Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NAHL GROUP PLC. We currently have 12 research reports from 2 professional analysts.
|06Dec16 07:00||RNS||Director/PDMR Shareholding|
|01Dec16 11:51||RNS||Response to Government Consultation|
|17Nov16 08:20||RNS||Initial Response to Government Consultation|
|13Oct16 12:34||RNS||Response to media speculation|
|21Sep16 07:00||RNS||Interim Results|
|15Sep16 07:00||RNS||Issue of Equity from Exercise of Share Options|
|31Aug16 07:00||RNS||Issue of Equity from Exercise of Share Options|
Frequency of research reports
Research reports on
NAHL GROUP PLC
NAHL GROUP PLC
Response to Government consultation
02 Dec 16
In the 2015 Autumn Statement, the Government stated the intention to remove the right to general damages for minor soft tissue injury claims with compensation for injuries such as whiplash now being made in medical care rather than cash. In addition, the Government proposed to raise the small claims limit for personal injury cases from £1,000 to £5,000.
21 Sep 16
H116 earnings growth of 10.7% highlights the business tracking in line with our full year forecasts as the cost plus model minimises the expected downside from reduced Personal Injury case loads and growth at Critical Care mitigates its impact on group earnings. The shares now appear in recovery mode with scope for further upside given the modest rating under 9x and yield of 7.4%. Delivery of resilient earnings and the strong track record of the management team within evolving markets support our assessment that the upside opportunity strongly outweighs the downside risk.
Trading update – no change to forecasts
20 Jul 16
NAHL is trading in line with Arden’s forecast earnings growth of 10% in FY16 as the cost plus model minimises the downside from reduced Solicitor Income and growth at Critical Care mitigates its impact on group earnings. The shares have recently been hit by post Brexit sentiment on UK small caps and now trade on an FY16 rating of under 8x and yield of approaching 9%. Given resilient earnings and the strong track record of the management team within evolving markets, we firmly believe the upside opportunity outweighs the downside risk and reiterate our Buy stance at current levels.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
N+1 Singer - Morning Song 09-12-2016
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.
Zwillenberg moves his first chess piece
09 Dec 16
New CEO Paul Zwillenberg has followed up swiftly on the strategy update of a week ago with his opening move: cutting DMGT’s stake in Euromoney from 67% to 49% via a placing and buyback by Euromoney. Chess players might see this as something of a queen’s gambit, sacrificing something upfront (EPS dilution of c7%, c2% reduction to SOTP, significant reduction in reported FCF) in exchange for increased future financial flexibility (both for DMGT and Euromoney). We see this as a sound move strategically. Even so, we move back from Buy to Hold, reflecting the recent rally in the shares, a valuation no longer obviously cheap relative to peers (just under 15x calendar 17E EPS following this deal), plus lower confidence on long term growth prospects for the portfolio. Near term we see better value in a DMGT “synthetic” (one third each INF/ASCL/ITV) offering similar macro-exposures at a lower multiple (under 13x EPS).
Leveraging brands and data
24 Nov 16
Future is building and widening its revenue streams based on strong global brands and on a scalable delivery platform. Growth of revenues in categories such as eCommerce, events and digital advertising resulted in broadly maintained group FY16 revenues, while the margin has started to build, helped by operating leverage. The Imagine purchase, post year-end, brings further scale and efficiency. The lengthening record of delivery against expectations and the premium projected earnings growth are making the multiple increasingly attractive.