gretel
11 May 2017
3 analysts, and 3 Buy recs Encouraging to see a broad positive consensus from the various covering analysts.Finncap say Buy with a 339p target, Peel Hunt say Buy with a 315p target and Numis recently upgraded to a Buy with a 305p target.
gretel
10 May 2017
Bought a few more today on the pullback. Very healthy volumes today, and looking encouraging online.The results aren't far away on 6th June, so we should see a decent run-up until then given the very positive trading statement and cheap fundamentals.
gretel
05 May 2017
New recent highs now and continuing to move up again today - the mid-price is up to 6.375p to 273.375p. Remains very good value imho.
gretel
25 Apr 2017
Finncap say Buy Finncap in their note after last week's trading update said Buy and reiterated their 339p price target, so there's plenty of upside. Sharegardener, I agree that there will be more acquisitions given the good cash generation and gearing reduction. This would be a further catalyst to the share price.Finncap summarised:"Stronger H2 and brighter outlookBUYIn a positive year end statement Acal has detailed that FY17 results are anticipated to be slightly ahead of management¡¦s expectations. H2 sales were up +11% on last year at constant exchange rates and +6% organically. This is significantly ahead of the -7% organic decline in sales seen in H1. Order intake in Q4 was also strong growing +16% at constant exchange rates and +13% organically, positioning the group well for further growth. We make no changes to our forecasts and target price. With the shares valued at only 10x March 2018 EPS and with a dividend yield of 3.8% we reiterate our Buy recommendation."I also liked this:"Differentiated and niched. Acal supplies customised and high value-add products into market niches. This avoids the pricing pressure in commodity and consumer markets and supports the potential for a continued rise in margins."And:"ƒ¤Digital transformation is a major opportunity. Acal¡¦s true potential value lies in taking advantage of the digital transformation of industry. With its growing expertise in power supplies, fibre optics, wireless and sensors (amongst others) and its design to delivery services, Acal is very well placed to produce significant long-term growth.ƒ¤Significant discount to peers. Acal is valued at a 42% discount to peers on a P/E basis, despite our forecast of significantly faster growth."
Alan Tittymarsh
24 Apr 2017
Re: Bought in today, new Edison note Hope you're right. I bought these last November when they were right out of favour for some unknown reason. Looks like the market has begun to realise ACL were undervalued. The chart looks good, with the sp breaking through its 200 ma, not seen since Sept. But note that it hasn't stayed above it for very long, so we'll see whether this time proves the exception.
sharegardener
24 Apr 2017
Re: Bought in today, new Edison note Hi Gretel, Ive been holding here for a while with mixed results. The SP has been down more than up since the 1 for 1 rights issue about 2 years back. It started rising again about 2 weeks before the 'ahead of expectations' trading update on 19th April.From RNS in March I get the impression that more acquisitions will coming through in due course:''Jeremy Morcom appointed Group M&A Director. Jeremy will join Acal on 13 March 2017 in this newly created role to accelerate the Group's M&A activity in line with its well established strategy of growing its Design & Manufacturing division by acquiring high quality, complementary businesses. Jeremy has extensive experience in acquisitions and disposals, with over a decade spent in investment banking and having overseen more than 40 transactions during the course of his career in industry, including leading M&A programmes at FTSE 250 businesses Spectris plc and Invensys plc. In his capacity as M&A Director, Jeremy will be responsible for the leadership and delivery of the Group's acquisition strategy, including pipeline development, deal management and integration planning. Jeremy will become a member of the Group Executive Committee.''They've bought a few bolt-ons recently as well as a placing for 10% more shares at 220p in January.The design & Manufacturing side is aiming to be higher margin and it looks to me like there is scope for continued growth and expansion in niche areas.I'll wait & see what the prelims are - should be out in June.SG
gretel
24 Apr 2017
Bought in today, new Edison note Looks cheap to me:[link] trading, EPS upgrades, cheap fundamentals, more acquisitions likely, sound Balance Sheet, sizeable dividend etc:Conclusion:"Valuation: D&M progress to drive upsideDespite a 17% pick-up from the recent low of 211.5p, the stock continues to trade at a c 30% discount to the peer group average on EV/EBITDA and P/E multiples. The positive trading update combined with good progress in the strategy to grow the Design & Manufacturing side of the business provide confidence in both the near-term and longer-term outlook for the company. Continued growth in the proportion of revenue generated from design and manufacturing should support operating margin expansion, and should help to reduce the valuation discount. The stock is also supported by a dividend yield above 3%"
Simbr
10 Jun 2016
D&M generating half of revenues Edison note out on research tree this morning: "Acal’s strategy to develop its custom electronics manufacturing business hit a major milestone in FY16, with Design & Manufacturing (D&M) now generating more than half of revenues and a much larger majority of profits. We expect this trend to continue, through organic growth and additional acquisitions, supporting further growth in operating margins."
Simbrad
10 Jun 2016
Edison note out on research tree this morning: "Acal’s strategy to develop its custom electronics manufacturing business hit a major milestone in FY16, with Design & Manufacturing (D&M) now generating more than half of revenues and a much larger majority of profits. We expect this trend to continue, through organic growth and additional acquisitions, supporting further growth in operating margins."
IOMINVESTCOM
01 Jun 2016
Touching top of consolidating flag Link below relates to 1 yr daily which makes me wonder whether better to buy the rumour sell on the news. ie Will the share price struggle from here and head lower.[link] read quite well on cross selling and improving margins but is that enough?Chart now reflects indecision on where it intends to break so wait for confirmation either way outside of that flag formation.GLTA
IOMINVESTCOM
29 May 2016
Midas Share tip [link]
IOMINVESTCOM
26 Feb 2016
Re: Started a small position Rightly or wrongly sold entire position: refer Paul scott's view recently
IOMINVESTCOM
15 Feb 2016
Acal remain strong on all fronts Acal remain strong on all frontsStrong acquisition performance is helping customised electronics supplier Acal (ACL) ride out global macroeconomic concerns.Peel Hunt analyst Henry Carver upgraded his recommendation from ‘add’ to ‘buy’ with a target price of 315p on the shares, which fell 1% to 247p on Friday.‘Acal’s Q3 interim management statement is reassuring both on underlying trading and on acquisitions. The small acquisition of Piltron in Toronto provides a foothold in the US, from which Acal can continue to expand into North America,’ he said.‘The interim management statement confirms trading in line with expectations, with overall trends largely unchanged from those seen at the time of the Interims in November. This implies underlying growth at 2%.‘The general macro-environment backdrop is uncertain but Acal is showing good levels of resilience… we expect more to come.’[link]
IOMINVESTCOM
22 Oct 2015
Edison - Design & Manufacturing drives growth [link]
Tenobas
24 Sep 2015
Net yet IMO this has much further to fall.
