Research, Charts & Company Announcements
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.
|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|
Frequency of research reports
Research reports on
ST IVES PLC
ST IVES PLC
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.
N+1 Singer - St Ives - Legacy tail wagging the dog
10 Feb 17
We were going to wait for greater detail at the interim results stage before finalising our profit warning forecast adjustments, but the follow up books contract loss warning fundamentally changes the debt and dividend outlook in our view. We see little logic at this juncture for the dividend to be maintained (non-consensus view) and have cut accordingly. The marketing print business is still under pressure and, in particular, POS losses could increase given the ferocity of competition. From a strategic perspective, Marketing Services has been scaled, but left management looking stretched across a large MS and large/diverse legacy print business. An orderly closure or sale of POS and the remainder of Marketing Activation looks the best way forward operationally and for the attractive Strategic Marketing focused investment case. With no visibility on an exit from Marketing Activation, and little covenant headroom, the stock has an unattractive risk/reward profile despite the share price fall. A technical Hold.
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 (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare
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).
Panmure Morning Note 29-03-2017
29 Mar 17
We are cutting our recommendation to HOLD as we see little upside from current levels given the lack of positive surprises in today’s trading update. Multiples of 4.4x 2017 sales and 17x 2017 EBITDA imply an expectation of at least slightly exceeding expectations. We had assumed that acquisitions will provide the momentum until organic investments deliver. However, acquisitions are proving elusive and excess cash is diluting returns. Moreover, our forecast relies on at least one order in vehicle simulator market, which has yet to be announced. The management has shown that it can use the financial markets to raise equity but it now needs to show that it can deploy excess equity productively.
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.
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)