Research, Charts & Company Announcements
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|30/09/2016 07:00:09||London Stock Exchange||Trading Update|
|26/09/2016 13:37:55||London Stock Exchange||Holding(s) in Company|
|14/09/2016 16:33:06||London Stock Exchange||Director/PDMR Shareholding|
|14/09/2016 13:04:22||London Stock Exchange||Director Declaration|
|09/09/2016 12:30:27||London Stock Exchange||Result of General Meeting|
|01/09/2016 07:00:12||London Stock Exchange||Response to Toscafund statements|
|31/08/2016 17:00:03||London Stock Exchange||Total Voting Rights|
Frequency of research reports
Research reports on SPEEDY HIRE PLC
Providers covering SPEEDY HIRE PLC
N+1 Singer - Morning Song 05-10-2016
05 Oct 16
Summit is entering into an exclusive license and collaboration agreement with Sarepta for its utrophin modulation pipeline, including its lead DMD programme ezutromid, in Europe. This is very exciting and the most substantial event in Summit’s history. Summit will receive $40m upfront with potential ezutromid-related milestone payments totalling up to $522m plus royalties. We view the deal as highly value enhancing and look forward to the partnership progressing ezutromid to market.
N+1 Singer - Small-cap quantitative research - Consensus EPS falling…falling…falling…rising 3.0
05 Oct 16
At the end of April we re-ran our so-called “3 down then 1 up” screen. This selects companies with estimates that had been declining consistently since a year previously, but which had risen in the immediately preceding three months (see our note dated 29 April 2016). We have reviewed the performance and, while not being quite as strong as the previous period, it was still well ahead of the market and the screen appears to have some signalling value. In the c.5 months since selection the weighted average rise was 18.4% against a 9.8% rise in the main All-Share index. So we have re-run the screen, which selected 41 companies from the universe of nearly 800 companies. We note a number of companies where we also have a supportive fundamental stance including Creston (CRE LN, Buy), Restaurant Group (RTN LN, Buy), Senior (SNR LN, Buy), Sinclair Pharma (SPH LN, Buy) and (to a lesser extent) Speedy Hire (SDY LN, Hold).
03 Oct 16
The asset rental sector has been a bit of a car crash over the last couple of years. However, recovery and rehabilitation has slowly started. Speedy Hire (30th September) announced “the recovery plan has stabilised the business and continues to improve performance”. Costs have been cut, but more importantly sales growth has recommenced (management indications +2%).
N+1 Singer - Speedy Hire - Further cost cuts and a better revenue performance drive upgrades
30 Sep 16
Today’s H1 pre-close statement highlights that after a slightly better revenue performance and further costs (>100 employees laid off), PBT is now expected to be ahead of full year expectations at c.£11.0m vs. our forecast of £9.8m. We will reflect this in our forecasts in due course. With a number of self help measures now executed, trading is continuing to stabilise. However, whilst Speedy’s revenue trend is positive, it is still undergoing significant operational changes, implying further exceptionals this year. The outcome of the recent EGM, with Jan Åstrand to remain as Chairman (63% in favour) and David Shearer to join the Board as a NED (53% in favour), may yet prove to be a difficult compromise. We remain at Hold, awaiting further clarity on the Group’s medium term strategy. The shares are optically expensive on a P/E basis and in line with the peer group on an EV/EBITDA basis. However, we believe a sensible price floor is Speedy’s 35p tangible book value where we have set our target price (unchanged).
N+1 Singer - Morning Song 30-09-2016
30 Sep 16
Vp’s investor presentation earlier this week provided a high level overview of the Group’s strategic priorities and a deeper dive into its two largest businesses, Hire Station and Groundforce. Vp has an excellent financial track record and has significantly outperformed peers for many years, and across the business cycle. The presentations highlighted some of the attributes that have underpinned this success. These include a focus on specialist areas where Vp can establish market leadership; a commitment to product availability, reliability and compliance; and a stable, knowledgeable and motivated workforce. Wednesday’s trading update confirmed a confident outlook for the full year. In our view, Vp merits a valuation in line with higher quality peers Aggreko and Ashtead, implying intrinsic value at 12x Cal’17 P/E or 800p.
N+1 Singer - Speedy Hire - Asset disposal strengthens return on capital
26 Aug 16
Speedy has announced the disposal of its large mechanical plant fleet for a total consideration of £14.4m payable in cash. This is in line with the Group’s strategy to move out of underperforming asset classes in order to focus on its core operations and further strengthen the balance sheet. The proceeds will be used to reduce debt and the disposal will deliver a pro-forma increase in Speedy’s return on capital. The Group has also signed a five year re-hire agreement, with an option to extend for a further two years, for large mechanical plant assets, with the acquirer, Ardent Hire Solutions Ltd.
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
Doing things differently
25 Oct 16
Growing pains have impacted on its operational performance (EBIT margins 5.8% FY15 vs 12.2% FY13) and the HSS Hire valuation is at distressed levels (price to book 0.4x vs 1.3x at the time of the float). As the top-line catches up with the expanded cost base and the roll-out of the NDEC leads to greater efficiencies, margins and returns will rebound. Historical experience has shown that price to book ratios typically match these improvements (see Ashtead FY08-FY15, price to book expanded +196%). Therefore, we see scope for material upside in the share price as the expected operational recovery to progress. Our 12 month target of 115p equates to a 0.8x price to net operating assets
Risks discounted leaving significant upside
18 Oct 16
FY 2016 sales grew strongly at +22% but EPS growth lagged at +3% (our revised forecast -1%) as staff attrition and significant investment in new services held back profitability. Conversion of profit into cash improved significantly, at 240% in H2, as shorter payment terms and a lower level of extensions also benefited. We make no major changes to our forecasts and reiterate our view that Utilitywise is at the forefront of a changing energy market, supported by investment in innovative technology. The current valuation is entirely focused on the short-term challenges and ignores the growth potential supported by the new services.