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|25/10/2016 07:00:05||London Stock Exchange||Interim Results|
|30/09/2016 17:20:45||London Stock Exchange||Total Voting Rights|
|13/09/2016 16:40:20||London Stock Exchange||Second Price Monitoring Extn|
|13/09/2016 16:35:07||London Stock Exchange||Price Monitoring Extension|
|01/09/2016 15:33:38||London Stock Exchange||Additional Listing|
|01/09/2016 14:46:45||London Stock Exchange||Total Voting Rights|
|30/08/2016 07:00:12||London Stock Exchange||Trading Update|
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N+1 Singer - Morning Song 20-10-2016
20 Oct 16
A highly disappointing update from Senior reports a number of issues adding up to the Group being behind expectations. Following the Flexonics issues over the past 12 months, there are now issues on the Aerospace side which are affecting the outlook. In a period when some stability was required, this is disappointing. We have downgraded FY16 EPS by 6.8% and, whilst we see Senior remaining a US takeover target, we move from Buy to Hold (target price down from 262p to 196p) until more clarity is available on the direction of the Group.
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
On track to achieve full year market expectations
20 Oct 16
Solid State has announced that H117 results will be ahead of H116 and put the group on track to achieve market expectations for FY17. We leave our estimates broadly unchanged and note that this news should give investors greater confidence that the group will be able to achieve the modest underlying profit growth in our estimates. This should help move the share price even closer to our indicative valuation of 505p/share.
Risks discounted leaving significant upside
18 Oct 16
FY 2016 sales grew strongly at +22% but EPS growth lagged at +3% (our revised forecast -1%) as staff attrition and significant investment in new services held back profitability. Conversion of profit into cash improved significantly, at 240% in H2, as shorter payment terms and a lower level of extensions also benefited. We make no major changes to our forecasts and reiterate our view that Utilitywise is at the forefront of a changing energy market, supported by investment in innovative technology. The current valuation is entirely focused on the short-term challenges and ignores the growth potential supported by the new services.
Doing things differently
25 Oct 16
Growing pains have impacted on its operational performance (EBIT margins 5.8% FY15 vs 12.2% FY13) and the HSS Hire valuation is at distressed levels (price to book 0.4x vs 1.3x at the time of the float). As the top-line catches up with the expanded cost base and the roll-out of the NDEC leads to greater efficiencies, margins and returns will rebound. Historical experience has shown that price to book ratios typically match these improvements (see Ashtead FY08-FY15, price to book expanded +196%). Therefore, we see scope for material upside in the share price as the expected operational recovery to progress. Our 12 month target of 115p equates to a 0.8x price to net operating assets
Synergies delivered, large contracts won
19 Sep 16
Maintel interims are in line with materially unchanged expectations, with progress in the integration of Azzurri (acquisition completed May 4th) in terms of new contract wins and delivery of cost synergies. Challenges in the Maintel Managed Service business focused around three large contract wins expected earlier than their eventual June confirmation, which has led to a mild 2% trim to revenue but no change to EBITDA due to better than expected cost control. Strategic review of the Mobile business has led to a proactive 10% churn to the customer base, away from the SOHO and SME base, in turn leading to additional savings. EBITDA and cash generation remain on track with both a strong backlog and strong pipeline, leading to confidence in FY forecasts: we lift our target price to 1250p (1150p).