Most viewed research
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Retain forecasts for FY17E and FY18E
05 Oct 16
While LFL sales growth of 1.8% for the first 12 weeks of FY17 looked a little light, this was on the back of 2.8% growth in the prior period. H2 comps become easier to lap and Christmas bookings (festive trading comprises 15% of FY sales on average) are up 10% YoY.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Videos and Podcasts
N+1 Singer - SDL - Transformation progressing well
20 Jan 17
SDL’s year end trading update confirms that good progress has been made in executing the new strategic plan, with revenue from continuing operations and adjusted PBT both slightly ahead of expectations. The transformation program is well underway, with all the pieces in place for the group to deliver on its medium-term targets of c.10% organic revenue growth and mid to high teens profit margins. SDL is one of our key picks for the year. The shares trade on an FY’17 EV/EBITDA of 9.8x and PER of 16.9x, a 24% discount to peers. With sound underlying performance, a coherent transformation plan in place and forecasts conservatively struck, we see upside potential for the shares from both forecast outperformance and a re-rating.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
N+1 Singer - Wilmington Group - Acquisition – Further scaling of Healthcare
19 Jan 17
WIL has announced another attractive acquisition in the Healthcare space, this time a digital information and events business focused on C-level executives. The business, being acquired from Ascential, should fit well as it will complement the existing portfolio. The multiple is also attractive at 6.1x assuming a net cost (post working capital adjustment) of £17m and EBITDA of £2.8m (£10m revenue) based on relocation of the unit. While there will be some reshaping (advertising will be run down) the growth in information and events should lead to a steadily increasing revenue line and annual EBIT growth in the mid/high single digits over the next few years. Effectively the 70% of revenues from quality information and events will become 100%. Looking at FY18 the full year effect should be c9% on EPS (forecast to be formally reviewed). This underpins the continued improvement in the mix and scaling of attractive verticals fro WIL. WIL has featured in our Best Ideas list and it remains one of favoured stocks on strategic development grounds. We reiterate our Buy rating.
N+1 Singer - Bioquell - Reassuring pre-close statement
19 Jan 17
In a short statement today this bio-decontamination play has indicated that results for 2016 will be broadly in line with market expectations. We refer investors to our detailed note of 19/10/16 in which we cover Bioquell’s transformation since selling its TraC testing division in May 2015 (proceeds received June 2016) and the reorganised management team’s renewed focus on commercialisation and financial returns. We believe that thanks to its proprietary Hydrogen Peroxide Vapour technology and its investment in its product suite, the group is well placed to prosper in the growing and regulation driven bio-decontamination market and we indicated a fair value of 179p in our October re-initiation note.
N+1 Singer - Carador Income Fund - Q4 dividend increased to 2.75c, 0.5c higher than forecast
19 Jan 17
Carador has declared a fourth interim dividend of 2.75c per share resulting in a total payment of 9.5c for the full year ending 31st December 2016, 0.5c higher than previously forecast. This distribution represents approx. 97% of the net income received during the year. During the month the total return nav rose 3.1% to 77.63c, giving an annualised total return of 14.7%.