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Research Tree offers SYNTHOMER PLC research coverage from 1 professional analysts, and we have 15 reports on our platform.
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|03/10/2016 14:11:02||London Stock Exchange||Holding(s) in Company|
|26/09/2016 09:25:56||London Stock Exchange||Holding(s) in Company|
|14/09/2016 15:10:55||London Stock Exchange||Holding(s) in Company|
|14/09/2016 15:01:34||London Stock Exchange||Holding(s) in Company|
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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.
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.
Consumer and FX bright spots lifting the gloom
18 Apr 16
There are plenty of things to worry about at the start of 2016: a subdued and recently downgraded global growth outlook; oil price volatility and a still-falling rig count; the potential for a hard landing in China; the Brexit vote and its implications for sterling. Nevertheless, we think this should be a positive year for the UK chemicals sector. There is plenty of evidence that consumer-driven chemicals demand is picking up and, to a degree, offsetting weaker industrial demand. Meanwhile, a significant currency tailwind is developing for sterling reporters. This may be short-lived but it is not yet fully factored into forecasts. At an individual company level, 2016 should provide initial answers to some intriguing questions: Will Victrex see off the competitive threat from Solvay? How will Paul Waterman refine and reinvigorate Elementis’ strategy? How great are Calum MacLean’s ambitions for Synthomer? Our BUY recommendations are Croda, Victrex and Zotefoams and we are positive on both Elementis and Scapa (both Corporate).
It’s a bug’s life
18 Apr 16
Byotrol is an Aim-listed anti-microbial play which floated in 2005 and underwent reorganisation, including appointing experienced new management, in Q4 2013. We had an initial presentation from the company on its trading statement on 25th February and look forward to learning more. Byotrol’s USP is in developing and commercialising hygiene products with IP protection and superior characteristics, especially in terms of long-lasting action. Byotrol addresses the B2B market in areas like surface sanitisers in food retail (eg used in 560 M&S stores), food production and hospital healthcare (in trial with NHS/ISS) - all areas with clear regulatory drivers and high profile problems like MRSA. Key initiatives which could transform the group include: seeking US EPA registration for surface care and a marketing/development agreement with Solvay. In the B2C market, Byotrol has a number of existing products.
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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.