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CHC GROUP LTD
CHC GROUP LTD
N+1 Singer - Marston's - Decent start to the year
24 Jan 17
Marston’s AGM update for 16 weeks shows a decent start to the year, leaving the group well on track for full year expectations. For the 3rd consecutive year the D&P Managed business has out performed the regional Coffer Peach index with 1.5% LFL vs the sector effectively flat. This is a good showing given this was the stiffest comp period at 3%. We understand Christmas trading was good with the broad trajectory of trading similar to the broader sector. The main plus, however, is the signalling of flat margins which indicates the company is eschewing deep discounting and benefiting from having strong forward cover on most input costs. There is no change to investment plan guidance. Taverns LFL’s are reported at +1.5%; Leased +3% and Brewing +3% with margin growth – so all positive. With the first 16 weeks accounting for only 20% of profits and the fact that 2/3rd of profits are made in H2 we make no changes to our forecasts. The shares trade on a FY17 P/E of 9.2x, EV/EBITDA of 9.3x and offer a highly attractive and DPS/FCF yield of 5.5%/12%. We remain at Buy with a 150p 12m TP.
Strong H1 17 performance, confident outlook for H2
20 Jan 17
Following on from the positive AGM statement at the end of November, MySale has released an upbeat pre-close trading update. Group revenue increased 6% to A$136.1m, while higher margin online revenue, now representing over 90% of the total group, experienced a strong rate of growth of 18% to A$126.5m. As a result, gross margin showed continued improvement of 270bps driving a 17% uplift in gross profit to A$38.4m (versus A$32.7m). Strong trading for the half, combined with a carefully controlled cost base, led to a doubling in EBITDA to A$3.0m. Management are confident going into the second half period and following the increase in guidance at the end of November, the company remains comfortable with current full year forecasts. More detail and an update on trading will be given at the interims expected on 1st March 2017.
Retain forecasts for FY17E and FY18E
05 Oct 16
While LFL sales growth of 1.8% for the first 12 weeks of FY17 looked a little light, this was on the back of 2.8% growth in the prior period. H2 comps become easier to lap and Christmas bookings (festive trading comprises 15% of FY sales on average) are up 10% YoY.
EBITDA break-even reached, positive outlook
18 Jan 17
7digital’s FY16 revenues increased 7% y-o-y and EBITDA profitability was reached, as targeted, in Q4. New contract wins in FY16 set the stage for a stronger top-line performance in FY17 and we consider management’s reiterated target of operating profitability in FY17 as realistic. For an operationally geared growth company in its first year of profitability, the FY17e EV/EBITDA of c 12x looks attractive.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)