Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HOWDEN JOINERY GROUP PLC. We currently have 18 research reports from 3 professional analysts.
|27Mar17 10:41||RNS||Director/PDMR Shareholding|
|24Mar17 17:06||RNS||Transaction in Own Shares|
|24Mar17 11:23||RNS||Director/PDMR Shareholding|
|23Mar17 17:00||RNS||Transaction in Own Shares|
|22Mar17 17:20||RNS||Transaction in own shares|
|22Mar17 09:00||RNS||Annual Report and Accounts and Notice of AGM|
|21Mar17 16:59||RNS||Transaction in Own Shares|
Frequency of research reports
Research reports on
HOWDEN JOINERY GROUP PLC
HOWDEN JOINERY GROUP PLC
24 Feb 17
The Dow Jones extended its run to ten consecutive new daily records on Thursday. Sentiment was boosted both by a recovery in energy stocks and the US Treasury secretary, Steven Mnuchin, telling the Wall Street Journal that President Trump aims to secure a US tax-code overhaul by August, with the new Administration committed to boosting economic growth to a minimum annual rate of 3%. Initial Jobless Claims also suggested an improving picture, with a report on weekly layoffs falling to their lowest level in four decades coming out at the same time the President was meeting with a couple of dozen CEOs, telling them he plans to return millions of jobs to the US. The S&P500, by comparison, ended just about unchanged as investors focused on valuation concerns, highlighted by the fact that the index is now trading on 22x historic earnings compared with a 10-year average of 15.8x, according to FactSet; the NASDAQ meanwhile was weighed down by a sell-off in biotechs and profit taking among several tech issues. Asia ended weaker across nearly all principal bourses, led by the commodity-heavy ASX which was hit by declining minerals prices plus nervousness amongst its financials, while elsewhere the Nikkei and Hang Seng remained lower reflecting on Trump’s possible protectionist moves, leaving only the Shanghai Composite to claw its way back to unchanged. Having seen the Conservative Party sweep to a surprise win in Copeland, a long-term Labour heartland, investors have concluded the real chances of idealistic leader Jeremy Corbyn ever succeeding to power are now just about zero and, with that concern off the table, London trading this morning is expected to be led by individual corporate issues once again. Having spent most of the day hovering around flat, the FTSE-100 yesterday moved lower in the final hour of trading. Stocks in focus included Barclays which opened higher touching a 15-month high following its swing into profit before profit takers sold off, while British Gas-parent Centrica also fell after on a lacklustre report; sharp drops in commodities prices saw miners down, with Rio Tinto's also going ex-dividend. Still in the thick of the reporting season, UK corporates due to publish earnings or trading updates this morning include IAG (IAG.L), Pearson (PSON.L), RBS (RBS.L), Standard Chartered (STAN.L) and William Hill (WMH.L). Other than BBA Mortgage Approvals, however, nothing significant is expected from London this morning on the macro front; Greece’s apparent budgetary impasse with the IMF, however, is returning traders attention to the approaching Presidential Election in France. With continuing positive polls for the National Front’s Marine Le Pen causing government bonds to rise and the Euro to weaken, focus will likely be on the outcome of the country’s Consumer Confidence Survey which is due for release first thing. The US is due to provide a range of new economic figures this afternoon, including its Michigan Consumer Sentiment Index, New Home Sales and the Baker Hughes US Rig Count. Save for these or any major shock/surprise emerging from the corporates reporting this morning, equities in London are expected to have a rather quiet opening, with the FTSE-100 seen flat to 5 points down in early trade.
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
N+1 Singer - Howden Joinery Group - Prelims and net cash better than expected but conditions weaken
23 Feb 17
The main highlight in todays results is a 3-4% PBT beat (driven by better cost performance vs guidance, only in part due to fewer openings) and a c£50m beat on net cash. The latter underpins our forecasts for ongoing buybacks, which HWDN have guided at £80m over two years. Whilst conditions and volumes have softened so far in Q1, notably in the London area rather than nationwide, price increase at the end of 2016 have not been resisted and forecasts therefore look about right. Buybacks may support the shares but we stay at Hold with –ve EPS and on c9x cal17 EV/EBITDA.
N+1 Singer - Morning Song 03-11-2016
03 Nov 16
blur Group (BLUR LN) Q3 trading update | Earthport (EPO LN) Approval for outbound services for banks in India | Eckoh (ECK LN) Appointment of new CFO | H&T Group (HAT LN) FY16e to exceed expectations on impact of higher H2 gold price | Howden Joinery Group (HWDN LN) In line FY16 but strengthening headwinds result in FY17 downgrades | Low & Bonar (LWB LN) Solid Update | SDL (SDL LN) Disposal of campaigns business; more to come | Spirent Communications (SPT LN) Progress but revenue remains lumpy | Wilmington Group (WIL LN) Q1 In-line
N+1 Singer - Retail - Matthew - Brexit driven forecasts and valuation update
27 Jun 16
Prior to the EU vote, fears of Brexit undermined consumer confidence and spending patterns, and sterling weakened against the US$ and the €. Wider fears for employment, consumer spending and economic slow-down had hit Retail stocks significantly (-10% rel. YTD). Friday’s surprise Brexit vote has impacted Sterling again and will further knock confidence and spending too. The sector came under material further pressure as a result, falling 10% on the day vs the Allshare’s 3%. As noted on Friday, there are 4 stocks in our universe where forecasts are favourably exposed to FX upside risk (BCA, Boohoo, Swallowfield, Walker Greenbank), 5 stocks which we have downgraded (Debenhams, Findel, Halfords, N Brown, Howden Joinery) with the remainder left unchanged including Motor Retailers.
Strong trading in recent 8 weeks. Low end f/casts to edge up
28 Apr 16
We suspected that Howden might have traded well in the most recent couple of months and its trading update is not a disappointment in that regard. Sales increased by c8% in LFL depots, taking the 16 week growth to 6.4% LFL (8.7% total growth). The commentary on pricing (vs FX headwinds) is also encouraging. We therefore anticipate low end forecasts being upgraded by c2% this morning. Alongside the reassurance on margins we would expect the shares to claw back the remainder of the gap (vs the recent 450p low) to our target price of 500p.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.