Research, Charts & Company Announcements
Research Tree offers BRADY PLC research coverage from 4 professional analysts, and we have 22 reports on our platform.
Our simple but effective charting function allows for a quick scan of BRADY PLC's performance over multiple time horizons.
|07/10/2016 13:03:52||London Stock Exchange||Directorate Changes|
|20/09/2016 10:22:36||London Stock Exchange||Directorate Change|
|12/09/2016 07:00:10||London Stock Exchange||Interim Results|
|05/09/2016 12:00:55||London Stock Exchange||Notice of Results|
|02/09/2016 07:00:09||London Stock Exchange||Directorate Change|
|19/07/2016 16:17:48||London Stock Exchange||Holding(s) in Company|
|19/07/2016 07:00:08||London Stock Exchange||Trading Statement|
Frequency of research reports
Research reports on BRADY PLC
Providers covering BRADY PLC
N+1 Singer - Morning Song 12-09-2016
12 Sep 16
Restore’s interims confirm a period of strong growth and operational delivery. Importantly, the integration of December 2015 acquisition Wincanton Records Management is going smoothly and there has been no repeat of last year’s summer scanning issues. Growth metrics are impressive in all areas, assisted by the pick up in acquisitive activity over recent periods. Full year guidance is reiterated and we adjust our numbers for the recent PHS Data acquisition this morning, bringing us in line with consensus. Overall a very solid set of results. The shares are now close to our 360p TP but we do not see the current rating as stretched (FY17 P/E 17x). We are inclined to retain our BUY recommendation.
N+1 Singer - Brady - CEO Gavin Lavelle steps down
02 Sep 16
CEO Gavin Lavelle has stepped down with immediate effect and Chairman Ian Jenks will take operational control as Executive Chairman pending the appointment of a new CEO. We suspect that a change of management will be broadly welcomed by investors who would like to see the business grow more rapidly.
N+1 Singer - Morning Song 02-09-2016
02 Sep 16
Spectris has announced the £122m acquisition of Millbrook, a vehicle test, validation and engineering service business. This will become a separate operating company within Spectris’ Test & Measurement division. The business has been acquired for 12-13x pro forma 2016 EBITDA, with management quoting pro forma figures due to Millbook’s own recent acquisition of a winter vehicle and tyre testing business and significant investment to drive growth. This pro forma acquisition multiple is in line with the c.13x EV/EBITDA multiple for the sector for 2016.
Acquisitions return business to growth
20 Jul 16
In another in-line trading update, Brady has reported that H1 revenues grew by 4%, which includes the impact from acquisitions (energycredit and ScrapRunner) and currency movements. New business was spread across the three divisions, with nine new contracts signed. The trading update reveals that the group is continuing to stabilise in spite of a tough commodities-related backdrop. The outcome for the year will depend on the busy Q4. We are maintaining our forecasts and continue to believe the shares look attractive, trading on c 15x our cash-adjusted FY17e earnings.
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
Upgrade on lower costs, pipeline strong
24 Oct 16
Fusionex’s year-end trading update indicates that revenues will be in line with market expectations (we estimate 16% revenue growth in FY16) and that a strong pipeline for GIANT 2016 should drive further momentum in FY17. The planned increase in sales, marketing and other investment to support adoption of GIANT has been more moderate than we forecast, meaning that EBITDA is expected to be significantly above consensus. We upgrade our FY16 EBITDA by MYR3.2m (83% but from a compressed level) to reflect this, while leaving our estimates for FY17 and FY18 unchanged.
N+1 Singer - NCC Group - Strong revenue but margins weaker in H1
20 Oct 16
NCC’s trading update for the four months to September shows continued strong revenue growth, but margin pressures in the first half mean that profit for the year will be more second half weighted than usual. Group revenue increased 36% in the period (+21% organic) with Assurance and Escrow both growing well (+25% and +4% respectively). The Assurance division has seen three unrelated large contract cancellations however, as well as some difficulties with some managed services renewals. We are not making any changes to our forecasts at this stage but now expect a significant second half weighting to profits. We remain supportive of the story but with the shares priced for perfection, we downgrade to Hold, with a target price of 353p (from 384p).
A slower ramp for GOV.UK Verify
20 Oct 16
Underlying trading was solid in H116. However the new GOV.UK Verify service is behind plan and we are pairing back our revenue estimates to reflect a slower ramp. Outperformance and deferred investment elsewhere mitigates the earnings impact of this in FY16, but we reduce EPS forecasts by 5% in FY17 and FY18. The business remains very well placed, but we believe that a period of share price consolidation is likely ahead of the transition to the new CEO, Chris Clark (ex-Experian) in April 2017.
N+1 Singer - Earthport - Traction continuing to build
26 Oct 16
Earthport has reported an in-line set of results for the full year to June’16. The group has delivered 89% growth in the number of transactions, resulting in payment volumes through the platform increasing to $11.8 billion. A FY’16 adj. EBITDA loss of £7.5m represents a strong HoH trajectory (H1 loss £5.3m, H2 loss £2.2m) and the group has reaffirmed its commitment to becoming cash generative in Q4’17. Earthport has proved that it can scale new customers quickly as well as extracting significant volume increases from existing customers. With multiple catalysts on the horizon and a strong start to the year already achieved, we believe the group is very well-placed to gain a significant share of the vast cross-border payments market.