Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on JOHNSON SERVICE GROUP PLC. We currently have 1 research reports from 1 professional analysts.
|27Mar17 15:32||RNS||Director/PDMR Shareholding|
|27Mar17 14:53||RNS||Director/PDMR Shareholding|
|10Mar17 15:07||RNS||Annual Financial Report|
|06Mar17 16:14||RNS||Director/PDMR Shareholding|
|02Mar17 14:30||RNS||Director/PDMR Shareholding|
|28Feb17 07:26||RNS||Total Voting Rights|
|28Feb17 07:00||RNS||Preliminary Results|
Frequency of research reports
Research reports on
JOHNSON SERVICE GROUP PLC
JOHNSON SERVICE GROUP PLC
13 Apr 16
Johnson Service Group (JSG) has value as a strategic acquirer which is not reflected in the share price. We estimate the discounted ‘acquired’ EPS on future acquisitions could increase the 2016 EPS by 1.96p, a 29% uplift, taking the 2016 PE rating from 14x to 10.8x. JSG has made four acquisitions in the past 24 months all of which, we calculate, have created shareholder value. With it making no secret that it will continue with the acquisition strategy in the hotel & restaurant sector, additional value creating opportunities will materialise. There is sufficient access to finance which leads us to believe that the current 2016 PE rating does not capture the expected future value creation from further acquisitions. We initiate with a buy rating and a price target of 110p representing 18% upside.
N+1 Singer - T. Clarke - Strong conclusion to FY16, record order book
28 Mar 17
After significant upgrades at the time of the full year update (PBT forecast +43% FY16; +14% FY17), today’s results are c.4% ahead of our expectations at the PBT level and show strong growth on the prior year (PBT +48%). All regions achieved positive growth in revenue. The outlook statement refers to a still growing order book (£350m at the end of February vs. £330m at the year end) and the strength of recent trading, with London & the South East and Scotland said to be particularly positive. The Group has reiterated its ambitions to improve margins, but we have not incorporated this into our forecasts at this stage. We have nudged up our FY’17 forecasts (PBT +5%) and introduced FY’18 forecasts that imply 2% PBT growth. Despite the well justified bounce in the share price, the shares still trade at a significant discount to the peer group (7.6x FY17 PE, 4% yield).
Panmure Morning Note 29-03-2017
29 Mar 17
We are cutting our recommendation to HOLD as we see little upside from current levels given the lack of positive surprises in today’s trading update. Multiples of 4.4x 2017 sales and 17x 2017 EBITDA imply an expectation of at least slightly exceeding expectations. We had assumed that acquisitions will provide the momentum until organic investments deliver. However, acquisitions are proving elusive and excess cash is diluting returns. Moreover, our forecast relies on at least one order in vehicle simulator market, which has yet to be announced. The management has shown that it can use the financial markets to raise equity but it now needs to show that it can deploy excess equity productively.
N+1 Singer - Severfield - Strong H2 drives upgrades; CEO temporarily steps down due to ill health
28 Mar 17
Severfield’s trading update highlights that trading during H2 was strong and the Group now expects results to be ahead of expectations. Cash flow performance has been similarly strong with net funds at the year end also expected to be ahead of expectations. The strong performance was driven by both a better than expected revenue performance and better than expected growth in the operating margin. We expect to increase our FY16 PBT forecasts by c.9% to around £19.5m. In addition, we are disappointed to see that Ian Lawson (CEO) has taken a temporary leave of absence due to physical ill health. John Dodds (non-executive Chairman) will step up to Executive Chairman on an interim basis and Alan Dunsmore (FD) has agreed to assume the role of CEO on a similar basis. This should ensure the continuity of the business whilst Ian is recovering. The outlook for Sevefield remains positive and the Group has reiterated its medium term target to double PBT from £13.2m in FY16 by FY20. We remain positive on Severfield (one of our best ideas for 2017) and continue to see clear potential for it to outperform its medium term targets.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)