Helical Bar - Half year results
Companies: HELICAL BAR PLC
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|17/10/2016 07:00:07||London Stock Exchange||HELICAL SELLS FOUR ASSETS FOR £20.7 MILLION|
|27/09/2016 13:00:01||London Stock Exchange||LONDON PROPERTY TOUR|
|27/09/2016 07:00:10||London Stock Exchange||Update on Portfolio Activity|
|23/09/2016 16:06:26||London Stock Exchange||Holding(s) in Company|
|14/09/2016 10:00:25||London Stock Exchange||Director/PDMR Shareholding|
|12/09/2016 10:24:00||London Stock Exchange||Notice of Results|
|17/08/2016 15:43:29||London Stock Exchange||Director/PDMR Shareholding|
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Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
A highly disappointing update from Senior reports a number of issues adding up to the Group being behind expectations. Following the Flexonics issues over the past 12 months, there are now issues on the Aerospace side which are affecting the outlook. In a period when some stability was required, this is disappointing. We have downgraded FY16 EPS by 6.8% and, whilst we see Senior remaining a US takeover target, we move from Buy to Hold (target price down from 262p to 196p) until more clarity is available on the direction of the Group.
Post Brexit, share price volatility has been a particular feature for the house-building sector. While central London residential property transactions have been muted, the tone outside London has been more balanced. Given the group’s expanding land bank, Inland is at least well positioned to increase production and unit sales and behind this ambition, the dynamics of housing supply and demand still remain favourable. Share price is underpinned by assets, and therefore defensive.
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).
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.