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.
|23Feb17 11:03||RNS||Holding(s) in Company|
|16Feb17 09:21||RNS||Holding(s) in Company|
|07Feb17 16:16||RNS||Block listing Interim Review|
|03Feb17 15:53||RNS||Holding(s) in Company|
|26Jan17 10:10||RNS||Director/PDMR Shareholding|
|25Jan17 16:33||RNS||Block listing Interim Review|
|25Jan17 11:49||RNS||Holding(s) in Company|
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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.
N+1 Singer - Morning Song 22-11-2016
22 Nov 16
Cambria Automobiles (CAMB LN) Another strong year and delivery of strategy | Carador Income Fund (CIFU LN) Total return up 1.7% in October, inclusive of 2.25c Q3 dividend | Scapa Group (SCPA LN) From strength to strength | Vectura Group (VEC LN) Development agreement with Hikma
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 - 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
Bodycote (BOY LN) New FD announced | Domino’s Pizza UK & IRL (DOM LN) Better than feared Q3 update | Marston’s (MARS LN) Solid YE trading update | Midatech Pharma (MTPH LN) Pivotal year ahead post successful capital raise | PROACTIS Holdings (PHD LN) Strong underlying growth in recurring revenue | Scapa Group (SCPA LN) Trading well; currency and efficiency gains lead to upgrades | Synairgen (SNG LN) AZD9412 clinical trial update | Vertu Motors (VTU LN) Positive trading in H1 and Sept and outlook for A/S and Used | Walker Greenbank (WGB LN) Complementary acquisition bolsters growth outlook, c25% upgrades
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).
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
N+1 Singer - Victrex - Strong Q4 delivered – meeting FY expectations
11 Oct 16
Victrex’ year end update confirms a strong Q4 performance, driven by the anticipated surge in demand from its large consumer electronics programme. Full year volume and revenue are both a touch ahead of our forecasts and consensus expectations. Invibio has delivered a steady year, in line with expectations, and the Magma oil & gas project has delivered its first meaningful revenues of over £1m. The outlook reiterates previous caution over the consumer electronics outlook but we believe this is now reflected in most analysts’ forecasts, including our own. There is no mention of currency, but this is clearly a strong tailwind for FY17 and, if current rates persist, into FY18. Overall, today’s statement should be well received. There was a lot to do in Q4 and Victrex has delivered it. In our view, the FY17 rating of 16x with a 6% yield (inc. 3% special) represents an attractive entry point for this high quality group.
Continued progress since interims
01 Feb 17
Carclo has announced that H217 trading remains strong and the outlook for the full year is in line with its expectations. Growth is being driven by the two larger divisions, Technical Plastics (TP) and LED Technologies, while the Aerospace division is experiencing stable trading conditions. We leave our estimates unchanged, but note potential currency upside should foreign exchange rates remain at current levels for the remainder of FY17.
Rude Health - Life Sciences quarterly sector note
30 Aug 16
Topic of the quarter: In light of the Brexit vote, we reflect upon the implications for the NHS and the wider healthcare industry. We take a pragmatic approach to how the referendum result will affect staffing, recruitment, clinical trials, drug pricing and small company grant funding in the coming months and years.
Suffering CropScience, operating CF’s tide is high
22 Feb 17
Bayer reported +2% (organic: +4%) higher sales at €46,769m and the gross profit margin improved from 54.4% to 56.6% in 2016. EBITDA rose +13% to €10,785m and net profit attributable to shareholders came in at €4,531m, up by +10%. Operating CF (+32% to €9,089m) benefited from the good operating basis and higher D/A (+12%), but the significantly lower NWC outflow (€-149m after €-817m) and the contribution from discontinued operations (Diabetes Care and CS Consumer) were the afterburner. Investing CF reflects the company’s willingness to hoard cash for the Monsanto takeover as it moved from €-2,762m to €-8,729m, primarily due to the outflows for current financial assets (€-5,645m after €-344m). Financing CF (€-350m after €-3,974m) saw a strong inflow from capital contributions and lower net gross debt repayments (€-730m after €-2,929m). Management will propose a +8% higher dividend of €2.70 (€2.50) per share at the AGM on 28 April 2017. Management gave a detailed 2017 guidance and expects sales to increase to over €49bn. EBITDA before one-offs is seen to increase by a mid single-digit percentage and core earnings per share from continuing operations by a mid single-digit percentage as well.