Equity Research, Broker Reports, and media content on ST IVES PLC

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Research Tree provides access to ongoing research coverage, media content and regulatory news on ST IVES PLC. We currently have 29 research reports from 2 professional analysts.

Open
56.2
Volume
0.0m
Range
53.5/56.2
Market Cap
76m
52 Week
50.2/231
Date Source Announcement
14Mar17 16:03 RNS Holding(s) in Company
07Mar17 07:00 RNS Half-year Report
28Feb17 07:00 RNS Total Voting Rights and Share Capital
08Feb17 12:00 RNS Statement re contract
31Jan17 07:00 RNS Total Voting Rights
26Jan17 09:56 RNS Holding(s) in Company
25Jan17 15:21 RNS Holding(s) in Company
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N+1 Singer - St Ives - Interims – profits and debt better than expected

  • 07 Mar 17

First half results are belter at revenue and profit levels. Broadly Strategic Marketing and Marketing Activation have done better while Books is worse. In all this nets out to a £0.4m variance at the PBT level (£9.8m vs N1Se £9.4m). The dividend has been set at 0.65p for H1 implying a full year of c2p (c4% yield). While there will be some disappointment (house broker has 7.8p for the year), we had forecast a large cut (to 4p for the year) and see the potential for this to be recalibrated higher in due course. In terms of the outlook for H2 trading and visibility it appears that whilst Strategic Marketing has continued to improve and there is reasonable Q3 visibility, the demands of the implied pick up mean that a slightly more cautious approach is warranted. While we will adjust our profit expectations for Marketing Activation (better) and Books (worse), they essentially net each other off. Putting all this together means we expect to lower our PBT expectation by c£1.0m towards £22m (current £23.1m). Net Debt was better, even allowing for some positive timing factors, and looking into H2 it appears that our estimate can fall to £70m or lower (£75.2m at present), giving a little more breathing space. There is no news on what will be done with the two legacy units (Books, Marketing Activation) but they are under strategic review and some property assets have been put up for sale (we estimate up to £10m value). While the stock seems likely to remain volatile, we recognise that SIV is further down the track on Strategic Marketing recovery and leverage is looking a bit better and therefore the shares should start to steady post initial dividend reactions. Our forecasts and TP go under review ahead of the analyst meeting.