Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BODYCOTE PLC. We currently have 37 research reports from 4 professional analysts.
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|31Jan17 17:00||PRN||Total Voting Rights|
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|30Dec16 12:00||PRN||Total Voting Rights|
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Frequency of research reports
Research reports on
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 - 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
Avon Rubber (AVON LN) Reassuring year end trading update; potentially strong year in prospect | Capital Goods Backdrop suggests upgrades ahead | CORETX (COR LN) Small disposal and directorate changes | Dechra Pharmaceuticals (DPH LN) US product launch | Greene King (GNK LN) Mixed AGM update | Summit Therapeutics (SUMM LN) Interim results highlight continued progression
More to gain than to lose
29 Jul 16
We have been fans of the stock thanks to the management’s unfashionable aversion to using its strong balance sheet to grow EPS for the sake of it. Such stoicism is hard to find these days. Instead of returning excess cash to investors, the management has the choice of taking some risks if the right opportunities appear. The downside is well covered but there is considerable upside should end-markets rebound. Bodycote’s attractions are not so obvious today but will shine when the debt bubble finally bursts. The stock yields 4.3% if another special dividend of 10p is paid.
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.
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.
15 Feb 17
At the current market capitalisation of £29m, we believe the shares are significantly undervalued. We estimate that the highly profitable Maritime business is alone worth at least £40m. With net cash of £9m at end-2016, this implies that the market is currently ascribing a combined negative value of £17m to the rest of the group, which together account for c.54% of group revenues. This is very harsh given the management actions to transform TP Group to a profit-driven Tier 2 specialist services and engineering company are bearing fruits across the divisions. TPG Managed Solutions is expected to more than double its profits in 2017, while TPG Engineering and Design & Technology are on course to deliver sustainable profits from 2019. Even if we ascribe zero value to Engineering, Design & Technology and Managed Solutions, the shares are worth 9.5p a share, a 38% upside from the current share price. BUY.
Taking the bull by the horns
15 Feb 17
Avon Rubber announced this morning that CEO Rob Rennie has left and been replaced with Paul McDonald, formerly managing director of Avon’s Dairy division. This news comes as a surprise and is likely to raise some questions over the CEO and CFO transition, with the CEO only being in post for just over a year. However, the group has appointed an executive already known to many who have followed the business, and as such should be seen as a good appointment with a track record of decisiveness and getting things done.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.