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PPG INDUSTRIES INC
PPG INDUSTRIES INC
28 Apr 17
N+1 Singer - T3 Trend spotting - Strategy update
In our third edition of Trend spotting we stick with our suggestion at the end of March to up European exposure and we review the recent market moves and macro trends. We comment on the recent strong performance of our growth, quality and momentum styles which we expect to continue and we examine what happened to sectors around the last general election period in 2015, adding some new colour.
Companies: AUG GNS IQE NTG SDL SPH SDY TRI VEC XAR GHT BOY CRW EMIS VCT ECK GLE GHH DATA AVON CHH DPH HILS SDM ZYT MUR RPS LWB EKF SUN UDG SYNT CINE DOTD MPM FUM CLIN RENE ATQT SERV ERGO BCA BUR DRV SCS JUP FDP GBG GTLY HW/ EAH SFR PHD CXENSE KNOS NETD G4M GFIN FUTR ULS RHL RAT FEN LOOP MYSL
28 Apr 17
N+1 Singer - Morning Song 28-04-2017
Bagir Group (BAGR LN) NED appointment and acquisition update | T3 Trend spotting Strategy update
Companies: AUG GNS IQE NTG SDL SPH SDY TRI VEC XAR GHT BOY CRW EMIS VCT ECK GLE GHH DATA AVON CHH DPH HILS SDM ZYT MUR RPS LWB EKF SUN UDG SYNT CINE DOTD MPM BAGR FUM CLIN RENE ATQT MYSL SERV ERGO BCA BUR DRV SCS JUP FDP GBG GTLY HW/ EAH SFR PHD CXENSE KNOS NETD G4M GFIN FUTR ULS RHL RAT FEN LOOP
24 Apr 17
Small Cap Breakfast
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Companies: FISH GOAL NASA HAL SHRE BIOM MPM MORT HDT LOK
25 Apr 17
N+1 Singer - Morning Song 25-04-2017
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Companies: CAU VP/ ELM CPR RAT
25 Apr 17
N+1 Singer - Elementis - Positive update confirms strengthening of demand
Elementis’ AGM statement confirms a positive start to the year with stronger demand evident in most markets during Q1. This reinforces our confidence that 2017 will see a return to earnings growth after the challenges of 2016. It has been a busy period strategically with the sale of the non-core US colourants business and the closure of the Jersey City facility, as well as the significant acquisition of SummitReheis. The SummitReheis deal closed on 24th March, three months earlier than originally planned, prompting a 5% earnings upgrade to FY17 this morning. In our view prospects for the coming years are bright and Elementis remains a Best Idea for 2017.
24 Apr 17
Q1 revenue numbers: flat
Syngenta released Q1 revenue numbers. Sales reached US$3.7bn (-1% both reported and at CER). The group maintains its target for FY17 of “a low single-digit growth in sales, improvement in EBITDA margin and strong cash flow generation”.
Companies: SYNGENTA AG-REG
27 Apr 17
Covestro is fun, but on a reduced stake
Q1 sales grew +12% (v: +5.9%; p: +3.5%) to €13,244m and the gross profit margin rose from 57.5% to 59.6%. EBITDA went up +15% to €3,846m and net income attributable to shareholders strongly increased +38% to 2,083m. Operating CF (-36% to €841m) does not reflect the stronger operating performance, which was burdened by higher NWC outflow (€-2,87m after €-2,228m) and a significantly lower positive contribution from discontinued activities (€15m after €770m). Investing CF (€-1,136m after €-462m) was hit by the €691m swing from inflows from financial assets to outflows. The proceeds from the reduction of Bayer’s participation at Covestro (€1,460m) was partly absorbed by net gross debt repayments (€-744m after €909m) and financing CF came in at €611m (€823m). Based on Covestro’s strong performance, management lifted FY guidance, now expecting sales to increase to around €51bn (previously: above €49m). EBITDA before one-offs is seen to increase in the low-teens (previously: a mid single-digit percentage) and core earnings per share from continuing operations by a mid to high single-digit (previously: a mid single-digit) percentage.
Companies: BAYER AG-REG
27 Apr 17
Wacker has reduced its stake in Siltronic down to 30.8% and has lost the dominating influence at the AGM. Consequently, Siltronic has to be reported as an at-equity investment starting in Q1 17. The remaining Wacker group reported +8% higher sales (to €1,219m; organic: +6%) and the gross profit margin moved from 16.5% (pro forma) to 17.6%. EBITDA was up +12% to €229m and net income from continuing operations increased +15% to €31m. Income attributable to shareholders swelled from €20m to €655m due to the proceeds from the sales of Siltronic shares (+€635m). Operating CF from continuing operations declined by 12% to €96m, suffering from a higher NWC outflow (€-82m after €-51m). Discontinued operations brought it up to €140m (€136m). Investing CF moved from €-212m to €-94m driven by lower capex as the higher investments in financial assets were more or less flattened by the proceeds from Siltronic’s deconsolidation. Financing CF (€103m after €199m) recorded lower net gross debt proceeds due to the inflow from the change in ownership interest in Siltronic. Due to the deconsolidation of Siltronic, management has adjusted FY guidance based on a pro forma level. For 2017, management now expects group sales to increase by a mid single-digit percentage and EBITDA, excluding the one-offs, should decline by a mid single-digit percentage.
Companies: WACKER CHEMIE AG
12 Apr 17
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
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.
Companies: PIM BYOT BHRD GFIN
14 Mar 17
N+1 Singer - Morning Song 14-03-2017
Advanced Medical Solutions (AMS LN) Prelims slightly ahead, still no deals | Brady (BRY LN) Investment will impact profits, but provide a platform for stronger growth | Burford Capital (BUR LN) Strong growth, many opportunities | First Derivatives (FDP LN) Collaboration agreement | Gresham Technologies (GHT LN) A milestone year | Gym Group (GYM LN) In line finals | Horizon Discovery Group (HZD LN) Agreement in pre-natal diagnostics | Kalibrate Technologies (KLBT LN) Near-term challenges, building long-term value | Stadium Group (SDM LN) Strong current trading; Strategic US investment | Zotefoams (ZTF LN) Currency tailwind underpins strong PBT growth; promising HPP progress
Companies: AMS GHT SDM KLBT HZD BUR FDP BRY ZTF GYM
06 Apr 17
Hardide* (HDD): Positive trading update (CORP) | MP Evans (MPE): Strong results given El Nino in 2016 (BUY)
Companies: Hardide M P Evans
03 Mar 17
Small Cap Breakfast
Venn Life Sciences*( VENN . L) | MediaZest* (MDZ.L) | Legendary Investments (LEG.L) | AFH Financial (AFH.L) | Intercede Group (IGP.L) | Gear4Music Holdings (G4M.L) | Trakm8 Holdings (TRAK.L) | Kodal Minerals (KOD.L) | Applied Graphene Materials (AGM.L) | Velocys (VLS.L)
Companies: VENN MDZ LEG AFHP IGP G4M TRAK KOD AGM VLS
25 Apr 17
Umicore reported some Q1 trading figures with sales from continuing operations up by +13% driven by strong demand in clean mobility. Management gave FY guidance, expecting recurring EBIT in a €370-400m range (continued operations: €355m-385m).
26 Apr 17
Weak Q1 17 numbers on low prices again
Revenues in Q1 17 reached NOK22,835m (-8.8%), EBITDA NOK3,216m (-36.4%) EBIT NOK1,524m (-55.2%) and net income NOK1,692m (-39.9%). Net debt at the end of Q1 17 was NOK14,454m (NOK12,802m at the end of FY16 and NOK8,465m a year ago).
Companies: YARA INTERNATIONAL ASA
04 Jan 17
N+1 Singer - Best Ideas 2017 - Top picks
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
Companies: IQE SDL HILS ELM CINE REDD RENE MYSL SERV HRI RTHM