Whitman Howard Equity Research & Stock Reports
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Growth across the board, marginal upgrade to numbers
27 Apr 17
IMImobile has released a trading update ahead of its preliminary results for the year end 31 March 2017. IMImobile has experienced strong trading across all regions and business units. In response to this we marginally increase our 2017 numbers, including a 4.2% increase in EBITDA. We maintain our BUY and 220p T/P.
FY16 Results, Portfolio Value $416.2m
27 Apr 17
Given the recent write down over subsidiaries we did not expect further significant movements in portfolio value. Full Year Results show Group Subsidiary Ownership Adjusted Value (GSOAV) was $416.2 million as of 24 April 2017 compared to $535.8 million at 31 December 2015, a decrease of $119.6 million, or 22.3%, primarily reflecting the discontinuation of funding at several subsidiaries announced on 5 April 2017, partially offset by a net increase in valuations across the remainder of the portfolio driven by HawkEye360 and ABLS II.
Trading statement inline
26 Apr 17
Trading statement looks broadly inline, with no changes to production guidance for 2017, so we don’t expect to make any changes to our numbers on the back of it, although Tullow has added some small extra E&A wells in Kenya. Key news flow over the next few months remains the outcome of ITLOS (expected around September) and news on the refinancing of its RBL (H217). Our PT is 262p, 21% upside from the current share price.
Tyson Announcement Not a Knock-Out Blow
26 Apr 17
Greencore’s (GNC LN, BUY, T/P 310p) share price fell sharply by around 7½% yesterday after its largest customer US based Tyson (TSN US, N/R) announced a $3.2bn deal to acquire Ohio based food manufacturing and foodservice company Advance Pierre Foods. While the deal expands Tyson’s operations to include Foodservice, Retail, Convenience and Schools, it is unclear why such an announcement implies major disruption to Greencore’s US business with the company – notably the Jimmy Deans breakfast sandwich.
Recovery not reflected in the share price
25 Apr 17
Prelims for the year to January 2017 are in-line but more importantly they confirm the restructuring process is now complete, prove the commerciality of its cloud based platform and demonstrate a move towards higher margin services. PBT was £1.2m (against a loss last year), adjusted EBITDA grew 56% to £2m and cash from operations turned positive at £0.9m allowing a net cash position to be maintained. For this year, we expect PBT growth of 77% to £2.2m (previously £2.5m), implying a current PE rating of 15x. We reiterate our buy recommendation with a 2.2p price target as the turn around generated by Redstone has yet to be reflected in the share price.
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