Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SYNECTICS PLC. We currently have 15 research reports from 2 professional analysts.
|08Dec16 07:00||RNS||Year End Trading Update|
|21Oct16 02:20||RNS||Director/PDMR Shareholding|
|19Jul16 07:01||RNS||Contract Wins|
|19Jul16 07:00||RNS||Interim Results|
|12Jul16 03:25||RNS||Director/PDMR Shareholding|
|10Jun16 07:00||RNS||Notification of Interim Results|
Frequency of research reports
Research reports on
No change to profit forecasts
08 Dec 16
Synectics’s year-end trading update is positive in our view. It expects to report adj. PBT in line with our £2.4m forecast on sales of £71m (vs our forecast of £75.2m). Despite the high levels of activity in the last two months it had c.£2m of net cash at year-end vs our £0.4m forecast. Gaming was the main driving force in FY2016 with trading solid in other areas bar oil & gas. At this stage, other than to the FY2016 sales, we make no other forecast changes and retain our 315p target price and Buy recommendation.
Small Cap Breakfast
08 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Share & share alike
18 Nov 16
The table shows that most markets have surrendered some of their gains in the last month. However, it is worth noting that progress achieved so far this year, and over the last 12 months has been maintained. The majority of company results and news has been as anticipated, with some exceptions. We now have the Autumn Statement on Wednesday 23 November which is likely to set the near term tone for markets. We should also have a better idea of the state of the UK economy currently as well as the outlook for corporate UK, in general. The year-end ‘round ups’ should start again in early January.
Markets maintain their progress ahead of key period
25 Oct 16
Looking at the table, it shows the majority of markets have maintained the progress achieved over the last quarter and year to date but have surrendered some of the gains over the last month. The majority of company results and news has been as anticipated, with some exceptions. Exchange rate volatility hasreduced. The precise path to Brexit remains unclear. Much more pressing for UK markets is the forthcoming Autumn Statement on 23 November and just a fortnight away the US Presidential Election. Key events that as they approach will become a focus for investors and market sentiment, generally.
Be aware of the ides of September
20 Sep 16
As the company reporting season has progressed, the vast majority of results and statements have been as anticipated. The tone of most outlook comments is guarded but optimistic in general. We have highlighted the variety of corporate developments on one particular day, 15 September, coincidentally Battle of Britain Day - to highlight the stability and relative normality in markets currently. It continues to feel like the preamble to more testing time ahead but the outlook appears less fearful than may have seemed the case a few months ago.
Back to skool!
06 Sep 16
Markets have retained their relative strength in the last fortnight, maintaining the gains achieved over the three months. The economic news flow has been positive, not least the Purchase Managers’ Index surveys which have shown a sharp rebound in August following the declines in July. Sterling has rallied to a seven-week high. As the reporting season gathers pace, most results have been as anticipated. The initial concerns regarding the economic outlook following the referendum appear to have been confounded, although the Prime Minister’s cautionary comments still linger.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.