Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CAPE PLC. We currently have 5 research reports from 1 professional analysts.
|01Dec16 07:00||RNS||Total Voting Rights|
|18Nov16 07:00||RNS||Trading and IDC Litigation Update|
|01Nov16 07:00||RNS||Total Voting Rights|
|05Oct16 07:00||RNS||contract win|
|03Oct16 03:00||RNS||Total Voting Rights|
|23Sep16 06:15||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|01Sep16 09:05||RNS||Total Voting Rights|
Frequency of research reports
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Full year results preview – figures due out 16 March
26 Feb 16
Cape is due to release its 2015 results on 16 March. We will be looking for updates in three main areas. First, we believe the continued industry focus on cost cutting could result in a downgrade to 2016 expectations at the results. We will look for guidance around this in the outlook given at the time. Second, we expect the 14p dividend to be maintained for 2015 and look for positive guidance that this will continue going forward, which we believe likely and see as a key attraction for the stock. Third, we are keen to see an updated order book (last figure is from June 2015), particularly given the low level of significant contract awards in H2 – this should further inform our forecasts going forward. Overall we feel any downgrade to forecasts and/or a significant fall in order book could create pressure on the shares short-term. Nevertheless we remain keen on the company, believing that the dividend will be maintained in 2015 and 2016 providing downside protection while the shares also give exposure to the upside of oil market recovery. Based on this we have a Buy recommendation and 280p price target.
27 Nov 15
We attended Cape's site visit in Teesside yesterday. This comprised a tour of Cape's operations at two sites of client Sabic: its Wilton polyethylene plant where Cape provides a range of services including access (the company was at pains to point out the innovative HAKI scaffolding it is making increasing use of to reduce setup and takedown times), insulation, coatings and environmental services; and across the river its North Tees site where Cape is combining the tank construction capabilities acquired via Motherwell Bridge and its insulation business to build a 77,000 cubic metre ethane tank to allow the polyethylene plant to begin using this as a feedstock instead of more-expensive naphtha.
05 Aug 15
Cape is due to release its H1 2015 results on Wednesday 26 August. At this time we are hoping for a number of updates. Most important of these will be the dividend both maintenance of the interim dividend but also any further reassurance on this going forward. Clearly we also expect an update on current trading and outlook. For us the most important element here will be the impact that the oil price and consequent industry CAPEX cuts are having both on the progression of current contracts (hopefully minimal) and the effect it is having on future work both margin pressure on maintenance work and timing of new projects. Overall while we believe that there is the very real danger of a downgrade to earnings we think that unless this is extremely severe the dividend will be maintained.
29 May 15
Cape is a UK services company providing coatings and access solutions to the oil and gas, power, mining and chemicals sectors. The company operates over three regions: UK/CIS, MENA and APAC, and has onshore and offshore capability. Revenues from maintenance activities provide a strong base for the dividend while leaving Cape exposed to growth from new projects coming through. We have a Buy recommendation and 300p price target.
2014 Results Preview
04 Mar 15
Cape is due to release its 2015 results on Wednesday 18 March. At this time we will be looking for a number of key updates. For us first and foremost is the dividend. The stock is currently on a healthy yield of 6.2% and we expect that this is safe for 2014. The question is around the dividend going forward and whether it could be cut in the currently-challenging oil CAPEX environment. This links in with the second key update we are looking for which is updated guidance on forecasts for 2015 and 2016. The fall in the share price since November (when the oil price began its more significant descent) suggests to us that the market is already pricing in an earnings downgrade but we read the recovery as driven by confidence around maintenance of the dividend.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)