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Webstep’s Q3 results were broadly in-line with our estimates, with revenues growth at 7% y-y and adding 4 more employees vs. Q2. We expect some of the temporary positive cost effects to also impact Q4. While Webstep is trading at a discount to peers, we consider this fair until it proves a headcount increase, and given for instance Bouvet’s Q3 revenue growth at 13% and sequential increase in employees at 56. As such, we reiterate our Hold rating.
Companies: Webstep AS
Arctic Securities
Q3 figures were broadly in-line with our estimates Employees increased by 4 sequentially, expect flat headcount into Q4 High personnel costs though low utilization offset by Covid-19 savings Compared; Bouvet with Covid-savings at NOK 22m of an EBIT at NOK 55m
Webstep reported Q2 revenues slightly below estimates, but EBITDA was stronger than expected. Some of the profitability improvement though was due to temporary effects and as such should not impact forward figures. We maintain our Hold rating until we see an improvement on headcounts, an important KPI on forward figures, where we only expect a slight increase in 2H/20. As such, we find other more interesting TMT shares in the near term.
Q2 revenue slightly below estimates due to churn, but EBITDA above Temporary costs savings, government grants of NOK 4.8m in Q2 Negative Covid-impact of NOK -10m on Q2 revenue but only -1m on EBIT Minor estimate changes expected
We maintain our Hold rating, as we do not expect a re-pricing of Webstep until it proves execution on recruitment and we get more clarity on Covid-19 effects. Despite a stabilized churn with an increase in Q2 in the number of employees (end of period), the Q1 results were softer than expected. This was driven by Norway (Oslo) and also an estimated negative COVID-19 impact of NOK ~3m.
Q1 results weaker than expected, driven by soft results in Norway COVID-19 had a negative revenue impact of at least ~NOK 3m The number of employees increased by 8 to 417 (Q4: 409) by quarter-end ..supporting our estimates and hence minor estimate changes expected
Webstep announced that it will suspend its NOK 1.6/share dividend ..this is changed to an authorization to resolve a dividend based on 2019 The dividend authorisation will be placed on the AGM agenda on 7 May
We cut our target to NOK 22 (28) following lower estimates and downgrade Webstep to Hold (Buy). We think Webstep needs to prove execution on recruitment and less use of subcontractors before a re-pricing. With lower growth than peers, we consider its discount as fair. Webstep announced a DPS at 1.6 (flat y-y), and though 7% yield looks attractive, it implies a pay-out ratio at 118%. This is supported by our FCF estimate but assumes improved execution in 2020.
Q4 revenues and EBITDA below estimates The number of employees increased sequentially by 2 to 409 (Q3: 407) DPS announced at NOK 1.6 (flat y-y) – in line with estimates Still needs to prove execution before a re-pricing of the stock, we argue
Research Tree provides access to ongoing research coverage, media content and regulatory news on Webstep AS. We currently have 7 research reports from 1 professional analysts.
Bioventix has published its H1 2024 results to end December 2023, delivering a strong set of interims with continued growth in profitability and free cash flow generation. Revenues grew by 13% to £6.7m with the company’s continued healthy operating margins translating into adjusted EBITDA (ex. share-based payments) growth of 12% to £5.3m. In line with management’s policy of maintaining c.£5m cash on the balance sheet, an interim dividend of 68p was declared (+10%), with net cash at period end of
Companies: Bioventix Plc
Cavendish
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The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
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Companies: Inspired PLC
Liberum
Fintel’s 2023 results confirm the group is trading in line with its February update and reveal details of underlying growth, which is meeting management’s growth and profitability targets (see page 2).
Companies: Fintel PLC
Zeus Capital
The shares retreated 23% in response to an expected dip in full year revenue, but the medium-term outlook remains robust. Client decisions to move a number of planned events pushed back c. £2m of projected revenue into H2/FY25. We believe that the investment case remains attractive. AEO is on track to deliver near record H2 revenue and expects to report at least £19m of sales, £0.4m of PTP for FY24. It has completed the first three quarters of FY24, but typically generates c. 50% of annual sales
Companies: Aeorema Communications plc
Allenby Capital
26th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
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Hybridan
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SP Angel
Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower
Companies: Braemar PLC
Edison
25th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: JSE RTC GCM GDP ORR AEO I3E
US Solar Fund (USF) is the only North American focussed solar closed-ended investment fund listed on the LSE. USF is a renewables fund which acquires, develops, and operates a portfolio of utility-scale solar power plants that generate electricity, which is sold to high, creditworthy offtakers under long-term power purchase agreements in the US. USF has a diversified portfolio with a total operational capacity of 443MWdc (329MWdc) comprised of 41 solar assets across four states (Utah, North Caro
Companies: US Solar Fund Plc
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
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A 66% y-o-y increase in FY23 (June) revenue is built on recent strategic investment in capacity and profile in key global markets. Aeorema Communications plc (AEO.L) now has strong back-end operations, accounts and strategic growth teams, and initial critical mass in the US. This provides a strong platform for growth, a key component of its overarching strategy for future success. Momentum is building on the back of consistently high retention rates and demand from new clients. The full impact o
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