Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CLIPPER LOGISTICS PLC. We currently have 9 research reports from 1 professional analysts.
|01Dec16 07:00||RNS||Half-year Report|
|09Nov16 07:00||RNS||Trading Update|
|02Nov16 07:00||RNS||Joint Venture with John Lewis|
|17Oct16 03:46||RNS||Result of AGM|
|11Oct16 12:00||RNS||Exercise of Options|
|03Oct16 12:00||RNS||Exercise of Options|
|20Sep16 08:45||RNS||Clipper signs new 10yr contract with John Lewis|
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Research reports on
CLIPPER LOGISTICS PLC
CLIPPER LOGISTICS PLC
N+1 Singer - Clipper Logistics - Expecting material contract wins in Cal. ‘17
02 Dec 16
Clipper delivered a solid set of interim results yesterday, with significant revenue and profit growth continuing in all divisions. Our initiation note in September identified the Group’s Click and Collect offering and contract win momentum as two future earnings catalysts. Over the Black Friday/Cyber Monday period, Clipper has proven its Click and Collect capabilities and we see potential for a number of significant Click and Collect contract wins in early to mid Cal. ’17. We also increasingly see potential for growth in the European business where the management team has been strengthened with a renewed focus on e-fulfilment. With a number of opportunities already in discussion, we expect contract win momentum to build in the region. We reaffirm our Buy recommendation and upgrade our target price from 370p to 400p, implying an FY’18 P/E rating of 27x.
N+1 Singer - Morning Song 02-12-2016
02 Dec 16
The return to profitability in H2 and for the year as a whole is encouraging, albeit activity levels have been lower than our expectations. We have reduced FY16 PBT from $2.0m to $0.3m but would note that the balance sheet remains very strong with net cash of c.$4.5m expected at the year end. We await more details of the outlook for the new product ranges and for FY17 in general with the final results in early 2017.
N+1 Singer - Clipper Logistics - Interims highlight further significant growth
01 Dec 16
As flagged in the H1 trading update in November, trading for the first half of the year was in line with expectations, with further significant growth in revenue (up 16.5%) and PBT (up 25.5%). The outlook statement is positive, with the new business pipeline at a strong level and the Board expecting positive momentum to continue into the second half. Clipper’s share price has performed well since our initiation note in September and is now near our target price of 370p. We will look to review our valuation after the analyst meeting, but we believe the medium term outlook for Clipper is positive, with further contract win potential supported by continued growth in online retail.
N+1 Singer - Morning Song 01-12-2016
01 Dec 16
WYG’s interims confirm a period of strong progress in the UK and MENA as well as significant growth in the order book. Market conditions in the UK look to be supportive, with further positive measures announced in the Autumn Statement. Meanwhile, WYG’s international businesses continue to access significant EU funds, particularly under accession assistance programmes. Current year forecasts look well underpinned (70% cover) and we see continued scope for organic growth to be augmented by earnings enhancing acquisitions. In our view, recent share price weakness (P/E rating of just 8x) is unjustified and overlooks WYG’s unique offering and growth ambitions.
N+1 Singer - Clipper Logistics - In line H1 trading update
09 Nov 16
Clipper has issued a brief, but in line trading update this morning, confirming continued growth in revenue, operating profit and net earnings. The Group says it is confident that continued organic growth, coupled with the benefit of new contract wins and the recently announced Click and Collect JV will continue to deliver a strong performance in H2. This is an encouraging update. We continue to believe that the Buy case is compelling, with potential for outperformance of current forecasts. The Click and Collect service is not yet incorporated into our forecasts, but we believe it has potential to provide a significant profit contribution in the next four years. We leave our target price unchanged at 370p (implying an FY’18 P/E multiple of 25x) and remain at Buy.
N+1 Singer - Clipper Logistics - Click and Collect JV offers significant upgrade potential
02 Nov 16
Clipper has announced a Joint Venture (JV) with John Lewis this morning, formalising the provision of Click and Collect services. The details of the JV were well flagged and in our recent initiation note (13th September 2016). The JV represents a significant opportunity for Clipper to grow profitability. It is already in advanced talks with a number of retailers around its Click and Collect offering and it has already announced three contract wins/service extensions this year (John Lewis, M&S, and Links of London). In our view, Clipper’s Click and Collect offering is the Group’s most exciting recent development. We have not yet incorporated the service into our forecasts, but believe it could provide a significant profit contribution within the next four years. Clipper’s share price has drifted back significantly since an initially positive reaction post our initiation note. We believe the Buy case is compelling and continue to see potential for outperformance of current forecasts. We reiterate our target price of 370p (implying an FY’18 P/E multiple of 25x).
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
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.
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.
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.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.