Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SCAPA GROUP PLC. We currently have 34 research reports from 2 professional analysts.
|24Nov16 04:30||RNS||Director/PDMR Shareholding|
|24Nov16 04:20||RNS||Director/PDMR Shareholding|
|22Nov16 04:20||RNS||Additional Listing|
|22Nov16 07:00||RNS||Half-year Report|
|12Oct16 07:00||RNS||Trading Statement|
|27Sep16 02:53||RNS||Director/PDMR Shareholding|
|21Sep16 01:51||RNS||Additional Listing|
Frequency of research reports
Research reports on
SCAPA GROUP PLC
SCAPA GROUP PLC
N+1 Singer - Scapa Group - From strength to strength
22 Nov 16
The first half was positive; we upgraded in October and are upgrading again this morning driven primarily by efficiency gains in the Industrial division. Forecast EPS in FY17 rises by 11% and in FY18 by 7%. The efficiency driven margin improvement in Industrials is spectacular (from 6.7% to 9.3%) with more to come as Rorschach closes. The Healthcare pipeline is also strong and Euromed is integrating well. With ongoing strong momentum, we increase our target price in line with the upgrades to 333p; we remain at Buy.
Interims – Strong underlying progress & FX tailwinds
22 Nov 16
Scapa has made great strides in improving the quality of the business both from growing the Healthcare division (currently around 50% of divisional operating profits before central costs) and from the improving quality of earnings in Industrial. We believe that there is further scope on this front, particularly with the benefits from the closure of Rorschach, which should take Industrial margins towards 10%. The legacy pension funding issue also continues to be carefully managed, with a stable funding structure. The full PER rating recognises the strength of the record and the current business, but continued successful delivery of the Group’s strategy should deliver further significant shareholder value, and there is further scope to enhance earnings via acquisition. We maintain our Add recommendation.
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.
H1 Update - “confident of strong progress for the year”
12 Oct 16
Scapa is a worldwide leading supplier of bonding solutions and adhesive components with manufacturing and sales operations in eleven countries across North America (sales: £129m), Europe (£102m) and Asia (£14m). The business now operates as two divisions: Industrial (£153m sales; £11m profits) and Healthcare (£93m sales; £14m profits).
N+1 Singer - Scapa Group - Trading well; currency and efficiency gains lead to upgrades
12 Oct 16
The brief update is confident in tone and reflects our expectation of currency upgrade potential within our industrial research population as noted in our sector report of 9th September. We have upgraded FY17 EPS by 4.3% and FY18 by 5.5%, primarily reflecting this currency benefit, as well as efficiency gains. Encouragingly, trading trends seem to be unchanged and the Euromed acquisition is said to be integrating well. With ongoing strong momentum and an increasing currency tailwind, we increase our price target to 309p (c.14.5x EV/EBITDA) and remain at Buy.
N+1 Singer - Morning Song 12-10-2016
12 Oct 16
WGB is progressively working its way through the effects of the flood in December, underpinned by insurance proceeds. The Standfast factory is fully operational again and Brands inventory will be back to normal by end October. It is well placed to start reporting headline growth again in 2017 even if not yet the case and is also a beneficiary of FX changes via exposure to $, € and ¥. Today’s acquisition of Clarke & Clarke therefore comes at an interesting time; it complements its brand positioning and overseas ambitions, and will enhance EPS by c25% in FY18/FY19. Pro-forma gearing will be only c0.3x this year reducing towards nil next year. Today’s update is therefore clearly positive and in anticipation of the acquisition being voted through we have upgraded to Buy with a new target price of 250p (+25%).
Innovate, specialise, integrate, globalise
01 Dec 16
Carclo has refocused investment in its established businesses (Technical Plastics and LED Technologies), where a differentiated offer and long-term relationships with customers provide good earnings visibility and more certainty of a return. This strategy delivered strong revenue and profits growth during H117. This growth appears set to continue, underpinned by long-term relationships with blue-chip customers. We leave our estimates and indicative valuation broadly unchanged and introduce our estimates for FY19.
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
N+1 Singer - Carclo - Trading in line; all divisions performing well
15 Nov 16
Trading remains positive with momentum strong in Plastics and LED. For those willing to look past the pension and dividend issues discussed previously (or for those who think bond yields will now start to help the situation), we feel that there is an attractive investment case at these levels (P/E of c.10x March 17). We remain at Buy.
Update on our recent ‘five future fliers’ note
02 Sep 15
In our note of 10th August we looked at 5 uncovered stocks under £50m that we screened up as very interesting. In this note we give brief updates on those 5 for recent news flow and to point out where we have arranged for the companies to come in and present to us again and/or clients. We also give thumbnail sketches of the investment potential. Please contact us if you would like to the meet management teams or would like another copy of our original note in which we gave more commentary on the individual companies.