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.
|17Jan17 07:00||RNS||Cape awarded work packages in KSA|
|06Jan17 10:22||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|05Jan17 07:00||RNS||Trading Update & Contract Win|
|03Jan17 07:00||RNS||Total Voting Rights|
|22Dec16 07:00||RNS||Cape extends contracts with EDF Energy in the UK|
|13Dec16 06:10||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|01Dec16 07:00||RNS||Total Voting Rights|
Frequency of research reports
Research reports on
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.
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.
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
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
Minor delay but lower cost and better visibility enhance the investment profile
13 Jan 17
First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.