave a positive outlook statement and Zalaris is on track to deliver on its 10% adj. EBIT margin target, already achieving a 5% FCF yield (incl. leases) in 2020 despite modelling negative FCF in H2 due to WC. We lift our target price to NOK 61 based on revised estimates and lower NIBD, but emphasize further upside as we currently model 8% FCF yield in 2022.
Strong Q2 figures and underlying margins DPS of NOK 0.5 per share has a strong signalling effect Zalaris highlights strong pipeline and positive effects post COVID-19 We expect positive estimate revisions and spread tightening
Strong figures and underlying margin Dividend of minimum NOK 0.5 per share announced Zalaris expects positive effects post COVID-19 We expect positive estimate revisions and share to trade up
NPL companies: Proposal for changes to debt collection law in Norway Axactor: Renews and expands forward flow agreement in Norway NRC group : SEK 149m contract in Sweden Zalaris: Renews payroll and HR services for leading fertilizer company
Companies: 0DSJ 0QWF 2LJ
Research Tree provides access to ongoing research coverage, media content and regulatory news on Zalaris ASA. We currently have 4 research reports from 3 professional analysts.
Companies: CNC RNO MAI IUG CUSN POLB
Cavendish
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Shore Capital
Epwin’s FY23 results were robust and management navigated inflationary pressures well. Despite some market headwinds, we have increased our FY24 and FY25 underlying operating profit estimates for the second time this year. Long-term, well-established growth trends imply that Epwin is well-placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A
Companies: Epwin Group PLC
Companies: eEnergy Group PLC
Canaccord Genuity
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Tan Delta develops and supplies sensors and systems which use innovative real time oil analysis technology to allow operators of commercial and industrial equipment to cut maintenance costs, improve reliability, and reduce carbon footprint.
Companies: Tan Delta Systems PLC
Zeus Capital
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SP Angel
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Companies: Quadrise PLC
1st May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: REDX Pharma (REDX.L) has delisted from the AIM Market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing
Companies: TXP CNC RNO MAI ANX IUG CUSN POLB
Hybridan
Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well
Companies: Norcros plc
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.
Companies: PEN EQNR ENI TCFF SEI OKEA GPRK ADX REP AKRBP RHC RHC SOU ITH REP SQZ TRIN SOU I3E ZPHR NOG LNGE TTE PEN ENI EQNR VAR OKEA
Auctus Advisors
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