Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ECKOH PLC. We currently have 47 research reports from 4 professional analysts.
|29Nov16 07:00||RNS||Interim Results|
|25Nov16 03:40||RNS||Notification of Major Interest in Shares|
|24Nov16 04:33||RNS||Notification of Major Interest in Shares|
|22Nov16 05:00||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|17Nov16 07:00||RNS||Issue of Equity and PDMR Holding|
|03Nov16 07:00||RNS||Appointment of Chief Financial Officer|
|31Oct16 07:00||RNS||Notification of Interim Results|
Frequency of research reports
Research reports on
N+1 Singer - Eckoh - In line interims, US secure payments gathers pace
29 Nov 16
Eckoh delivered interims in-line with expectations. UK growth was 11% whilst the US, reflecting a full period for PSS now accounts for 30% of sales. US Secure Payments wins gathered pace, with much larger contracts being won on SaaS-style pricing models and the pipeline at record levels. With contracts won in the first half feeding through strongly into the second half and given the group’s high level of recurring revenues (76%), the outlook remains positive for the rest of the year and we make no changes to forecasts. Eckoh has exceptional growth opportunities, particularly in the US, and we believe it can convert this to strong shareholder value.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
N+1 Singer - Morning Song 03-11-2016
03 Nov 16
Overall trading for the year appears to have started slightly slowly overall but with underlying revenues making progress and profits flat for the period. Slow profit progress was already expected due to the previously signalled growth orientated investment being made. A material timing change on a Compliance unit contract, strong growth in AXCO and buoyant Health performance bode well for revenue performance looking forward. Visibility levels are said to be good underpinning managements confidence that the group is on track for the year. Wilmington remains a good play on the growth in global regulation and compliance. BUY
N+1 Singer - Eckoh - >$2.5m from three US contracts won
24 Oct 16
Eckoh announced it has recently secured three significant contracts in the US worth over $2.5m in total over the next three years. Two of the contracts are for Eckoh’s secure payments solution charged on a SaaS basis, one of which was a cross-sold deal. This provides good underpinning to our current forecasts and reflects the shift to a SaaS model in the US which the group highlighted in its September trading update. We believe the group continues to have a substantial pipeline in the US. We remain positive on its growth prospects.
N+1 Singer - Morning Song 24-10-2016
24 Oct 16
Sigma has announced that a major £39m regeneration scheme near Liverpool Lime Street has been launched with funding from a new partner, Curlew. The scheme will include retail/leisure space, a 101 bedroom hotel pre-let to Premier Inn and a 412 student accommodation building. Construction will begin by the end of 2016. Sigma continues to pursue regeneration opportunities which reinforce delivery capabilities and are complementary to core PRS activities. We make no changes to our forecasts as a result of this launch. We continue to follow Sigma’s delivery of both managed and self-funded PRS housing, leveraging the new HCA facility secured in September.
N+1 Singer - Eckoh - Trading update
02 Sep 16
Eckoh issued a trading statement saying it expects PBT to be below expectations in the year to March 2017. The reasons are two-fold: 1) it has experienced cost overruns in a large, complex project in a non-core division of PSS and 2) it is seeing a faster than expected transition towards a pure Software-as-a-Service (SaaS) pricing model in the US, where until recently, deals were predominantly on an upfront fee model. Consequently, we cut our adjusted PBT forecasts in the year to Mar 17/18/19 by 23%/20%/17%. The group’s opportunities have not diminished (sales pipeline remains substantial) and we believe the medium-term growth outlook remains very healthy. The accelerated transition of the US business to recurring revenue also bodes well for the overall quality of earnings. However, we recognise that today’s news is disappointing and that steps will have to be taken to rebuild investor confidence.
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.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
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.
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.
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*.