Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BCA MARKETPLACE PLC. We currently have 36 research reports from 2 professional analysts.
|23Feb17 12:41||RNS||Director/PDMR Shareholding|
|23Feb17 12:35||RNS||Director/PDMR Shareholding|
|23Feb17 09:16||RNS||Holding(s) in Company|
|20Feb17 17:23||RNS||Replacement - Director/PDMR Shareholding|
|20Feb17 11:31||RNS||Director/PDMR Shareholding|
|10Feb17 11:29||RNS||Notice of Results|
|06Feb17 07:00||RNS||Announcement of refinancing|
Frequency of research reports
Research reports on
BCA MARKETPLACE PLC
BCA MARKETPLACE PLC
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.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Abzena (ABZA LN) Solid interims; integrated offering gaining traction | BCA Marketplace (BCA LN) Strategic enhancements drive strong momentum | Brewin Dolphin Holdings (BRW LN) FY16 PBT 6% ahead of our estimate, FuM +6% in Q4 | Findel (FDL LN) Strategic investment drives momentum in EGL | Greene King (GNK LN) Interims flag cautious consumer outlook | Marston's (MARS LN) Delivering growth and standing out from the pack | Restaurant Group (RTN LN) Our recovery expectations pushed out to 2018 | Sanderson Group (SND LN) Strong finish to the year supports positive outlook
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.
N+1 Singer - BCA Marketplace - Strong momentum in H1, preview - Buy
09 Nov 16
BCA is benefiting from market growth and a structural shift towards auctions. The team has developed a truly end-to-end service offering and is widening engagement (incl. OEMs). Activity levels are visibly increasing and share gains are set to continue. Rising penetration of existing and new services (e.g. buyer finance) is driving profit per unit metrics. Alongside plans to drive efficiencies on top of the natural operational gearing, the outlook for BCA is positive and visibility is good. We forecast PBT growth of 22% in H1 (interims due 30 Nov) and believe there is upside risk to our 20% 3-year forecast EPS CAGR. We have a 220p target price and reiterate our BUY stance.
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).
Panmure Morning Note 29-03-2017
29 Mar 17
We are cutting our recommendation to HOLD as we see little upside from current levels given the lack of positive surprises in today’s trading update. Multiples of 4.4x 2017 sales and 17x 2017 EBITDA imply an expectation of at least slightly exceeding expectations. We had assumed that acquisitions will provide the momentum until organic investments deliver. However, acquisitions are proving elusive and excess cash is diluting returns. Moreover, our forecast relies on at least one order in vehicle simulator market, which has yet to be announced. The management has shown that it can use the financial markets to raise equity but it now needs to show that it can deploy excess equity productively.
N+1 Singer - Severfield - Strong H2 drives upgrades; CEO temporarily steps down due to ill health
28 Mar 17
Severfield’s trading update highlights that trading during H2 was strong and the Group now expects results to be ahead of expectations. Cash flow performance has been similarly strong with net funds at the year end also expected to be ahead of expectations. The strong performance was driven by both a better than expected revenue performance and better than expected growth in the operating margin. We expect to increase our FY16 PBT forecasts by c.9% to around £19.5m. In addition, we are disappointed to see that Ian Lawson (CEO) has taken a temporary leave of absence due to physical ill health. John Dodds (non-executive Chairman) will step up to Executive Chairman on an interim basis and Alan Dunsmore (FD) has agreed to assume the role of CEO on a similar basis. This should ensure the continuity of the business whilst Ian is recovering. The outlook for Sevefield remains positive and the Group has reiterated its medium term target to double PBT from £13.2m in FY16 by FY20. We remain positive on Severfield (one of our best ideas for 2017) and continue to see clear potential for it to outperform its medium term targets.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)