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Telford Homes

Consistent messaging

QuickView | General Industrials | 12 Jul 2018

Telford Homes’ latest update is consistent with management comments accompanying FY18 results and the company is on track to deliver further progress in FY19. The share price has not kept step with business performance, perhaps influenced by wider cyclical sentiment. Project portfolio newsflow is likely to remain positive, and this should serve to re-connect internal progress and investor returns in our view.

Accsys Technologies

Accelerated growth

Initiation | General Industrials | 09 Jul 2018

Building on Accsys's established international presence the current significant investment phase (EUR 80m+ capex) should be the catalyst for accelerated business growth. We expect Accsys to move into a group EBITDA positive position from FY19 with the significant profit potential to be progressively delivered thereafter. Our DCF analysis suggests that the share price is solidly underpinned at current levels with upside from enhanced commercial development of proprietary technology.


Explicit growth aspirations

Update | Construction & Building Materials | 29 Jun 2018

Variable underlying markets did not prevent Norcros from delivering both organic and acquired progress in FY18. Moreover, a new target of almost doubling revenue by 2023 has been set with ROCE sustained above 15%+. Share price movements suggest that the market is starting to give credit for management’s achievements. Performance will be measured against the strategic plan and we believe that a further re-rating is likely.


Progress made, more expected

Update | General Industrials | 28 Jun 2018

A good all-round performance in FY18 provided some positive markers of progress including rising UK margins, a steep step-up in the Indian JV order book and a special dividend declared for the year. While we acknowledge some sector variations, the overall trading outlook appears to be similarly robust and our estimates are modestly higher now. A c 4% near-term yield (ie final plus special DPS) is an obvious draw. Sector diversity provides resilience and additional growth potential in our view.

Walker Greenbank

Seeing improving signs

Update | General Industrials | 28 Jun 2018

Comments at the AGM point to lower headline sales ytd but underlying patterns and indications of further improvement in H2 offer encouragement. Our estimates are unchanged and at this level the share price appears to offer excellent value if the company can deliver against FY19 guidance.


Termination of coverage

Termination | Industrial Support Services | 21 Jun 2018

Edison Investment Research is terminating coverage on WYG (WYG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Accsys Technologies

Clear strategic progress

QuickView | General Industrials | 21 Jun 2018

Successful expansion of its established Accoya facility at Arnhem should pave the way for Accsys to become EBITDA positive at the group level during FY19. A dedicated Tricoya facility (construction underway, first production expected from mid-2019) provides another clear platform for further profit growth. As this becomes more apparent, we believe it will be a catalyst for positive share price performance.


Focusing on earnings recovery and cash

Update | Industrial Support Services | 19 Jun 2018

WYG faced a number of challenges in FY18 but ended the year with an improved market backdrop, higher divisional order books and benefits from management actions starting to come through. Guidance and our profit estimates are unchanged. With greater business stability and a focus on margins and cash generation (plus receding legacy issues) investors will be able to concentrate on the earnings recovery story. This may be partly discounted following a recent share price pick up, but in the context of historic earnings levels there is more to go for.


Strategic progress in all regions

Update | Construction & Building Materials | 31 May 2018

FY18 to date has been in line with management’s full-year expectations, building on the good financial progress delivered in FY17. We believe the competitive position in all three divisions continues to be enhanced via investment and, including post-year end acquisitions of Ashland Hardware and Zoo Hardware, we anticipate further profit growth in FY18 and beyond. There is little appreciation of overseas earnings exposure or the significant strategic strides taken in the current share price, in our view.

Epwin Group

Existing guidance maintained

Update | Construction & Building Materials | 30 May 2018

A short AGM update statement echoed previous management comments regarding market conditions and (unchanged) FY18 expectations. This suggests that the underlying trading environment is broadly stable and actions being taken to improve operational efficiency are proceeding to plan. The share price performance will be driven by delivery against these expectations and/or any indication of more robust market conditions, in our view. Ahead of such a catalyst, the prospective 6.6% dividend yield is a clear incentive to invest.


Virtuous circular economy

Update | Industrial Support Services | 30 May 2018

FY18 results confirmed that the merger integration process is being well controlled and on track to deliver the synergy benefits flagged at the outset. Renewi is well positioned from a number of perspectives and has a clear path to achieving a good earnings uplift from current levels. Our headline estimates are unchanged and we expect the recent de-rating to reverse, resulting in a positive share price performance.


Executive Interview - Renewi

Edison TV: | Industrial Support Services | 29 May 2018

Renewi is the leading European waste-to-products company that was formed from the merger of Shanks Group and Van Gansewinkel Group in 2017. It operates in a range of specialist segments reported under the Commercial, Hazardous, Monostreams and Municipal divisions, focusing on the recycling and reuse of waste materials.