GVC reported good Q4 19 numbers, with total NGR up by 1%, on a cc basis. The strong performance was driven by online (+11% with gaming up 9% and sports up 15%) which offset another quarter of decline in UK retail (-11%). Following the strong Q4, management upgraded its EBITDA expectations to the higher end of the earlier range (£670-680m). Given our slightly aggressive estimates, we do not expect any significant revisions to our estimates or target price.

GVC

• 17 Jan 20
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GVC reported good Q4 19 numbers, with total NGR up by 1%, on a cc basis. The strong performance was driven by online (+11% with gaming up 9% and sports up 15%) which offset another quarter of decline in UK retail (-11%). Following the strong Q4, management upgraded its EBITDA expectations to the higher end of the earlier range (£670-680m). Given our slightly aggressive estimates, we do not expect any significant revisions to our estimates or target price.

GVC

• 17 Jan 20
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China's 6.1% GDP growth for 2019 meets estimates, US business inventories fell in Nov, Bombardier warns on 2019 from Transportation challenges

Hill & Smith

• 17 Jan 20
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China's 6.1% GDP growth for 2019 meets estimates, US business inventories fell in Nov, Bombardier warns on 2019 from Transportation challenges

Hill & Smith

• 17 Jan 20
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Fidelity European Values (FEV) is managed by Sam Morse, who selects stocks on a bottom-up basis, focusing on quality companies with strong balance sheets that are able to grow dividends over the long term. He notes that investor concerns that affected the market in 2019 are abating: central banks are very supportive; a resolution to the US-China trade war is looking more likely; and within Europe, there is the prospect of fiscal stimulus to support economic growth. While there is potential for a rotation in market leadership towards cyclical stocks, which could put the fund’s relative performance under pressure, the manager is ‘sticking to his knitting’, and remaining disciplined, rather than shifting his portfolio exposures in an effort to try to ‘time the market’.

Fidelity European Values

• 16 Jan 20
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Fidelity European Values (FEV) is managed by Sam Morse, who selects stocks on a bottom-up basis, focusing on quality companies with strong balance sheets that are able to grow dividends over the long term. He notes that investor concerns that affected the market in 2019 are abating: central banks are very supportive; a resolution to the US-China trade war is looking more likely; and within Europe, there is the prospect of fiscal stimulus to support economic growth. While there is potential for a rotation in market leadership towards cyclical stocks, which could put the fund’s relative performance under pressure, the manager is ‘sticking to his knitting’, and remaining disciplined, rather than shifting his portfolio exposures in an effort to try to ‘time the market’.

Fidelity European Values

• 16 Jan 20
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4imprint’s pre-close update indicates trading in the later weeks of the full year continued strong, with FY19 results set to be at the higher end of the market forecast range. Revenue (+17%) was slightly above our estimate, which we raised by $10m at the November trading update. The $41.0m net cash at the year end was also a little ahead of our forecast of $39.5m. We have initiated FY21 forecasts, which show the group exceeding management’s $1bn revenue target a year earlier than originally anticipated. The large scale of the addressable market leaves plenty of opportunity for growth, with potential for further share price appreciation.

4Imprint Group

• 16 Jan 20
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4imprint’s pre-close update indicates trading in the later weeks of the full year continued strong, with FY19 results set to be at the higher end of the market forecast range. Revenue (+17%) was slightly above our estimate, which we raised by $10m at the November trading update. The $41.0m net cash at the year end was also a little ahead of our forecast of $39.5m. We have initiated FY21 forecasts, which show the group exceeding management’s $1bn revenue target a year earlier than originally anticipated. The large scale of the addressable market leaves plenty of opportunity for growth, with potential for further share price appreciation.

4Imprint Group

• 16 Jan 20
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4imprint continues to make its mark with excellent results, the latest being anticipated in this morning's trading update as the company lowers the blinds on FY2019E. Growth rates of c.16% in H1 accelerated to c.17% in H2, generating results ahead of expectation across all of the sales, PBTA and cash categories. This is particularly pleasing given the contribution of the brand initiative (new sales methods) started early last year – a new departure which has proved highly effective. Over a decade-plus of double digit CAGR, FOUR has made this sort of success look easy; however the model involves a complex combination of techniques, including notably the highly effective use of data analytics, while FOUR fulfils significant multiples of sensitive individual orders, with very low error rates leading to very high rates of client retention. Significant entry barriers remain as the company continues to dig into a large ($US20bn-plus) and profitable market of which it still has a relatively small share. Our forecasts for the current year are tweaked slightly upwards in line with this morning's update; our forward forecasts are left unchanged for now; but the outlook will be revisited when FY results are reported on 03/03. Our current fair value estimate of 3750p equates to a forward PE in the early 20s.

4Imprint Group

• 16 Jan 20
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4imprint continues to make its mark with excellent results, the latest being anticipated in this morning's trading update as the company lowers the blinds on FY2019E. Growth rates of c.16% in H1 accelerated to c.17% in H2, generating results ahead of expectation across all of the sales, PBTA and cash categories. This is particularly pleasing given the contribution of the brand initiative (new sales methods) started early last year – a new departure which has proved highly effective. Over a decade-plus of double digit CAGR, FOUR has made this sort of success look easy; however the model involves a complex combination of techniques, including notably the highly effective use of data analytics, while FOUR fulfils significant multiples of sensitive individual orders, with very low error rates leading to very high rates of client retention. Significant entry barriers remain as the company continues to dig into a large ($US20bn-plus) and profitable market of which it still has a relatively small share. Our forecasts for the current year are tweaked slightly upwards in line with this morning's update; our forward forecasts are left unchanged for now; but the outlook will be revisited when FY results are reported on 03/03. Our current fair value estimate of 3750p equates to a forward PE in the early 20s.

4Imprint Group

• 16 Jan 20
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4imprint Outperforms again; positive FY update confirms strong H2 | Judges Scientific Trading update – small upgrades to FY2019E and FY2020E | Digital Box FY Trading Update – Strong end to the year yields upgrades |

FOUR JDG DBOX

• 16 Jan 20
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4imprint Outperforms again; positive FY update confirms strong H2 | Judges Scientific Trading update – small upgrades to FY2019E and FY2020E | Digital Box FY Trading Update – Strong end to the year yields upgrades |

FOUR JDG DBOX

• 16 Jan 20
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Allergy Therapeutics (AGY): Corp In-line trading update. Progressing peanut…. | ofina (IOF): Corp Market update | 4imprint (FOUR): Corp At upper end of the range

FOUR AGY IOF

• 16 Jan 20
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Allergy Therapeutics (AGY): Corp In-line trading update. Progressing peanut…. | ofina (IOF): Corp Market update | 4imprint (FOUR): Corp At upper end of the range

FOUR AGY IOF

• 16 Jan 20
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4imprint’s trading statement guides to PBT at the upper end of the range (which is tight). We increase our revenue growth estimate from 16.0% to 16.6% for FY19, and increase EPS by 1% to 152.6c.

4Imprint Group

• 16 Jan 20
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4imprint’s trading statement guides to PBT at the upper end of the range (which is tight). We increase our revenue growth estimate from 16.0% to 16.6% for FY19, and increase EPS by 1% to 152.6c.

4Imprint Group

• 16 Jan 20
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Games Workshop’s (GAW) interim results are ahead of expectations. The highest rates of revenue growth were achieved in the channels with the highest operating margins, ie Trade (40% margin) and Online (64% margin). This has produced a strong improvement in free cash flow generation and ROCE has improved from 96% to 111%. We upgrade our forecasts for FY20 and FY21 by a further 3% following the 9% upgrade in November. Our DCF-based valuation increases by 11% to 5,748p.

Games Workshop Group

• 15 Jan 20
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Games Workshop’s (GAW) interim results are ahead of expectations. The highest rates of revenue growth were achieved in the channels with the highest operating margins, ie Trade (40% margin) and Online (64% margin). This has produced a strong improvement in free cash flow generation and ROCE has improved from 96% to 111%. We upgrade our forecasts for FY20 and FY21 by a further 3% following the 9% upgrade in November. Our DCF-based valuation increases by 11% to 5,748p.

Games Workshop Group

• 15 Jan 20
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US small business sentiment dips in Dec, Japan machine tool orders rise m/m in Dec, Airbus surpasses Boeing in orders

Oxford Instruments

• 15 Jan 20
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US small business sentiment dips in Dec, Japan machine tool orders rise m/m in Dec, Airbus surpasses Boeing in orders

Oxford Instruments

• 15 Jan 20
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