Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HAYS PLC. We currently have 2 research reports from 1 professional analysts.
|12Jan17 07:00||RNS||Q2 Trading Update|
|04Jan17 09:51||RNS||Notice of Quarterly Update|
|03Jan17 10:00||RNS||Total Voting Rights|
|19Dec16 09:58||RNS||Director/PDMR Shareholding|
|14Dec16 12:48||RNS||Director/PDMR Shareholding|
|01Dec16 07:00||RNS||Total Voting Rights|
|23Nov16 02:41||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
Panmure Morning Note 27-08-15
27 Aug 15
FY15 was an eventful year for Hays. Most markets pointing upwards, helping net fees to increase +9% (CFX basis). Though FX headwind pushed the sterling reported growth to 5%, PBT was bang in-line with PG estimates +18% to £156.1m, reflecting increased conversion ratio (21.5% vs 19.4%). On schedule to deliver on 2018 aspirations (despite FX). Overall no material change to outlook; we maintain our positive stance.
Panmure Research - Support Services 21-08-15
21 Aug 15
Consumer confidence surveys are firm across most key territories, indicating that jobs churn should continue to accelerate. Moreover, jobs surveys point to increasing demand for both temps and perm staff. Agencies are investing in headcount in a controlled manner, with one eye on expansion, the other on building consultant productivity. With conversion ratios materially below previous peak levels and most valuations broadly in-line with 3-4 year averages we anticipate earnings growth and shares prices have some way to run (as the cycle progresses). The greatest earnings upside potential resides with agencies like Robert Walters, whose conversion ratio has scope to more than double (8.5% FY14 vs peak of 20.3% in FY07).
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
FY16 trading update; 4% earnings upgrade
24 Jan 17
The trading update confirms another year of double digit earnings growth for Empresaria. We anticipate acceleration in growth rates in FY17 reflecting organic growth, acquisition contribution and FX tailwinds; Arden forecast FY17 earnings growth of 24%. We believe this is not reflected in a FY17 valuation of 8.4x, with the relationship to growth expressed in a Price Earnings Growth ratio of 0.35x. The valuation is inconsistent with current trading, geographical alignment and delivery of the strategy to acquire niche growth businesses such as Rishworth and ConSol, which are fundamentally improving the quality of earnings at Empresaria. The shares represent a conviction Buy.
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.
Trading conditions difficult but acquisitions underpin growth
23 Jan 17
FY16 revenue will be £53.7m (FY15: £44.8m), in line with ZC estimate of £53.9m, showing growth of c. 20% yoy underpinned by the three acquisitions undertaken in the year. However, due to higher costs relating to the acquisitions and, to a lesser extent, gross margin pressure, PBT will be in the region of £7.0 to £7.2m equating to growth of between 5.5% and 8.0%. As a result, FY16 ZC profit forecast is reduced by 8.0% to £7.0m. The impact in FY18 and FY19 is muted by the announcement of a further acquisition leading to an increase in revenue estimates of 8.7% whilst profit estimates fall c.4.5% in each year, respectively. Despite the decrease in forecasts the PER multiple on FY17 earnings remains single digit at just 9.1x, against a distributor average of 15.8x. With commitment to the forecast dividend increase reiterated, Flowtech offers an above average yield of 4.1%
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
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16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.