Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CARILLION PLC. We currently have 4 research reports from 1 professional analysts.
|07Dec16 04:46||RNS||Holding(s) in Company|
|07Dec16 07:00||RNS||Carillion selected as the preferred bidder|
|07Dec16 07:00||RNS||Full year trading update|
|06Dec16 05:36||RNS||Holding(s) in Company|
|05Dec16 04:06||RNS||Holding(s) in Company|
|02Dec16 03:46||RNS||Holding(s) in Company|
|02Dec16 02:45||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
08 Dec 16
"Having backed Brexit with an overwhelming majority yesterday, voting in favour of triggering article 50 by 31st March 2017, MPs also supported the labour motion calling for the government to unveil its proposals ahead of this date in order to permit minister to 'properly scrutinise' the plans. Accepted the motion was Theresa May's concession to keep her timetable on track, but has it made the likely outcome any clearer? No really is the answer. The government is still awaiting the result of its appeal at the Supreme Court, which is expected in January, which will require MPs to separately approve the issue if it loses. Meanwhile, of course, the EU's lead Brexit negotiator, Michel Barnier, has conveyed three principal messages regarding the process of this divorce, namely: (i) that negotiations should be shorter than the prescribed two years, lasting less than 18 months; (ii) the EU-27 remain his overriding priority and; (iii) the final outcome will be financially worse for the UK than under its existing EU membership. While not mentioning the UK's outstanding financial liabilities to the EU in his recent deliberations, Mr Barnier told colleagues he estimated the British exit bill wcould be as much as EUR60bn, and settling this matter would be a necessary first step toward building a new partnership. Not that European woes will be on the minds of investors first thing this morning. US equities surged once more overnight, as the Dow Jones burst through to another record high and all other major indices surged well in excess of 1%. Traders were unable to point at a specific trigger for this buying, other than pointing at a large number of futures contracts that had been placed by automatically by program trading algorithms which, in turn, accelerated purchases in the cash markets, as strategists across New York recommended sharp increases in equity weightings while suggesting that the Trump-inspired bear market in government bonds still has some way to go. Asian equities mostly rode again on Wall Street's coat-tails, with the ASX leading the way as its commodity-heavy index continued to drive higher on spiking minerals prices and the expectation of increased global activity. The Nikkei also put in a strong performance, despite reporting growth figures quite sharply below first estimates, leaving only the Shanghai Composite to record a fractional loss. Europe today is due to make its interest rate decision, followed by a press briefing by ECB president, Mario Draghi; bond investors are already betting that he will confirm a 6-month QE extension, although they will remain sensitive to any suggestion of a future timetable beyond September 2017 to commence tapering. No significant macro data is expected from the UK today, but later this afternoon the US is due to release its jobless claims numbers. UK corporates due to report earnings or trading updates include Capita (CPI.L), DS Smith (SMDS.L), Mulberry Group (MUL.L), Ocado (OCDO.L), Servoca (SVCA.L), Sports Direct (SPD.L) and TUI (TUI.L). Traders will also remain aloof for further details regarding the overnight transaction between Russia and a consortium formed by Glencore (GLEN.L) and Qatar, in which a 19.5% stake in the state-controlled oil giant, Rosneft, was sold in a deal valued at US$11.3bn. Such a disposal of part of the country's 'crown jewels' will quite possibly be seen as a sign of financial stress from Putin's government, and lead investors to consider what other valuable assets might also be put on the auction block. London equities will again ride the bullish wave coming from across the Atlantic, with the FTSE-100 seen rising some 15 points in early trade." - Barry Gibb, Research Analyst
06 Sep 16
Lacking direction from the US markets following yesterday's Labor Day holiday, London is left to reflect on a somewhat contradictory mix of macro releases, international pledges and lacklustre overnight equity markets. The record rise in Britain's August PMI for its dominant services sector yesterday has been enough for politicians and bankers to suggest in this morning's press that UK recession fears have been significantly overdone. Whether this surprising momentum is a seasonal or statistical blip, or can be sustained into Q4'16, however, is the real question, particularly given the British Retail Consortium's subsequent disclosure that like-for-like UK sales for the same period fell by 0.9% year-onyear, after 1.1% growth reported in July. And if growth is to exceed expectations does that mean the Bank of England's possibly rash post-Brexit decision to cut interest rates and provide significant new stimulus to the financial markets might even need to be reversed? Just how much inflation will be imported by Sterling's dive relative to the wider basket of international currencies and most particularly, of course, the US$ remains to be seen, although crude oil prices are one of the index's major components and these climbed quite dramatically yesterday as traders assessed the likelihood of a genuine supply cut following pledges of cooperation from key contributors to the current global glut, Saudi Arabia and Russia. Light sweet crude for October delivery spike sharply on the news before calming to rise about 2% to US$45.3/bbl by the Globex close; November prices also lifted to US$47.7/bbl. Traders have been burnt by such stories before, so scepticism will remain high until some tangible multi-national agreement actually emerges and inventory levels are seen to decline. Against this background, Asian markets put in a mixed modest performance with the Nikkei the principal focus, building further on last week's gains as Yen weakness continued to support the export-driven index. Chinese equities also ended modestly firmer without particular trend, while the ASX succumbed to profit taking across commodity stocks as its central bank left interest rates unchanged following the scheduled policy meeting. With no major results or macroeconomic releases due in the UK, the FTSE-100 is expected to open modestly firmer this morning, rising around 14 points in early trading. During the session, however, markets will remain sensitive to further outbursts from Hilary Clinton's presidential camp regarding accusation that Russia is using cyber-attacks to influence the election against her, while awaiting further details from Bayer concerning its raised offer for Monsanto.
25 Aug 16
"Traders are now unlikely to take any large market bets until the Federal Reserve Bank of Kansas City's two-day Monetary Policy Symposium at Jackson Hole, Wyoming has concluded. Top of the bill of course is Chair, Janet Yellen, who is formally scheduled to speak at 09:00hrs local time on Friday, but given the hype that has surrounded this event anything she finally divulges is likely to be considered something of an anti-climax as far as investors are concerned. Indeed, most probably she will continue to walk a fine line, offering positive but uncommitted descriptions of the current state of the US economy while keeping options open regarding a rate hike at the central bank's September meeting. That would leave the markets to tread water for a little longer yet. Overnight the US markets closed modestly weaker across all principal indices, giving back more than the previous day's gains, as concerns circulated in the media about possible political actions to tame escalating drug prices following the sharp increase imposed by Mylan Inc. on Epistem, its sever allergies treatment; crude oil also weakened again on further reflection of yesterday's surprisingly big build-up of US stockpiles, which was also seen to pressurise other recently well supported commodity prices. A lack of new stories in Asia left the regions equity markets to simply track the US, with the Shanghai Composite ending the session's the main casualty as the PBOC was seen injecting additional funds to stimulate otherwise lacklustre investor enthusiasm. Other than today's start of the Jackson Hole Symposium, macro releases due includes the CBI Distributive Trades Survey and the CML mortgage lending figures, while UK corporates due to publish earning numbers are Anglo Pacific Group (APF.L), CRH (CRH.L), Henry Boot (BHY.L), Jimmy Choo (CHOO.L), John Laing (JLG.L) and Spire Healthcare (SPI.L). The FTSE-100 is seen opening around 12 points lower in early, relatively low volume, trade." - Barry Gibb, Research Analyst
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.