Edison Investment Research - Sureserve Group (SUR) Sureserve Group - Starting to build a track record of delivery

Report

Edison Investment Research

Sureserve Group - Starting to build a track record of delivery

Sureserve continues to demonstrate it has a de-risked business and the ability to deliver growth and cash generation from its two core divisions. The recent announcements affirming end FY19 net-debt of Â£7.6m, FY19 earnings guidance to meet expectations and the pay down of the revolving credit facility all provide comfort that the more focused group is performing well. Our previous earnings were marginally below consensus and we are raising FY19 and FY20 PBT estimates from Â£7.7m and Â£8.3m to Â£8.1m and Â£8.6m, respectively. The valuation at 7.2x current year earnings suggests the market still has to reprice the lower risk to earnings and start to differentiate the attractive gas compliance and energy services operations from the more out of favour construction services sector.

13/11/2019 6 EN

Underlying

Sureserve Group

Lakehouse is an asset and energy support services group. Co.'s segments include: Compliance, which comprises planned and responsive maintenance, installation and repair services to local authority and housing association clients in the areas of gas, fire and electrical, water and air hygiene and lifts; Energy Services, which provides energy efficiency measures to social housing and private homes, including insulation, heating systems and renewable technologies; Property Services, which provides planned and responsive maintenance and project works for social housing; and Construction, which provides refurbishment and small to medium-sized public building works, for local authority clients.

See profile

GB00BSKS1M86 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Other Reports on these Companies

EQS Group AG

Form 8.3 - Maitland Institutional Services Limited: Form 8.3 - Sureserve PLC

Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Form 8.3 - Sureserve PLC 28-Jun-2023 / 15:25 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle comp...

June 28, 2023 June 28, 2023 1 EN

EQS Group AG

Form 8.3 - Maitland Institutional Services Limited: Re Sureserve Group plc

Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Sureserve Group plc 16-Jun-2023 / 10:12 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle compan...

June 16, 2023 June 16, 2023 1 EN

EQS Group AG

Form 8.3 - Maitland Institutional Services Limited: Sureserve Group Plc

Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Sureserve Group Plc 30-May-2023 / 14:22 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies...

May 30, 2023 May 30, 2023 1 EN

discoverIE Group - FY24 EPS in line; good margin progress

discoverIE anticipates reporting FY24 underlying EPS in line with board expectations. After a period in mid-FY24 of working down inventory, customers appear to be reverting to normal ordering patterns, with Q424 organic revenue growth of 2% y-o-y and 11% q-o-q and a strong pipeline of design wins at year-end. We have revised our forecasts to reflect lower revenue, partly due to a disposal, but maintain our profit forecasts, which results in operating margin expansion in FY24 and FY25.

49m 49m 1 EN

Sean Conroy

Sean Conroy

Ultimovacs - Steadfast commitment to UV1 progression

Despite the recent setback with the INITIUM trial (first-line treatment of patients with unresectable or metastatic malignant melanoma), Ultimovacs has reinstated its commitment to press on with its clinical development of its cancer vaccine, UV1, across other target indications. The principal near-term focus will be on the anticipated results of Phase II FOCUS (head and neck cancer) and DOVACC (ovarian cancer) trials in Q324 and H125, respectively, and will inform its subsequent strategic direction. To remain funded to these milestones, the company has enforced stringent cost control measures...

20h / 51m 20h / 51m 1 EN

Sean Conroy

Sean Conroy

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

OSE has announced that its licence agreement with AbbVie has cleared antitrust review and has become effective. As previously noted, this is expected to support OSE’s runway extension into 2026, past key milestones and readouts for in-house assets Tedopi (non-small cell lung cancer, US Phase III trials expected to commence in Q224) and Lusvertikimab (ulcerative colitis, Phase II readouts expected in mid-2024). Following the Federal Communications Commission (FCC) mandatory waiting period, OSE is expected to receive the negotiated US$48m upfront payment from AbbVie imminently, as part of its gl...

21h / 3m 21h / 3m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Sureserve Group - Starting to build a track record of delivery

Form 8.3 - Maitland Institutional Services Limited: Form 8.3 - Sureserve PLC

Form 8.3 - Maitland Institutional Services Limited: Re Sureserve Group plc

Form 8.3 - Maitland Institutional Services Limited: Sureserve Group Plc

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe