Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VERTU MOTORS PLC. We currently have 76 research reports from 7 professional analysts.
|01Mar17 07:00||RNS||Pre-close Trading Update|
|21Dec16 16:12||RNS||Holding(s) in Company|
|19Dec16 13:50||RNS||Director/PDMR Shareholding|
|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|
Frequency of research reports
Research reports on
VERTU MOTORS PLC
VERTU MOTORS PLC
Trading in line
01 Mar 17
Vertu has released a robust trading update, essentially confirming it continues to trade in line with expectations. We are maintaining our cautious forecast assumptions for now as we anticipate the backdrop particularly in new cars to get tougher from March. That said, the continued progress in aftersales and used cars remains extremely encouraging. We believe the near term valuation with a 2018E P/E of 7.8x and an EV/EBITDA of 5.1x more than reflects this any future trading risks, and remains at an unwarranted discount to its peers despite having the most conservative balance sheet.
Small Cap Breakfast
01 Mar 17
InnovaDerma* (IDP.L) | onroy Gold & Natural Resources* (CGNR.L) | Bluerock Diamonds (BRD.L) | SDX Energy (SDX.L) | Conygar Investment Co (CIC.L) | Croma Security Solutions Group (CSSG.L) | Starvest (SVE.L) | Vertu Motors (VTU.L) | MySale Group (MYSL.L) | Creo Medical (CREO.L)
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
SMMT 2016 data
05 Jan 17
The SMMT (Society of Motor Manufacturers and Traders) has released data this morning confirming a record new car market of 2.69m registrations and +2.3% YOY. This is the fifth year in a row of growing new car registrations. Headline December registrations were -1.1% with private registrations -5.5% completing a third quarter in succession of negative growth in this segment. Fleet continues to drive the growth in this market and was +4.8% YOY representing 51.3% of registrations vs. 50.0% last year. The key question is what will happen in 2017 post Brexit with uncertainty levels still high. We maintain our cautious stance and downgraded our EPS forecasts by 8-15% across the sector in November accordingly. That said, we believe the earnings risk has been accounted for in trough valuation multiples based on cautious forecast assumptions (we assume a 10% drop in new car registrations vs. the SMMT at -5%). We continue to favor stocks with flexible balance sheets at this stage of the cycle, and believe stocks such as Vertu and Cambria remain significantly underpinned by their growing property portfolios.
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 - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - ScS Group - Strong progress on key growth initiatives albeit comps now toughen
21 Mar 17
Whilst interim results are complicated by timing differences around order deliveries (flattery of c£1.9m) and rephasing of marketing (drag of c£1.9m), adjusted EBITDA improved by c£1.7m on an underlying basis – moving ScS into positive territory in its historically loss-making first half. Good progress was made on all 4 growth strategies and it maintained its 5-star score on Trustpilot. Whilst LFL order intake is down c5-6% in current trading, this reflects weak retail park footfall in Feb (not a conversion issue) and it has seen an improvement since the start of March. This means it is on track to meet FY expectations. Reassuring dynamics on margins & costs may add to investor relief, with the shares on <2x EV/EBITDA.
N+1 Singer - Goals Soccer Centres - Good momentum under new team. It’s now all about delivery
21 Mar 17
2016 finals have come in marginally below consensus PBT forecasts but this should not detract from positive operational and strategic momentum. There is still much work to do, but the tenor of the results is encouraging and management signals a good start to FY17. The main surprise is news of a third USA site opening. We tweak our FY17/18 PBT forecast up by 2% and stay at Buy on recovery grounds with a 140p 12m TP.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
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.