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 15 research reports from 3 professional analysts.
|15Feb17 11:00||RNS||Directorate Change|
|01Feb17 09:00||RNS||VOTING RIGHTS AND CAPITAL|
|01Feb17 09:00||RNS||Block Listing Six Monthly Return|
|30Jan17 07:00||RNS||Notification of Major Interest in Shares|
|11Jan17 14:45||RNS||NOTIFICATION OF MAJOR INTEREST IN SHARES|
|03Jan17 09:00||RNS||Voting Rights and Capital|
|14Dec16 12:15||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
HOWDEN JOINERY GROUP PLC
HOWDEN JOINERY GROUP PLC
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.
28 Apr 16
accesso Technology (ACSO LN) Consistent growth, increasing margins and few risks | Earthport (EPO LN) Solving a $9.3bn+ problem | Gresham Computing (GHT LN) Positive AGM statement | Howden Joinery Group (HWDN LN) Strong trading in recent 8 weeks. Low end f/casts to edge up | James Fisher & Sons (FSJ LN) Trading in line | NCC Group (NCC LN) Strong revenue growth, margins lower | Oxford BioMedica (OXB LN) Final results and portfolio review | Redde (REDD LN) Strong trading continues in H2 | Sepura (SEPU LN) Financing resolution required to unlock potential | Synthomer (SYNT LN) Positive start to 2016 | Victrex (VCT LN) Resolution of US Federal Trade Commission Inquiry
25 Feb 16
Amino Technologies (AMO LN) Back on track and well placed to succeed | Bodycote (BOY LN) 2015 results in line; see sentiment improving through 2016 | Howden Joinery Group (HWDN LN) Positioning for future profitable growth | IDOX (IDOX LN) Positive AGM statement | James Fisher & Sons (FSJ LN) Significant integrated service contract win | Lavendon Group (LVD LN) Final results slightly ahead; Middle East concerns persist | Oxford Pharmascience Group (OXP LN) Appointment of Non-Executive Director | Redde (REDD LN) Strong growth in H1, upgrading forecasts | Spirent Communications (SPT LN) Wireless remains tough but FY’16 outlook unchanged | Summit Therapeutics (SUMM LN) Positive pre-clinical data enhances ridinilazole’s data package | UBM (UBM LN) Solid results
Positioning for future profitable growth
25 Feb 16
Prelims are 3% ahead of expectations, through slightly better LFL growth and slightly less cost growth. Of the £33m YoY PBT growth, c£9m relates to the favourable FX tailwind. Based on current FX rates, we estimate the headwind in FY16 will exceed that, possibly c£11-12m. End markets remain favourable and HWDN is investing in capability to continue profitable expansion – now with a 800 depot target (619 now) and additional trials in Europe. An extra £15m of opex (2.5%) is flagged as part of this investment, not all of which appears to be in the numbers. The higher base in FY could shield consensus forecasts from the mix of FX and opex but maybe not all of it.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.
15 Feb 17
At the current market capitalisation of £29m, we believe the shares are significantly undervalued. We estimate that the highly profitable Maritime business is alone worth at least £40m. With net cash of £9m at end-2016, this implies that the market is currently ascribing a combined negative value of £17m to the rest of the group, which together account for c.54% of group revenues. This is very harsh given the management actions to transform TP Group to a profit-driven Tier 2 specialist services and engineering company are bearing fruits across the divisions. TPG Managed Solutions is expected to more than double its profits in 2017, while TPG Engineering and Design & Technology are on course to deliver sustainable profits from 2019. Even if we ascribe zero value to Engineering, Design & Technology and Managed Solutions, the shares are worth 9.5p a share, a 38% upside from the current share price. BUY.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management