Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SYNTHOMER PLC. We currently have 18 research reports from 1 professional analysts.
|23Feb17 16:31||RNS||Amendment TR-1 notification|
|08Feb17 16:13||RNS||Holding(s) in Company|
|06Feb17 11:48||RNS||Holding(s) in Company|
|20Jan17 07:00||RNS||Q4 and FY trading update|
|13Dec16 10:57||RNS||Holding(s) in Company|
|01Dec16 07:00||RNS||Capital Markets Day|
|28Nov16 09:51||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
N+1 Singer - Morning Song 20-01-2017
20 Jan 17
Abzena (ABZA LN) ThioBridge™ licensing deal demonstrates technology leadership | Halfords Group (HFD LN) Positive lead indicators + FX mitigation progress | Midatech Pharma (MTPH LN) FY trading update: revenue ahead of estimates | MySale Group (MYSL LN) Strong progress in H1; positive momentum bodes well for H2 | PCI-PAL (PCIP LN) H1 revenue slightly ahead, CFO stepping down | Raven Russia Ltd (RUS LN) A step forward | SDL (SDL LN) Transformation progressing well | Synthomer (SYNT LN) Positive trading update and forecast upgrade
N+1 Singer - Synthomer - Positive trading update and forecast upgrades
20 Jan 17
Synthomer has released a positive year end trading update, which triggers forecast upgrades this morning. New guidance for FY16 PBT of c.£120m is 12% ahead of previous consensus and c.17% ahead of our previous forecast,. The full year translational benefit from weaker sterling is quantified at £12m and the underlying performance of both regions is ahead of expectations. There is a hint of caution over 2017, given the volatility of the raw material environment, competitive, currency and macro economic factors. More detailed guidance on FY17 will be provided with the prelim results in March. For now, we assume another year of growth and therefore upgrade FY17 PBT by 13% to £125m this morning. We move to BUY from HOLD, lifting our TP to 430p, a 12% increase on our previous TP, in line with the consensus forecast upgrade.
N+1 Singer - Synthomer - Guidance maintained, strong cash generation in Q3
09 Nov 16
Synthomer’s Q3 update maintains guidance for FY16 and FY17. Europe and North America continues to trade well and Asia &ROW is trading in line with expectations with competitive dynamics performing broadly as expected. The integration of Hexion PAC is on track. The full year foreign currency translation benefit is quantified at £10m for the full year (rolling forward yesterday’s exchange rates) and cash flow was strong in Q3 benefiting from the receipts from the Malaysian land sales (£21m) and South Africa business (£13m). Overall, a very solid statement indeed. There will be a Capital Markets Day on 1st December.
N+1 Singer - MS - Chemicals - International exposure and strong balance sheets underpin sector confidence
27 Jun 16
In the wake of the EU referendum result, our view of the UK chemicals sector remains relatively upbeat. The companies we cover (Croda, Elementis, Scapa, Synthomer, Victrex, Zotefoams) generally have limited domestic exposure and plenty to gain on transactional and/or translational FX exposure. The main beneficiary of FX is Victrex, where as a rule of thumb, we would expect a 10% sterling devaluation to increase Group PBT by 10%, all else being equal. An isolated period of disruption/ contraction in the UK could therefore be comfortably managed by most. Given that some commentators are now also worried about a destabilising effect on the rest of the EU, which could trigger euro weakness, it may make sense to favour those companies with a more balanced international footprint. We therefore highlight Elementis positively, given its high percentage of US sales, but would apply more caution to Synthomer, which has the most European exposure (c.80% of profits last year). Balance sheets are robust and dividend yields high, particularly Elementis and Victrex, which have ongoing special dividend programmes.
28 Apr 16
accesso Technology (ACSO LN) Consistent growth, increasing margins and few risks | Earthport (EPO LN) Solving a $9.3bn+ problem | Gresham Computing (GHT LN) Positive AGM statement | Howden Joinery Group (HWDN LN) Strong trading in recent 8 weeks. Low end f/casts to edge up | James Fisher & Sons (FSJ LN) Trading in line | NCC Group (NCC LN) Strong revenue growth, margins lower | Oxford BioMedica (OXB LN) Final results and portfolio review | Redde (REDD LN) Strong trading continues in H2 | Sepura (SEPU LN) Financing resolution required to unlock potential | Synthomer (SYNT LN) Positive start to 2016 | Victrex (VCT LN) Resolution of US Federal Trade Commission Inquiry
Positive start to 2016
28 Apr 16
Synthomer has released an in line trading update for Q1’16, confirming a positive start to the year. Europe and North America performed better than the strong Q1’15 (volumes down slightly but margins higher and helped by currency). Asia and Rest of World also traded ahead of the prior year. Overall, expectations are unchanged for the full year. An encouraging update.
What a Treatt
18 Jan 17
Treatt is steadily transforming itself from a seller of flavour and fragrance-based commodities to a value-added ingredients supplier. The strategy of deep customer knowledge is paying off, leading to stronger relationships, a real competitive advantage and greater profitability, with EBIT margins increasing from 9.6% in 2014 to 10.8% in 2016. Management has delivered four consecutive years of earnings above expectations and the momentum remains strong. Our DCF analysis calculates a fair value of 293p, supported by benchmark analysis that places the stock at a c 30% discount to its peer group.
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
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.
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.