|Name||Price||Mkt Cap||52 Week||QTD (%)||YTD (%)|
|Login to view||2,853||3,509m||2,750 - 3,686||-4.7||-17.0|
|Login to view||202||77.2m||98.0 - 219||3.1||9.1|
|Login to view||451||700.8m||439 - 590||-2.6||-6.3|
|Login to view||455||468.8m||430 - 654||-3.8||-6.3|
|Login to view||455||305.4m||367 - 600||-7.4||-18.0|
|Login to view||2,870||932.3m||1,958 - 4,015||-21.0||15.3|
|Login to view||475||611.2m||425 - 530||0.0||11.7|
|Login to view||194||291.0m||178 - 235||-17.5||-12.0|
|Login to view||220||893.4m||204 - 305||-14.2||-18.2|
|Login to view||120||228.2m||41.5 - 120||48.9||173.0|
|Login to view||27.0||23.0m||19.5 - 31.0||1.9||3.4|
|Login to view||682||372.3m||642 - 808||-16.2||-17.3|
|Login to view||1,150||406.7m||1,010 - 1,290||8.6||55.0|
|Login to view||397||520.2m||385 - 650||-30.5||-26.2|
|Login to view||730||3,068m||583 - 812||0.2||13.9|
|Login to view||483||149.2m||376 - 572||-13.4||2.9|
|Login to view||292||240.0m||250 - 392||-8.8||-16.9|
|Login to view||260||396.5m||240 - 355||-26.9||-12.9|
|Login to view||115||1,287m||110 - 185||-6.3||6.3|
|Login to view||2,127||2,457m||1,966 - 2,908||-9.6||-9.5|
|Login to view||18.0||51.3m||12.1 - 24.0||-15.1||37.7|
|Login to view||148||4,863m||146 - 211||-12.4||-12.2|
|Login to view||382||61.4m||378 - 550||-17.3||-11.2|14 Nov 18
Strong FY 2018 performance
AB Dynamics has reported FY 2018 revenue and Adjusted PBT in line with our estimates, which were revised in October when the Group announced that it would significantly exceed market expectations. Both numbers are at record levels. The Group has delivered strong performances across a number of global geographies in the ADAS (Advanced Driver Assistance System) targets and steering robot businesses, and won its first simulator order (for delivery in FY19). As ADAS complexity is increasing, further customer demand is anticipated. The announcement also notes the tailwind of a ‘healthy’ order book at the start of FY2019. Given this strong outlook, and the prospect of another year of ‘solid progress’, AB Dynamics is to make further investment in supporting the significant growth opportunity, constraining near-term operating margin. We have upgraded our FY19 and FY20 estimates materially, while assuming an increased level of investment and upgrading EBITDA at a lower rate.
Companies: AB Dynamics
23 Oct 18
Quarterly Research Outlook
The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.
Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA PKG CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF
05 Oct 18
UK Housebuilding Sector in 3Q 2018…
“It’s like the cow that every single day during 10 years sees the train crossing in front of it at the same time. And if you ask the cow what time is the train going to come, it’s not going to have the right answer. In football it’s the same”.
Companies: ABBY TEF CSP TW/ BWY PSN RDW BDEV MCS BKG GLE SPR
13 Nov 18
A progressive quarter but mixed guidance
Smith and Nephew recently announced its Q3 trading update. Revenue was in line with expectations, coming in at $1,169m, up 3% on an underlying basis. Growth was largely driven by sports medicine joint repair, other surgical businesses and advanced wound devices. On the other hand, arthroscopic enabling technologies and advanced wound bioactives weighed on growth. The big (positive) surprises, though, were the knee segment and the US region. Our recommendation remains unchanged in spite of marginal changes in our estimates.
Companies: Smith & Nephew
09 Nov 17
The Joy of Techs
This quarter we use finnCap’s Slide Rule to provide both top-down and bottom-up analysis of the UK’s Technology and Telecoms sectors. Our findings are very reassuring: the Tech sector scores the best (across all sectors) when considering Growth and Quality – Taptica*, Frontier Developments* and dotDigital* in particular stand out on these metrics. Given these attractive characteristics and growth prospects, the Tech sector is unsurprisingly one of the most expensive – currently trading at 17.2x FY1 EV/EBIT and 23.8x FY1 P/E, versus 15.0x and 18.5x respectively for the wider market. Despite valuations appearing high, we believe there are value opportunities. For example, Proactis* features in finnCap’s QVGM+ portfolio (ranked 17/462) – the company offers attractive organic and inorganic growth, with earnings forecast to grow by 26% CAGR over the next two years, but despite this, only trades on 15x FY1 earnings and offers 8% FCF yield in FY2.
Companies: 7DIG ALT AMO ARTA BOTB BLTG CTP CITY D4T4 DTC DOTD ELCO ESG FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SSY SEE SIM SPE SRT STR TAP TAX TEP TPOP TRAK UNG VIP ZOO CYAN ONEV
05 Oct 18
Strong performance in track testing
AB Dynamics (ABD) has announced that it will significantly exceed market expectations for both revenue and profit for the year to the end of August – full results are due on 14 November. The update says that the Group has performed well through the year, with the significant growth in turnover mainly from increased sales of its track testing products. We think that the Group is likely to have seen strength across a number of global geographies with commensurate levels of sales and deliveries in the ADAS targets and steering robot businesses. We have increased our estimates for FY 2018E to reflect the announcement, with our revenue and Adjusted PBT numbers increasing by 16% and 14% respectively, reflecting our position at the lower end of the range of market forecasts. A strong and positive update, boding well for ongoing growth and market development.
Companies: AB Dynamics
24 Oct 18
AGM Trading Update
Ahead of today’s AGM, Photo-Me have issued a trading update for the five months to the end of September. Trading has been in-line with expectations and the Group is continuing to successfully pursue strategic objectives across all segments as well as re-structuring the Japanese photobooth business in order to position it for a return to growth. The Group remains highly cash generative and even with the dividend held steady in 2019, offers a dividend yield of 8.5%. Our forecasts for FY2019E and FY2020E remain unchanged.
Companies: Photo-Me International
26 Feb 18
LIBERUM: Sylvania Platinum - Extracting more value
Project Echo and the Phoenix Platinum acquisition (now renamed Lesedi) are quickly proving to be solid value additions to the company. We recently visited several sites, which has raised our degree of confidence on project delivery, as such we have raised our production volume assumptions to 76koz from 69koz per annum from FY19 onwards.
Companies: Sylvania Platinum
09 Apr 18
UK Housebuilding Sector
This ominous-sounding term originated from the work of famed Swedish meteorologist, Tor Bergeron (1897-1977), but it only entered popular vernacular this year – and there have been ample opportunities in 2018 to use it.
Companies: ABBY BDEV BWY BKG BVS CRN CSP CRST GLE INL MCS PSN RDW SPR TW/ TEF WJG
15 May 18
Financial sector holds back progress elsewhere
A customer in the Financial sector has experienced a downturn in activity in H1 which has offset strong progress in the Gaming sector. After a poor H1, Financials has seen an improvement in demand and a generally stronger H2 is expected. Exciting opportunities remain in Gaming and elsewhere, and with more normal Financial sales, the outlook remains positive. We have reduced our PBT forecast in FY18 from £5.6m to £5.2m and await updates as the year progresses. Year end net cash is expected to be £14.8m. Given the expected improvement in H2, an ex cash P/E of c.13x and a dividend yield of over 5% are still strong attractions.
20 Jun 18
Cenkos: Leisure Sector -- Suspend coverage
Due to a change in sector focus Cenkos Securities plc has suspended coverage of the following stocks (see table 1). Our previous recommendation and forecasts can no longer be relied upon. Please contact Cenkos for further information.
Companies: TUI CCL CPG DOM GNK IHG JDW JE/ MARS MERL MAB PPB PTEC RTN SSPG TCG WTB WMH
05 Sep 18
Interim results in line, with dividend doubled
Half-year results were in line with guidance with few surprises. Market conditions remain favourable – with solid growth seen in the US and substantial growth in Europe. The interim dividend saw a one-off doubling, as the dividend was rebalanced with greater weighting to the interim pay-out. We are comfortable with our existing forecasts and maintain our price target at 465p. We continue to see positive market momentum and strong cash generation, with the development of new products offering a significant opportunity to deliver share price upside over the medium term.
Companies: Somero Enterprises
11 Dec 17
Photo-Me International - Interim Results for the six months to 31 October 2017
14 Jun 17
Somero (SOM) Invester presentation June 2017
20 Sep 18
Somero Enterprises (SOM) H1 results - September 2018
23 May 17
De la Rue - Full Year Results 2017
15 Feb 16
PhotoMe - PHTM - Mello Monday 15 February 2016
22 May 17
AB Dynamics (ABDP) H1 update interview May 2017
03 Apr 18
Somero (SOM) Results presentation March 2018
11 Apr 16
Brooks Macdonald - Uniting our brand; a roadmap for the future
30 Nov 16
AB Dynamics (ABDP) presentation November 2016
09 Feb 16
finnCap - Somero Enterprises: initiation of coverage
05 Feb 18
AB Dynamics (ABDP) February 2018 update interview with Tim Rogers CEO
04 Feb 16
Defenx PLC - Analyst interview, WH Ireland
13 Nov 17
AB Dynamics (ABDP) presentation at ShareSoc growth seminar October 2017
01 Feb 16
IS Solutions - Analyst Interview, finnCap
27 Jun 17
Photo-me International plc - 2017 Preliminary results interview
H1’19 revenues up 9.5%; upgrades to forecasts
iEnergizer enjoyed a continuation of impressive top-line growth in the period, with revenues up 9.5% year on year to $82.4m (H1’18 $75.2m). Whilst BPO (H1’18 sales $48.1m) and Content Delivery ($34.3m) are split out in the interims, management view the business as a whole going forward – acknowledging the increasing synergies across service offerings.
13 Nov 18
River And Mercantile Group
AuM +3% in Q1, positive flows in Equity Solutions
AuM/NuM grew by 3% in Q1 (4% incl. inbound mandates) with £1.1bn net inflows and flat investment performance. Positive flows returned in Equity Solutions after outflows in H2’18. Markets have been uncertain, but we expect this to drive demand in Fiduciary Management and Derivative Solutions, albeit Equity Solutions may be more volatile. We update our model but this prompts no change to earnings. We reiterate our BUY and 355p 12m target price (18x management fee EPS blended with a yield valuation).
31 Oct 18
River And Mercantile Group
Sunshine through parting clouds?
R&M has posted a small earnings beat (+6% vs N+1Se) on slightly better performance fees than expected, although core management fee earnings are in line. A number of issues (Rodrigs, CMA, FCA) have now been faced and navigated; the CMA conclusions standing to create opportunity. We see earnings more insulated from equity market performance, solid structural growth and a position of strength. We reiterate our BUY recommendation and 355p 12m Target Price.
24 Sep 18
Cenkos: Personal Group Holdings Plc - A return to earnings growth
Today's results are arguably the most positive from the company in the past three years, with all three divisions trading ahead of H1/17A comps and in-line with our FY18E forecasts. The outlook is also encouraging, particularly at Let's Connect, which faces its largest ever pipeline and will benefit this year from Royal Mail's re-launch. While full year delivery will be dictated by the key Q4 period, we expect the company to meet expectations, which would imply 6% EPS growth and a 1.3% uplift in DPS.
18 Sep 18
LIBERUM: MJ Gleeson Group* - Confidence shown in 33% dividend rise
Management has demonstrated confidence in future demand and the sustained cash generative nature of its business by raising the dividend for 2018 by 33% as the cover has been reduced from 2.0x to 1.75x. Management is confident that demand will remain strong as its customers are mainly first time buyers who are under-served by mainstream builders and find it cheaper to buy than to rent.
17 Sep 18
Continuing to outperform; positive dividend surprise
June ‘18 EPS increased by 14% to 55.2p. This was 3% ahead of our forecast and confirms continued strong momentum in the business. Gleeson Homes delivered record volumes of 1,225 (2017: 1,013), making a positive first stride towards its 2,000 home 2022 target which it has reiterated this morning. Gleeson Strategic Land also had another very busy year. Cash generation was strong with net cash of £41.3m at the year end (2017: £34.1m). Gleeson has announced another significant step up in the dividend to 32.0p vs. our 27.4p forecast. Given the strength of the Group’s cash position, we are upgrading our dividend forecasts by 14% and 8% in FY19 and FY20. Gleeson has a unique model, above average earnings growth, high margins and an attractive dividend yield. For these reasons, we expect the shares to continue to outperform the wider sector in H2 and Gleeson remains one of our Best Ideas for 2018.
17 Sep 18
Eco Animal Health Group
Margin beat drives EBITDA upgrade
Following another strong set of FY results, we have revised our forecasts for Aivlosin® and ECO Animal Health as a whole, resulting in an upgrade to FY2019-20e adj EBITDA of 5.5% and 10.5% respectively. We continue to view ECO Animal Health as a core holding in the Animal Health sector, with a solid balance sheet, a positive outlook for Aivlosin® and an attractive medium-term opportunity in swine vaccines. Our valuation implies an intrinsic value of 584p/share.
03 Aug 18
River And Mercantile Group
AuM +3% in Q4, plenty of positives
AuM/NuM grew by 3% in Q4 to £33.8bn (N+1Se £33.7bn) with net inflows and positive performance. Performance fees are expected to hit £10m. Remuneration will be a little higher than expected. The pipeline is described as strong. Shadows from the FCA and CMA have now all but passed. Despite some moving parts, we make no material changes to our headline earnings forecasts and reiterate our BUY (355p 12m TP).
30 Jul 18
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