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Research Tree provides access to ongoing research coverage, media content and regulatory news on Korn/Ferry International. We currently have 0 research reports from 0 professional analysts.

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    Korn/Ferry International

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    Korn/Ferry International

  • 18 Sep 19

LIBERUM: Judges Scientific* - Strong H1 and positive start to H2

Judges has delivered strong H1 with adj. PBT +27.4% to £8.4m, 4% ahead of our forecast. Cash generation was strong (£7.2m H1 net cash, 17.5% FCF % to sales) and H1 DPS is up 25%.

Companies: Judges Scientific
  • 16 Sep 19

Tech IPOs outperform, Uber’s great freight hope, New Huawei technology

Tech IPOs year to date have performed well. 8/13 venture-backed tech IPOs this year, including Slack's direct listing, are in profitable territory. If you'd put $1 million into each of them at the IPO price, your $13 million initial investment would be worth $21.7 million - a 67% gain compared to +20% performance in the S&P 500 YTD. As we’ve discussed earlier this month, investors’ appetite for technologies leveraging secular trends appears undiminished

Companies: TRAK CPX SEE QTX

  • 17 Sep 19

LIBERUM: Staffline* - Weak H1 and EPS reduced but past the worst

Interim results worse than expectations with an 88% reduction in FD EPS yoy. We reduce our FY 2019 FD EPS estimate from 37.9p to 24.8p.

Companies: Staffline Group
  • 18 Sep 19

Interim results: On course to meet estimates, Controls margin strong

Revenue increased 2.5% to £43.9m (HY18: £42.9m), 1.0% on constant currency basis, with gross margin 10bps ahead yoy at 38.0%. Good cost control combined with lower finance charge leads to a 4.6% yoy increase in pre-tax profit to £11.5m (HY18: 11.0m). Today’s interim results indicate that the Controls business has a had a strong start to the year on the back of positive mix and the price increases put through on legacy product at the end of FY18. Aqua Optima is flat yoy due to timing of contracts, ZC expect a stronger H2 as material private label contracts come on stream and the majority of additional revenue from HaloSource lands in H2. Net debt at period end stood at c. £33.4m and is on course to meet ZC FY19 forecast of c. £32.0m, sub 1.0x EBITDA. Interim dividend increased 13% to 2.6p and is in line with the Board’s commitment to pay 7.7p in FY19, a 10% yoy increase. No change to ZC forecasts, albeit today’s results increase confidence in achieving FY19 forecasts. The shares trade on 11.8x FY19 earnings falling to 10.9x in FY20.

Companies: Strix Group
  • 18 Sep 19

Solid H1 results, promising outlook

‘The Group has delivered a solid H1 performance and is trading in line with full year market expectations’. Accordingly, we leave our FY 19/20 forecasts unchanged. Reassuringly, Strix reconfirms at this stage its intention to pay total dividends of 7.7p per share for FY 19, +10% YoY. This should underline the income attractions of this stock to investors

Companies: Strix Group
  • 17 Sep 19

Cenkos: Smart Metering Systems Plc - 2019 interim results

Interim results featured growth in indexed linked annually recurring revenue (ILARR), the main driver of value, to £85.9m, up of 14.1% to £85.9m. The weak performance of the shares in recent months has presented investors with an opportunity to invest at an underpinned valuation in our view, with the core value of SMS clearly residing in the scale of its growing meter and data portfolio and our FY19E forecast £92m ILARR. The current order book of 2m smart meters supports our forecast 4m installed by 2022, from which our DCF forecast implies a valuation of 911p, c108% ahead of the current level.

Companies: Smart Metering Systems
  • 19 Sep 19

LIBERUM: Staffline Group* - Weak H1 but strategic options exist

Staffline had a horrible H1, and it shows in the numbers. H1 FD EPS was down 88% and net debt was up from £63m at the year-end to £89m.

Companies: Staffline Group
  • 18 Sep 19

FY results slightly ahead, good margin gains achieved

Full-year results were slightly ahead of recently upgraded forecasts, with an outlook that appears more confident than many in the sector and a further small upgrade in current-year expectations. The shares offer significant upside, and we maintain our 300p price target, although our SOTP valuation signals a much higher potential to be achieved on disposals.

Companies: Avingtrans
  • 19 Sep 19

Upgrades following additional planned ATR 72-600’s

Avation is a lessor of commercial aircraft to a diversified airline client base. Yesterday, the group announced that it had signed a 10-year lease with Braathens Regional Airways AM for four new ATR 72-600 aircraft. This takes the total number of ATR 72-600 aircraft due for delivery in FY 2020E to five, which compares to our previous assumption of three. As was the case with the August delivery, we understand these aircraft to be on finance leases as opposed to operating leases. On the back of this announcement, we have raised our two year earnings expectations by 16.8% and 8.5% respectively, which includes a gain on sale being recognised from these aircraft in the current financial year. Even so, we see scope for further upgrades to our estimates as additional aircraft are added to the fleet beyond those already on order. Our estimate of fair value stands at 352p, a c.19% premium to the NAV per share.

Companies: Avation
  • 18 Sep 19

Focused delivery

Management has delivered a year of excellent progress as the team continues to execute on the Group’s Pinpoint-Invest-Exit (‘PIE’) strategy. The group’s portfolio of businesses is focused on the global energy and medical markets that provide the prospect of enduring and positive growth trends. A concentration on the opportunities for aftermarket products and solutions is enhancing growth and profitability as capabilities are added and operational improvements are made. We have upgraded FY2020E EPS conservatively by 8% and estimates for FY2021E now show 25% earnings growth. FY2021E captures the benefit of the turnarounds at both Energy Steel and Booth Industries, acquired at the start of the current financial year.

Companies: Avingtrans
  • 16 Sep 19

Acquisition of Convex Capital

Rosenblatt has announced the acquisition of Convex Capital Limited, a specialist corporate finance boutique, for total consideration of £22m. In line with the Group’s acquisition approach, most of the consideration (c.60%) is to be paid in shares, and we highlight these are to be issued at a premium to the current share price (first tranche at 120p). The high margin (>50% EBITDA) profile of Convex should prove immediately earnings enhancing, and the opportunity for cross-selling and diversified earnings supports the investment thesis on the shares. We make no changes to numbers this morning. Re-iterate Buy.

Companies: Rosenblatt Group
  • 17 Sep 19

Continuing to build a unique business model

K3 Capital’s full-year results to 31 May 2019 showed that the group continues to build the business, further strengthening its unique position in the UK small and midcap M&A market. Group revenue split points to reduced sensitivity to the large-value, lower-volume M&A market, with an increasing share of revenue coming from the more stable low and mid-market M&A deals in KBS Corporate, where the group’s unique position and approach point to continued strong value creation. We note Q1 FY 2020 has already seen the Corporate Finance division exceed the £0.8m revenues achieved in the entirety of FY 2019.

Companies: K3 Capital Group
  • 18 Sep 19

Facebook working on AR glasses, TransferWise revenue +53% YoY, WeWork debt price tumbles

Facebook has been working to develop augmented reality glasses out of its Facebook Reality Labs in Redmond, Washington, for the past couple of years, but struggles with the development of the project have led the company to seek help. Now, Facebook is hoping a partnership with RayBan parent company Luxottica will get them completed and ready for consumers between 2023 and 2025, according to people familiar. Needless to say, we highlight a potentially substantial threat to Snap Inc, and a potentially huge opportunity for developers within the Facebook ecosystem.

Companies: EVRH ESYS BGO BOKU EQLS IMMO SMRT TECH VRE

  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 18 Sep 19

Cenkos: Breedon Group Plc - Ireland – a gateway to growth

Breedon's recent CMD in Dublin showcasing the all-Ireland Lagan business demonstrated that (a) it is arguably a better business than initially given credit for, (b) the quality of its principal asset, the Kinnegad cement plant, is excellent, (c) the overall market positioning of Lagan is exceedingly strong and (d) most importantly, the opportunity to grow the business both organically and by acquisition is immense. At a time when most of Breedon's building products peers are grappling with how to find growth within a stuttering UK construction market, Lagan is providing the drive behind the group's estimated 8% CAGR in EPS through 2021. It is a differentiator scarcely recognised in a prospective (FY21E) rating of 6.3x EV/EBITDA, 11.5x PE, 5.6x price/GCF (with 90%+ cash conversion).

Companies: Breedon Group