Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BBA AVIATION PLC. We currently have 17 research reports from 2 professional analysts.
|20Jan17 09:25||RNS||Holding(s) in Company|
|03Jan17 11:11||RNS||Block listing Interim Review|
|03Jan17 07:00||RNS||Merger to create US Aircraft Management Business|
|03Jan17 07:00||RNS||Joint Venture|
|21Dec16 03:23||RNS||Holding(s) in Company|
|16Dec16 09:53||RNS||Dividend Declaration|
Frequency of research reports
Research reports on
BBA AVIATION PLC
BBA AVIATION PLC
N+1 Singer - Morning Song 08-11-2016
08 Nov 16
Trifast reported another strong performance in H1 17, with adjusted PBT growth of 20%. The group’s focus on growing its share of business with multinational OEMs helped drive good organic sales growth of 4.5%, ahead of most industrial peers. This was boosted to c.15% sales growth by a six month contribution from last year’s acquisition and an FX tailwind, which also delivered a 30bp increase in adjusted operating margin to 11.4%. We have increased our adjusted PBT forecasts by 5% for FY17 and by 7% for FY18 and raised our target price from 170p to 190p. The group has also announced that Malcolm Diamond will move from Executive to Non-Executive Chairman from April 2017. This follows his long and successful track record with Trifast and reflects his confidence in the management team and prospects for the group. We share this confidence and reiterate our Buy recommendation.
N+1 Singer - Morning Song 02-08-2016
02 Aug 16
T Clarke has confirmed a solid H1 performance, in line with expectations. Revenue growth was again in double digits and the order book has been replenished at £320m. PBT growth was less pronounced, at 6%, as a result of a change in mix, but we continue to expect margins to advance over the forecast period. The balance sheet is strong (£1.3m net cash, a £10m positive swing from H1’15) and full year expectations are unchanged in all respects. There is an acknowledgment of market uncertainty post the EU referendum but the Group continues to see attractive opportunities for FY17 and beyond. In our view the shares look oversold, so far missing out on the partial recovery experienced by a number of peers. The near 5% dividend yield (interim maintained at 0.5p) provides support and the current year P/E is sub 9x.
N+1 Singer - BBA Aviation - Signature outperforming; ERO still challenging
02 Aug 16
We have said previously that FY16 would be a big year for BBA as they integrate the transformational acquisition of Landmark, look to restructure ERO, work to reduce debt levels and also hope that the US economy remains positive enough to help bizjet activity. So far, the integration of Landmark seems to be progressing well, debt is down to 3.2x EBITDA and ERO remains subdued; on balance, we continue to feel that a group intently focused on business and general aviation will ultimately be a more valuable one and the potential sale of ASIG will be the next positive step. We are encouraged by progress and increase our target price to 253p (c.16x FY16 EPS). We move to Buy.
Solid start to a transformational year
06 May 16
As we said in March, this promises to be a big year and, on balance, we continue to feel that a group intently focused on business and general aviation will ultimately be a more valuable one. Trading is in line with expectations and the integration of Landmark is progressing as planned. Landmark integration and debt reduction remain the keys in FY16 and we await further information on the future of ASIG. We remain at Hold.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
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.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
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.