Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AVINGTRANS PLC. We currently have 36 research reports from 4 professional analysts.
|28Feb17 07:00||RNS||Acquisition of Superconducting Magnet Business|
|28Feb17 07:00||RNS||Interim Results|
|09Jan17 12:45||RNS||Holding(s) in Company|
|04Jan17 15:54||RNS||Holding(s) in Company|
|03Jan17 12:47||RNS||Holding(s) in Company|
|22Dec16 18:25||RNS||Share Incentive Awards Issue of Equity and TVR|
|21Dec16 13:59||RNS||Share Incentive Awards|
Frequency of research reports
Research reports on
N+1 Singer - Avingtrans - Track record of creating value
28 Feb 17
Avingtrans is a precision engineering group which creates value through buying, building and then disposing of the businesses it has developed, with a focus on specialist niches where it can achieve market leading positions. Following the sale of its Aerospace division in FY16, Avingtrans’ operations are focused on safety critical equipment for Energy & Medical markets. Significant contract wins already announced drive our forecast for 44% organic sales growth by FY18 (53% in total). We also expect further M&A, in addition to today’s acquisition of Scientific Magnetics, as management looks to continue its successful buy, build and sell strategy, recycling its retained disposal proceeds of c.£28m (having returned c.£19m to shareholders). We believe Avingtrans’ track record of value creation and financial firepower provides an attractive shareholder proposition, which we value at 202p pre M&A. It also offers significant upside as the growth strategy is delivered, with our illustrative scenario suggesting 292p. Our intrinsic valuation is calculated as the average of these at 247p.
28 Feb 17
Avingtrans^ (AVG): Satisfactory interim results: small bolt-on acquisition (HOLD) |Seeing Machines* (SEE): Major contract win for Guardian (CORP) |Revolution Bars (RBG): Good H1 generates 3% FY forecast increase (BUY) |Victoria* (VCP): Upgrading forecasts post acquisition (CORP) |Wentworth Resources (WRL): Q4 2016 results and operational update (BUY)
Satisfactory interim results: small bolt-on acquisition
28 Feb 17
The interim results were in line with expectations and the group appears on track to achieve FY expectations. The small bolt-on acquisition of Scientific Magnetics adds technology in the MRI/NMR space. We make no change to our trading forecasts. There is a strong order book and we look for a production ramp up on the Sellafield, Bruker and Wuhan contracts. The £27.8m net cash will be reinvested to propel EPS from the current low levels. We raise our target price from 215p to 240p. We remain supportive in advance of acquisitions but move to a Hold rating post the recent outperformance.
19 Dec 16
600 GROUP | ACCSYS TECHNOLOGIES | AGGREGATED MICRO POWER HLDGS PLC | ALUMASC GROUP | ANGLO-EASTERN PLANTATIONS | AVINGTRANS PLC | CAPITAL DRILLING LTD | CARCLO | FENNER PLC | FLOWTECH FLUIDPOWER PLC | GLOBAL INVACOM GROUP LTD | GOOCH & HOUSEGO PLC | HARDIDE PLC | HAYWARD TYLER GROUP PLC | IOFINA PLC | M.P.EVANS GROUP | R.E.A. HLDGS PLC | REDT ENERGY PLC | RENOLD | ROBINSON | SOMERO ENTERPRISE INC | SURFACE TRANSFORMS PLC | TRANSENSE TECHNOLOGIES PLC | TRIFAST | ZAMBEEF PRODUCTS
N+1 Singer - Avingtrans - Result of tender offer
08 Nov 16
Avingtrans has announced the results of its tender offer, which was announced at the start of October. Under the offer c.9.7m shares were tendered, equivalent to c.35% of the shares in issue. These will be purchased at 200p, for a total price of c.£19.4m. This will leave the group with c.£28m for investment in the remaining Energy & Medical operations, to repeat its successful buy & build strategy.
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 - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
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.
Scott deal puts spotlight back on corporate strategy and valuation
17 Mar 17
The acquisition of Scott Safety by 3M announced yesterday is not a huge surprise but it puts the spotlight back on (1) Avon’s corporate strategy as two strong competitors merge and (2) Avon’s break-up valuation given the rich multiple (12.9x EBITDA) being paid by 3M. Avon and other competitors, particularly MSA Safety, cannot ignore the fact that Scott, which is the leader in SCBA (self-contained breathing apparatus) market and 3M, which derives the bulk of sales from industrial hard hats and masks, would together have the most comprehensive portfolio of products in the PPE (Personal Protective Equipment) market. The good news for investors is that if we were to apply similar EBITDA multiple, then Avon’s Protection & Defence business alone would account for the entire market cap. In effect, at the current share price, investors are getting the Dairy business for free. Our sum-of-the parts model now values the shares at 1,279p, up 7% compared with 1,200p previously.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017