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
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.
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.
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.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Waterman Group - Robust performance, mid-term ambitions reiterated
28 Feb 17
As trailed in the recent half year update, Waterman’s interims are in line with the prior year and in line with expectations. Both divisions recorded a robust performance despite some market uncertainties in the immediate aftermath of the EU referendum. Full year expectations are reiterated as is the medium term aspiration to increase operating margins to 6% by FY19 from 4.1% in H1’17. We see good growth opportunities in a number of areas, particularly Infrastructure & Environment, with robust conditions also in Property within retail and residential. In our view, Waterman’s shares look significantly undervalued on 4.5x FY17 EV/EBITDA compared to peers on 6.9x. We also note the attractions of a c.5% dividend yield, +33% at the interim stage.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
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 - 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.
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.