Research, Charts & Company Announcements
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|15Mar16 20:15||MKW||Angela Archon Joining H&R Block Board of Directors|
|03Mar16 21:20||MKW||H&R Block Announces Fiscal 2016 Third Quarter Results|
|02Mar16 21:20||MKW||H&R Block Announces Quarterly Cash Dividend|
|27Jan16 14:00||MKW||Deadline to Enroll in Marketplace Health Insurance Looms|
|07Dec15 21:20||MKW||H&R Block Announces Fiscal 2016 Second Quarter Results|
|05Nov15 21:20||MKW||H&R Block Announces Quarterly Cash Dividend|
|08Oct15 14:00||MKW||H&R Block Announces Final Results of Tender Offer|
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H&R BLOCK INC
H&R BLOCK INC
22 May 17
Downgrade to forecasts
EBITDA guidance below expectations leads us to reduce our FY17E and FY18E adj. EPS by 22% and 19% respectively and PT from 250p to 180p.
Companies: Revolution Bars
25 May 17
N+1 Singer - Morning Song 25-05-2017
Clipper Logistics (CLG LN) Earnings enhancing acquisition | Conviviality (CVR LN) Raising a glass to a positive YE update | Halfords Group (HFD LN) Confidence in FX mitigations + staycation benefits | Sigma Capital Group (SGM LN) Successful launch of the UK’s maiden PRS REIT, raising £250m | Small-cap quantitative research Momentum screen refresh + 9 focus stocks
Companies: HFD SGM SDM EYE SOG CLG MAB1 CVR GFIN FARN LRM W7L TET
15 May 17
Fulham Shore’s proven management team is expanding both its main brands, Franco Manca and The Real Greek, ahead of expectations. FY17 saw a 55% rise in restaurants open, to 45. We estimate 60 by end FY18, more than double the end FY16 figure. The authentic, good value, casual dining experience produces average ROCE at restaurant level of over 20%. Most openings are in Headline EBITDA profit from month one. The 3rd April trading update highlighted trading in line with (ambitious) expectations, which is in comparison to many other US and UK brands, which have found the past year difficult. Fulham Shore has clearly demonstrated robust, strong growth, expanding from London and out to provincial locations, with eventual potential for franchise, a third brand and international expansion.
Companies: Fulham Shore
25 May 17
FY17 solid; FY18 growth and outlook encouraging
An in-line FY17 outcome and positive FY18 commentary gives us confidence that the strategy will continue to deliver medium-term growth and shareholder value, as management take an aggressive capacity stance to capitalise on structural growth opportunities. Initial FY18 guidance for net profit of €250m-€270m suggests c.10% upside to consensus at the mid-point. We reiterate our BUY rating and 2300p target price.
Companies: Wizz Air Holdings
24 May 17
Full year profits cut by restructuring costs
In a 52-week year, full year sales were up 0.6% to £10,622m compared to a previous year over 53 weeks. On a 52-week year basis, revenue edged up 2.2% (+1.1% at CER). Sales in the UK were up 1.3% boosted by 4.2% rise in food sales. Clothing & Home products were down 2.8%. Organic full year sales retreated by 1.9% in the UK. International revenue decreased slightly by 0.1% at constant currencies (+10.7% reported) to £1,180m. Online sales grew by 4.9% at CER. After a decent acceleration in Q3, sales in Q4 slowed by 0.6% at CER, pulled down by the 5.5% drop on clothing products. Foods improved by 2.9%. Margins were hampered by intensive restructuring costs related to the pension plan and distribution network. Operating profit more than halved (-56.7%) to £253.2m. Excluding non-recurring items, the operating profit amounted to £690.6m (-12%). Net profit was down 71.2% to £117.1m (£492.8m excluding adjusting items). The financial position strengthened with a 9.5% reduction in net debt to £1.93bn. The dividend was unchanged at 18.7p.
Companies: Marks and Spencer
26 May 17
Strategic initiatives progressing to plan, LFLs better than feared
Today’s AGM trading update reveals no detail on strategic initiatives, as expected, except to say implementation is progressing well. The LFL sales decline of 1.8% YTD is better than expected, but will fade as F&B price cuts kick in. Management remains happy with consensus. We expect some relief today, but expect the shares to remain volatile whilst turnaround evidence builds; hence our lack of conviction and HOLD rating.
26 May 17
N+1 Singer - Restaurant Group - Solid AGM update a good staging post in the recovery story
A solid to good AGM update this morning with a much better than anticipated LFL showing. Clearly there have been some one-off factors which have helped and these will ease going forward. However, today’s update is s good staging post in the recovery story. We expect LFL’s to go slightly weaker than what has been reported in the months ahead as the company tackles it uncompetitive position with menu price reductions, and hence a degree of perspective needs to be exercised this morning. However, today’s update should be taken well. We make no change to forecasts and stay at Buy on recovery and yield (5%) grounds.
26 May 17
N+1 Singer - Morning Song 26-05-2017
Cineworld Group (CINE LN) Key takeaways from Israel trip | Restaurant Group (RTN LN) Solid AGM update a good staging post in the recovery story
Companies: Restaurant Cineworld
25 May 17
Strong, broad-based FY17 results
Young’s FY17 results are slightly ahead of market expectations, demonstrating a resilient performance across all parts of the business. The strategy continues to work well, leaving Young’s in a strong position to face well-flagged sector cost headwinds and consumer uncertainty in the year ahead. Our forecasts are little changed and we nudge our TP up to 1450p, reiterating our BUY rating.
Companies: YOUNG & CO'S BREWERY
15 May 17
Responding to the challenge
Vertu Motors has produced another solid set of figures, supported by a series of key investments to strengthen the medium-term outlook. Trading in the new car market has become more challenging, but the key used car and aftermarket operations continue to progress consistently.
Companies: Vertu Motors
12 May 17
Bring me Sunshine. Rays-ing TP to 450p.
OTB is growing into its PLC status and we are gaining confidence in the strength of the business and its growth prospects. In this note we fold the Sunshine acquisition into our forecasts, upgrading FY18 EPS by 7.5%, and move our target price up to 450p. With PGe 29% 3 yr EPS CAGR, this would put OTB on a PEG of 0.9x, better reflecting the group’s high quality cash generation. Reiterate BUY.
Companies: On Beach
24 May 17
VSA Morning Agri Comment
African forestry and agriculture business Obtala Limited (OBT LN)# has conditionally acquired (subject to due diligence) the forestry business WoodBois International ApS (WBI) for US$14.8m.
Companies: CARR WYN OBT PETS
25 May 17
Small Cap Breakfast
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May. Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun. AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m. Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017. PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Companies: SAR ARIX AGQ OMIP FCR EMH LDSG YNGN GTLY OGN
29 May 17
Q1 pushed by higher gross win margins
The company released a solid trading update, marked by higher gross win margins in Q1 and comforting trends in Q2 (to 21 May). Key highlights Group daily NGR up 13% (+14%cc) Sports labels gross win margin up 1.1pp, at 9.6% Sports labels daily NGR up 16% (+17%cc) Games labels daily NGR up 4% (+6%cc) Current trading Group daily NGR up 16% (+18%cc) Sports gross win margin at 10% Daily sports wagers up 10% (+12%cc).
Companies: GVC Holdings
26 May 17
N+1 Singer - Cineworld Group - Key takeaways from Israel trip
Cineworld hosted a very productive site trip to Israel over the last 2 days. The quality of assets and huge financial success in the country over the last decade was clearly in evidence. The key investment takeaway, however, was the read-across for the UK in terms of growing shareholder value in a perceived mature market by upgrading facilities. Whilst the UK is currently on this journey, the trip brought into sharp focus what can be achieved given the success evidenced in Israel. It has also made us reappraise likely future geographic expansion by the company. Overall, the trip helped strengthen our conviction of Cineworld being a multi-year growth story with excellent cashflow credentials and a progressive DPS policy. We lowered our stance from Buy to Hold last week purely on valuation grounds and tough Q3 comps, but fundamentally we maintain a positive bias on the stock.