Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CVS GROUP PLC. We currently have 36 research reports from 1 professional analysts.
|09Jan17 09:01||RNS||Exercise of Options and Total Voting Rights|
|19Dec16 04:48||RNS||Holding(s) in Company|
|19Dec16 12:27||RNS||Holding(s) in Company|
|19Dec16 12:15||RNS||Block Admission|
|14Dec16 01:01||RNS||Result of Successful £30.2 million Placing & TVR|
|13Dec16 10:32||RNS||Close of Accelerated Bookbuild|
|13Dec16 07:00||RNS||Proposed Accelerated Bookbuild|
Frequency of research reports
Research reports on
CVS GROUP PLC
CVS GROUP PLC
N+1 Singer - CVS Group - Fundraising to support ongoing growth
14 Dec 16
CVS has successfully raised £30.2m in an over-subscribed placing with new and existing investors at 1000p. This will help ease pressure on the balance sheet and provide the group with greater firepower to invest for further growth. We estimate re-leveraging the BS back up towards 2x in the next 30 months would augment FY18 EPS by 14%/20% in FY18/FY19. Ultimately, CVS has the platform to be a >£1bn capitalised company in the mid-term and we remain positive. We see ST fair value at 1170p.
N+1 Singer - CVS Group - Proposed placing
13 Dec 16
CVS has announced an intention to conduct a placing to raise at least £30m via an accelerated bookbuild. We feel this is a sensible move to support the strong growth momentum without significantly increasing gearing levels. We put our forecasts under review and will publish updated numbers once the final outcome of the placing is confirmed.
N+1 Singer - Morning Song 13-12-2016
13 Dec 16
The final results showed strong underlying profit growth of 14% before the impact of the non-cash £0.9m FX provision as discussed at the pre-close update; this ongoing strength of trading enables us to upgrade our FY17 PBT forecast today by 10% to £5.4m. The balance sheet also continues to strengthen with net cash up to £11.6m and the full year dividend was increased by 20%. With underlying trading remaining positive, we continue to feel that an FY17 P/E rating of c.14.1x is inexpensive for a growing technology business with a very strong balance sheet and a dividend yield of c.4%.
N+1 Singer - CVS Group - Strong AGM prompts double-digit upgrades
24 Nov 16
CVS has issued a strong AGM statement which further justifies its premium rating. For the first 4 months to October it has traded “ahead of the Board’s expectations”, registering an impressive 6.3% LFL showing. It has also been busy consolidating and established a foothold in the Dutch market. We push through 10% EPS upgrades for each of the next 3 years and see further upside risk. The strength of the update shows CVS continues to have strong momentum and we argue for fair value towards 1100p.
N+1 Singer - Morning Song 24-11-2016
24 Nov 16
FY16 Prelims look in line, after adjusting for a discontinued item (a minority stake in a chain of Irish pharmacies (0.9c EPS impact)). Revenues are slightly behind, but margins more than compensated, bringing EPS growth in at 8% underlying (9% CER), at the top end of the guided range. The outlook looks positive, with no change to the overall story. No new acquisitions to report yet (we upgraded by 3% net on the STEM deal in October, after FX headwinds and increased investment in the future fit programme). Further deals should be more accretive, and this is the crux of the investment case. We stay at Buy.
N+1 Singer - CVS Group - Dutch game changer
26 Sep 16
Last week’s finals showed CVS has good momentum with numerous growth levers. Significantly, a potential new addition to the mix is advanced plans to gain a foothold in Holland, as signalled at the analyst meeting. We view this as a game changer. The Dutch veterinary market shares many characteristics to those of the UK and is hugely fragmented. It offers real scope for consolidation, crucially at lower and thus more value accretive multiples than the UK. Capturing a similar market share to the UK currently implies a minimum c.£40m revenue opportunity for CVS. We remain positive on CVS, arguing for ST fair value at 1100p on expectation of over delivery.
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.
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
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
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)
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.