Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LAMPRELL PLC. We currently have 4 research reports from 1 professional analysts.
|04Nov16 07:00||RNS||Delivery of jackup rig|
|26Oct16 07:00||RNS||Holding(s) in Company|
|25Oct16 07:00||RNS||Holding(s) in Company|
|11Oct16 07:02||RNS||Director/PDMR Shareholding|
|11Oct16 07:00||RNS||Director/PDMR Shareholding|
|03Oct16 07:00||RNS||Arrival of new CEO|
|30Sep16 07:00||RNS||Delivery of Jackup Rig to Shelf Drilling|
Frequency of research reports
Research reports on
H1 2016 results follow up
28 Sep 16
Lamprell released its H1 2016 results last week. These reported revenue of US$451m (versus US$351m in H1 2015), operating profit of US$1.4m (versus US$26.9m in H1 2015) and EPS loss of 1.3c (versus 5.9c profit in H1 2015). The overriding factor in these results was the hit taken from the deal made with Ensco due to the late delivery of the Ensco 140 rig, which caused a US$25m reduction in revenues and a further US$10m increase in costs (Lamprell is in the process of trying to recover this from OEM Cameron). The Ensco issue was well flagged so was no huge surprise. Revenues are well over half our full year number, but this is more down to project timing than anything else (we are easing back our full year revenue forecast – see below).
Ensco 140 rig delivered and settlement reached
30 Aug 16
Long-term Lamprell is well placed to win contracts from high quality clients when these start to come through again; there is the potential for further efficiency gains to help with margins; it has a strong net cash position to help see it through; and an undemanding EV/EBITDA valuation. Over 2016 however we expect decline in revenues and profitability; uncertainty on how Lamprell will fill the order book (for 2017 in particular – recent news indicates that the environment has not improved); and there is likely to be a time lag before the company’s new strategic alliances start to bear fruit. For investors keen to secure an entry into the stock and willing to take some pain short term, the shares may be attractive. Our view is that news will continue to be negative over the course of 2016 as order book progress continues to be challenging, and, we believe, revenue guidance comes under pressure (which could happen at the upcoming interims). As such, we believe that the price will struggle (absent significant further oil price recovery) and we have a Reduce recommendation.
2015 results follow up
29 Mar 16
We have now updated our forecasts for Lamprell. We have put through a greater hit to revenues than guidance, reducing these by 11.7% in 2016 versus 2015, compared with guidance of a 5.0% decline. Walk-in work slowed significantly in the second half of 2015 and we are allowing for further weakening during 2016. We have also reduced operating margins base on broadly flat fixed costs 2016 versus 2015 and a small increase in variable costs (with the pricing pressure effect on margins counteracted by cost savings as a result of the company’s Project Evolution Phase 2 efficiency drive and its new ERP system). It’s worth being aware in this context that the US$77.7m of 2015 operating profit contained US$7.5m of reversed warranty provisions and US$6.1m of reversed bad debt provisions – neither of which may be repeated going forward. Overall, our 2016 operating profit falls from US$62.1m to US$60.1m. We have also beefed up finance charges as these were ahead of our assumption in 2015. Overall, our EPS falls from 18.0c/share to 13.9c/share.
2015 Results Preview
06 Mar 15
Lamprell is due to release its 2014 results on Thursday 19 March. The company gave guidance on 2014 and 2015 numbers at the January trading statement and so we are not expecting any huge surprises either in the results or in any new forward guidance (though knowing Lamprell there could potentially be some more benefit on margins over and above our assumptions industry headwinds not withstanding). More important for us is order book outlook for the rest of this year and into next, any update on margins versus our forecasts, how the company expects to fully secure 2015 revenue expectations and any further guidance around when dividends might potentially resume.
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)
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.
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.
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)
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.
Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.