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Research Tree offers CLIPPER LOGISTICS PLC research coverage from 1 professional analysts, and we have 2 reports on our platform.
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|17/10/2016 15:46:01||London Stock Exchange||Result of AGM|
|11/10/2016 12:00:09||London Stock Exchange||Exercise of Options|
|03/10/2016 12:00:03||London Stock Exchange||Exercise of Options|
|20/09/2016 08:45:06||London Stock Exchange||Clipper signs new 10yr contract with John Lewis|
|09/09/2016 08:39:37||London Stock Exchange||Notice of AGM|
|19/08/2016 14:19:34||London Stock Exchange||Posting of Annual Report and Notice of AGM|
|05/08/2016 08:28:43||London Stock Exchange||Notification of Director's Dealings|
Frequency of research reports
Research reports on CLIPPER LOGISTICS PLC
Providers covering CLIPPER LOGISTICS PLC
N+1 Singer - Clipper Logistics - Profits expected to more than double within 4 years
13 Sep 16
Clipper is the UK market leader in fashion and non-food retail logistics. It has an exceptional track record of growth, with sales rising from £5m in 2001 to £290m in 2016 (CAGR of 31%). It has grown with the retail sector, constantly innovating to provide new logistics solutions to its trusted, blue chip clients. In our view, a very exciting development is the creation of a nationwide Click and Collect offering which is due to be rolled out to other retailers this autumn. We do not yet incorporate this service in our forecasts. However, we believe it could provide a significant profit contribution within the next four years. We initiate coverage with a target price of 370p (18% upside to the current price) and a Buy recommendation.
N+1 Singer - Morning Song 13-09-2016
13 Sep 16
Verona Pharma’s interim results highlight a busy period for the group. Positive headline data from the group’s Phase IIa asthma trial of RPL554 and Phase IIa ‘add-on’ trial in COPD were reported. The impressive data followed the stellar Phase I/II trial results with the new nebulised formulation of RPL554 in 2015. The recent £44.7m equity capital raise enables the group to progress its development of RPL554 through to a Phase III ready stage. If development goes according to plan, RPL554 could be in a position to commence Phase III trials by the end of 2018. We remain upbeat and look forward to the commencement of Phase IIb trials in H2 2016.
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
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
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.