Research Tree | Equity Research for Investors

15 Jun 21

boohoo group plc (BOO LN) - Key markets outperforming

boohoo Group has announced solid Q1 FY22 trading with Group revenue +32% YOY ahead of ZC forecasts (+25%) and consensus expectations (+28%), driven by strong momentum in key markets of the UK (+50% YOY) and USA (+43% YOY) despite tough PY comps (Q1 FY21 +45% YOY).

Companies: boohoo group Plc

09 Jun 21

Cenkos: Seeing Machines Ltd -- Aviation deal with CAE for Australian Defence customer

Seeing Machines has announced that it has been appointed by CAE Australia to integrate its precision eye-tracking technology, for an Australian defence industry customer. The engagement is valued at A$1m over five years and comes at the end of a successful direct engagement between Seeing Machines and an Australian defence industry innovation programme delivered over the past two years. This programme exceeded all stakeholder expectations and has opened several additional opportunities across th

Companies: Seeing Machines Limited

14 Jun 21

Cenkos: Kromek Group Plc -- Major new DARPA contract

Kromek has been awarded a $6m contract extension from DARPA for the Phase II development of a biological threat detection system. The 28 month milestone based contract will account for a material amount of our forecast incremental revenue growth in 2022E. We believe the commercial value of the system once rolled out could provide a revenue opportunity materially in excess of the development value awarded to date.

Companies: Kromek Group Plc

16 Jun 21

BOTB - Final results in line; additional special dividend

The final results are in line with forecasts, confirming exceptional growth in the year. The group has also announced a second special dividend of 50p per share taking the total special dividend for the year to 90p per share.

Companies: Best of the Best plc

11 Jun 21

LIBERUM: Frontier Developments* - Record FY21, JWE 2 revealed for FY22

Frontier have delivered record revenues for FY21 that were slightly ahead of our expectations, thanks to a strong performance across all four franchises and despite the challenges that faced the recent Odyssey launch. We now know that the FY22 upcoming licensed IP game will be Jurassic World Evolution 2, a sequel to Frontier’s biggest-selling game to date that will launch later this year. Simultaneously the Board are providing prudent revenue guidance which assumes that the first F1 management t

Companies: Frontier Developments Plc

15 Jun 21

LIBERUM: Ramsdens Holdings* - Good outcome in challenging conditions

Ramsdens interim results highlight the resilience of the business model. Despite the prolonged UK lockdown and international travel restrictions materially impacting the business, we believe a pre-tax loss of only £0.1m was a great result. Moreover, the balance sheet remains strong with net assets up £0.5m HoH to £35.5m and net cash at £15m. While FY2021 has been tough due to COVID-19, management remain confident and are positioning the business for growth with a pipeline of six new stores, incl

Companies: Ramsdens Holdings PLC

09 Jun 21

Major US licence & supply agreement

In an encouraging sign of building US momentum, Yourgene has announced it has signed a multi-year licence and supply agreement with a major US precision medicine company to enable it to offer a new reproductive health screening service from its own laboratories. The agreement encompasses a non-exclusive licence to Yourgene’s proprietary bioinformatics Flex analysis software and a supply agreement for sample preparation reagents and instrumentation. Notably, this includes the Ranger sample enrich

Companies: Yourgene Health Plc

14 Jun 21

LIBERUM: Ted Baker* - A transformational year

FY21 underlying loss before tax of £59.2m was better than our forecast £79.9m, driven by higher revenue (stores) and a better gross margin. Year-end net cash (pre-reported) of £66.7m was well ahead of our forecast of £7.1m this time last year. We leave our profit forecasts unchanged, but the shape alters with lower sales and a higher gross margin as TED’s full price stance begins to kick-in supported by the new product offer. Management has delivered impressively on the Year 1 targets set out in

Companies: Ted Baker PLC

14 Jun 21

Allenby Capital TMT Update - 14.06.21 - TERN.L, CPX.L, MWE.L, NWT.L, BIRD.L

Tern plc* (TERN.L, 23.75p/£78.5m) | CAP-XX Ltd* (CPX.L, 8.15p/£36.0m) | MTI Wireless Edge Ltd* (MWE.L, 64.5p/£57.1m) | Newmark Security plc* (NWT.L, 1.2p/£5.6m) | Blackbird plc* (BIRD.L, 32.0p/£107.9m)

Companies: TERN CPX MWE NWT BIRD

14 Jun 21

LIBERUM: SThree* - H1 21E NFI and PBT ahead of H1 19

We increased our forecasts on 3 June as SThree pre-announced the strength of Q2. Today’s full release shows Q2 NFI +22% y-o-y and H1 NFI +3% on H1 19. The contractor order book is up 33% and productivity +36%. We make no changes to forecasts today, but now expect H1 21 PBT of £27.4m, up 14% on H1 19. Our H2 estimates are cautiously set, reflecting more normalised contractor working hours and selective headcount investment. We see the risks to be on the upside. Maintain Buy.

Companies: SThree plc

16 Jun 21

Cenkos: Time Finance plc -- Inflection point of financial recovery

Today's trading update confirms a resilient profit delivery consistent with FY20A, despite challenging conditions over FY21E, which saw a notable reduction in originations and Time's lending book. With the UK economy reopening at the year-end, with strong GDP growth expected over 2021, we see a healthy rebound in SME demand for Time's credit products as likely. This should provide an inflection point for own-book originations, the lending book's size and profits, despite some reinvestment over F

Companies: Time Finance plc

14 Jun 21

Cenkos: Pelatro Plc -- Placing to fund new service line

Pelatro has raised £2.15m in an equity Placing to fund an expansion of a new service line in mobile advertising. This is an adjacent product space to which the core data analysis business is able to direct traffic for targeted marketing purposes. The beneficial impact of this expansion should be felt from 2022E onwards.

Companies: Pelatro Plc

10 Jun 21

LIBERUM: Staffline Group* - Updated numbers after the raise

Staffline’s raise has generated £44m of net proceeds. The debt re-fi simplifies the bank lending and provides ample head-room. The circular points to FY results in line. Staffline has also reported a strong start to the year, with potential upside from Restart. FY 21 FD EPS increased by 57% and FY 22 reduced by 8% to reflect the mechanics of the re-fi and no tax. We expect the conversion rate to continue increasing. The B/S looks sound with expected FY 22 covenant net debt / EBITDA of 3.0x. We h

Companies: Staffline Group plc

15 Jun 21

Cenkos: TP Group Plc -- FY20A Results

Despite the challenges presented by Covid-19, TP Group was able to report organic revenue growth of 9% YoY in FY20A, and total revenue up 20% YoY. Aided by strategic acquisitions, non-core business disposals, and investments made within the group, the company should be well placed to benefit as trading conditions normalise. With visibility improving, we release new forecasts for FY21E and FY22E (Adj EBITDA of £4.2m and £5.1m respectively). Given the improving outlook, and a record order book (£6

Companies: TP Group Plc

16 Jun 21

Westminster Group* - New 10yr Port Screening Managed Services Contract

Hot on the heels of yesterday's 20yr airport security contract in DRC, Westminster Group has announced the award of a 10yr port screening managed services contract at Monrovia Freeport in Liberia. The fact that this was a competitive tender and comes on top of the recently announced DRC deal suggests an increasing endorsement of Westminster Group's offering which investors should acknowledge and sharply re-rate the shares.

Companies: Westminster Group plc

16 Jun 21

The Conscious Fund 'look for breakout winners of tomorrow'

16 Jun 21

Gresham House Strategic present results: 44% NAV growth driven by over £14mln of new investments

16 Jun 21

SGT German Private Equity - PE fund first close expected shortly

SGT German Private Equity (SGT) reported a €0.7m net loss in FY20 compared to €3.7m loss in FY19 (excluding the deconsolidated Exozet). The company finalised its merger with SGT Capital in January 2021 and expects the first close of the PE fund in the coming weeks with c US$1.0bn in funds and subsequently to start collecting management fees. SGT expects to close several PE transactions on companies with an enterprise value of €200–800m by the end of FY21 and the asset management business should

Companies: SGT German Private Equity GmbH & Co. KGaA

16 Jun 21

Mosman Oil and Gas talks Falcon-1 production and Amadeus Basin airborne survey

16 Jun 21

S Immo - Future strategy depends on takeover bid

So far, S Immo has weathered the COVID-19 crisis relatively well, with its EPRA net tangible assets (NTA) per share down by only c 6% between end-2019 and end-March 2021, mostly due to the impact on its hotels (c 9% of its property portfolio at present). Its future investments agenda depends on the outcome of the IMMOFINANZ takeover bid. Success would trigger a review of its hotel and residential strategy, whereas a failure would likely result in the sale of its minority stakes in both listed pe

Companies: Sparkassen Immobilien (SPI:VIE)S IMMO AG (SPI:WBO)

16 Jun 21

Incredible numbers...

Swissquote released this morning a trading update regarding the expected results for H1 21. These are simply impressive. The company indeed expects CHF260m in revenues and CHF130m in pre-tax profit for H1 21. As a comparison, the previous guidance for FY2021 was total revenues of CHF360m and pre-tax profit of CHF130m. Guidance will therefore be sharply revised upwards and we will adjust our forecasts accordingly.

Companies: Swissquote Group Holding Ltd.

16 Jun 21

M&G Optimal Income Fund June 2021

Companies: M&G Plc

16 Jun 21

Filta Group Holdings see 'big uptick' in US markets beyond pre-covid levels and 'ramping up' in UK

16 Jun 21

HANetf's Solar Energy UCITS ETF shines on LSE delivering investors exposure to solar energy area

16 Jun 21

Momentum continues after resilient FY2021

Britain’s leading structural steel specialist slightly beat our previously increased estimates for FY2021, with adjusted PBT of £24.3m in today’s results, against our estimate of £24.0m. “Considerable positive momentum” has continued into FY2022E, with an increased order book in both UK & Europe and also in the Indian JV, despite the second wave hitting the subcontinent. We are not changing our FY2022E estimates, being early in the financial year, but continue to believe the Group is strongly pl

Companies: Severfield Plc

16 Jun 21

Voyager Life: On a journey to a summer London listing on Aquis

16 Jun 21

SP Angel Morning View: Copper prices fall as China steps up efforts to reign in commodity prices

Bluejay Mining* (JAY LN) – Arctic states are opening up the region through their competition for seabed Castillo Copper (CCZ LN) – Drilling underway at the Mt Oxide project following the recent fund-raising Cora Gold (CORA LN) – Zone A drilling results Empire Metals* (EEE LN) – Exploration commences at Central Menzies Gold project Kodal Minerals* (KOD LN) / Firefinch (FFX AU) – Firefinch outline $130m deal with Ganfeng Goulamina lithium development W Resources (WRES LN) – Completion of wate

Companies: JAY CORA EEE WRES KOD CCZ FFX

16 Jun 21

Newly Discovered Oxides at the Cindy Target

Marimaca, the Chilean-focused copper developer, yesterday announced that is has intersected near-surface copper oxide mineralisation at its Cindy target located 5km north of the main Marimaca Oxide Deposit (MOD). The intersections are from two holes as part of a nine-hole shallow RC discovery drilling program at Cindy. This is a continuation of the company's broader exploration strategy on multiple targets on the company's license area which is approximately 20km from the coastal port of Mejill

Companies: Marimaca Copper Corp.

16 Jun 21

Eight Capital Partners 're-shaping' strategy to be at 'forefront of investing in new tech DeFi'

16 Jun 21

SP Angel Morning View: Copper prices fall as China steps up efforts to reign in commodity prices

Bluejay Mining* (JAY LN) – Arctic states are opening up the region through their competition for seabed Castillo Copper (CCZ LN) – Drilling underway at the Mt Oxide project following the recent fund-raising Cora Gold (CORA LN) – Zone A drilling results Empire Metals* (EEE LN) – Exploration commences at Central Menzies Gold project Firefinch (FFX AU) – Details on the Ganfeng proposed $130m JV investment Kodal Minerals* (KOD LN) – Firefinch outline $130m deal with Ganfeng Goulamina lithium de

Companies: JAY CORA EEE WRES KOD CCZ FFX