Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PENNA CONSULTING PLC. We currently have 13 research reports from 3 professional analysts.
|10May16 10:49||RNS||Scheme of arrangement|
|09May16 17:00||RNS||Directors' Dealings|
|09May16 11:45||RNS||Court Sanction of the Scheme|
|09May16 07:30||RNS||Suspension - Penna Consulting Plc|
|03May16 12:13||RNS||Form 8.5 (EPT/RI) - Penna Consulting PLC Amendment|
|29Apr16 15:30||RNS||Form 8.3 - [PNA]|
|29Apr16 12:56||RNS||Scheme timetable - further update|
Frequency of research reports
Research reports on
PENNA CONSULTING PLC
PENNA CONSULTING PLC
24 Feb 16
This quarter’s topic: Is the model good enough? Growth in the current low-growth environment is hard fought but the Support Services sector contains a range of innovative business models that are enabling strong progress against a continued difficult backdrop. Having looked at the level of value-add (and ability to raise margins) in the last quarterly, we now look at EPS forecast trends. Innovative models that separate a company from the competition, support market share gains and drive growth are evidenced by forecast upgrades that are likely to repeat as the model continues to deliver.
Support Services, a cornucopia of companies
01 Feb 16
Support services can mean many things to many organisations but essentially the sector can be seen as a lubricant that helps the wheels of the economy continue to turn. A common thread is outsourcing activities that are most economically and effectively performed by a specialist rather than keeping in house. Companies in the sector tend to provide business critical services to their customers, thereby providing an element of stickiness. The sector benefits when the economy grows, but also offers an element of defensiveness as client companies and public sector bodies strive to keep their own fixed cost bases down. However given the broad range of businesses within the industry it is difficult to apply a broad brush description, and stock selection according to one’s investment criteria is vital.
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.
N+1 Singer - Waterman Group - Robust performance, mid-term ambitions reiterated
28 Feb 17
As trailed in the recent half year update, Waterman’s interims are in line with the prior year and in line with expectations. Both divisions recorded a robust performance despite some market uncertainties in the immediate aftermath of the EU referendum. Full year expectations are reiterated as is the medium term aspiration to increase operating margins to 6% by FY19 from 4.1% in H1’17. We see good growth opportunities in a number of areas, particularly Infrastructure & Environment, with robust conditions also in Property within retail and residential. In our view, Waterman’s shares look significantly undervalued on 4.5x FY17 EV/EBITDA compared to peers on 6.9x. We also note the attractions of a c.5% dividend yield, +33% at the interim stage.
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
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
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.
Encouraging trading update, boosted by FX
23 Feb 17
The group recently announced an encouraging trading update, with FY results now expected to be slightly above previous expectations, based on solid underlying trading and boosted by ongoing FX tailwinds. As such, we are modestly increasing our forecasts, with an 8.8% increase in EPS for the current year and 9.3% for 2018. This places the shares on a P/E of 16.9x in 2018. We raise our price target from 176p to 215p and, with modest upside from current levels, we maintain our Buy rating.