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KMG CHEMICALS INC
KMG CHEMICALS INC
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
Innovate, specialise, integrate, globalise
01 Dec 16
Carclo has refocused investment in its established businesses (Technical Plastics and LED Technologies), where a differentiated offer and long-term relationships with customers provide good earnings visibility and more certainty of a return. This strategy delivered strong revenue and profits growth during H117. This growth appears set to continue, underpinned by long-term relationships with blue-chip customers. We leave our estimates and indicative valuation broadly unchanged and introduce our estimates for FY19.
N+1 Singer - Scapa Group - Ahead of expectations
13 Apr 17
Following a positive H1, the second half has continued in the same vein, meaning that trading is ahead of expectations. We upgraded in October and November 2016 and now expect the results in May to show a further improvement on our forecasts shown below. We would also expect to increase our FY18 forecasts in May with more detail on the outlook for both divisions. The efficiency driven margin improvement in Industrials continues as Rorschach closes, whilst the Healthcare pipeline is also strong and Euromed is integrating well. With ongoing strong momentum, debt low (therefore M&A a likelihood) and increased confidence in FY18 forecasts, we increase our target price to 405p and remain at Buy.
N+1 Singer - Morning Song 12-04-2017
12 Apr 17
Futura Medical (FUM LN) Multiple licensing discussions underway | Low & Bonar (LWB LN) Solid Q1, trading in line | Nuclear options Significant long-term opportunities for UK companies | RhythmOne (RTHM LN) Trading update – profit and cash ahead | Uncovered Gems - Speed Dating Lunch A Famous Five for the future?
Another upward surprise
07 Apr 17
Despite the surprise trading statement of 23 February, which led us to raise our sales forecasts by c 10% and PBT and EPS by c 20-30%, Treatt has yet again upgraded its outlook for FY17, which leads us to raise our EPS forecasts again by c 6-9%. Our fair value increases to 401p (from 350p) as a result. The constant stream of upgrades demonstrates the strength of momentum in the business as the company moves further up the value chain.