Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ST IVES PLC. We currently have 25 research reports from 2 professional analysts.
|19Jan17 07:00||RNS||Trading Statement|
|30Dec16 07:00||RNS||Total Voting Rights and Share Capital|
|01Dec16 03:03||RNS||Result of AGM|
|30Nov16 07:00||RNS||Total Voting Rights & Share Capital|
|18Nov16 04:29||RNS||Director/PDMR Shareholding|
|18Nov16 04:28||RNS||Director/PDMR Shareholding|
|18Nov16 10:08||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
ST IVES PLC
ST IVES PLC
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
ACTUAL EXPERIENCE PLC (ACT LN) | BAGIR GRP LTD (BAGR LN) | BIOQUELL (BQE LN) | BROWN(N.)GROUP (BWNG LN) | CARADOR INCOME FUND PLC (CIFU LN) | HALFORDS GROUP (HFD LN) | NCC GROUP (NCC LN) | ST IVES PLC (SIV LN) | SUMMIT THERAPEUTICS PLC (SUMM LN) | WILMINGTON PLC (WIL LN)
N+1 Singer - St Ives - In-line trading update
11 Aug 16
St Ives has issued an in-line trading update for FY16. This is key to a further recovery in the stock that is still materially undervalued. At the revenue line Strategic Marketing was in-line, while Books and Marketing Activation are both ahead. Harry Potter has fed book volumes and re-prints mean a good start to FY17. Marketing Activation has seen a better performance driven by business wins. Profits are in-line at divisional levels in all segments. With FY16 finished we look to FY17 as a confidence builder. At this stage Books looks healthy and wins/activity in Strategic Marketing and Marketing Activation support a normal outlook at this stage. The strength in the US$ means net debt will be modestly higher than our forecast (c£2m). This is not an issue from our perspective and we expect the dividend to be maintained given strong cover (c2.2x). We reiterate our Buy rating. As the business delivers in FY17 there is scope to lift our TP above 180p based on a mid-case SOTP valuation.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
FY16 trading update; 4% earnings upgrade
24 Jan 17
The trading update confirms another year of double digit earnings growth for Empresaria. We anticipate acceleration in growth rates in FY17 reflecting organic growth, acquisition contribution and FX tailwinds; Arden forecast FY17 earnings growth of 24%. We believe this is not reflected in a FY17 valuation of 8.4x, with the relationship to growth expressed in a Price Earnings Growth ratio of 0.35x. The valuation is inconsistent with current trading, geographical alignment and delivery of the strategy to acquire niche growth businesses such as Rishworth and ConSol, which are fundamentally improving the quality of earnings at Empresaria. The shares represent a conviction Buy.
Trading conditions difficult but acquisitions underpin growth
23 Jan 17
FY16 revenue will be £53.7m (FY15: £44.8m), in line with ZC estimate of £53.9m, showing growth of c. 20% yoy underpinned by the three acquisitions undertaken in the year. However, due to higher costs relating to the acquisitions and, to a lesser extent, gross margin pressure, PBT will be in the region of £7.0 to £7.2m equating to growth of between 5.5% and 8.0%. As a result, FY16 ZC profit forecast is reduced by 8.0% to £7.0m. The impact in FY18 and FY19 is muted by the announcement of a further acquisition leading to an increase in revenue estimates of 8.7% whilst profit estimates fall c.4.5% in each year, respectively. Despite the decrease in forecasts the PER multiple on FY17 earnings remains single digit at just 9.1x, against a distributor average of 15.8x. With commitment to the forecast dividend increase reiterated, Flowtech offers an above average yield of 4.1%
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Technical continues to underperform.
23 Jan 17
FY2017 results will be significantly below expectations predominantly due to the poor performance of the Technical division. It has been impacted by further weakness in the oil & gas sector and a marked deterioration in replacement work. Shipbroking continues to trade well, in line with expectations. FY2017 operating profit is now expected to be £3.0m-£3.5m vs. (SSL estimate £9.0m). The final dividend will be lower than forecast at 5p, making a total of 14p (26p). We have downgraded our FY2017E PBT estimate by 63% to £3.2m (£8.7m).
N+1 Singer - Tribal Group - 2016 performance materially ahead of expectations
18 Jan 17
Tribal, under the new Board and CEO Ian Bowles, continued to build positive momentum over the progress it reported at the time of its interim results. Revenues for the year to Dec 2016 are expected to be in line with market expectations, with profits materially ahead. We have upgraded our 2016 and 2017 EBIT by 11% and 4%, respectively. Sales momentum is returning to various parts of the business and the planned annualised cost saving of £8.5m has been achieved by year end. Further efficiency savings are expected in 2017. We believe we are still in the early days of what could be a strong recovery story and the performance in 2016 gives much encouragement.