Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BBA AVIATION PLC. We currently have 18 research reports from 2 professional analysts.
|11Nov16 09:54||RNS||Director Declaration|
|08Nov16 07:00||RNS||Trading Statement and Acquisition|
|12Oct16 07:00||RNS||Dividend currency exchange rate|
|11Oct16 11:55||RNS||Holding(s) in Company|
|04Oct16 04:51||RNS||Holding(s) in Company|
|30Sep16 02:06||RNS||Total Voting Rights|
|27Sep16 03:40||RNS||Holding(s) in Company|
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 16-09-2016
16 Sep 16
The proposed acquisition of ASIG from BBA adds refuelling to the MNZS product offering and, assuming adjusted cost/EBITDA figures turn out to be accurate, the price looks sensible at 9.9x EBITDA pre synergies. The loss of key Aviation personnel in recent periods is a risk but the addition of refuelling is an opportunity. We await more details on the transaction, plans and numbers, but remain at Hold for now.
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.
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.
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.
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.
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.
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.
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)