Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on QUARTO GROUP INC. We currently have 43 research reports from 4 professional analysts.
|27Mar17 07:00||RNS||Sale of Books & Gifts Direct Pty Limited|
|24Mar17 07:00||RNS||Disposal of Regent Publishing Services Ltd.|
|14Mar17 15:09||RNS||Notice of Final Results and Analyst Briefing|
|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|
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QUARTO GROUP INC
QUARTO GROUP INC
Share & share alike
29 Mar 17
In a key week in a number of respects, some of the optimism that buoyed up markets has dissipated. In the UK, inflation istrending higher and above wage growth, putting pressure on the consumer although retail sales show contrasting signs. Corporate action continues apace. Yesterday there were more than fifty company results – all appear to be at least as expected. We now face a prolonged period of pre-Brexit bargaining. In Share News & Views we have covered Cropper (James)*, ECSC*, Gamma Communications, Goodwin*, Helios*, Manx Telecom, Personal Group and Quarto Group.-
M&A coming to a company near you?
16 Mar 17
Markets have retained their relative strength over the last fortnight. We have seen a mixed reaction to the Budget last week, the passing of the Brexit Bill earlier in the week and the first interest rate hike by the Federal Reserve in the US yesterday. Against this backdrop, we have seen some notable M&A activity across a range of sectors which may move down the market capitalisation scale. We now face an extended period of heightened speculation but “no running commentary” regarding Brexit in the UK after Article 50 is triggered at the end of the month.
Indices are not as flat as pancakes
27 Feb 17
On Shrove Tuesday, some of the various small cap indices we follow continue to hit or remain close to all-time highs, benefiting from growing optimism about the global economy. The State of the Union Address to Congress later today and the UK Budget next Wednesday are key forthcoming events that markets await. In the Budget, the updated OBR forecasts regarding the prospects for UK growth and the state of the public finances will no doubt, be the focus. Primarily, the accelerating flow of forthcoming company results will continue to be the key for investors as we await the passage of the Brexit Bill.
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.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
Numbers in line, strategic review of refinancing options launched
29 Mar 17
Adjusted profits, cash flow and growth trends all look closely in line with the update provided in early February. In addition the IAS19 pension deficit has stepped up from £23m to £68m, and the board has confirmed it has commenced a strategic review of options for refinancing the £220m bond due June 2019. Q1 trading has shown a continuation of the improved trend noted in Q4 of 2016, and we make no changes to our profit forecasts or Target Price at this point. Clearly though, the actual out-turn may now depend on the outcome of the strategic review of refinancing options.
23 Mar 17
Once again, management has demonstrated its ability to deliver consistent growth. Our two-year forecast profile implies a further 20% growth in profitability accompanied by strong cash generation. However, the stock continues to sit at a significant discount to its peers, which on a current year EV/EBITDA basis is now 38%. We raise our target price to 66p following the introduction of a 2018 forecast, implying 57% upside, which would effectively halve the peer group discount.