Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NORTHGATE PLC. We currently have 21 research reports from 2 professional analysts.
|21Mar17 17:12||RNS||Holding(s) in Company|
|02Mar17 15:14||RNS||Holding(s) in Company|
|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|
Frequency of research reports
Research reports on
N+1 Singer - Northgate - Strategy refresh expected in June
16 Mar 17
A meeting with Northgate’s new CEO and FD yesterday reaffirmed our positive stance on the shares. Kevin Bradshaw (CEO) joined the Group on 11th January and plans to announce a strategy refresh alongside the June results. This is likely to focus on returning the UK to growth, building on current initiatives that are starting to show signs of progress. While some may be hoping for a more wide ranging overhaul of strategy, in our view many of the issues facing Northgate (getting the marketing proposition right, sales training and execution, and systems) require self help rather than radical change. We believe that Northgate’s shares remain undervalued on a discount to the peer group on almost every metric. The prospect of operational progress in the UK should support a higher share price.
N+1 Singer - Morning Song 16-03-2017
16 Mar 17
Brady (BRY LN) Building a platform for superior growth and margin | Devro (DVO LN) We see 3 key sentiment drivers for FY17 | EMIS Group (EMIS LN) In line prelims, investment in patient a short term drag | M&C Saatchi (SAA LN) 9.3% LFL revenue growth, 3% profit beat, dividend +15% | Northgate (NTG LN) Strategy refresh expected in June | Oxford BioMedica (OXB LN) Full year results; anticipate CTL019 launch later this year
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 - 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).
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.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
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)