Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WILMINGTON PLC. We currently have 31 research reports from 2 professional analysts.
|24Feb17 14:29||RNS||Director/PDMR Shareholding|
|23Feb17 09:36||RNS||Interim Results - Update|
|23Feb17 07:00||RNS||Interim Results|
|01Feb17 13:10||RNS||Voting Rights and Capital|
|01Feb17 07:00||RNS||Completion of Health Service Journal|
|19Jan17 07:04||RNS||Acquisition of Health Service Journal|
|18Jan17 17:08||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
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
N+1 Singer - Wilmington Group - Interims slightly ahead, move to focus on 3 verticals
23 Feb 17
In terms of the interim results, profits are ahead of the flat guidance given at the AGM stage (EBIT +3% and PBT +2%). Looking at the full year some one-off Compliance segment costs and investment leads us to set FY17 PBT at £22.4m. (consensus £22.7m). We expect one-off to drop out and profit to stay on track for FY18 with our £26.3m (consensus £26.3m). The more interesting point today is that the Company has signalled it is progressing to a second stage in strategic development. We have been encouraged by the building of a material new vertical (Healthcare) and have seen a future in WIL focusing on fewer larger sectors with critical mass and economies of scale. Essentially the new “Sixth Gear” announcement today signals a focus on three segments; Risk & Compliance, Professional and Healthcare. An exit from Legal practice support is planned. The focus will allow WIL to accelerate integration and on improving client sales and products. Our current TP is based on 12x Cal EV/EBITDA. The improved focus and growth potential should warrant a higher multiple in due course, leaving the shares looking even cheaper. BUY
N+1 Singer - Wilmington Group - Acquisition – Further scaling of Healthcare
19 Jan 17
WIL has announced another attractive acquisition in the Healthcare space, this time a digital information and events business focused on C-level executives. The business, being acquired from Ascential, should fit well as it will complement the existing portfolio. The multiple is also attractive at 6.1x assuming a net cost (post working capital adjustment) of £17m and EBITDA of £2.8m (£10m revenue) based on relocation of the unit. While there will be some reshaping (advertising will be run down) the growth in information and events should lead to a steadily increasing revenue line and annual EBIT growth in the mid/high single digits over the next few years. Effectively the 70% of revenues from quality information and events will become 100%. Looking at FY18 the full year effect should be c9% on EPS (forecast to be formally reviewed). This underpins the continued improvement in the mix and scaling of attractive verticals fro WIL. WIL has featured in our Best Ideas list and it remains one of favoured stocks on strategic development grounds. We reiterate our Buy rating.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare
N+1 Singer - Morning Song 03-11-2016
03 Nov 16
blur Group (BLUR LN) Q3 trading update | Earthport (EPO LN) Approval for outbound services for banks in India | Eckoh (ECK LN) Appointment of new CFO | H&T Group (HAT LN) FY16e to exceed expectations on impact of higher H2 gold price | Howden Joinery Group (HWDN LN) In line FY16 but strengthening headwinds result in FY17 downgrades | Low & Bonar (LWB LN) Solid Update | SDL (SDL LN) Disposal of campaigns business; more to come | Spirent Communications (SPT LN) Progress but revenue remains lumpy | Wilmington Group (WIL LN) Q1 In-line
N+1 Singer - Wilmington Group - Acquisition upgrades
25 Jul 16
Wilmington announced the acquisition of SWAT Group Limited last week. The business provides training and technical compliance support to accountancy businesses in London and the South West. This will bolster the range of accountancy services offered by the Finance division and extend its geographic range in the UK. SWATs revenues are derived in broadly equal proportions from training and information & consultancy. An attractive purchase price (we estimate c5x EBIT) helps make a modest acquisition material at the EPS line, enhancing our FY17 by 2.3% and FY18 by 2.5%. FY17 EPS growth is now 11.7%. There is further substantial capacity to acquire and boost this growth further (by double digit %) and increase the potential exploitation of the secular global growth trend in compliance and regulation. Our Target Price rises to 339p and based on a 12 month TSR of 40.9% we reiterate our Buy rating.
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 - 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.
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.
Solid organic growth and significant improvement in profitability
22 Feb 17
Wolters Kluwer reported FY16 revenues of €4,297m, up 2% and in line with our forecast of €4,300m (+3% organically, i.e. positively accelerating from the +2% in the first 9 months, and similar to FY15) as well as a 22.1% adjusted operating margin, up 70bp from 21.4% a year earlier and slightly above expectations (as a reminder the group’s guidance was for between 21.5% and 22%; AV’s was 21.6%). This was after restructuring expenses of €29m. The adjusted net profit was €618m, above our €604m expectations, i.e. diluted adjusted EPS of €2.10, up 7% and versus our €2.04. The group generated a solid €708m FCF in FY16, up 9% at CER and ended the year with a strong financial position (net debt/EBITDA ratio of 1.7x). The proposed FY16 total dividend is up 5% to €0.79/share.
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*.