Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on REDDE PLC. We currently have 24 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
N+1 Singer - Redde - Positive trading momentum continues
26 Oct 16
Redde has released an AGM trading update reiterating continued positive trading momentum through Q1 and into October. Growth is being delivered from new relationships beginning to contribute case volume and the positive effect of the FMG acquisition. Ahead of the key trading period, we opt to hold our forecasts at this stage. Redde continues to offer an attractive 6% dividend yield (FY17e).
N+1 Singer - Morning Song 26-10-2016
26 Oct 16
Verona Pharma has been awarded its second Venture and Innovation Award from the UK Cystic Fibrosis Trust for the development of RPL554 in Cystic Fibrosis (CF). The award signals the significant potential for RPL554 to be developed as a novel treatment for Cystic Fibrosis. Preliminary data supports the molecule’s potential utility in this indication, demonstrating RPL554’S ability to activate an ion channel known to be dysfunctional in CF. The award will support a Phase IIa clinical trial expected to commence in H1 2017. Preparations have also started for Phase IIb trials of RPL554 as a nebulised treatment for COPD with clinical dosing expected to commence in Q2 2017. We remain extremely encouraged by the expanding opportunity of RPL554 and Verona Pharma’s future prospects.
Strong trading continues in H2
28 Apr 16
Redde has issued a brief trading statement this morning which indicates that the positive case volume growth seen in early H2 has continued through Q3 and into April to date. We leave our forecasts unchanged at this point but see upside if this trend continues through to the end of FY16e (y/e June). With a 100% payout policy, dividend yield is a key valuation metric, currently 6.2% FY16e and 6.8% FY17e, on a full year contribution from the FMG acquisition. A 5% dividend yield (FY17e) points to a >200p intrinsic valuation. Recent price weakness offers a good buying opportunity.
28 Apr 16
ACCESSO TECHNOLOGY GRP PLC (ACSO LN) | EARTHPORT PLC (EPO LN) | FISHER(JAMES)& SONS PLC (FSJ LN) | GRESHAM COMPUTING (GHT LN) | HOWDEN JOINERY GROUP PLC (HWDN LN) | NCC GROUP (NCC LN) | OXFORD BIOMEDICA PLC (OXB LN) | REDDE PLC (REDD LN) | SEPURA PLC (SEPU LN) | SYNTHOMER PLC (SYNT LN) | VICTREX (VCT LN)
25 Feb 16
AMINO TECHNOLOGIES PLC (AMO LN) | BODYCOTE PLC (BOY LN) | HOWDEN JOINERY GROUP PLC (HWDN LN), IDOX PLC (IDOX LN) | JAMES FISHER & SONS PLC (FSJ LN), LAVENDON GROUP PLC (LVD LN) | OXFORD PHARMASCIENCE GROUP P (OXP LN) | REDDE PLC (REDD LN) | SPIRENT COMMUNICATIONS PLC (SPT LN) | SUMMIT THERAPEUTICS PLC (SUMM LN) | UBM PLC (UBM LN)
Strong growth in H1, upgrading forecasts
25 Feb 16
Redde has continued to deliver ahead of our expectations. Revenue and profitability in H1 equates to c.50% of our prior FY16e forecasts despite an additional contribution expected in H2 from recent acquisition FMG. Volume growth momentum has continued into 2016. We upgrade our FY16e PBT forecast by 21% but believe that this remains conservatively struck. From a valuation perspective, we focus on FY17e and note that our intrinsic valuation points to a price in excess of 200p.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.