Four Directors at NCC Group bought/sold after exercising options 79,560 shares at between 134p and 138p. The significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's di...
NCC Group delivered strong results in the 4-month stub period ending September 2024. However, in the autumn the company saw sales cycles lengthen, leading us to issue FYE September 2025 Adjusted EBITDA excluding SBP and disposals that is 9% below our original FYE May 2025 estimate. We believe the shares’ relatively large 19% decline on Tuesday to be an overreaction. NCC Group continues to expand its pipeline, product offering and geographic coverage and improve pricing and resourcing, giving the...
NCC continues to deliver ahead of internal and market expectations. The four months to September period end indicate adj. EBIT of £6.0m, almost double the prior guidance (£3.5m) and a £7.0m swing from this time last year (-£1.0m). The summer months are typically a quieter period for NCC, but today’s announcement highlights the impressive execution by management on its turnaround plan. Cyber Security performed ahead of expectations, and whilst today’s announcement doesn’t provide any further deta...
FY24 Adjusted EBITDA was slightly ahead of consensus estimates, while revenue and net cash were in line. We leave our above consensus FY25 and FY26 estimates unchanged and see room for outperformance. We believe Cyber Security market growth and the trend towards managed services remains strong, while the Technical Assurance Services (TAS) unit’s drag on group growth should reduce significantly in FY25. We continue to see multiple opportunities for improvement remaining in the company’s turnarou...
The company delivered FYE May 24 Adjusted Operating Profit and Net debt ahead of consensus averages. We believe the company remains on track to outperform FY25 and FY26 consensus estimates and we leave above consensus Adjusted EBITDA forecasts unchanged. We believe the market is underestimating the growth and margin potential of NCC as it continues its turnaround. We value NCC Group at 167p per share in the base case and 245p per share in an upside scenario.
We initiate coverage of NCC Group, a well-respected provider of cyber security and software escrow solutions. In FY23, the company experienced a significant market pullback that revealed operational deficiencies. The company appointed a new CEO, who introduced a turnaround strategy in January 2023. We believe the ongoing improvements are transformational and consensus expectations underestimate NCC’s revenue growth and margin potential. In addition, shares trade below historic multiples and thos...
Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti...
This report provides a guide to the cybersecurity industry, which plays a fundamental role in protecting society against cyberattacks and has doubled as a proportion of corporate IT spend over the last 2-3 years. We reiterate our Buy recommendation on Bytes (TP raised to 580p), which we view as the highest-quality/lowest-risk way to gain exposure in the UK. We also initiate on Darktrace (Buy, TP 400p), which trades at too big a discount to its US peers, and NCC (Buy, TP 150p), which is a turn-ar...
The general evaluation of NCC GROUP (GB), a company active in the Software industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 5, 2022, the closing price was GBp 191.60 and...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Summary NCC Limited (NCC), formerly Nagarjuna Construction Company Limited, is an Indian heavy construction contractor. The company specializes in diversified businesses such as construction of flyovers, airport terminals and ports, highways, industrial facilities, water supply and environment projects, housing, power transmission lines, irrigation and hydrothermal power projects, real estate development, commercial building and residential houses. NCC also offers designing, erecting, supplying...
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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