Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HARWORTH GROUP PLC. We currently have 8 research reports from 1 professional analysts.
|09Dec16 10:19||RNS||Director/PDMR Shareholding|
|28Nov16 07:00||RNS||Appointment of Joint Broker|
|14Nov16 07:00||RNS||NW acquisition strengthens income portfolio|
|19Oct16 07:00||RNS||Harworth progresses plot sales|
|16Sep16 03:54||RNS||Director/PDMR Shareholding|
|06Sep16 07:00||RNS||Half-year Report|
|30Aug16 12:19||RNS||Change of Registered Office|
Frequency of research reports
Research reports on
HARWORTH GROUP PLC
HARWORTH GROUP PLC
N+1 Singer - Morning Song 19-10-2016
19 Oct 16
Sanderson has released a full year trading update indicating that revenue is slightly ahead (we estimate 5%) of expectations, and profits are in line with expectations. Revenue growth of 10%, strong order intake (+20% to £12.0m), a reassuring order book (£3.0m) and positive trading momentum within both Digital Retail and Enterprise gives us confidence in the outlook for the current year. We increase our headline revenue estimates to reflect the strength of the full year outturn, but leave our profit and earnings estimates unchanged on slightly lower margin expectations. We continue to believe that Sanderson offers the highly attractive combination of accelerating growth potential, healthy cash generation and growing dividends at an inexpensive valuation (FY 2016 EV/EBITDA of 8.0x).
N+1 Singer - Harworth Group - Plot sales confirm strength of regional housebuilding market
19 Oct 16
Harworth has completed the sale of engineered housing plots to Taylor Wimpey at Torne Park – the former Rossington Colliery site near Doncaster – and has exchanged contracts with Harron Homes at is Prince of Wales site in Pontefract. Harworth expects to complete a further two sales by the year end. This is good news, and a further indication that momentum in the regional housebuilding market is back on track after the short hiatus post the EU referendum.
N+1 Singer - Harworth Group - Robust interims; FY16 expectations reiterated
06 Sep 16
Harworth has announced a robust set of interims. NAV increased by 10.4% from H115 to £303m or 104p per share. This is 1.8% higher than the FY15 outturn. EPRA NAV rose to 108p per share. While this represents fairly modest growth in the first half, full year expectations are explicitly reiterated, implying a stronger H2, which is customary for this Group (property disposals being H2 weighted). Management aspires to double digit growth per annum and we are forecasting 111p for FY16. We consider this an encouraging update, particularly in light of comments in the outlook statement that the post referendum hiatus in activity (housebuilders land buying etc) appears to be over. We retain our Buy rating for this regional property regeneration and investment specialist.
N+1 Singer - Morning Song 06-09-2016
06 Sep 16
Expectations are unchanged for the full year as the Group’s shift towards its Technology Products division continues. The one-off loss of a wireless customer in June has delayed progress, but with 60% of sales expected to be Technology driven in FY16 and 25% of Tech Products’ output being produced by the Electronic Assembly division, the transformation is clearly continuing. We expect a stronger H2 and leave our forecasts unchanged; as we said in June, we remain supportive of the Group’s strategy and continue to see a bright future as the transition continues.
Momentum building into new year
24 Feb 16
Harworth has released a confident set of FY15 prelims this morning. The financial performance is ahead of our expectations and the momentum with which the Group ended FY15 looks to have continued into the new year. Management has an excellent track record of unlocking value from the portfolio and ambitions to invest in new (former industrial) sites at a rate of £20m per annum over the medium term. A stated target of double digit post-tax returns on net assets looks highly achievable and underpins our Buy recommendation.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.