New to Edison
Register today to access up-to-date company research.
Existing users
Log in to access company research.
Best Research Award 2007
Edison Investment Research, winners of 'Best Research Award'
Vantis
| Date | Reports available | Download |
|---|---|---|
| Oct 10 2008 |
Business as usual Vantis produced a robust performance in FY07/08 in an increasingly challenging business environment. The group continued to grow revenues and maintained margins. Improvements in cash conversion in H208 suggest that the discount to its closest peers should narrow. The current valuation is undemanding, at 5.3x 2009 earnings and forecast EPS growth of 21% for the next full year. Research type: Review - Update |
Log in to download 8 page note available |
| Nov 16 2007 |
Growth continues Vantis’ last reported results for the year to April 2007 show turnover up 26% (17% organic growth), with a normalised operating profit margin of 14.6%. With a lower than expected tax rate, FY07 EPS was 16.5p. On our 2008 forecast earnings of 18.7p the group trades on 8.8x. With management forecasting continued revenue growth and a stable operating margin, this valuation seems undemanding. Research type: Quarterly Update - Full year results |
Log in to download 2 page note available |
| Jan 18 2007 |
Good H1 performance Vantis performed well over H1 07, driven by acquisitions and organic growth, with basic EPS up 89% yoy to 5.3p/share. Net debt rose considerably over the half to £41.0m primarily reflecting acquisitions and related working capital, although interest cover remains comfortable. On a P/E of 13.0 07E earnings, Vantis trades at a deserved premium to its closest comparable Tenon. Over the longer term we ascribe a value of 281p/share using DCF analysis. Research type: Quarterly Update - Interim results |
Log in to download 2 page note available |
| Apr 27 2006 |
Acquisition of Rouse & forecast upgrade Vantis continue its geographic expansion with selected acquisitions. Rouse will add to its presence in the Thames Valley, allowing a new regional hub to develop and providing opportunities to cross sell services to a new client base. Management will quickly be able to extract cost savings given their proven track record from previous deals. We have upgraded 2007 forecasts while our share price target is 300p, over 20% above the current share price. Research type: Update |
Log in to download 2 page note available |
| Feb 15 2006 |
Delivering the goods Management have proven that they can integrate both large and small acquisitions. The absorption of Numerica will be completed within the agreed time scale and the benefits are beginning to show. There is no reason why the model cannot continue to be applied, cross selling to acquired client bases of SMEs along with the rationalisation of duplicate costs. Although gearing remains high, interest cover is comfortable at 4.2x and improved working capital control will add to cash flow. Research type: Interim Review |
Log in to download 8 page note available |
| Nov 14 2005 |
Rising to the challenge Six months after the substantive acquisition of Numerica, management recently confirmed that the integration is progressing to plan. Integration costs have been kept to predicted levels while all businesses are trading in-line with expectations. Growth prospects for the combined businesses remain strong. Consequently, we reiterate our 2006 forecast growth in eps from 11.5p in 2005 to 18.6p. With the integration process complete, we forecast a 14.5% rise in 2007 eps to 21.3p. Research type: Update |
Log in to download 2 page note available |
| Aug 19 2005 |
Acquisition Research type: Review |
Log in to download |
| Feb 11 2005 |
Initiation of Coverage Research type: Initiation of Coverage |
Log in to download |
- Register free to access the latest research.
- Contact us to find out how we help companies reach their investors.
IN THIS SECTION
Keep updated
Would you like to be notified when new research is published? Access our research RSS feed
Edison's research ... is balanced, objective and provides a level of detail not normally associated with smaller companies.
Peter Knowles
Director, Fyshe Horton Finney