N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume
N+1 Singer - UDG Healthcare - Forecasts updated to US$, investment case unch
16 Feb 17
Following the strong Q1 trading update, we have translated our forecasts into US$ to reflect the change in reporting currency. Our forecasts are pitched in the middle of the guidance of 13-16% CER EPS growth for FY17, although this reduces to +9.2% on a reported basis given FX headwinds. Beyond that, we believe 10% organic EPS growth is achievable given the improving mix towards higher value, higher margin activities in Ashfield Communications and Sharp Packaging. With substantial firepower still available for acquisitions, we continue to see significant potential upside. We stick with our Buy recommendation with a SOTP/DCF based Target Price of 755p.
N+1 Singer - Morning Song 13-02-2017
13 Feb 17
eg solutions has issued a positive full year trading update indicating that results will be in line with market expectations. Strong trading in the second half made up for a poor start to the year, with renewed focus on sales and distribution delivering significant new contract wins. We are highly encouraged by the outlook for the business given the strength of current trading and a record order book, so make no changes to our recommendation or target price. We will revisit forecasts when results are released on 22 March.