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.
|10Jan17 10:52||RNS||Holding(s) in Company|
|22Dec16 12:50||RNS||Director/PDMR Shareholding|
|14Dec16 05:35||RNS||Holding(s) in Company|
|08Dec16 12:27||RNS||Holding(s) in Company|
|01Dec16 07:00||RNS||Dividend declaration|
|30Nov16 07:00||RNS||Half-year Report|
|17Nov16 07:00||RNS||Holding(s) in Company|
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 - 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 - 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.
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.
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.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.