Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SAGA PLC. We currently have 3 research reports from 1 professional analysts.
|29Mar17 14:40||RNS||Dividend Declaration|
|29Mar17 07:00||RNS||Final Results|
|28Mar17 11:17||RNS||Nomination Committee Chairmanship changes|
|23Mar17 13:29||RNS||Holding(s) in Company|
|23Mar17 13:26||RNS||Holding(s) in Company|
|20Mar17 15:14||RNS||Holding(s) in Company|
|16Mar17 15:25||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
30 Mar 17
"The Dow slipped somewhat on Wednesday, while Sterling surprised by reversing early losses as the U.K. officially began the process of exiting the European Union. Having fallen around 17% against the US$ since June’s Brexit referendum, most believe the currency now to be fundamentally undervalued; expressions from EU leaders to ‘strive for agreement’ and to ‘keep the UK as a close partner’ following formal triggering of Article 50 around midday yesterday, was enough to spur some traders into rebuilding their Sterling positions, suggesting the market may be overstating the financial obstacles relating to Brexit. The three principal US equity indices closed mixed; the tech-heavy NASDAQ gained on the back of a continued rally amongst healthcare and biotech stocks, the S&P 500 was helped by a rebound in Oils as the EIA inventory signalled strong demand, armed factions reduced Libyan output and OPEC hinted at an extension of its production agreement to the year-end was being agreed amongst Members and other non-US producers, while the Dow was knocked into the red by falling financials. Both the FTSE-100 and the Stoxx Europe 600 managed reasonable gains with good volume, although the formal blocking of the proposed tie-up between Deutsche Börse AG and the London Stock Exchange Group PLC, hinted to some that such cross-border M&A might now face greater regulatory scrutiny, with focus on local interest, than has been seen in the recent past. Today the PM is set to publish her Great Repeal Bill White Paper, containing details of plans to transfer EU law into U.K. law, so that 19,000 decrees and regulations formed over the past four decades will continue to apply after leaving the Union, although Parliamentary will have future scope to propose edits and amendments as it sees fit. Donald Tusk for his part will send draft guidelines framing prospective talks between the EU and UK, the agenda for which should be agreed on 29th April. Asian equities ended mostly in the negative, with only the ASX managing a small gain on the back of firmer oils as the index pushed up to its key 6000 resistance, while the Shanghai Composite saw a sell-off of various highly-valued recent quotes and the Nikkei remained unhappy that the US$ appears unable to breach the Y111.50 level. UK macro data due for release today amounts to just March’s Gfk Consumer Confidence numbers, although the EU will provide March Economic Sentiment plus Consumer and industrial Confidence data. The US is releasing Weekly Jobless, Q4 final GDP and Personal Consumption stats, while later speeches are due from the FOMC’s Robert Kaplan and John Williams. UK corporates due to release earnings or trading updates include Booker Group (BOK.L), Amryt Pharma (AMYT.L), DFS Furniture (DFS.L), Hilton Food Group (HFG.L), SSE (SSE.L) and CMC Markets (CMCX.L). London is expected to open in a rather uninspired mood this morning as it awaits the release from Downing Street, with the FTSE-100 seen opening 5 points either side of unchanged in early trade. Investors will, however, be looking out for more news regarding Saudi Aramco’s plans to raise US$2bn through its first international bond offering, itself a prelude to the giant organisation achieving a market quotation, most likely in New York." - Barry Gibb, Research Analyst
22 Sep 16
"No surprise there then! The Fed left short-term rates unchanged and concluded that, despite the Committee remaining riven by lack of consensus, the case for a rate increase has further strengthened. Fed Funds betting is still for one single 25bp move to take place before the year end, most likely in December. As unlikely as it seems right now, some decisive spike enough to push inflation close to the 2% goal, or for the unemployment rate to test the 4% level, looks to be needed before the FOMC can again achieve clear majority. Nevertheless, the broader economic picture painted by the Fed remains reasonably upbeat, with officials continuing to project two more hikes in 2017, taking the rate to between 1% and 1.25%, followed by three in each of 2018 and 2019, whereupon the discount rate could be as high as 2.75%. Celebrating the news that there is still three or so months before the first of these is actually delivered, all principal US equities markets put in good performances on reasonable volume, with the NADAQ recording its eight record close of the year. Riding on their coattails Asian markets did likewise, with Hong Kong and South Korea's Kospi both closing up more than 1% while other regional indices followed not far behind, leaving only Japan, closed for its Autumn Equinox holiday, to miss out on the party. That said, the strengthening of the Yen that immediately followed the Fed's decision is likely to sap the Nikkei's enthusiasm when it re-opens tomorrow. Market watchers will have a lot of macro information to chew over in Europe today, with the UK Financial Policy Committee due to make a press statement and the release of the CBI's Industrial Trends Survey, while BoE Governor Mark Carney is due to make a speech in Berlin. Elsewhere, publication of the ECB's economic bulletin and Eurozone consumer confidence data is also due this morning. UK corporates due to release earnings include Armadale Capital (ACP.L), Cambridge Cognition (COG.L), Crimson Tide (TIDE.L) and Fishing Republic (FISH.L), along with an AGM statement from Micro Focus International (MCRO.L). Traders will also be keeping an eye on crude prices which made reasonable gains during Asian trading following yesterday's US inventory data release which confirmed the third consecutive week on drawdown. The FTSE-100 is seen rising over 30 points during this morning's opening trade." - Barry Gibb, Research Analyst
22 Jun 16
"One day before the referendum, with polls predicting a dead heat and fevered arguments regarding the potential impact of the UK‟s exit from the EU continuing, Sterling will remain highly volatile and equities touch sensitive. In the absence of other leads or significant news, the FTSE-100 is seen opening with modest gains of around 5 points as it gathers a „dead cat‟ bounce following yesterday‟s losses. As expected Fed Chair, Janet Yellen, was unable to stoke up market enthusiasm in her Senate Banking Panel Testimony yesterday, leaving all principal US equity indices to close with marginal gains, as she sat on the fence declaring the chances of recession to be „quite low‟ while also providing a long list of worries that continue to restrain output growth ranging from hiring, investment and corporate profits. Asia put in a more convincing performance, again led by the Nikkei, as markets responded to greater optimism that Brexit could be rejected tomorrow, although volumes remained low with investors unwilling to take big bets until the outcome is formally declared. There are few other talking points to capture the imagination today, with no significant UK data releases scheduled which leaves only the IMF annual review of the US economy to look forward to later this morning. UK corporates remain in their quiet period, although Debenhams is due to release a trading update. " - Barry Gibb, Research Analyst
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
N+1 Singer - Morning Song 30-03-2017
30 Mar 17
accesso Technology (ACSO LN) Acquisition | Findel (FDL LN) Update on customer redress programme | Hargreaves Services (HSP LN) Blindwells planning approval | Severfield (SFR LN) Upgrading forecasts and reiterating positive view | Summit Therapeutics (SUMM LN) FY results in line; full 24-week PhaseOut DMD data expected in Q1 ’18 | Tribal Group (TRB LN) 2016 delivered and more; future looking bright
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Strong set of full-year results, comforting guidance
23 Mar 17
GVC released a solid set of full-year results. Key highlights Pro forma Net Gaming Revenue (NGR) was up 12% at constant currency, or 9% on a reported basis at €895m, in line with the February trading update. Pro forma clean EBITDA was up 26%, at €205.7m, bang in line with AV’s €206m forecasts, translating a three percentage points increase in margin added to the growth in revenue. c.69% of NGR was derived from markets either regulated (including those in the process of regulating) and/or locally taxed (68% in 2015), while 95% of the revenues were derived from GVC’s proprietary platform. Net debt stood at €131.5m or 0.6x clean EBITDA. The board proposed a second special dividend of €0.15, giving a total dividend of €0.30 per share for the year, beating market expectations. Guidance The start of 2017 seems promising as management said that daily NGR had increased by 15% (+16% cc), translating into an 18% (+19% cc) growth in sports labels’ daily NGR and a 6% (+8% cc) increase in games labels’ daily NGR. The gross win margin reached 9.5% while it should move towards the 10% mark on the long term. Regarding dividends, the group confirmed a progressive distribution policy and expects to distribute at least 50% of the group’s free cash flow, starting from 2017. Debt refinancing In the first quarter of 2017, the group issued a €320m Senior Secured Term and Revolving Facility, composed of a €250m term loan (maturity 6 years) and a €70m revolving credit facility (maturity 5 years) used to pay down the Nomura Loan in full.
Driven by distribution
24 Mar 17
Following results earlier this month, we publish our new forecasts following the segmental consolidation of divisions, and remain cautious relative to consensus (c.2% below at the PBT level in FY18E) mainly due to our UK assumptions. We believe the valuation is relatively attractive, and Inchcape is well placed for further growth given the strength of its balance sheet as it seeks to further utilise its unique global market position.