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Premier Technical Services — Complementary Electrical Services acquisition

Premier Technical Services — Complementary Electrical Services acquisition

Premier Technical Services Group (PTSG) is expanding its Electrical Services divisional portfolio via the acquisition of Guardian Electrical Compliance, a complementary national testing and compliance company. A £20m placing has funded this £12m deal and provides finance for additional ones that appear to be well advanced. On a full-year basis, Guardian alone enhances our FY19 and FY20 EPS by c 4%, with the prospect of more to come, subject to concluding further deals.

Analyst avatar placeholder

Written by

Premier Technical Services Group

Complementary Electrical Services acquisition

Acquisition and placing

Industrial support services

22 October 2018

Price

156.0p

Market cap

£192m

Net debt* (£m) at end-June 2018

*company definition

11.8

Shares in issue

123.2m

Free float

59%

Code

PTSG

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(12.9)

(18.3)

(11.4)

Rel (local)

(8.7)

(10.8)

(5.4)

52-week high/low

210.0p

156.0p

Business description

Premier Technical Services Group is an independent provider of regulated and safety related specialist building services in four divisions across the UK. It listed on AIM in February 2015 at 52p.

Next event

H118 DPS to be paid

26 October 2018

Analyst

Toby Thorrington

+44 (0)20 3077 5721

Premier Technical Services Group is a research client of Edison Investment Research Limited

Premier Technical Services Group (PTSG) is expanding its Electrical Services divisional portfolio via the acquisition of Guardian Electrical Compliance, a complementary national testing and compliance company. A £20m placing has funded this £12m deal and provides finance for additional ones that appear to be well advanced. On a full-year basis, Guardian alone enhances our FY19 and FY20 EPS by c 4%, with the prospect of more to come, subject to concluding further deals.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

12/16

39.2

7.5

7.6

1.4

20.4

0.9

12/17

52.9

10.2

9.7

1.6

16.0

1.0

12/18e

69.9

14.4

11.8

1.8

13.2

1.2

12/19e

87.8

18.1

12.5

1.9

12.5

1.2

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Guardian enhances growth prospects

PTSG has announced the acquisition of Guardian Electrical Compliance, a Sheffield-based national B2B provider of electrical testing and compliance services, predominantly focused on fixed wire systems. This relatively young company (established in 2010) has grown organically to £8.3m revenue and £1.8m underlying EBIT in 2017, supported by high renewal and good new business win rates and healthy margins – characteristics it shares with PTSG. In terms of fit, Guardian broadly doubles the Electrical Services division field engineer resource, provides more fixed wire balance (PTSG has larger portable appliance testing activities) and includes ‘Traq-It’, a complementary customer interface IT platform that can enhance PTSG’s own Clarity ERP system. There is an obvious opportunity to capture post-inspection repair and maintenance revenues, which Guardian does not currently carry out and also to cross-sell services to Guardian’s client base with which there is limited overlap. PTSG is paying £12m initial cash consideration (or £11m net of cash acquired) – or c 8x 2017 PAT – and up to £4m over the next three years, depending on achieved profitability.

A successful placing of 12.7m new shares at 157.5p has raised c £19m net funds for PTSG, of which £12m is being applied to the Guardian acquisition. Separately, other target companies in the pipeline include one in Fire Solutions (expected to complete for a £4m initial consideration by the end of 2018) and potentially others in each of its divisions. These are expected to be funded from the remaining placing proceeds and an extension to existing debt facilities. Management expects planned acquisitions to be significantly earnings-enhancing when the placing proceeds are fully deployed; our FY18 EPS estimate is up c 5% (neutral underlying plus lower tax effect in FY18 only) and + c 4% in the following two full years.

Valuation: Adding to growth momentum

Share price weakness and an earnings-enhancing deal have increased our three-year EPS CAGR from 9% to 11% now and reduced the current year 13.2x P/E and 11.8x EV/EBITDA multiples down to 12.0x and 8.4x, respectively, by FY21.

Exhibit 1: Financial summary

£m

2011

2012

2013

2014

2015

2016

2017

2018e

2019e

2020e

December

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

9.0

12.1

13.9

18.0

25.8

39.2

52.9

69.9

87.8

95.1

Cost of Sales

 

 

(3.7)

(4.9)

(5.5)

(7.7)

(11.8)

(18.9)

(25.9)

(34.1)

(42.9)

(46.4)

Gross Profit

 

 

5.3

7.1

8.4

10.3

14.0

20.3

27.1

35.8

44.9

48.6

EBITDA

 

 

2.0

3.3

3.8

4.7

6.2

9.0

12.3

17.3

21.3

23.3

Operating Profit (before GW and except.)

1.6

2.9

3.2

4.0

5.3

7.9

10.6

15.0

18.7

20.5

Intangible Amortisation

 

 

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Exceptionals

 

 

(0.9)

(0.1)

(0.5)

(2.5)

(4.2)

(4.8)

(8.4)

(9.9)

(4.5)

(4.5)

Other

 

 

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Operating Profit

 

 

0.7

2.8

2.6

1.5

1.1

3.0

2.3

5.1

14.2

16.0

Net Interest

 

 

(0.0)

(0.0)

(0.1)

(0.3)

(0.3)

(0.4)

(0.5)

(0.7)

(0.6)

(0.5)

Profit Before Tax (norm)

 

 

1.6

2.8

3.0

3.7

5.0

7.5

10.2

14.4

18.1

20.0

Profit Before Tax (FRS 3)

 

 

0.7

2.8

2.5

1.2

0.8

2.6

1.8

4.5

13.6

15.5

Tax

 

 

(0.1)

(0.6)

(0.6)

(0.6)

(0.3)

(0.3)

(0.5)

(1.2)

(2.7)

(3.6)

Profit After Tax (norm)

 

 

1.3

2.2

2.4

2.9

4.2

6.7

9.4

13.1

15.4

16.4

Profit After Tax (FRS 3)

 

 

0.5

2.2

1.9

0.5

0.5

2.3

1.3

3.3

10.9

11.9

Average Number of Shares Outstanding (m)

 

 

 

 

77.1

85.9

88.1

96.8

110.6

123.7

124.7

EPS - normalised (p)

 

 

 

 

 

3.77

4.87

7.63

9.73

11.81

12.46

13.15

EPS - FRS 3 (p)

 

 

 

 

 

0.69

0.57

2.61

1.37

2.96

8.82

9.56

Dividend per share (p)

 

 

 

 

 

0

1.00

1.40

1.60

1.80

1.90

2.00

Gross Margin (%)

 

 

58.9

59.2

60.5

57.3

54.3

51.9

51.2

51.2

51.2

51.2

EBITDA Margin (%)

 

 

22.3

27.2

27.1

26.2

24.0

23.0

23.3

24.7

24.2

24.5

Operating Margin (before GW and except.) (%)

18.1

23.6

22.8

22.3

20.5

20.0

20.1

21.5

21.3

21.6

BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Assets

 

 

2.5

3.4

4.6

5.0

13.9

16.0

32.1

43.3

42.7

42.1

Intangible Assets

 

 

1.8

2.4

3.5

3.6

10.7

12.4

26.2

35.8

35.2

34.5

Tangible Assets

 

 

0.6

0.9

1.1

1.3

2.4

3.2

4.3

6.6

6.6

6.6

Investments

 

 

0.1

0.0

0.0

0.0

0.8

0.4

1.6

0.9

0.9

0.9

Current Assets

 

 

2.5

4.3

5.9

8.3

13.5

27.4

40.8

51.7

56.2

67.7

Stocks

 

 

0.1

0.1

0.1

0.2

0.4

0.5

1.2

1.6

2.0

2.2

Debtors

 

 

2.4

3.6

5.4

8.1

13.1

20.3

32.5

37.5

46.5

50.1

Cash

 

 

0.1

0.6

0.4

0.0

0.0

6.5

7.0

12.6

7.7

15.4

Current Liabilities

 

 

(2.2)

(3.3)

(4.8)

(8.5)

(9.3)

(17.9)

(24.7)

(24.8)

(20.1)

(22.2)

Creditors

 

 

(2.0)

(3.1)

(3.2)

(5.7)

(8.3)

(8.6)

(11.2)

(14.1)

(19.4)

(21.6)

Short term borrowings

 

 

(0.2)

(0.3)

(1.6)

(2.7)

(1.0)

(9.4)

(13.5)

(10.7)

(0.7)

(0.7)

Long Term Liabilities

 

 

(0.1)

(0.3)

(4.6)

(3.6)

(9.2)

(13.4)

(15.7)

(13.9)

(13.9)

(13.1)

Long term borrowings

 

 

(0.1)

(0.3)

(4.1)

(3.1)

(6.6)

(10.8)

(13.1)

(13.1)

(13.1)

(13.1)

Other long term liabilities

 

 

0.0

0.0

(0.5)

(0.5)

(2.5)

(2.6)

(2.7)

(0.8)

(0.8)

(0.0)

Net Assets

 

 

2.7

4.1

1.2

1.1

8.9

12.0

32.4

56.3

64.9

74.4

CASH FLOW

 

 

 

 

 

 

 

 

 

 

 

 

Operating Cash Flow

 

 

2.0

2.4

1.8

2.6

(0.5)

0.6

(0.8)

9.3

11.1

16.2

Net Interest

 

 

(0.0)

(0.0)

(0.1)

(0.3)

(0.3)

(0.4)

(0.5)

(0.7)

(0.6)

(0.5)

Tax

 

 

(0.3)

(0.2)

(0.9)

(0.6)

(0.5)

(0.8)

(0.8)

(0.8)

(1.2)

(2.7)

Capex

 

 

(0.5)

(0.2)

(0.1)

(0.2)

(0.1)

(0.4)

(0.7)

(1.1)

(1.9)

(2.1)

Acquisitions/disposals

 

 

(0.1)

(0.3)

(0.8)

(0.7)

(3.3)

(2.7)

(16.1)

(14.2)

0.0

(0.8)

Financing

 

 

0.0

0.0

(4.0)

0.0

4.7

0.2

15.8

19.0

0.0

0.0

Dividends

 

 

(0.8)

(0.7)

(0.8)

(0.8)

(0.5)

(1.1)

(1.5)

(1.9)

(2.3)

(2.4)

Net Cash Flow

 

 

0.4

0.9

(4.9)

0.1

(0.6)

(4.7)

(4.6)

9.6

5.1

7.7

Opening net debt/(cash)

 

 

0.6

0.3

(0.1)

5.3

5.8

7.6

13.6

19.5

11.2

6.1

HP finance leases initiated

 

 

(0.0)

(0.3)

(0.4)

(0.5)

(0.6)

(1.0)

(1.0)

(0.7)

0.0

0.0

Other

 

 

0.0

(0.2)

(0.1)

(0.1)

(0.5)

(0.2)

(0.4)

(0.6)

0.0

0.0

Closing net debt/(cash)

 

 

0.3

(0.1)

5.3

5.8

7.6

13.6

19.5

11.2

6.1

(1.6)

Closing net debt/(cash) - company definition*

(0.1)

(0.6)

4.6

5.0

6.3

12.1

18.4

9.4

4.3

(3.4)

Source: PTSG, Edison Investment Research. Note: PTSG was listed on AIM in February 2015; FY15 (and the FY14 comparative) were fully reported in April of that year and the prior year information shown above was taken from the company’s IPO document. Company-defined net debt differs from the other net debt line shown as it excludes finance leases. Neither definition includes outstanding loan notes (Integral Cradles deferred consideration), which are non-interest bearing but are expected to flow out as cash in FY18 £1.9m and FY20 £0.8m (included in acquisitions/disposals).

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, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Premier Technical Services Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Premier Technical Services Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Research: Industrials

Solid State — Positive H119 pre-close trading update

Solid State’s pre-close trading update notes that group H118 revenues will be c 4% ahead of prior year levels. Moreover, the 64% year-on-year increase in order book at end H119 leads management to believe the group will exceed FY19 market expectations. Consensus EPS estimates have risen by 7.9% and 5.0% for FY19 and FY20 respectively. Despite a favourable response to the news, the shares continue to trade at a significant discount to peers.

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Edison Group

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping us understand which section of the website you find more interesting and useful. See our Cookie Policy for more information.

Strictly necessary and functional

These cookies are used to deliver our website and content. Strictly necessary cookies relate to our hosting environment, and functional cookies are used to facilitate social logins, social sharing and rich-media content embeds.

Advertising

Advertising Cookies collect information about your browsing habits such as the pages you visit and links you follow. These audience insights are used to make our website more relevant.

Performance

Performance Cookies collect anonymous information designed to help us improve the site and respond to the needs of our audiences. We use this information to make our site faster, more relevant and improve the navigation for all users.