Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WATERMAN GROUP PLC. We currently have 19 research reports from 2 professional analysts.
|14Mar17 07:00||RNS||Amended Interim Dividend Timetable|
|28Feb17 18:00||RNS||Holding(s) in Company|
|28Feb17 07:00||RNS||Interim Results|
|30Jan17 07:00||RNS||Trading Update|
|11Jan17 07:00||RNS||Notification of Half Year Results|
|12Dec16 17:00||RNS||Result of AGM|
|12Dec16 15:42||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
WATERMAN GROUP PLC
WATERMAN GROUP PLC
N+1 Singer - Waterman Group - Robust performance, mid-term ambitions reiterated
28 Feb 17
As trailed in the recent half year update, Waterman’s interims are in line with the prior year and in line with expectations. Both divisions recorded a robust performance despite some market uncertainties in the immediate aftermath of the EU referendum. Full year expectations are reiterated as is the medium term aspiration to increase operating margins to 6% by FY19 from 4.1% in H1’17. We see good growth opportunities in a number of areas, particularly Infrastructure & Environment, with robust conditions also in Property within retail and residential. In our view, Waterman’s shares look significantly undervalued on 4.5x FY17 EV/EBITDA compared to peers on 6.9x. We also note the attractions of a c.5% dividend yield, +33% at the interim stage.
N+1 Singer - Morning Song 30-01-2017
30 Jan 17
ATTRAQT Group (ATQT LN) Reverse takeover of Fredhopper, £28.5m Firm Placing and Open Offer | Conviviality (CVR LN) Delivering against strategy | Murgitroyd Group (MUR LN) Recovery in prospect after H1 setback | Realm Therapeutics (RLM LN) IND filing for lead atopic dermatitis programme | Renishaw (RSW LN) H1 results in line; backdrop more supportive | Revolymer (REVO LN) Joint development agreement with Akzo Nobel | SDL (SDL LN) Fredhopper cash disposal for £25m | Waterman Group (WTM LN) Positive trading update confirms in line H1 performance
N+1 Singer - Waterman Group - Positive trading update confirms in line H1 performance
30 Jan 17
Trading continues to be encouraging with an in line performance in the first half of the year to 31st December. Revenues, profits and operating profit margin are expected to be in line with H1’16, implying a 50%/50% H1/H2 PBT split based on our current year forecasts. The Group has reiterated its commitment to a progressive dividend policy and said it expects to increase the interim dividend. Today’s trading update is the second positive update since Waterman’s full year results. We believe the shares are inexpensive at 4.3x FY’17 EV/EBITDA (peer group: 7.5x) and continue to see medium term attractions in the Group, noting its long established blue-chip client base, strong management team and balance sheet.
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.
N+1 Singer - Morning Song 09-12-2016
09 Dec 16
Euromoney Institutional Investor (ERM LN) Some financial engineering and freedom | Imagination Technologies Group (IMG LN) Steadying the ship | Quantum Pharma (QP LN) Appointment of Ged Murray as CFO | Waterman Group (WTM LN) Encouraging AGM statement in line with expectations
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.