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Acertec
| Date | Reports available | Download |
|---|---|---|
| Apr 01 2008 |
Refinancing relief Final results, which were in line with analyst estimates, and news of refinancing of the group’s debt remove a large part of the uncertainty hanging over the share price. The focus should now switch back to the business; although markets are undoubtedly getting tougher, the underlying businesses have strengths that merit a higher rating. Research type: Update - Full year results |
Log in to download 6 page note available |
| Jan 25 2008 |
Confidence crisis Awaiting renewal of its credit facilities, uncertainty dogs the share price. The valuation currently implies further bad news on earnings. At these low levels, the sensitivity of earning to trading news is now more modest, than the potential for re-rating if the business survives this confidence crisis. Even adjusting our expectations for the last trading update, we still believe there is a viable business underneath. Given the current situation, we see the dividend as vulnerable. Research type: Update - Trading update |
Log in to download 3 page note available |
| Nov 29 2007 |
Funding issues to resolve The awaited completion of the review of stock accounting delivered more bad news with the size of the deficit larger than we had hoped. The low valuation, even on new forecasts unfortunately reflects continued uncertainty. Research type: Update - Trading update |
Log in to download 5 page note available |
| Sep 20 2007 |
Investment steps up The cost of rising working capital and investment plans take the edge off a good set of interim results, and will hold back profit growth in 2008. The longer-term prospects however look encouraging with Stadco’s Russian business potentially becoming a major part of the group, while BRC still offers attractive growth from the UK construction market in the medium term. The valuation reflects some of the short-term uncertainties. Research type: Review - Interim results |
Log in to download 8 page note available |
| Jul 19 2007 |
Differentiated offering An encouraging half year end trading statement and a positive analyst’s visit to BRC show that Acertec has a sound growth outlook and looks to be good value after a recent downward drift in the share price. Research type: Trading update |
Log in to download 5 page note available |
| Apr 30 2007 |
Russian expansion The long awaited announcement of a supply agreement with Ford for St Petersberg offers Stadco the opportunity to leverage its success with the Ford Focus in Saarlouis and to build a third geographic leg to the business. In a business dependent on model success or new model wins, this guarantees an incremental 10% step up in divisional turnover in 2009. Research type: Update - Partnership |
Log in to download 4 page note available |
| Mar 29 2007 |
Steel reinforced yield Having undertaken significant restructuring whilst in private equity ownership, Acertec is now focused on two market-leading businesses. A strong management team is determined to add further value, by both acquisition and geographical expansion financed mainly from its own resources. Cash generation will also allow a progressive dividend policy, ‘reinforcing’ the already attractive yield. Research type: Outlook - Initiation of coverage |
Log in to download 12 page note available |
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