reports
SPOTLESS GROUP HOLDINGS sees a downgrade to Neutral on account of less...
The independent financial analyst theScreener just lowered the general evaluation of SPOTLESS GROUP HOLDINGS (AU), active in the Business Support Services industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date August 2, 2019, the closing price was AUD 1.57...
A director bought 200,000 shares at 1.129AUD and
A director at Spotless Group Holdings Limited bought 200,000 shares at 1.129AUD and the significance rating of the trade was 58/100. 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 directors over the ...
- Tim Mann
Ceasing Coverage of Spotless
We plan to cease coverage on narrow-moat Spotless Group in August 2017 as it is now majority-owned by Downer EDI. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. Downer controls more than 64% of Spotless, and continues to pursue its full takeover of the firm. We recommend Spotless shareholders accept Downer’s AUD 1.15 offer. Despite sitting modestly below our stand-alone AUD 1.20 fair value estimate, we don’t expect a superior pr...
- Tim Mann
Corporate Action - Downer Declares AUD 1.15 Offer For Spotless Final; ...
Downer has extended its takeover bid for narrow moat rated Spotless to May 31, 2017 and has declared its AUD 1.15 per share cash offer as being final, in the absence of a superior proposal. We recommend Spotless shareholders accept the AUD 1.15 offer, which sits modestly below our AUD 1.20 fair value estimate. With Downer retaining a 19.99% blocking stake, we rate the probability of a superior proposal emerging as being low. We note that previous discussions with facilities management players to...
- Tim Mann
Lifting Spotless’ FVE To AUD 1.20 Following Release of Target Statem...
We lift narrow moat-rated Spotless’ fair value estimate by 4% to AUD 1.20, following the release of Spotless’ target statement. We maintain our fiscal 2017 underlying net profit after tax, or NPAT, forecast at AUD 88 million, versus management guidance of AUD 80-90 million, but we lift our fiscal 2018 NPAT forecast by 6% to AUD 92 million, reflecting newly released earnings guidance of AUD 85-100 million. Management announced improved contract wins as contributing to 2018 earnings guidance a...
- Tim Mann
Spotless Board Rejects Downer’s AUD 1.15 Takeover Bid; Shares Fairly...
We maintain our AUD 1.15 fair value estimate for narrow-moat-rated Spotless following the rejection of Downer’s AUD 1.15 per share takeover offer. The current share price of AUD 1.09 is 5% below our fair value estimate. We await the release of the target statement on April 27 and final level of acceptances prior to the bid’s expiry on May 15. We still believe Downer is the most logical acquirer of Spotless due to its 19.9% blocking stake and the cessation of discussions between Spotless and ...
- Tim Mann
Spotless Receives AUD 1.15 Per Share Takeover Bid From Downer; In Line...
Narrow moat-rated Spotless has received a AUD 1.15 per share cash takeover offer from Downer EDI (no moat, AUD 4.50 fair value estimate). The bid matches our AUD 1.15 fair value estimate and recognises Spotless’ key attributes, namely its strong market positions across facilities management, long-term contract profile, and its exposure to the domestic outsourcing trend. Downer’s offer is subject to a 90% minimum acceptance condition, no reduction in Spotless’ 2017 earnings guidance of NPAT...
- Tim Mann
An outsourced facility, laundry, and linen services provider, focused ...
We have cut our fiscal 2017 and 2018 EPS estimates for Spotless by 16% and 24%, respectively, following reduced expectations for growth in the company’s Resources segment (10% revenue) and slowing growth in government funding (50% revenue). We have also increased our capital expenditure estimates to reflect management’s strategy to reinvest in the business by upgrading IT systems, appointing senior management, and expanding service offerings. While we expect these investments to support soli...
- Tim Mann
An outsourced facility, laundry, and linen services provider, focused ...
We lower our fair value estimate to AUD 1.15 from AUD 1.20 per share, following the interim 2017 result. While we downgraded our estimates in January based on competition concerns and uncertainty around strategy, the first-half 2017 result provided much-needed clarity on future restructuring, with management deciding to exit unprofitable contracts. We expect this run-off process to cost AUD 25 million-35 million and take 12-18 months. Although this has caused us to cut our short-term estimates s...
- Tim Mann
Difficult Trading Conditions Weigh On Spotless’ Earnings; Downgradin...
We have cut our fiscal 2017 and 2018 EPS estimates for Spotless by 16% and 24%, respectively, following reduced expectations for growth in the company’s Resources segment (10% revenue) and slowing growth in government funding (50% revenue). We have also increased our capital expenditure estimates to reflect management’s strategy to reinvest in the business by upgrading IT systems, appointing senior management, and expanding service offerings. While we expect these investments to support soli...
- Tim Mann
An outsourced facility, laundry and linen services provider, focused o...
Spotless announced 2016 net profit after tax, or NPAT, of AUD 122 million, down 14.4% on 2015. Like-for-like NPAT fell 4% to AUD 131 million, after excluding AUD 9 million of restructuring costs. Adjusting for acquisitions (AUD 588 million revenue, AUD 34 million EBITDA contribution), revenue increased by 2%, EBITDA fell 7%, and NPAT fell 9%, reflecting Laundries underperformance and more competitive bidding within Facilities Management. EPS fell 8% to AUD 0.118, while a final dividend of AUD 0....
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...
- Tim Mann
An outsourced facility, laundry and linen services provider, focused o...
Spotless is due to report its fiscal 2016 results on Aug. 25. We expect NPAT of AUD 134 million (EPS of 0.14), down 6% on the previous corresponding period (down 3% like for like, excluding acquisitions) and second-half 2016 DPS of AUD 0.035 (no franking). Following a disappointing 2016 interim result affected by poor acquisition integration within the laundries division, we think the second half will see accelerated cost-outs and a pickup in contract win rates in the core facilities management ...
- Tim Mann
Spotless Result in Line With Laundries To Deliver An Improved Result I...
Spotless announced 2016 net profit after tax, or NPAT, of AUD 122 million, down 14.4% on 2015. Like-for-like NPAT fell 4% to AUD 131 million, after excluding AUD 9 million of restructuring costs. Adjusting for acquisitions (AUD 588 million revenue, AUD 34 million EBITDA contribution), revenue increased by 2%, EBITDA fell 7%, and NPAT fell 9%, reflecting Laundries underperformance and more competitive bidding within Facilities Management. EPS fell 8% to AUD 0.118, while a final dividend of AUD 0....
- Tim Mann
Spotless to Update on Laundries Sale Process at Fiscal 2016 Result; AU...
Spotless is due to report its fiscal 2016 results on Aug. 25. We expect NPAT of AUD 134 million (EPS of 0.14), down 6% on the previous corresponding period (down 3% like for like, excluding acquisitions) and second-half 2016 DPS of AUD 0.035 (no franking). Following a disappointing 2016 interim result affected by poor acquisition integration within the laundries division, we think the second half will see accelerated cost-outs and a pickup in contract win rates in the core facilities management ...
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