Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on QUARTO GROUP INC. We currently have 40 research reports from 4 professional analysts.
|31Jan17 07:00||RNS||Trading Update|
|29Nov16 07:00||RNS||Appointment of Joint Corporate Broker|
|15Nov16 07:00||RNS||Director/PDMR Shareholding|
|04Nov16 07:00||RNS||Director/PDMR Shareholding|
|03Nov16 07:00||RNS||Q3 Interim Management Statement|
|13Oct16 07:00||RNS||Capital Markets Event|
|27Sep16 14:01||RNS||Directorate Changes|
Frequency of research reports
Research reports on
QUARTO GROUP INC
QUARTO GROUP INC
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Half-term report- Satisfactory?
02 Feb 17
The end of (half) term report reads reasonably well. We have survived the company pre-reporting season with sanity just about intact. Updates have been as anticipated and relatively upbeat with some notable exceptions. The microcosm of smaller companies has soldiered on in the face of a myriad of external distractions both political and economic. Most indices other than AIM have surrendered some of the gains achieved over the last quarter. With outlooks remaining broadly positive, the relative undervaluation of microcaps remains. The reaction to corporate updates will continue to set the tone.
FY 2016 trading update
31 Jan 17
Quarto has reported a resilient performance in its core publishing businesses. It expects to report profits in line with expectations, excluding the impact of Books & Gifts Direct (BGD). BGD continues to decline and negotiations are ongoing regarding its disposal for A$5.75m (cash & loan notes). Quarto has also reviewed the useful lives of its titles details of which will be included in the results. Net debt at $62.2m is higher than forecast. The final dividend is expected to be increased. We have retained our FY2016E PBT of $15.4m.
Publishing performance in line
31 Jan 17
Quarto’s year-end update indicates that the publishing operations have delivered the performance as expected, despite challenges in the UK retail market and the tailing off of the colouring book trend. 2016’s acquisitions have done notably well and our forecasts are unchanged. A buyer has been found for Australian/New Zealand distributor, Books and Gifts Direct (BGD), which will allow greater focus on opportunities for the core publishing business. Net debt of $62.2m was ahead of end FY15 due to working capital timing and weaker trading at BGD. Quarto has an attractive yield and continues to trade at an overlarge discount to peers.
Share & share alike
11 Jan 17
Last week’s note ‘2016 AIM IPOs- Another discerning year’ *prompted further perusal of the AIM December 2016 Factsheet. With acknowledgement to BuzzFeed – we have set a simple quiz~. Which are the largest companies on AIM, which trade most and how much? It is a timely reminder that at the year end, focus remained on the FTSE 100 and larger companies, yet the prospects for smaller companies continue to be broadly positive. As the company trading statement season gets underway, the initial signs are encouraging. The tone of these updates will set the trend near term.
“So this is Christmas and what have you done?”
21 Dec 16
The answer to the festive question in the lyric – is in the case of the smaller companies market – not too badly really. The table shows that the various indices have all enjoyed the recent rally but have also performed well over the year. The graph on page two highlights the considerable volatility in the year, driven predominantly by macro-economic factors and political developments. All indices ended the year higher with the FTSE 100 and larger international companies leading the way but the smaller brethren have also held their own, on the whole. It seems likely this volatility may well continue in 2017.
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
Another positive financial performance in FY16
23 Feb 17
As expected, RELX produced satisfactory FY 16 results, with organic revenue growth positively accelerating to +4% (FY15 at +3%). Consolidated revenues reached £6,895m (+15%) after a total forex impact of +11%, reflecting the weakness in sterling versus both the US dollar and euro (only 7.3% of sales in the UK). The group’s adjusted OP amounted to £2,114m, up 6% organically (+16% reported) and reflecting an improving margin to 30.7% from 30.5% in FY15, although slightly under our 31% expectation. The adjusted EPS increased by 8% at CER to 72.2p (AV: 71.8p). The full-year dividend is raised 21% to 35.95p (AV at 34.8p) after a final at 25.7p from 22.3p a year earlier (as a reminder, the group had announced in August a larger than usual interim dividend primarily due to end-period forex). RELX announced a new £700m share buy-back programme for FY17e (£100m completed so far) after £700m completed in FY16 and is confident to deliver in FY17e “another year of underlying revenues, profit and earnings growth”, a positive statement although as vague as usual.
Back to Hold, See More Risk than Reward in the Near Term
17 Feb 17
Ahead of prelims on March 1st, we tweak estimates and move back from Buy to Hold. We do still see good long term value in ITV, based on a resilient structural position in UK TV viewing. However, after a 30% bounce from post-Brexit lows of c160p, we now see more negatives than positives looming in the near term. The risks include NAR weakness, studios trading, management change, and content acquisitions such as ETO. We do see possible upsides from retransmission costs and from bid vulnerability – but also a strong case for likely bidders to sit on their hands for now. We lower our Target Price from 265p to 225p, and travel cautiously into these prelims.