Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BODYCOTE PLC. We currently have 38 research reports from 4 professional analysts.
Frequency of research reports
Research reports on
N+1 Singer - Bodycote - Q3 update reiterating guidance
18 Nov 16
Bodycote’s Q3 update shows further moderation in the rate of underlying sales decline, with operating profit guidance reiterated for the year. It is somewhat disappointing that sales continue to fall, particularly given weak Q3 comparatives in the previous year, however we are encouraged that the declines are reducing. We do not anticipate making significant changes to our headline profit forecasts.
N+1 Singer - Morning Song 18-11-2016
18 Nov 16
With the technology platform improvement completed RTHM can aggressively push its highly efficient offering to advertisers, who want quality media that delivers good ROI, and to publishers who want to maximise revenue. The international exploitation of the platform has surprised on the upside through being switched on and offered to existing US clients to use overseas. RTHM will be launching in additional markets in EMEA and APAC adding to the growth potential. Faster change in business mix was another highlight of the first half results and we are encouraged to see the company’s focus sharpening further and profit expectations rising. Momentum looks likely to remain strong and the valuation should rise as investors recognise the strength of the business’s positioning in the fast growing online media market. BUY.
N+1 Singer - Morning Song 12-10-2016
12 Oct 16
WGB is progressively working its way through the effects of the flood in December, underpinned by insurance proceeds. The Standfast factory is fully operational again and Brands inventory will be back to normal by end October. It is well placed to start reporting headline growth again in 2017 even if not yet the case and is also a beneficiary of FX changes via exposure to $, € and ¥. Today’s acquisition of Clarke & Clarke therefore comes at an interesting time; it complements its brand positioning and overseas ambitions, and will enhance EPS by c25% in FY18/FY19. Pro-forma gearing will be only c0.3x this year reducing towards nil next year. Today’s update is therefore clearly positive and in anticipation of the acquisition being voted through we have upgraded to Buy with a new target price of 250p (+25%).
N+1 Singer - Capital Goods - Backdrop suggests upgrades ahead
09 Sep 16
Our latest review of the UK capital goods sector suggests a more positive outlook for our stocks, echoing the more hopeful picture we identified at the start of the year (Best Ideas 2016, 4 January). While growth remains very low, key indicators suggest a slight improvement for our universe by the end of 2016. More significantly, weak sterling is set to provide a materially bigger boost to sales in H2 than in H1 if FX rates are maintained. This does not appear to be reflected in consensus forecasts, which have also seen their first quarterly upgrade in Q3 to date after four years of quarterly downgrades. Share prices have risen sharply through 2016, taking our weighted sector P/E to c.20x. However the sector does not look expensive relative to the market, trading on its normal premium to the FTSE All-Share. To identify the best prospects we have assessed end market commentary from overseas capital goods groups, track records of growth and introduced quant screens relating to profitability and cash generation. Given the more positive tone to our findings, we have a number of Buy recommendations, but only one Sell. In this note we summarise the main inputs into our sector view, along with overviews of our coverage and some interesting non-coverage stocks.
N+1 Singer - Morning Song 09-09-2016
09 Sep 16
Summit continues to make strong progress with its utrophin modulation and C. difficile infection (CDI) programmes. Ezutromid has commenced a Phase II proof-of-concept trial (PhaseOut DMD) in the UK, with the first muscle biopsy data expected Q2/Q3 2017. A placebo controlled trial is expected to start in H2 2017, assuming positive interim data from the PhaseOut DMD trial. Ridinilazole Phase III options are currently being evaluated for CDI and we expect an update later in the year. We remain positive on the group’s future prospects and its significant market potential.
Panmure Morning Note 30-11-2016
30 Nov 16
RPC, the international plastics products design and engineering group, has delivered yet another strong set of results (1H17 EBITDA +65%, EPS +45%). At the interim stage PBT was +66% (materially better than we had forecast). Topline growth has principally being driven by acquisitions (GCS + BPI), though organic remains a feature (and crucially remains at levels consistent with FY16). The two recent acquisitions have quickly been assimilated into the panEuropean platform and management has raised cost synergy guidance (again).
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
N+1 Singer - Vp - Excellent interims, outperforming again
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.