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|07/10/2016 07:00:08||London Stock Exchange||Grant of Options - Replacement|
|06/10/2016 11:02:18||London Stock Exchange||Total Voting Rights|
|20/09/2016 14:41:00||PR Newswire||Craneware Debuts Data Visibility Updates to Award-Winning Chargemaster Solutions|
|20/09/2016 07:00:13||London Stock Exchange||Director/PDMR Shareholding|
|13/09/2016 14:48:02||London Stock Exchange||Grant of Options|
|06/09/2016 18:32:00||PR Newswire||Craneware Announces Year-End Financial Results for Fiscal Year 2016|
|06/09/2016 07:00:09||London Stock Exchange||Final Results|
Frequency of research reports
Research reports on CRANEWARE PLC
Providers covering CRANEWARE PLC
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).
N+1 Singer - Morning Song 21-06-2016
21 Jun 16
The merger between Skyepharma and Vectura has created a global leader in the development of therapeutic respiratory products, with strong global partners and broad development capability across multiple formulation platforms, drug classes and delivery forms. In this report we outline the company’s three strongest valuation drivers, a selection of high-potential development programmes and the financial outlook for the enlarged group. We forecast continued strong growth in royalty income and supply revenue, and re-iterate our Buy with a new target price of 199p.
N+1 Singer - Technology SECTOR - Screening for Tech Ideas – a different approach
21 Jun 16
Whilst the majority of our work consists of the research we provide on individual companies and their respective investment cases, we thought it would be an interesting exercise to provide various screens of UK quoted technology companies using only their historical reported accounts. Whilst past performance is not always a good predictor of future performance, the track record of a business and ongoing momentum should be part of any investment analysis. We believe this note can provide a good starting point/short list for investors, catering to their different investment styles – whether their preference is growth, income (cash generation) or a mix of both. From this point, further investigation can be made on the respective investment cases of these companies.
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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.