Zeus Capital Equity Research & Stock Reports
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Results elicit revenue upgrade
Purplebricks UK, Australia and USA have beaten our expectations for FY17. Following new management guidance, our UK revenue forecast rises 11% to £80m and our FY19e revenue forecast rises 6% to £110m. This revenue growth follows an increase in LPEs, which requires an increase in recruitment, training and infrastructure costs, as well as increase in marketing spend. For FY18e our forecast EBIT before marketing costs and SBP rises £2.6m to £33.3m and our adj EBITDA ex share based payments falls £0.7m to £15.0m. As Purplebricks Australia is progressing slightly ahead of management’s plan, we leave our forecasts which are ahead of guidance unchanged. Our forecasts continue to assume over £40m P&L investment Purplebricks USA over the next two years. We leave this forecast unchanged.
29 Jun 17
Commodities - EnergyCommodities - EnergyCommodities - EnergyCommodities - EnergyCommodities - EnergyCommodities - EnergyCommodities - EnergyCommodities - Energy
Exploration & Production review
Pace of new investment slips significantly in May; June will be better but the annualised figure might remain subdued ahead of the summer; as the sector suffers from the oil price entering a bear market.
29 Jun 17
Commodities - Metals & MiningCommodities - Metals & MiningCommodities - Metals & Mining
Cyclical recovery slows, but technology metals and juniors outperform in H1 2017
Traditional industrial commodities and large-cap mining equities cooled in H1 2017 following the substantial gains made in 2016 when both metals and mining stocks rose dramatically out of a cyclical trough in the early part of that year. However, select metals and niche commodities, most notably those associated with the fast-growing battery energy-storage markets, continued to march upwards on compelling supply-demand fundamentals.
29 Jun 17
On the radar
Xafinity, which was listed on the LSE on 16 February 2017, has reported its results for the year to 31 March 2017. Highlights include: Revenue of £52.0m (Zeus forecast of £52.2m); Adjusted EBIT of £16.5m (Zeus forecast: £16.2m); EBIT margin of 31.6% (Zeus forecast 30.9%); Cash conversion of 91% (Zeus forecast 90%); Stub DPS of 0.73p per share (Zeus forecast: 0.70p per share); Development of proprietary Radar software
28 Jun 17
Another period of delivery
BCA has delivered another strong set of final results, which are 3% ahead of our forecasts at the adjusted EPS level. Strong growth across all divisions has led to an impressive YOY growth rate of 38% in adjusted EBITDA and 30% in adjusted EPS. We are maintaining our headline assumptions at the adjusted EPS level for 2018E and 2019E, which remain towards the top end of the consensus range.
27 Jun 17
Preliminary results due 10th July
We anticipate a robust set of results on the 10th July and expect to see continued growth across the business. We note the recent announcement of a further €4.5m investment in a new tissue converting line, which in our view is evidence of the continued successful implementation of the strategy and growing demand for the company’s products. While the shares have performed well of late, we believe the valuation remains attractive given its growth potential and unique market positioning and believe the risk/reward profile remains positive from here.
26 Jun 17
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