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LEXMARK INTERNATIONAL INC-A
LEXMARK INTERNATIONAL INC-A
28 Feb 17
Avingtrans^ (AVG): Satisfactory interim results: small bolt-on acquisition (HOLD) |Seeing Machines* (SEE): Major contract win for Guardian (CORP) |Revolution Bars (RBG): Good H1 generates 3% FY forecast increase (BUY) |Victoria* (VCP): Upgrading forecasts post acquisition (CORP) |Wentworth Resources (WRL): Q4 2016 results and operational update (BUY)
27 Feb 17
accesso expects full year profitability to be ahead of expectations. We have upgraded our Adj. PBT by 7% to $14.7m. The performance was achieved despite accelerated investment in “product and infrastructure to support business and growth opportunities in geographies outside its traditional core markets”. We see clear blue sky opportunity in the Asia-Pacific Market. We increase our T/P from 1850p to 1900p and maintain our Outperform recommendation.
Hardman & Co Monthly: March 2017
01 Mar 17
Most major pharmaceutical companies have reported results for 2016 during the last few weeks, providing the opportunity to update our industry statistics. For an industry that requires a long investment cycle, decisions made many years ago have consequences on current financial performance. Being able to look at performance over 20 years highlights how strategic decisions have panned out.
N+1 Singer - NCC Group - Further issues in Assurance
22 Feb 17
NCC released a trading update yesterday afternoon highlighting further issues in its Assurance division. Sales growth has been lower than expected in all regions, resulting in a significant reduction in full year expectations. We have reduced our EPS forecasts by 25% in FY’17 and 22%/25% in FY’18/’19 respectively. Escrow continues to perform in line with expectations. In response to these issues the Board has announced a strategic review into all of the Assurance businesses. The results of the strategic review are expected to be announced at the FY results in July. With an extended period of uncertainty on the horizon we believe it will be hard for investors to gain confidence in NCC in the short term. That said we see fundamental value in the stock. Escrow is unaffected by this warning and remains an extremely high quality business, which we value at £353m in our SOTP. At the current share price this leaves Assurance valued at c.5x cal’17 EBITDA. While this appears to be an attractive multiple for a rare cybersecurity asset, we would like further clarity on the underlying nature of the current issues, hence our Hold recommendation. Our 138p target price assumes a 12x EBITDA multiple for Assurance but we apply a 20% discount to the group to account for the current uncertainty.
N+1 Singer - IDOX - Positive AGM statement
24 Feb 17
Idox issued a positive AGM statement, indicating a strong start to the year, building on the performance and organic and acquisitive growth of 2016. It recently secured significant contracts in healthcare and transport and is continuing to win across other segments. The order book and pipeline, combined with a stable outlook across all its markets, support our positive view on the stock. We make no changes to our estimates which were recently upgraded for FY’16 results and the accretive 6PM acquisition. We believe the current 11.2x cal’17 EV/EBITDA rating is undemanding given its scale, profitability and outlook.
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals