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Research Tree offers SCAPA GROUP PLC research coverage from 2 professional analysts, and we have 31 reports on our platform.
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|12/10/2016 07:00:14||London Stock Exchange||Trading Statement|
|27/09/2016 14:53:06||London Stock Exchange||Director/PDMR Shareholding|
|21/09/2016 13:51:42||London Stock Exchange||Additional Listing|
|06/09/2016 10:24:12||London Stock Exchange||Additional Listing|
|02/09/2016 11:20:40||London Stock Exchange||Block listing Interim Review|
|31/08/2016 09:14:01||London Stock Exchange||Total Voting Rights|
|26/08/2016 07:00:09||London Stock Exchange||Director/PDMR Shareholding|
Frequency of research reports
Research reports on SCAPA GROUP PLC
Providers covering SCAPA GROUP PLC
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%).
N+1 Singer - Capital Goods - Backdrop suggests upgrades ahead
09 Sep 16
Our latest review of the UK capital goods sector suggests a more positive outlook for our stocks, echoing the more hopeful picture we identified at the start of the year (Best Ideas 2016, 4 January). While growth remains very low, key indicators suggest a slight improvement for our universe by the end of 2016. More significantly, weak sterling is set to provide a materially bigger boost to sales in H2 than in H1 if FX rates are maintained. This does not appear to be reflected in consensus forecasts, which have also seen their first quarterly upgrade in Q3 to date after four years of quarterly downgrades. Share prices have risen sharply through 2016, taking our weighted sector P/E to c.20x. However the sector does not look expensive relative to the market, trading on its normal premium to the FTSE All-Share. To identify the best prospects we have assessed end market commentary from overseas capital goods groups, track records of growth and introduced quant screens relating to profitability and cash generation. Given the more positive tone to our findings, we have a number of Buy recommendations, but only one Sell. In this note we summarise the main inputs into our sector view, along with overviews of our coverage and some interesting non-coverage stocks.
N+1 Singer - Morning Song 09-09-2016
09 Sep 16
Summit continues to make strong progress with its utrophin modulation and C. difficile infection (CDI) programmes. Ezutromid has commenced a Phase II proof-of-concept trial (PhaseOut DMD) in the UK, with the first muscle biopsy data expected Q2/Q3 2017. A placebo controlled trial is expected to start in H2 2017, assuming positive interim data from the PhaseOut DMD trial. Ridinilazole Phase III options are currently being evaluated for CDI and we expect an update later in the year. We remain positive on the group’s future prospects and its significant market potential.
19 Jul 16
FY 2016 Results. Scapa traded well last year with good underlying progress in the Healthcare and Industrial divisions as well as a full year contribution from First Water, which was acquired in February 2015. Revenues increased 4.5% to £246.7m, (+4.1% constant FX), with the trading margin improving from 7.9% to 8.6% and adjusted PBT (excluding pension costs and exceptionals) up 15.1% to £20.6m.
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N+1 Singer - Morning Song 28-10-2016
28 Oct 16
A positive Q3 update from Zotefoams this morning confirms that Q3 sales were ahead of the prior year and the full year outlook is unchanged. Importantly, the US expansion in Kentucky also remains on track to be operational in H1’17. We remain confident in the Group’s prospects and note the tailwind that is building for next year. We remain at BUY.
PTD acquisition the perfect match
27 Oct 16
On 14 October Carclo acquired US-based Precision Tool & Die (PTD) for an initial consideration of $5.5m (c £4.5m). The acquisition has been funded through a placing raising £7.7m (net) at 120p/share. H117 trading was in line with management expectations. We revise our estimates accordingly and derive an indicative valuation of 144-152p/share.
Commercial progress and financial discipline
24 Oct 16
Carbios has reported H116 results showing solid progress on scaling up and industrialisation, with good cash management. As expected, losses continue to increase during this process. Although we expect this pattern to continue to the end of the Thanaplast project in mid-2017, we believe that, with €7m net cash at 30 June, Carbios is sufficiently funded until the project’s completion. We have updated our forecasts and our valuation range is unchanged at €23-37 per share.
VSA Agri Monthly
28 Jun 16
VSA Agri Thought for the Month It is hard to forecast the precise impact on UK farming from the recent Brexit vote but we would highlight a few areas: Subsidies: Annual subsides of c£3bn are currently paid to UK farmers. Farming Minister George Eustice has previously said that support would be maintained following a Brexit vote. Farmers will be anxious to see this happen. However, money may be saved through a cap on the maximum payout for the largest farms. Regulation: How will regulations change as we exit the EU Common Agricultural Policy? Farmers will look for regulations to be simplified and more tailored to the UK. Exports: A weaker currency should increase the attractiveness of UK farming exports, offset by any increased cost from raw material imports and any newly imposed trade tariffs. Labour: UK farming is heavily reliant on seasonal agricultural workers, many from other EU states. The UK government has previously looked to encourage the employment of more UK workers on-farm but how will things change for those bringing in workers from abroad?
VSA Agri Monthly
28 Jul 16
VSA Agri Thought for the Month Leading Brexiteer Andrea Leadsom was appointed Secretary of State for the Department of Environment, Food and Rural Affairs (DEFRA) this month. Perhaps one of the most unenviable jobs in the new UK government, given the importance of EU subsidies to the country’s farming sector. Agra Europe estimated last year that up to 90% of UK farms would not survive without them. Given that the EU Common Agricultural Policy has long been criticised by environmentalists and free-market proponents alike, leaving the scheme is likely to be viewed positively by many. But what comes next? We believe we are likely to see some sort of reduction of subsidies (particularly for the largest farms and most uneconomic activities) as well as greater exposure to foreign imports through additional free trade agreements. We feel a focus on technology and a push for “efficiency” will also be high on the agenda, which could provide a boost to AgTech companies developing products in this area.