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.
|23Jan17 07:00||RNS||Pre-Close Trading Update|
|20Dec16 04:35||RNS||Price Monitoring Extension|
|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|
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.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
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.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
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.