Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CRANEWARE PLC. We currently have 20 research reports from 3 professional analysts.
|11Nov16 04:46||RNS||Dividend Currency Election|
|11Nov16 03:03||RNS||Total Voting Rights|
|11Nov16 12:06||RNS||Block listing Interim Review|
|08Nov16 06:08||RNS||Result of AGM|
|08Nov16 07:00||RNS||AGM Statement|
|31Oct16 05:03||RNS||Posting of Annual Report and Notice of AGM|
|07Oct16 07:00||RNS||Grant of Options - Replacement|
Frequency of research reports
Research reports on
N+1 Singer - Pharma & Biotech - Reflections on the UK sector post the US election
11 Nov 16
Although the performance of UK-listed Big Pharmas is closely linked to changing US market dynamics, the impact on our UK smallcap life science universe will likely be more muted given its early-stage nature. Nevertheless, potential changes to drug pricing and healthcare provision resulting from the likely reversal of the Affordable Care Act (Obamacare) could impact a number of companies in our universe. We highlight Summit Therapeutics (Corporate), ReNeuron (Buy), Vectura (Buy), Verona Pharma (Corporate) and Futura Medical (Corporate) as potential beneficiaries of a less adverse pricing environment, whilst Craneware (Hold) and AMS (Hold) could be negatively affected by potential US hospital spending delays.
N+1 Singer - Morning Song 11-11-2016
11 Nov 16
Swallowfield has issued a positive update this morning alongside its AGM, stating trading in the first 4 months of the year is in line with expectations. Performance has been positive in both manufacturing and owned brands, notably Brand Architekts. Reflecting this mix of organic and acquired growth (seasonally biased towards H1) and FX benefits, we forecast 345% H1 PBT growth from 38% sales growth. The outlook statement reads positively and, notwithstanding uncertainties in the UK and overseas, forecast H2 sales growth of 7% looks conservative. After giving up some of the recent gains, the cal17 P/E has come back to <11x and is now well below our 305p fair value estimate.
N+1 Singer - Craneware - In line prelims. Outlook positive, but rating full
06 Sep 16
FY16 prelims were well flagged and are in line with our expectations. Sales activity remains high and this should benefit outer years (contracts are typically 5 years in duration). Cash generation remained strong with Net Cash at $48.8m and the outlook per management remains positive as the US healthcare market adopts new value-based pricing models, thereby broadening the opportunity for Craneware. After a 37% increase in the share price since March, we move back to Hold (from Buy) on short term valuation considerations.
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.
N+1 Singer - Morning Song 08-07-2016
08 Jul 16
We are expecting news from both Lavendon (half year trading update – 14th July) and Speedy (AGM statement – 13th July) next week. Having highlighted our concerns on 27th June regarding the outcome of the EU Referendum, we are cautious ahead of next week’s announcements. We expect both Speedy and Lavendon to signal that it is too early to predict the full repercussions of Brexit, in line with recent statements from many construction and housebuilding companies. Despite this, recent data suggests that the construction market is already beginning to feel the impact of Brexit uncertainty, with the Markit UK Construction PMI registering its weakest reading for seven years in June (46.0 vs. 50.7(F) and 51.2 last). The construction market accounts for c.49% of Lavendon’s sales and c.48% of Speedy’s. Both Lavendon and Speedy have customers across all tiers (major contractors down to SMEs). The outlook for both UK businesses is therefore highly uncertain and whilst we leave our forecasts unchanged, earnings risk is clearly to the downside. Negative sentiment towards both companies’ shares is likely to persist in the short term, but we believe that tangible book value should provide a sensible share price floor. We therefore set our price targets accordingly (FY1 tangible book values: Lavendon – 114p, Speedy Hire – 35p) and remain at Hold in both cases.
N+1 Singer - Craneware - Safe haven with positive momentum
07 Jul 16
A positive year end update and ongoing strong order intake has prompted us to upgrade our EPS forecasts by 4%, moving towards management’s medium term ambition to get back to 20%+ growth. In addition, CRW is a dollar reporter and not exposed to any Brexit related uncertainties. We therefore see it as a key safe haven play with improving growth credentials and reiterate our Buy recommendation with an increased target price of 1033p (from 884p).
A data-driven H1 raises expectations
05 Dec 16
The first reporting period under the new D4t4 Solutions brand saw the group (previously IS Solutions) deliver good growth, leaving it well on track to meet PBT forecasts in FY 2017, and we now increase FY 2018 forecasts. The business continues to flourish from its focus on data management and analytics, enabling its international blue-chip client base to gather and gain advantage from the mass of customer data available, utilising the leading-edge Celebrus solution. Industry analysts predict 12% CAGR for the BI & Analytics market through to 2020, and D4t4 is riding this wave of demand.
Taking a prudent road
28 Nov 16
As flagged in September, H1 2017 profit is indeed below LY; adj. PBT of £0.5m compares with £1.5m in H1 2016 as Trakm8 invests heavily in new technology and acquisition integration. Management remains confident in another very strong H2 performance and in particular is focused on closing a couple of large high-margin software-related sales which would see the group meeting the original FY 2017 expectations of £5.9m adj. PBT. However, should these fall outside the March year-end, profits are only likely to be in line with last year’s £3.9m, albeit on a growing revenue base. Prudence dictates we assume a worst-case scenario in our forecasts so that surprise is only in the upside – if the deals close in the year, the company will meet those original revenue and profit expectations.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
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*.
Quality business as usual
06 Dec 16
iomart's interims show delivery of continuing organic growth, complemented by targeted acquisitions to extend the strategic opportunities. Compared with peers exposed to project-based revenue, cloud services organic growth continued at 10% (comfortably within our expected 8-11% target range), with the evolution of margins as expected: the growing proportion of public cloud services mildly easing EBITDA margins but maintaining or even strengthening adjusted PBT margins, given the lack of related depreciation. With high quality recurring revenue at high margins, and (lower margin, lower recurring revenue) peer group exit valuations comfortably above iomart’s current valuation, the upside remains very clear. Target 360p reiterated.