Research Tree | Equity Research for Investors

20 Sep 21

Open Orphan* - Industry Momentum Accelerating Pipeline Conversion

Open Orphan has released its H1 2021 results. The numbers represent a milestone for the Group, delivering both positive EBITDA and bottom line profits in its half year for the first time. While H2 looks slightly uneven, this remains a rapidly growing business in a market increasingly well understood by investors and with significant opportunity for high returns in 2022 and beyond, there remains lots to go for. Reiterate Buy.

Companies: Open Orphan Plc

14 Sep 21

Proposed acquisition of ExpressVPN

Kape has announced the sensational acquisition of ExpressVPN, a well-respected rival, for a total consideration of $936m, payable in cash and shares, subject to conditions. The dramatic move doubles Kape’s subscriber base (to c. 6m), delivers significant earnings accretion and marks another tour de force moment for the Group and its shareholders (following on from PIA in 2019 and Webselenese in 2021). Completion is expected to occur in Q4 2021. ExpressVPN represents a bullseye for Kape’s acquisi

Companies: Kape Technologies Plc

15 Sep 21

Interim results shine on strong metal prices

Higher metal prices saw CAML achieve a 52% and 131% increase in EBITDA and FCF respectively in the first half of 2021, facilitating an attractive 8p interim dividend declaration (up 2p on H1 2020). The H1 results are tracking our full-year estimates, which if achieved would put CAML on an undemanding EV/EBITDA multiple of just 4x and see the shares yield over 8% at current market price. Given average copper, zinc and lead prices across H2 to date are around 10% higher than our pricing assumption

Companies: Central Asia Metals Plc

16 Sep 21

AFC Energy (AFC) - RNS Reach: Urban-Air Port Partnership

AFC Energy announced that it has entered a hydrogen fuel cell supply and collaboration agreement with partner, Urban-Air Port Limited (“Urban-Air”), a leading UK developer of ground infrastructure for the growing demand in autonomous airborne drones and electric take-off and landing passenger vehicles.

Companies: AFC Energy plc

17 Sep 21

LIBERUM: Ceres Power - Still offers good value

Companies: Ceres Power Holdings plc

14 Sep 21

Strong interims, further upgrades

EKF has delivered another strong set of results, with the step change in the scale of the business firmly consolidated. H1 revenues increased 46.5% driven by an ongoing recovery in the core business and strong demand from a number of public and private sector customers for sample collection devices. The outlook remains positive and progress is being made against the new strategy set out earlier in the year. We upgrade our FY21 revenue forecasts by 7% and EBITDA by 13% noting this still implies a

Companies: EKF Diagnostics Holdings plc

15 Sep 21

Interims show strong progress across all divisions

RBG’s interims offer no surprises, with performance strong across all divisions and progress on track against our FY21e forecasts (Revs: £45.5m, Adj. EBITDA: £11.8m). The Group’s diversified revenue model has proved resilient against a continued backdrop of uncertainty – driving revenues +53% YoY against a somewhat weak comparative, split +35% organic, +18% from Memery Crystal (despite only one month of contribution). Demand for services across all three businesses remains strong, and management

Companies: RBG Holdings Plc

14 Sep 21

Copper cash flow kicks off royalty build-out

Altus has acquired an effective 0.418% NSR over the producing Caserones copper mine in Chile. Altus’ royalty interest was acquired for $34.1m in cash as part of a strategic 50:50 partnership with EMX Royalty Corp. The acquisition was part financed with a $29m loan facility from major shareholder, La Mancha. The royalty is immediately cash generative and Altus expects the NSR to generate post-tax royalty flows of US$3.2m pa. Caserones is a large open-pit copper porphyry in Chile, operated by JX N

Companies: Altus Strategies PLC

15 Sep 21

Jubilee Metals (JLP) - Increased ownership in Zambian copper-cobalt projects and £30m placing

Today's raise is a testament to support for Jubilee's copper strategy in Zambia and once again showcases Jubilee's keen eye for value enhancing deals. The increase in ownership in the Tailings projects to produce the raw material for the Sable and Leopard refineries will allow Jubilee to benefit more from the profits generated and also to make choices on development speed and product output to closely match the requirements of the Integrated refineries. Today consolidates Jubilee's position in

Companies: Jubilee Metals Group PLC

16 Sep 21

Cenkos: Duke Royalty Ltd - Record results – more to come by FY23E

Today's results include few surprises in terms of cash outcomes, which are in-line with our FY21E forecasts. These record results come despite the year being challenged by Covid-19, evidencing the resilience of Duke's operating model and royalty partners. Post-period, 4 new investments have been concluded, which should help drive cash results higher over FY22E, despite a further 2 exits from the portfolio. As the company approaches near full deployment by FY23E, we expect to see FCF p/s and DPS

Companies: Duke Royalty Limited

14 Sep 21

EQTEC* -

EQTEC have confirmed that they have completed acquisition of a 1.2MW gasification plant. The plant is expected to be operational by Q4 2022.

Companies: EQTEC PLC

14 Sep 21

Cenkos: Agronomics Ltd -- Follow-on investment: Formo

Agronomics has announced a follow-on investment in existing portfolio company, Formo (previously LegenDairy Foods). The company has invested €3.15m in Formo's Series A funding, and now holds c5.9% of the enlarged share capital. The fundraise has generated a 7.5x uplift for Agronomics original €1m investment (Dec-19) and values Formo at c€180m (post-money) versus c€16m post-money value following the Seed round. Formo now becomes Agronomics largest holding, c9.1% and has delivered a net uplift in

Companies: Agronomics Limited

14 Sep 21

Powerhouse Energy - Funding De-risks European Project

Powerhouse’s partner HUI’s funding of long lead time items shows a commitment to the company’s first European project in our view. As with Powerhouse’s own funding of similar items at the initial UK project, this helps to de-risk the timeline and moves the company towards establishing a wider European market.

Companies: Powerhouse Energy Group PLC

16 Sep 21

LIBERUM: Kier Group - Less revenue, much more profit

Companies: Kier Group plc

20 Sep 21

Open Orphan - Interim results

Interim results showed a 240% (+£15.2m) increase in proforma revenues to £21.9m, with sequential half-yearly growth of 55% (+£7.8m), driven principally by non-COVID-related studies. The company has guided to revenues (including other income) of c.£40m in 2021 and is targeting c.£50m in non-COVID revenue in 2022, with any COVID-related revenue being in addition to this. The shortfall from our previous 2021 estimate of £46m is attributed predominantly to the ongoing completion of a COVID challenge

Companies: Open Orphan Plc

21 Sep 21

Strong H1 showing; tougher times ahead

Kingfisher reported better-than-expected figures at its H1 FY21/22 results, with lfl sales and adjusted PBT coming in ahead of market expectations and management’s guidance. Lfl sales outlook for H2 has been raised, the share buy-back programme re-introduced and the interim dividend increased. However, the share price was down c.5% today, as investors worried about inflationary cost pressures and supply chain constraints which are expected to continue into 2022. We will update our estimates and

Companies: Kingfisher Plc

21 Sep 21

McDonald's Corp - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 9/21

Fast food titan, McDonald's delivered a solid set of results for the second quarter surpassing Wall Street expectations and is poised for a strong year ahead. The company saw its global comparable sales grow by a staggering 40% and around 7% on a two-year basis which is truly exceptional. It has had a particularly remarkable performance in its international operated market segment where its comparable sales were up 75%, or nearly 3% on a two-year basis. The management has focused on drive-thru,

Companies: McDonald's Corporation (MCD:NYSE)McDonald's Corporation (MCD:NYS)

21 Sep 21

Adobe Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 9/21

Adobe has experienced another outstanding quarter because of global digital transformation. In the second quarter, its revenue grew by $3.84 billion indicating a staggering 23% year-over-year growth. One of the biggest drivers of Adobe’s recent revenue growth in its Digital Media business in both Creative Cloud and Document Cloud, achieving $2.79 billion in revenue, representing 25% year-over-year growth. Furthermore, its net new Digital Media Annualized Recurring Revenue (ARR) grew by $518 mill

Companies: ADOBE SYSTEMS (ADBE:NYSE)Adobe Inc. (ADBE:NAS)

21 Sep 21

Campbell Soup Company - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 9/21

Like most other food companies, Campbell Soup continues to struggle with inflationary pressure but it did manage to deliver a decent set of results that exceeded the market expectations across all the three key metrics i.e., net sales, adjusted EBITDA, and adjusted earnings. Its overall sales declined by 16% as compared to the same period in 2020 on account of tough comps and revenues declined across both, Meals & Beverages as well as Snacks categories although there was some decent growth in it

Companies: Campbell Soup Company (CPB:NYSE)Campbell Soup Company (CPB:NYS)

21 Sep 21

Docusign Inc - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 9/21

DocuSign delivered another strong result with a perfect balance of growth and profitability at scale in the second quarter. The company saw a staggering 50% year-over-year growth in revenues which crossed the $500 million mark on a quarterly basis whereas the company’s billings increased by 47% year-over-year to $595 million. DocuSign's subscription revenue increased by 52% year-over-year to $493 million as a result of strong customer demand, early renewals, and driven by accelerated consumption

Companies: DocuSign Inc (DOCU:NYSE)DocuSign, Inc. (DOCU:NAS)

21 Sep 21

CBD Science Group looks to raise £2M in a Series A round to advance its plant-based cannabinoid therapy

21 Sep 21

CBD Science looks to raise £2M in Series A to advance its plant-based cannabinoid therapy in the UK

21 Sep 21

Hybridan Small Cap Feast 21-09-2021

Joiners No joiners today. Leavers Plutus Powergen has left AIM. What’s cooking in the IPO kitchen? Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European

Companies: ALS APP BOD DXRX EDR EOG KOO RBBS TRP UOG

21 Sep 21

Skinny Drinks Group new Managing Director Kavita Healy presents 'phenomenal brand proposition'

21 Sep 21

Cambridge Cognition report 50% year-on year growth as interest in virtual clinical trials grows

21 Sep 21

Esker - Returning to pre-COVID-19 growth path

Esker’s H121 results confirm growth has accelerated after a period of COVID-19-induced weaker demand in FY20. Revenue growth of 19% y-o-y compares to 8% growth in H120 and FY20. Despite increasing headcount by 12% y-o-y, Esker reported operating profit growth of 47% and an operating margin at the higher end of the company’s 13–15% target range. While FY21 guidance is unchanged, our earnings forecasts for FY21/22 have been revised to reflect the pace of cost increases and wage inflation.

Companies: Esker (ALESK:EPA)Esker SA (ALESK:PAR)

21 Sep 21

Brandshield - House Test

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Companies: BrandShield Systems plc

21 Sep 21

European Assets Trust - Performance, income and a well-balanced portfolio

European Assets Trust (EAT) aims to achieve long-term growth of capital through investments in smaller European companies (excluding the UK). EAT’s managers Sam Cosh and Lucy Morris believe such companies are often not well-researched or appreciated. This leads to market inefficiencies, which Cosh and Morris seek to exploit to deliver a superior long-term investment performance. The managers grasped the opportunities created by last year’s sharp market sell-off to add new names at attractive pri

Companies: European Assets Trust PLC GBP

21 Sep 21

Shore Capital - Kape - House Test

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Companies: Kape Technologies Plc

21 Sep 21

Wressle field update

The Wressle oil field, in which Union Jack (UJO) holds a 40% working interest has achieved flow rates of 964 boepd from the primary Ashover Grit reservoir. This has been attained on a restricted choke setting and no formation water has been produced as the well continues to clean up. This is very positive news for UJO given that the reported flow rate exceeds initially forecasted rates by a substantial margin and further operations to increase gas handling capacity could increase hydrocarbon

Companies: Union Jack Oil Plc

10 Jun 21

Agronomics (LON:ANIC) Presenting at the Cenkos Growth & Innovation Forum - Tuesday 8th June 2021

24 May 21

Agronomics set to 'completely disrupt the agricultural sector'

11 Jun 21

Sirius Real Estate grows dividend by over 10%, revealing 'good year' in terms of output and results

18 Aug 21

Deltic Energy present details of farm-out deal with Cairn Energy PLC and how it benefits the firm

02 Jun 21

Open Orphan has 'firmly established its core pharma services offering'

03 Dec 20

Market Report: Brexit woes and UK supermarkets' pay back government support

06 Jul 21

FTSE sinks lower as traders await the US markets' opening with little major domestic news to chew on

11 Aug 21

Lowland Investment Company plc - Janus Henderson Investors

13 Sep 21

Chesnara 'expands size of UK business as consolidator' with Sanlam Life & Pensions UK Limited (SLP)

07 Sep 21

Bango delivers strong rise in first-half revenue as online spending surges

16 Jul 20

Market Report: FTSE 100 retreats as UK employment tumbles

16 Jul 21

Bango: Building on strong foundations laid in 2020, sustaining high growth in first half of 2021

09 Dec 19

Open Orphan PLC's Cathal Friel details merger with 'sleeping giant' hVIVO

10 Mar 21

bet-at-home - executive interview

21 Jun 21

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