Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EMIS GROUP PLC. We currently have 22 research reports from 5 professional analysts.
|01Dec16 01:05||RNS||Notification of Major Interest in Shares|
|15Nov16 02:34||RNS||Director/PDMR Shareholding|
|15Nov16 02:33||RNS||Director/PDMR Shareholding|
|04Nov16 10:37||RNS||Director Dealing|
|01Nov16 11:32||RNS||Director/PDMR Shareholding|
|01Nov16 11:31||RNS||Director/PDMR Shareholding|
|26Oct16 04:45||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
EMIS GROUP PLC
EMIS GROUP PLC
N+1 Singer - Morning Song 08-11-2016
08 Nov 16
Trifast reported another strong performance in H1 17, with adjusted PBT growth of 20%. The group’s focus on growing its share of business with multinational OEMs helped drive good organic sales growth of 4.5%, ahead of most industrial peers. This was boosted to c.15% sales growth by a six month contribution from last year’s acquisition and an FX tailwind, which also delivered a 30bp increase in adjusted operating margin to 11.4%. We have increased our adjusted PBT forecasts by 5% for FY17 and by 7% for FY18 and raised our target price from 170p to 190p. The group has also announced that Malcolm Diamond will move from Executive to Non-Executive Chairman from April 2017. This follows his long and successful track record with Trifast and reflects his confidence in the management team and prospects for the group. We share this confidence and reiterate our Buy recommendation.
N+1 Singer - EMIS Group - Shares oversold, fundamentals intact
08 Nov 16
Whilst recent trading has been underwhelming and the market outlook remains challenging, we think the recent share price weakness in EMIS is now looking overdone. We take a detailed look at the market and EMIS’ position and conclude material downside to earnings is unlikely whilst the chances of M&A are increasing. The valuation is at historic lows and looks attractive on both a relative and absolute basis. We upgrade to Buy with a short term Target Price of 936p (from 900p) but see scope for higher levels on both an organic growth and take out basis.
N+1 Singer - Morning Song 02-09-2016
02 Sep 16
Spectris has announced the £122m acquisition of Millbrook, a vehicle test, validation and engineering service business. This will become a separate operating company within Spectris’ Test & Measurement division. The business has been acquired for 12-13x pro forma 2016 EBITDA, with management quoting pro forma figures due to Millbook’s own recent acquisition of a winter vehicle and tyre testing business and significant investment to drive growth. This pro forma acquisition multiple is in line with the c.13x EV/EBITDA multiple for the sector for 2016.
N+1 Singer - Morning Song 21-06-2016
21 Jun 16
The merger between Skyepharma and Vectura has created a global leader in the development of therapeutic respiratory products, with strong global partners and broad development capability across multiple formulation platforms, drug classes and delivery forms. In this report we outline the company’s three strongest valuation drivers, a selection of high-potential development programmes and the financial outlook for the enlarged group. We forecast continued strong growth in royalty income and supply revenue, and re-iterate our Buy with a new target price of 199p.
N+1 Singer - Technology SECTOR - Screening for Tech Ideas – a different approach
21 Jun 16
Whilst the majority of our work consists of the research we provide on individual companies and their respective investment cases, we thought it would be an interesting exercise to provide various screens of UK quoted technology companies using only their historical reported accounts. Whilst past performance is not always a good predictor of future performance, the track record of a business and ongoing momentum should be part of any investment analysis. We believe this note can provide a good starting point/short list for investors, catering to their different investment styles – whether their preference is growth, income (cash generation) or a mix of both. From this point, further investigation can be made on the respective investment cases of these companies.
Taking a prudent road
28 Nov 16
As flagged in September, H1 2017 profit is indeed below LY; adj. PBT of £0.5m compares with £1.5m in H1 2016 as Trakm8 invests heavily in new technology and acquisition integration. Management remains confident in another very strong H2 performance and in particular is focused on closing a couple of large high-margin software-related sales which would see the group meeting the original FY 2017 expectations of £5.9m adj. PBT. However, should these fall outside the March year-end, profits are only likely to be in line with last year’s £3.9m, albeit on a growing revenue base. Prudence dictates we assume a worst-case scenario in our forecasts so that surprise is only in the upside – if the deals close in the year, the company will meet those original revenue and profit expectations.
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.
Deal beefs up media & broadcast operations
28 Nov 16
SCISYS is acquiring Germany-based ANNOVA Systems for an estimated deal value of £15.3m. ANNOVA is a leading supplier of software-based editorial solutions to the media sector. It has a track record of generating strong revenue growth and in 2015 won a landmark contract with the BBC, which underpins financial forecasts for 12 years. ANNOVA complements SCISYS’s dira! product offering for radio broadcasters, extends the group’s capabilities into television and creates cross-selling opportunities. The deal significantly boosts earnings, aided by cheap debt financing costs, and is value enhancing on our assumptions. Consequently, we believe the stock continues to look attractive on c 10x our FY17e earnings.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.