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 16 research reports from 3 professional analysts.
|01Dec16 09:00||RNS||Voting Rights and Capital|
|17Nov16 01:21||RNS||Director/PDMR Shareholding|
|16Nov16 02:01||RNS||Director/PDMR Shareholding|
|03Nov16 07:00||RNS||Trading Statement|
|01Nov16 09:31||RNS||Voting Rights and Capital|
|26Oct16 02:01||RNS||NOTIFICATION OF MAJOR INTEREST IN SHARESi|
|14Oct16 09:54||RNS||NOTIFICATION OF MAJOR INTEREST IN SHARES|
Frequency of research reports
Research reports on
HOWDEN JOINERY GROUP PLC
HOWDEN JOINERY GROUP PLC
N+1 Singer - Howden Joinery Group - In line FY16 but strengthening headwinds result in FY17 downgrades
03 Nov 16
Howden has delivered a solid performance over its peak October period, resulting in growth of almost 2% LFL in the 20 weeks of H2 to date. Notwithstanding tougher comps, this marks a slow-down compared to the 6.7% LFL achieved in H1 as a result of softer market conditions in recent months. After factoring in price inflation this indicates a shift back to negative volume growth. Although not confirmed we believe another price rise is likely to land shortly in response to the adverse FX and continuing opex investment into next year. Whilst guidance is to meet FY expectations we expect downgrades to FY17 and have reduced by 5% for now pending more data and guidance at the prelims.
N+1 Singer - Morning Song 03-11-2016
03 Nov 16
Overall trading for the year appears to have started slightly slowly overall but with underlying revenues making progress and profits flat for the period. Slow profit progress was already expected due to the previously signalled growth orientated investment being made. A material timing change on a Compliance unit contract, strong growth in AXCO and buoyant Health performance bode well for revenue performance looking forward. Visibility levels are said to be good underpinning managements confidence that the group is on track for the year. Wilmington remains a good play on the growth in global regulation and compliance. BUY
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.
28 Apr 16
ACCESSO TECHNOLOGY GRP PLC (ACSO LN) | EARTHPORT PLC (EPO LN) | FISHER(JAMES)& SONS PLC (FSJ LN) | GRESHAM COMPUTING (GHT LN) | HOWDEN JOINERY GROUP PLC (HWDN LN) | NCC GROUP (NCC LN) | OXFORD BIOMEDICA PLC (OXB LN) | REDDE PLC (REDD LN) | SEPURA PLC (SEPU LN) | SYNTHOMER PLC (SYNT LN) | VICTREX (VCT LN)
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.
25 Feb 16
AMINO TECHNOLOGIES PLC (AMO LN) | BODYCOTE PLC (BOY LN) | HOWDEN JOINERY GROUP PLC (HWDN LN), IDOX PLC (IDOX LN) | JAMES FISHER & SONS PLC (FSJ LN), LAVENDON GROUP PLC (LVD LN) | OXFORD PHARMASCIENCE GROUP P (OXP LN) | REDDE PLC (REDD LN) | SPIRENT COMMUNICATIONS PLC (SPT LN) | SUMMIT THERAPEUTICS PLC (SUMM LN) | UBM PLC (UBM LN)
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.