Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WYG PLC. We currently have 51 research reports from 4 professional analysts.
|23Mar17 07:00||RNS||Trading Update and Notice of Results|
|09Mar17 16:34||RNS||Notification of Major Interest in Shares|
|27Feb17 14:15||RNS||Holding(s) in Company|
|30Jan17 13:08||RNS||Notification of Major Interest in Shares|
|30Jan17 07:00||RNS||Directorate Change|
|24Jan17 11:31||RNS||Notification of Major Interest in Shares|
|24Jan17 11:23||RNS||Total Voting Rights|
Frequency of research reports
Research reports on
A good year, but not as good as anticipated
24 Mar 17
A slower end to FY17 for UK operations has lowered market guidance to c £9m EBIT for the year, c 12% below our previous estimate (but still c 23% above FY16) and we have adjusted our model accordingly. By the FY17 results announcement (on 6 June), we will have more visibility on run rates and order intake, and will naturally review estimates for FY18 and beyond at that time. Forward P/Es are now on single-digit multiples.
N+1 Singer - Morning Song 23-03-2017
23 Mar 17
eg solutions (EGS LN) Re-focusing on sales is delivering rewards | Futura Medical (FUM LN) FY results: continued clinical, regulatory and commercial progress | Halfords Group (HFD LN) Confidence in FX mitigation grows; stay at BUY | IFG Group (IFP LN) Top line growth but earnings pressures remain | Realm Therapeutics (RLM LN) FY results in line; on track for Phase II start in 2017 | Safestyle UK (SFE LN) Another good full year performance but valuation up with events | WYG (WYG LN) Mixed conclusion to FY17, reassuring FY18 outlook
N+1 Singer - WYG - Mixed conclusion to FY17, reassuring FY18 outlook
23 Mar 17
WYG’s trading update highlights a frustrating conclusion to FY17 for the UK business, where profitability is expected to be below the prior year despite continued revenue growth. More positively, the performance of the international operations has been ahead of expectations for revenue and profit and the February order book remains a healthy £150m, consistent with the prior year end. Revised FY17 operating profit expectations are just under £9m, prompting a 14% reduction in our PBT forecast. The strength of the order book and pipeline mean than management expectations for FY18 are unchanged (we trim FY18 PBT by 3%) anticipating another year of very strong PBT growth (28% forecast for FY18 following 20% growth in FY17). We expect further details on trading with the prelims on 6th June and plan to introduce FY19 forecasts at that stage. The shares are trading on <12x FY17 P/E, falling to <10x FY18.
New orders send positive signals
31 Jan 17
The latest contract win announcements continue the order momentum seen at the time of H117 results. The significance of new international workflow will serve to underpin our expectation of an improving overseas contribution and, at the same time, provide post-Brexit reassurance for investors. We expect this will translate to further share price progress.
N+1 Singer - WYG - EU-financed contract wins support improving outlook
26 Jan 17
WYG has announced a number of significant new EU-financed contract awards. The contracts are worth €17m to WYG over the next four years. It is highly encouraging that WYG’s international businesses continue to access significant EU funds, particularly under accession assistance programmes. The Group continues to see a high quality pipeline of commercially attractive opportunities being tendered and current year forecasts look well underpinned (more than 70% cover). In our view, the recent recovery in the Group’s share price is fully justified. The shares still trade at a discount to the peer group (Cal. ’17 EV/EBITDA multiple of 6.5x vs. 7.2x) which we would expect to close over time.
N+1 Singer - Morning Song 26-01-2017
26 Jan 17
Brewin Dolphin Holdings (BRW LN) Core FuM +3.4% on positive investment performance | Brooks Macdonald Group (BRK LN) +4.6% FuM: solid net inflows, benefiting from positive performance | EMIS Group (EMIS LN) In line trading update, market still challenging | Findel (FDL LN) Positive momentum and outlook in Express Gifts | Mobile Streams (MOS LN) H1 trading update – India scaling commences | Renishaw (RSW LN) Interim results and guidance in line with expectations | WYG (WYG LN) EU-financed contract wins support improving outlook
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)