reports
- Tim Mann
Maintenance to Drive Programmed’s Recovery in Fiscal 2018; Shares Fa...
We maintain our AUD 1.60 fair value estimate for no-moat Programmed Maintenance after the company released fiscal 2017 results. The result was roughly 5% below our estimates, with the staffing division, which accounts for around 40% of earnings, experiencing lower margins in the second half due to lower demand for blue-collar personnel in the manufacturing, resources, and industrial sectors. Reflecting less optimism around a recovery in staffing conditions, we cut our fiscal 2018 and fiscal 2019...
- Tim Mann
Initiating On Programmed Maintenance With AUD 1.60 FVE; Pivoting Towar...
We initiate coverage of Programmed Maintenance Services with a AUD 1.60 DCF-based fair value estimate, a no-moat rating, a very high uncertainty rating, and Standard stewardship. Programmed Maintenance is Australia’s largest staffing solutions provider with an estimated 7% share of the domestic market and is positioned at the centre of the trend towards labour outsourcing. It also undertakes facilities management and maintenance services (57% of group earnings compared with 43% for staffing), ...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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