Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CAMBRIA AUTOMOBILES PLC. We currently have 47 research reports from 3 professional analysts.
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CAMBRIA AUTOMOBILES PLC
CAMBRIA AUTOMOBILES PLC
N+1 Singer - Cambria Automobiles - Another strong year and delivery of strategy
22 Nov 16
Results confirm another strong year, with earnings in line with expectations and stronger than expected cash generation. In line with the sector, the Group has expressed some caution over the New car segment, and we prudently reduce our PBT forecasts by 15% in FY17 and FY18. However, the Group remains well positioned to build on its solid track record of growth. Significant investment in site expansion at the recently acquired Jaguar Land Rover and Aston Martin sites (£31m over the next two years) highlights management’s confidence in Cambria’s growth prospects. We believe that the potential for the acquired businesses is significant and that revised forecasts look very well underpinned. Notwithstanding uncertainty around the UK consumer and effects of Brexit, risk over 2-3 years is potentially to the upside.
A decade of delivery
22 Nov 16
Cambria has delivered another robust set of results exceeding our adjusted PBT forecast by 2%. Cash generation remains strong driven by working capital management with 12 month rolling ROE in excess of 20%. While we believe trading conditions will get tougher from here, we believe the Group is well positioned to executed its proven strategy. The current valuation based on recently downgraded earnings is undemanding in our view with 2017 likely to be a year of consolidation rather than a year of decline
N+1 Singer - Morning Song 22-11-2016
22 Nov 16
The agreement with Hikma for VR730 represents an interesting bolt-on to Vectura’s already impressive stable of partnered respiratory products. We note that the expected newsflow from Vectura over the coming months is significant: Utibron® vs. Anoro® Phase III data is expected later this year, to be followed by the expected US launch of Utibron® and FDA approval of VR315/Generic Advair® (by 10th May 2017). With two major near-term US launches ahead, we retain our Buy recommendation and 208p target price.
Looking into 2017/18
16 Nov 16
Sector sentiment is at a low point with clear uncertainty around 2017/18 earnings. We are attempting to cut through this, and believe the share price falls more than price in the earnings risk. Following a robust September, we would expect a strong 2016 performance, which has been confirmed by all dealers, but do expect conditions to get more difficult from here. We continue to favour stocks with flexible balance sheets at this stage of the cycle.
N+1 Singer - Small-cap quantitative research - Consistent growth screen refresh + “11 with legs”
29 Sep 16
We have performed a second refresh of our consistent growth screen, first established with our research note of 17 December last year. As previously, the screen produces a basket of 25 stocks that exhibit not only good growth in EPS and sales, but also a consistency of growth in both measures each year. This basket, or style, has underperformed the small-cap benchmark by 9.1% since inception last December, and by 4.8% since the last refresh on 13 April. We highlight stocks leaving and joining the basket and take a closer look at 11 stocks “11 with legs” in the refreshed screen. We will continue to monitor performance of the basket and refresh it again in about 4 months’ time, but interestingly, consistent growth is beginning to look like consistent underperformance!
N+1 Singer - Motor Retail - Low gearing, asset backed, strategically placed
26 Sep 16
After unprecedented amounts of acquisition activity in 2015 and 2016, with c£450m spent by the 4 listed consolidators, we have refreshed our analysis of financial gearing. Contrary to popular belief, gearing in FY17 is forecast at 0.3x ND/EBITDA so well below FY14 (0.7x) and target thresholds (1.0-1.5x). We have also identified that property backing has risen c£175m to c£775m with several retailers now only leasing half their portfolio. Operationally and strategically, the key players appear well positioned to continue outperforming their weaker counterparts, taking market share and forcing more accretive consolidation. This is a virtuous circle which should continue to improve profitability. FCF will also step up in 2 years as the heightened OEM-led capex cycle concludes. Notwithstanding uncertainties around Brexit, trading has remained stable near term. These factors are not priced in, with the subsector trading on a 45% discount to the General Retail sector and on just 1.75x EV/EBITDA on a (purely theoretical) ex property basis.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
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 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.