Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NORTHGATE PLC. We currently have 20 research reports from 2 professional analysts.
|15Feb17 17:50||RNS||Holding(s) in Company|
|01Feb17 12:20||RNS||Replacement - Director/PDMR Shareholding|
|30Jan17 13:45||RNS||Director/PDMR Shareholding|
|03Jan17 13:53||RNS||Holding(s) in Company|
|13Dec16 16:13||RNS||Director/PDMR Shareholding|
|06Dec16 07:00||RNS||Directorate Change|
|06Dec16 07:00||RNS||Half-year Report|
Frequency of research reports
Research reports on
N+1 Singer - Northgate - Reiterating our Buy stance after a positive meeting
09 Feb 17
A lunch with Northgate’s FD on Tuesday reiterated the positive progress outlined at the December interims, supporting our Buy stance. The Group has refreshed its marketing proposition and there are early signs of progress with the Term Hire offering. New CEO Kevin Bradshaw started on 11th January. It is early days yet, but he has highly relevant experience from his time as MD of Avis Europe. We are scheduled to meet him in March. The new management team will be carrying out a detailed review of the strategy. Though we do not expect this to be an overhaul of the Group’s current initiatives, we expect the new management team to be a driving force behind self help initiatives that have previously made very slow progress. We expect the businesses (UK, Spain and Ireland) to work much more closely to share expertise and best practice. The prospect of operational progress in the UK under a new management team and potential for further bid speculation should, in our view, support a higher share price.
N+1 Singer - Morning Song 09-02-2017
09 Feb 17
Amino Technologies (AMO LN) Benefits of recent acquisitions shining through | Media Bad advertising…Big agencies and Google in the firing line? | Travel & Leisure Enterprise Inns (ETI LN) (Not Rated) - Solid AGM update | Northgate (NTG LN) Reiterating our Buy stance after a positive meeting | Small-cap quantitative research New quality style screen + 11 quality focus stocks | Speedy Hire (SDY LN) Forecast upgrades after a solid Q3 update
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
N+1 Singer - Northgate - Trading in line, change in CEO
06 Dec 16
In H1 Northgate was a tale of two countries, with Spain continuing to grow (operating profit +4.7%) and the UK struggling to take advantage of a market leading position and generally supportive market conditions (operating profit -25%). There are, though, signs that the UK performance is stabilising, which bodes well for H2. Full year guidance is reiterated this morning. The other significant news this morning is the departure of Bob Contreras as CEO after 9 years. He will be replaced by Kevin Bradshaw, previously UK MD of Avis Europe. We are inclined to retain our HOLD recommendation at this stage, although a price/book valuation of little more than 1x suggests value in the shares, and reiterated guidance should be well received.
N+1 Singer - Northgate - Results in line, softer UK performance
28 Jun 16
Northgate’s FY16 results are a touch ahead of our expectations (PBT 1% ahead at £82.9m) as continuing strength in Spain offset a softer than expected performance in the UK. DPS has increased by a generous 10%, ahead of expectations, given the ample cover (3x). Net debt was better than expected following recent currency movements (£:€) at £309.9m (£354m forecast). In the UK, average vehicles on hire were 3% lower than the prior year and the year end number of vehicles on hire was 45,700, down from 48,600 last year. Average utilisation was 87% (from 88% last year). This partly reflects lower demand from the renewables sector as well as a planned reduction in short term rentals. In Spain, average vehicles on hire and utilisation were consistent with the prior year. The outlook statement points to a stronger second half weighting this year having begun the new year with a lower number of vehicles on hire than expected. This will be reliant on a positive influence from recent UK management changes. The big unknown is clearly any impact from the recent Brexit vote, and it is too early to predict the impact of this.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced