Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BCA MARKETPLACE PLC. We currently have 38 research reports from 2 professional analysts.
|10Feb17 11:29||RNS||Notice of Results|
|06Feb17 07:00||RNS||Announcement of refinancing|
|10Jan17 10:52||RNS||Holding(s) in Company|
|22Dec16 12:50||RNS||Director/PDMR Shareholding|
|14Dec16 17:35||RNS||Holding(s) in Company|
|08Dec16 12:27||RNS||Holding(s) in Company|
|01Dec16 07:00||RNS||Dividend declaration|
Frequency of research reports
Research reports on
BCA MARKETPLACE PLC
BCA MARKETPLACE PLC
N+1 Singer - BCA Marketplace - Refi strengthens group’s hand in event of future M&A
06 Feb 17
BCA has completed a £500m multi-currency refinancing, including a £250m term loan and £250m RCF. This replaces the group's existing £375m facilities (syndicated £275m term loan and £100m RCF), which had 3 years left to run. The new facility has been arranged with a syndicate of 12 banks, including existing and new lenders, and will run for 4 years with an option for a further 12 months by mutual consent. We believe the facility has been arranged on slightly more competitive rates, so make no changes to forecasts despite additional fee amortisation and non-utilisation expenses. As BCA nears the end of the year, and without adverse effects of snow disruption in its auction centres, forecast assumptions continue to look conservative to us. We therefore remain buyers in spite of good performance since the end of Nov (+10%).
N+1 Singer - Morning Song 06-02-2017
06 Feb 17
accesso Technology (ACSO LN) Full year profits ahead, revenues in line | Bagir Group (BAGR LN) Acquisition gives full control in Ethiopia ahead of expansion phase | BCA Marketplace (BCA LN) Refi strengthens group’s hand in event of future M&A | Ergomed (ERGO LN) Positive Phase II top-line results of Lorediplon for insomnia | Sigma Capital Group (SGM LN) 3 new sites acquired: first in Midlands, benefiting from HCA funding | Vislink (VLK LN) Disappointing trading as VCS sale process continues
SMMT 2016 data
05 Jan 17
The SMMT (Society of Motor Manufacturers and Traders) has released data this morning confirming a record new car market of 2.69m registrations and +2.3% YOY. This is the fifth year in a row of growing new car registrations. Headline December registrations were -1.1% with private registrations -5.5% completing a third quarter in succession of negative growth in this segment. Fleet continues to drive the growth in this market and was +4.8% YOY representing 51.3% of registrations vs. 50.0% last year. The key question is what will happen in 2017 post Brexit with uncertainty levels still high. We maintain our cautious stance and downgraded our EPS forecasts by 8-15% across the sector in November accordingly. That said, we believe the earnings risk has been accounted for in trough valuation multiples based on cautious forecast assumptions (we assume a 10% drop in new car registrations vs. the SMMT at -5%). We continue to favor stocks with flexible balance sheets at this stage of the cycle, and believe stocks such as Vertu and Cambria remain significantly underpinned by their growing property portfolios.
N+1 Singer - BCA Marketplace - Strategic enhancements drive strong momentum
30 Nov 16
Today’s interims confirm BCA is both operating in markets where there is a structural growth opportunity, and delivering significant strategic enhancements to drive profitable expansion. Results are 5% ahead of expectations with beats coming from Europe (FX, ongoing) and Services (integration benefits, and cost pressures addressed, ongoing). Rising penetration of existing and newer services (e.g. buyer finance) is driving profit per unit metrics. Alongside plans to drive further efficiencies on top of the natural operational gearing, the outlook for BCA is positive and visibility is good. Rippling the H1 beat through to FY forecasts results in a 3% EPS upgrade with risk still potentially to the upside as the strategic enhancements continue to drive momentum across its UK and European markets. Buy.
From dock to beyond
30 Nov 16
BCA has delivered a strong set of results that are 5% ahead of our forecast at the adjusted EPS level. Strong growth has been made across all four divisions leading to an impressive +31% increase in adjusted EBITDA. Our EPS assumptions remain unchanged, and we are comfortable at the top end of the consensus range. We continue to believe BCA remains well positioned as an attractive structural growth play and is underpinned by a solid and progressive dividend yield.
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.
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.
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.
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.