Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VERTU MOTORS PLC. We currently have 72 research reports from 7 professional analysts.
|21Nov16 07:00||RNS||Blocklisting update|
|12Oct16 07:00||RNS||Unaudited Interim Results|
|06Sep16 07:05||RNS||Notification of Directors' and PDMR's interests|
|06Sep16 07:00||RNS||Notification of Directors' interests|
|01Sep16 07:00||RNS||Pre-Close Trading Update|
|04Aug16 05:24||RNS||PDMR Share Purchase|
|20Jul16 04:15||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
VERTU MOTORS PLC
VERTU MOTORS PLC
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 - Re-run of the value screen and 9 focus stocks
10 Nov 16
We have completed another periodic refresh of our value style screen, first established in our note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 9 stocks to focus on. Since inception last year the screen has marginally outperformed the main small-cap index by 1pp and underperformed the micro-cap index by about 3pp. The EU referendum result arose in the latest period and resulted in significant short-term underperformance, which has not been recovered. The new basket was struck before the US election result.
N+1 Singer - Morning Song 10-11-2016
10 Nov 16
In a short trading update UBM confirms it has continued to perform in line with expectations. Major event performances since the Interims appear to be on trend and acquisitions are also on plan. The company signals no change to the trading outlook. In our last comment we highlighted the immediate value in the stock and it has performed well (+11.4%) as expected. We also commented that there was further upside to forecasts if FX rates held (our existing estimates are based on $1.32 vs spot of c1.25 and Euro 1.20 vs spot of 1.14). While this may edge up our Target Price potentially it isn’t enough to support a Buy rating and hence we move back to Hold. Speculation on the acquisition of a material Far East focused business has edged the stock back from recent peak at 744p. We doubt investors are hugely keen on substantially increasing exposure to this region (without a very strong case) given the push to expand North American exposure. In combination with the new uncertainty in the US this may result in a slowdown in acquisitions.
Rating fails to recognise potential
17 Oct 16
Vertu’s interim results demonstrate ongoing momentum despite a more challenging trading climate. Investment has continued, building the medium-term potential. Recent share price weakness is understandable, in the light of weak sterling, but the rating does not recognise the medium- to longer-term growth potential.
N+1 Singer - Vertu Motors - Positive trading in H1 and Sept and outlook for A/S and Used
12 Oct 16
Interim growth of 15% and a positive trading performance in Sept, the key plate change month, means Vertu is well on track to deliver FY expectations. It has successfully been increasing its mix towards prestige brands through acquisition and it continues to assess further M&A to profitably grow the business. Vertu has net cash and new details provided today about the capex cycle concluding in the year to Feb’18 underpin our views (see note 26 Sept) about FCF yields stepping up in cal18. Valuation (6.6x P/E) does not factor in good prospects in its largest most profitable segments.
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