Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GRAFENIA PLC. We currently have 35 research reports from 3 professional analysts.
|08Dec16 10:45||RNS||Holding(s) in Company|
|16Nov16 03:08||RNS||Director/PDMR Shareholding|
|09Nov16 12:24||RNS||Directors' Dealings|
|08Nov16 07:00||RNS||Half-year Report|
|14Oct16 07:00||RNS||Period End Trading Update and Notice of Results|
|26Aug16 08:16||RNS||Transaction in Own Shares|
|15Aug16 03:55||RNS||Directorate Change|
Frequency of research reports
Research reports on
N+1 Singer - Morning Song 08-11-2016
08 Nov 16
Trifast reported another strong performance in H1 17, with adjusted PBT growth of 20%. The group’s focus on growing its share of business with multinational OEMs helped drive good organic sales growth of 4.5%, ahead of most industrial peers. This was boosted to c.15% sales growth by a six month contribution from last year’s acquisition and an FX tailwind, which also delivered a 30bp increase in adjusted operating margin to 11.4%. We have increased our adjusted PBT forecasts by 5% for FY17 and by 7% for FY18 and raised our target price from 170p to 190p. The group has also announced that Malcolm Diamond will move from Executive to Non-Executive Chairman from April 2017. This follows his long and successful track record with Trifast and reflects his confidence in the management team and prospects for the group. We share this confidence and reiterate our Buy recommendation.
N+1 Singer - Grafenia - Conditions remain tough
08 Nov 16
Trading conditions are still challenging and visibility is low for the remainder of the year. The new initiatives continue to progress and an increasing number of trade partners are being attracted into the Group. However, the ongoing fierce competition and pricing pressure, coupled with uncertainty as to the strength of end markets, leads us to reduce our forecast to a similar level to last year, i.e Loss Before Tax of c.£0.3m. The balance sheet remains strong and we expect net cash of c.£1m by the year end, giving some breathing space as the transformation of the Group continues.
N+1 Singer - Morning Song 14-10-2016
14 Oct 16
Thinfilm has announced that it has taken possession of the state-of-the-art manufacturing facility that it has leased in Silicon Valley. This is a seminal event which should provide the company with high volume, roll-to-roll production capabilities just as market opportunities crystallise and (as management anticipates) demand spikes in 24 months’ time. We remind investors of Thinfilm’s leadership in this market, the multi-billion dollar market opportunity available across a number of sectors, and the encouraging traction that the company already has with multiple brands.
N+1 Singer - Grafenia - Conditions challenging; trading improving
14 Oct 16
Trading conditions are still challenging although September and October activity has been more encouraging and a major pricing realignment has been carried out. The new initiatives continue to progress and an increasing number of trade partners are being attracted into the Group. We retain our forecasts, albeit acknowledging that there should be some caution applied until trading patterns for the rest of the year become clearer; we await the interim results in November which should give more clarity.
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.
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.
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.