Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on STOBART GROUP LTD. We currently have 7 research reports from 3 professional analysts.
|08Dec16 07:00||RNS||Quarterly Dividend|
|05Dec16 01:10||RNS||Update on new routes at London Southend Airport|
|21Nov16 11:27||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|18Nov16 01:26||RNS||Share Placing & Proposed Acquisition|
|27Oct16 07:00||RNS||Interim Results|
|26Oct16 04:14||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|19Oct16 07:00||RNS||Acquisition of interests in Stobart Air & Propius|
Frequency of research reports
Research reports on
STOBART GROUP LTD
STOBART GROUP LTD
Disposal-driven returns plus underlying growth
10 Nov 16
We were, on balance, reassured by Stobart’s interim results. The 7.8% yield, supported by the continuing disposal plan, gives equity holders more than enough compensation before operations in Energy and Aviation fully ramp up to their FY19e/CY18 objectives. We adjust our near-term forecasts upwards slightly to reflect the observed H117 margin expansion, but leave our FY19 target year estimates largely unchanged. We believe in the deliverability of Stobart’s FY19e growth targets but, in the case of the Aviation business, we would be further reassured by concrete evidence of passenger growth.
Overview of Operations
08 Jul 16
Stobart Group is a UK based infrastructure and support service business operating in the biomass energy, aviation and railway maintenance sectors. It also holds investments in a property and logistics portfolio. Objectives are to develop and expand beyond the core logistics business, through penetration of the biomass market, as well as creating opportunities to drive value, with a strategic focus on growth areas such as aviation.
14 Jun 16
We believe FY16 marked a turning point for Stobart, as its Energy (biomass) and Aviation (Southend Airport) businesses began to make meaningful progress on their ambitious FY19 targets. Improving returns on these drive our three-year EBITDA CAGR for Stobart Group to 25% by FY18. However, continuing upside from monetising its significant land bank is equally important. Land disposals have paid for Stobart’s dividend while its operating activities have been ramping up. With both operational and investment returns driving improving cash flow, we are optimistic about Stobart’s outlook and ascribe a fair value of £1.35 to the stock.
Hybridan - Small Cap Wrap
01 Jun 16
ALSP* Board Changes, COMS Contract Win, CNS Contract Win, CCS University Partnership, DEMG announces results of ODM trial, ESP acquisition in Leicester, EZH Interim Results, EVG results, FEVR Trading Update, FDEV Update, INS acquisition, MMH Acquisition, MMX Launch, MXCP Placing, OPTI* Patent Filling, PINN Acquisition, PLI* Bought Deal, SAR* Clinical Trial, STOB Deal Completion, TERN Acquisition, TMT* Investments
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.
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.
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.