Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BODYCOTE PLC. We currently have 40 research reports from 4 professional analysts.
|21Mar17 07:00||PRN||Annual Financial Report announcements|
|16Mar17 09:33||PRN||Director/PDMR Shareholding|
|10Mar17 15:08||PRN||Holding(s) in Company|
|09Mar17 16:51||PRN||Holding(s) in Company|
|07Mar17 14:46||PRN||Director/PDMR Shareholding|
|28Feb17 17:00||PRN||Total Voting Rights|
|28Feb17 07:00||RNS||Final Results|
Frequency of research reports
Research reports on
Panmure Morning Note 01-03-2017
01 Mar 17
Bodycote has underperformed many of its UK engineering peers in the past because it followed the unfashionable trend of not having a massively leveraged (sorry, efficient) balance sheet. Unperturbed, the management has stuck to the basic principle that ROCE and a sound balance sheet are key to long-term shareholder value creation. Today, it is not reliant on Trump or some other macro event to get it out of a hole. The good news that after a long period of inactivity, the management believes that there are now opportunities to invest as opposed to returning excess cash to shareholders. Our estimates assume no acquisitions, so the risks to forecasts are on the upside. We raise our target price to 872p, which values the stock at 10x 2017 EBITDA which is conservative given that some of the heavily-indebted stocks like Weir are trading on 18x EBITDA. The fact that Bodycote will also benefit from any cyclical upturn in energy and commodity markets is a bonus.
N+1 Singer - Bodycote - 2016 results slightly ahead, notable pick up in Q4 activity
28 Feb 17
Bodycote has reported 2016 results slightly ahead of expectations, with adjusted PBT of £97.0m vs. our forecast of £96.5m and consensus of £96.0m. Encouragingly the group saw a notable pick up in activity in Q4, which bodes well for 2017. This is echoed in the positive outlook, with management confident in the business’ agility to respond to market conditions and the group well-placed to take advantage of an upturn in its markets.
N+1 Singer - Morning Song 12-10-2016
12 Oct 16
Bodycote (BOY LN) New FD announced | Domino’s Pizza UK & IRL (DOM LN) Better than feared Q3 update | Marston’s (MARS LN) Solid YE trading update | Midatech Pharma (MTPH LN) Pivotal year ahead post successful capital raise | PROACTIS Holdings (PHD LN) Strong underlying growth in recurring revenue | Scapa Group (SCPA LN) Trading well; currency and efficiency gains lead to upgrades | Synairgen (SNG LN) AZD9412 clinical trial update | Vertu Motors (VTU LN) Positive trading in H1 and Sept and outlook for A/S and Used | Walker Greenbank (WGB LN) Complementary acquisition bolsters growth outlook, c25% upgrades
N+1 Singer - T. Clarke - Strong conclusion to FY16, record order book
28 Mar 17
After significant upgrades at the time of the full year update (PBT forecast +43% FY16; +14% FY17), today’s results are c.4% ahead of our expectations at the PBT level and show strong growth on the prior year (PBT +48%). All regions achieved positive growth in revenue. The outlook statement refers to a still growing order book (£350m at the end of February vs. £330m at the year end) and the strength of recent trading, with London & the South East and Scotland said to be particularly positive. The Group has reiterated its ambitions to improve margins, but we have not incorporated this into our forecasts at this stage. We have nudged up our FY’17 forecasts (PBT +5%) and introduced FY’18 forecasts that imply 2% PBT growth. Despite the well justified bounce in the share price, the shares still trade at a significant discount to the peer group (7.6x FY17 PE, 4% yield).
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
N+1 Singer - Xaar - 2016 results slightly ahead, reduced visibility in 2017
22 Mar 17
Xaar’s 2016 results were slightly ahead of our forecasts, showing a small decline in profit vs. the previous year. Sales grew by 3% to £96.2m, reflecting lower sales from ceramic tile printing, offset by strong growth from Packaging and licence income and an initial contribution from the Engineered Printing Solutions acquisition. Adjusted PBT reduced by 6% to £19.5m (N+1Se £18.7m). Xaar has made significant progress in terms of strategic development in 2016. Its growth drivers are broadening out and it remains focused on its target of £220m sales by 2020. However near term growth is dependent on new products and management has guided to a higher than normal H2 weighting and reduced visibility, which is likely to restrain the share price.
N+1 Singer - WYG - Mixed conclusion to FY17, reassuring FY18 outlook
23 Mar 17
WYG’s trading update highlights a frustrating conclusion to FY17 for the UK business, where profitability is expected to be below the prior year despite continued revenue growth. More positively, the performance of the international operations has been ahead of expectations for revenue and profit and the February order book remains a healthy £150m, consistent with the prior year end. Revised FY17 operating profit expectations are just under £9m, prompting a 14% reduction in our PBT forecast. The strength of the order book and pipeline mean than management expectations for FY18 are unchanged (we trim FY18 PBT by 3%) anticipating another year of very strong PBT growth (28% forecast for FY18 following 20% growth in FY17). We expect further details on trading with the prelims on 6th June and plan to introduce FY19 forecasts at that stage. The shares are trading on <12x FY17 P/E, falling to <10x FY18.