Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AO WORLD PLC. We currently have 7 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
Panmure Morning Note 12-01-2017
12 Jan 17
AO World has provided a trading update for the three months to 31st December 2016 which is below our, and the market’s, expectations. We remain bearish on this stock and we will eagerly await management’s commentary on the amendments to IFRS 15 this morning which could affect the way the company accounts for the revenues generated from product protection plans.
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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Retain forecasts for FY17E and FY18E
05 Oct 16
While LFL sales growth of 1.8% for the first 12 weeks of FY17 looked a little light, this was on the back of 2.8% growth in the prior period. H2 comps become easier to lap and Christmas bookings (festive trading comprises 15% of FY sales on average) are up 10% YoY.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
A year of expansion
17 Jan 17
Final results are broadly in line with our revised forecasts on most headline levels in what proved to be a difficult year for the Group. That said, it has significantly increased room capacity, which is now +40% ahead at the time of the IPO (+14.5% yoy), which improves its competitive position and offering. We are maintaining our headline forecasts, and with the dividend expected to be held for the foreseeable future producing an 8.7% yield with a NAV in excess of 180p, we continue to believe there is strong long term value offered at present.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.