Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MICRO FOCUS INTERNATIONAL. We currently have 44 research reports from 2 professional analysts.
|09Mar17 10:02||RNS||EU Clearance of Proposed Merger with HPE Software|
|28Feb17 10:58||RNS||Total Voting Rights|
|24Feb17 07:00||RNS||HPE Software Q1 & Micro Focus trading update|
|06Feb17 09:44||RNS||Block Listing Six Monthly Return|
|31Jan17 13:55||RNS||Total Voting Rights|
|20Jan17 16:35||RNS||Director/PDMR Shareholding|
|17Jan17 07:31||RNS||Proposed CEO of the Enlarged Micro Focus Group|
Frequency of research reports
Research reports on
MICRO FOCUS INTERNATIONAL
MICRO FOCUS INTERNATIONAL
15 Dec 16
Yellen yesterday delivered a dose of reality to the market! It was not the FOMC's unanimous decision to hike short-term rates by 25bp, taking federal-funds rate range to between 0.5% to 0.75% due to near full employment as inflation creeps toward the target level, that was the surprise but the fact officials are now predicting three similar moves during 2017. Furthermore, the Fed stuck to its forecast for three further hikes in both 2018 and 2019, in the process nudging its long-run target for fed funds back up to 3% from 2.9%. The net result was for the already surging US$ Index to spike to a 13-year high, rising by 0.7% during the Asian session while also reaching a 20-month peak against the Euro. US equities took fright, having got close to testing the 20,000 barrier on Tuesday, the Dow Jones suffered its worst drop since October, with broad sector-wide selling knocking all principal indices similarly. Macro data due from the States this afternoon may provide further grounding for the Fed Chair's aggressive decision, with release of Consumer Prices, Jobless Claims and the Philadelphia Fed Business Outlook Survey; beyond this, of course, is the understanding that Trump's 'Make America great Again' campaign was predicated on his ability to ensure the working class vote that powered him to the White House can deliver both the employment and wages boost required to make his vision a reality or, presumably, he will pay the price. Asian equities followed the US lead, with almost all regional bourses under pressure, led sharply by the Hang Seng as the US$-based territory's central bank followed the Fed's lead by also raising rates, knocking its recently booming property shares in the process. The Nikkei stood out from the crowd with a fractional gain, as traders focussed in on the benefits of US$ strength against the Yen for it's export dependent businesses. Today London will receive both the Bank of England's interest rate decision and MPC Minutes. No change in the figure itself is expected, but yesterday's higher than expected November inflation data does suggest that Brexit devaluation effects continue to filter through, against which it must be realistic to expect a slightly more hawkish tenor coming through the text in order to keep a floor under Sterling. The ONS will also release Retail Sales figures, while the CML provides lending data and the CBI publishes its Industrial Trends Survey. UK corporates expected to release earnings or trading updates this morning include Bunzl (BNZL.L), Centrica (CNA.L), Go-Ahead (GOG.L), Petrofac (PFC.L), PZ Cussons (PZC.L) and SyQic (SYQ.L). Traders will also be keeping a cautious eye on oil prices despite yesterday's encouraging US crude inventory report, with Iraqi government reports suggesting plans to increase its exports in January while Libya also restarts operations at its key oil fields, creating further doubts as to OPEC's ability to enforce the wide-ranging international production cuts agreed earlier this month. London is seen opening nervously this morning, with the FTSE-100 expected down some 15 points during early trading.
09 Sep 16
"Overnight markets ended mostly weaker in relatively quiet trading. The principal drivers were yesterday's decision by the ECB to leave its €1.7 trillion stimulus package unchanged and a continuing sell off of technology stocks, following Apple's launch of its rather less than inspiring iPhone 7 and Hewlett Packard Enterprise's plan to spin off and merge most of its software operations with the UK's Micro Focus international (MCRO.L). As a result, the NASDAQ took the biggest hit amongst the main US equity indices, while elsewhere energy stocks took confidence from the largest one-day gain in the benchmark Nymex contract for almost six months after the US Energy Information Administration data revealed the steepest fall in crude stockpiles since 1999. Interesting also, the Fed Funds futures appear to finally be forming a consensus regarding rate expectations, with bets now indicating the chance of a September rise has fallen to just 24%, while expectation of one in December is now put at 60%. The Hang Seng was the only winner amongst Asia's major equity markets, celebrating news that the Chinese regulator had finally confirmed it will allow domestic insurers to invest in Hong Kong-quoted shares through a trading link with Shanghai. This further opening follows last month's go-ahead for the Shenzhen-Hong Kong Stock Connect, which is due to open by the end of this year and create a second portal for foreign investors looking to access China's US$6.5tn equity market. This news was tempered on the Composite index, however, as CPI data released for August showed prices slowing for the fourth month in a row and remaining firmly below Government target. The UK this morning is expected to provide Trade Construction figures, while EU finance ministers will meet in Bratislava to discuss, amongst other things, the ECB's continuing policy inaction. The Fed's Eric Rosengren is scheduled to make a speech this afternoon which could further help traders firm expectations regarding the FOMC meeting now due in less than two weeks. Corporates due to release earning figures this morning include Comptoir Group (COM.L), Richoux Group (RIC.L) and JD Weatherspoon (JDW.L). Investors will also remain sensitive to further disclosures regarding North Korea's reported fifth nuclear test this morning and the planned meeting between Saudi, Algerian oil ministers and OPEC's general secretary. The FTSE-100 is seen modestly weaker, losing perhaps 10 points in opening trade." - Barry Gibb, Research Analyst
N+1 Singer - IQE - Upgrade cycle set to continue
24 Mar 17
IQE’s FY’16 results showed good growth in all key segments and came in c.4% ahead of our recently upgraded forecasts. We have upgraded our forecasts today by 5% and 3% in FY’17 and FY’18 respectively, but expect the upgrade cycle to continue. The increase in capex in FY’16 looks to us a strong indication of future volume increases, and we see scope for significant upgrades through the course of our forecast horizon. We highlight three opportunities in this note, each of which could materially move the needle in its own right. IQE is one of our key picks for 2017 and has performed strongly YTD (+48%), but we believe there is more to go for. We increase our target price to 76p and retain our Buy recommendation.
Or, helping a juggernaut turn on a dime
24 Mar 17
Sopheon has spent many years evolving a state-of-the-art platform allowing Enterprise customers to manage and monitor their pipelines of innovation. As this market matures and on the back of some major reference client wins, Sopheon’s Accolade product is beginning to see material success on a number of fronts. This note describes the marketplace, the technology, and the progress now being achieved.
Stronger and stronger
23 Mar 17
Sopheon has reported strong prelims in line with the January trading update which had demonstrated that revenue delivery had been achieved on cost underspend, leading to EBITDA (+7% vs FY16E) and adjusted PBT (+22%) outperformance. Strong licence sales, high levels of recurring revenue retention (94% by value), and ever upgrading product portfolio in terms of functionality delivered revenue strength. Gartner recognition illustrates the transition from a product which needed to be described then sold, to a solution set sought by customers to deal with the increasingly acknowledged enterprise problem of efficient product lifecycle management. Sopheon is well positioned for future growth, and board confidence for future growth leads to planned increase in investment, yet still delivering $5.6m ($5.3m pre FX) EBITDA. Having smashed through our FY16 forecasts and target price, we restore FY17 forecasts and lift the 12-month target from 360p to 620p.
N+1 Singer - Instem - Investment to accelerate growth trajectory
28 Mar 17
FY16 results were as expected, reflecting some contract slippage towards the year end, the largest of which has since been signed. The outlook remains buoyant, particularly around SEND, where Instem continues to dominate the market. Further investment is however being made to further capitalise on the numerous growth opportunities. This will constrain short term profitability, but should pay back relatively quickly and leave forecasts on a higher for longer growth trajectory.
Acquisition of Infracast Limited
27 Mar 17
IMImobile have announced the acquisition of Infracast Limited for an initial consideration of £8.2m. Infracast is a leading provider of multi-channel messaging applications and will expand IMImobile’s customer base whilst providing significant cross-selling opportunities. This looks another high quality acquisition. We remain Buyers and increase our T/P to 220p.