Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FIRST DERIVATIVES PLC. We currently have 26 research reports from 4 professional analysts.
|30Dec16 10:57||RNS||Total Voting Rights|
|19Dec16 04:06||RNS||Issue of Equity|
|07Dec16 01:26||RNS||Holding(s) in Company|
|01Dec16 04:52||RNS||Issue of Equity from exercise of Share Options|
|30Nov16 12:21||RNS||Total Voting Rights|
|08Nov16 07:00||RNS||Entry into Retail Analytics market|
|03Nov16 04:21||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
FIRST DERIVATIVES PLC
FIRST DERIVATIVES 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 - First Derivatives - Moving into retail analytics
08 Nov 16
First Derivatives has formally announced its entry into the retail analytics market with news that it will be using its Kx technology as a platform to develop retail analytics solutions under a team of recently-recruited leading retail technology specialists. This move potentially opens up a significant new addressable market while providing further evidence of the attractions of Kx technology in any vertical market where there are data challenges to the provision of real-time analytics. We make no changes to our forecasts, recommendation or target price.
N+1 Singer - Morning Song 02-11-2016
02 Nov 16
NCC Group shares have fallen sharply (-43%) after the disappointing trading update in October. We are downgrading our FY’17 expectations by 13% but believe the business remains a fundamentally attractive asset. We see the problems highlighted last month as a short term utilisation issue, and expect the group to return to organic growth in FY’18, albeit from a lower base. Our conservative SOTP valuation results in a target price of 266p, offering significant upside from the current price (194p). Cyber security remains a highly attractive area of structural growth and there are limited ways to play the theme in the UK market. We see this share price weakness as a rare opportunity to gain access to the space and expect investor confidence in NCC to return in the coming months.
N+1 Singer - First Derivatives - Digital marketing showing the way for new verticals
02 Nov 16
First Derivatives delivered full year results yesterday that were comfortably ahead of our expectations, with new wins in Capital Markets and an impressive contribution from digital marketing (MarTech) driving stronger than expected growth in software (+60%) and consulting (+21%) revenues. The contribution from MarTech (+42% to £14.1m) shows the revenue potential of new vertical market opportunities and how quickly these opportunities can scale. Management confirmed that it expects to deliver positive news on the commercialisation of other verticals in the next six months. While healthy increases to our revenue estimates have not translated into similar earnings enhancement due to additional investment and higher interest and tax charges, we anticipate ongoing upgrades. We continue to view FD as one of the highest quality growth stories in the sector.
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.
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.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher