Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AO WORLD PLC. We currently have 6 research reports from 2 professional analysts.
|02Dec16 09:14||RNS||Holding(s) in Company|
|22Nov16 07:00||RNS||Half-year Report|
|20Oct16 12:03||RNS||Price Monitoring Extension|
|07Oct16 04:41||RNS||Second Price Monitoring Extn|
|07Oct16 04:36||RNS||Price Monitoring Extension|
|04Oct16 12:31||RNS||Replacement - Holding(s) in Company|
|03Oct16 09:11||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
AO WORLD PLC
AO WORLD PLC
UK ahead of expectations but Europe continues to disappoint
22 Nov 16
Whilst AO has reported UK revenue and earnings growth ahead of our estimates, the European business continues to fall short of our expectations. A substantial increase in service sales has massively benefitted revenue and margin and our analysis shows that falling bond yields have led to a greater contribution from product protection plans. Europe shows no signs of profitability and management have stated that the company will not reach breakeven in the territory until 2020. We reiterate our sell recommendation.
Consensus eps falling…falling…falling…rising 2.0
29 Apr 16
In January we screened for companies with estimates that had been declining consistently since a year previously, but which had risen in the immediately preceding three months (see our note dated 22 January 2016). We have reviewed the performance of those companies and, given the overall strength of this selection, we have re-run the screen. In the c.3 months since selection, the unweighted average rise was c.34% against a c.11% rise in the main All-Share index. From the same universe as before (some 900 companies) we find 38 companies selected by the screen. We note a number of stocks in the list where we have a supportive stance including: Devro (DVO LN, Buy), James Fisher (FSJ LN, Corporate), Mattioli Woods (MTW LN, Buy) and Spirent Communications (SPT LN, Buy).
Panmure Research - AO World PLC Flash 12-01-16
12 Jan 16
We continue to question the profitability of AO World's business model this morning, despite the marked acceleration in own website sales growth continuing through 3Q2016. We believe that the house broker's recent notes stave off a potential profit warning later in the year, that the downgrade cycle is yet to end and that the net cash position is becoming alarmingly tight. Our valuation analysis shows the stock to be worth 99p (from 114p), a significant discount to prevailing market price.
Panmure Research - AO World PLC Flash 21-07-15
21 Jul 15
We explained on the 7th July in a note titled ‘Missing Estimates' that it should become apparent after today's trading update that the company will struggle to meet full-year market expectations. Although management stated this morning that they ‘expect the business model to deliver as expected for the full year', we have an increased level of conviction in our argument following the Q1 IMS.
Panmure Morning Note 07-07-15
07 Jul 15
It should become apparent on the 21st July when AO World (‘AO') reports its Q1 interim management statement that the company will struggle to meet full‐year market expectations. With website traffic deteriorating on both sites, three consecutive quarters of tough comparatives ahead and a 4Q2015 exit rate of just 13.2%, downgrades to consensus sales and earnings estimates through FY2018 are most probable. We have downgraded our sales and earnings estimates for both territories ahead of the next trading update and have reduced our price target to 114p from 130p.
Panmure Research - AO World PLC 07-07-15
07 Jul 15
It should become apparent on the 21st July when AO World (‘AO') reports its Q1 interim management statement that the company will struggle to meet full-year market expectations. With website traffic deteriorating on both sites, three consecutive quarters of tough comparatives ahead and a 4Q2015 exit rate of just 13.2%, downgrades to consensus sales and earnings estimates through FY2018 are most probable. We have downgraded our sales and earnings estimates for both territories ahead of the next trading update and have reduced our price target to 114p from 130p
05 Dec 16
These interims show LPEs by is ahead of its plan to recruit 360 LPEs by April 2017 and is making impressive progress in Australia. The statement (and we expect the results presentation) provide considerable evidence of Purplebricks’ progress in building its brand, increasing its LPE footprint, developing its technology, creating engaging marketing and selling properties. We leave our forecasts unchanged. Investor confidence in Purplebricks’ ability to deliver sustainable profitable growth should result in share price appreciation towards a valuation based on its results for the year ended April 2019.
Successfully engaging players
06 Dec 16
Stride has a clear focus on online bingo and soft gaming and is growing rapidly, with FY16 l-f-l revenue up 22%. The acquisitions of Tarco and 8Ball at the end of FY16 doubled its share of the UK bingo-led market from 5% to 10% and should deliver material synergies from FY17. Our unchanged FY17 estimates are for 11% EPS growth and strong cash generation. We expect organic growth to be augmented by further accretive acquisitions in due course. Stride’s FY17 P/E is 10.3x and the calendarised EV/EBITDA is only 7.1x, implying considerable share price upside potential.
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*.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Upping its game
21 Sep 16
32Red’s brand punches above its weight in the UK online casino market. Management has adopted a more aggressive stance since mid-2015, both in terms of marketing and with the highly accretive £8.4m Roxy Palace acquisition. Interims show H116 EBITDA rising to £4.5m (H115: £1.2m) and we initiate with forecast EPS more than doubling in 2016 and growing by over 65% between 2016 and 2018. Yet the 2016e P/E is only 13.5x and our peer group comparison and DCF suggest a value of 193-247p per share, 46-86% above the current share price.