Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on QUARTO GROUP INC. We currently have 34 research reports from 4 professional analysts.
|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 02:01||RNS||Directorate Changes|
|06Sep16 07:00||RNS||Notification Of Transaction|
Frequency of research reports
Research reports on
QUARTO GROUP INC
QUARTO GROUP INC
Share & share alike
18 Nov 16
The table shows that most markets have surrendered some of their gains in the last month. However, it is worth noting that progress achieved so far this year, and over the last 12 months has been maintained. The majority of company results and news has been as anticipated, with some exceptions. We now have the Autumn Statement on Wednesday 23 November which is likely to set the near term tone for markets. We should also have a better idea of the state of the UK economy currently as well as the outlook for corporate UK, in general. The year-end ‘round ups’ should start again in early January.
03 Nov 16
Quarto has issued an IMS and trading update. It shows that underlying core publishing revenues for Q3 declined by 7.6% but including acquisitions in the year, it increased by 4.6% to $46.9m. Revenues for 9 months from its core publishing was up 11.1% to $105.3m, underlying core publishing revenue was up 4.9%. On the basis of current levels of trading and order book visibility, the group remains confident that it will meet management expectations for the full year and deliver both debt reduction and earnings growth. Buy TP 350p.
Markets maintain their progress ahead of key period
25 Oct 16
Looking at the table, it shows the majority of markets have maintained the progress achieved over the last quarter and year to date but have surrendered some of the gains over the last month. The majority of company results and news has been as anticipated, with some exceptions. Exchange rate volatility hasreduced. The precise path to Brexit remains unclear. Much more pressing for UK markets is the forthcoming Autumn Statement on 23 November and just a fortnight away the US Presidential Election. Key events that as they approach will become a focus for investors and market sentiment, generally.
Five easy P(iece)s
17 Oct 16
Quarto’s capital market event highlighted its market leading position in the global illustrated book publishing sector. Key objectives have been achieved over the last 4 years with a balanced, growing portfolio of 45 imprints being created, a global sales & marketing platform established and the infrastructure to manage expansion in place. The quality and variety of books stood out. The model was neatly encapsulated into 5 easy Ps – people, platform, portfolio, product and process. We reiterate our Buy recommendation and 350p TP.
Be aware of the ides of September
20 Sep 16
As the company reporting season has progressed, the vast majority of results and statements have been as anticipated. The tone of most outlook comments is guarded but optimistic in general. We have highlighted the variety of corporate developments on one particular day, 15 September, coincidentally Battle of Britain Day - to highlight the stability and relative normality in markets currently. It continues to feel like the preamble to more testing time ahead but the outlook appears less fearful than may have seemed the case a few months ago.
Back to skool!
06 Sep 16
Markets have retained their relative strength in the last fortnight, maintaining the gains achieved over the three months. The economic news flow has been positive, not least the Purchase Managers’ Index surveys which have shown a sharp rebound in August following the declines in July. Sterling has rallied to a seven-week high. As the reporting season gathers pace, most results have been as anticipated. The initial concerns regarding the economic outlook following the referendum appear to have been confounded, although the Prime Minister’s cautionary comments still linger.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Response to Government consultation
02 Dec 16
In the 2015 Autumn Statement, the Government stated the intention to remove the right to general damages for minor soft tissue injury claims with compensation for injuries such as whiplash now being made in medical care rather than cash. In addition, the Government proposed to raise the small claims limit for personal injury cases from £1,000 to £5,000.
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.
Leveraging brands and data
24 Nov 16
Future is building and widening its revenue streams based on strong global brands and on a scalable delivery platform. Growth of revenues in categories such as eCommerce, events and digital advertising resulted in broadly maintained group FY16 revenues, while the margin has started to build, helped by operating leverage. The Imagine purchase, post year-end, brings further scale and efficiency. The lengthening record of delivery against expectations and the premium projected earnings growth are making the multiple increasingly attractive.
05 Aug 16
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