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

27 Sep 21

Boohoo Group Plc (BOO LN) - Publication of international factory list

Publication of international factory list: Today’s publication of the Group’s international factory list meets its pledge for full supply chain transparency within 12 months of the Independent Review into its supply chain, published by Alison Levitt QC in September 2020. The list details c.1,100 factories following an extensive mapping and audition exercise that was begun in 2020. The Group has also announced its intention to sign the International Accord for Health and Safety. This is a legally

Companies: boohoo group Plc

24 Sep 21

Revolution Beauty (REVB LN) - Initiation: Viva la Revolution

Revolution Beauty is a multi-brand, multi-category, multi-channel, mass beauty innovator with proven global scale. Since launch in 2014, the Group has grown rapidly (FY14 – FY19 CAGR of 99%) generating revenue of £137.5m in the 12m to 31 December 2020. Revolution has an established retail footprint of c.11,000 doors across leading retail chains in the UK, USA and internationally, driving global brand recognition. This is complemented by a fast-growing digital business (+81% in 2020) including it

Companies: Revolution Beauty Group plc

23 Sep 21

Interim results highlight temporary margin drag

H1 EBITDA declined by 45% YoY, albeit this was slightly better than we had anticipated after the pre-close update in August. The beat was cost related (efficiencies/savings). There was a significant gross margin drag though and, while transitory in nature and diminishing in H2, this means further savings need to be realised to hit full year forecasts. This is our view and we retain a good level of confidence in next year’s forecasts. Having de-rated, valuation looks very undemanding now on just

Companies: Venture Life Group Plc

23 Sep 21

Savannah Resources (SAV) - Interims – a period of consolidation, strong catalysts to come

Savannah provided its interim snapshot yesterday and it is worth pointing out where it has come from and where it is going to, with a catalyst-rich future ahead of it. The Mina do Barroso project remains one of the most advanced spodumene projects in Europe and as such is very well located in terms of market (close to a main end-use market with all the freight savings – cost and carbon – that implies) and available green energy to power production. The project benefits from political support fo

Companies: Savannah Resources Plc

27 Sep 21

AFC Energy (AFC) – RNS Reach: Extreme E Mid-Season Update

Our conviction in AFC Energy is fundamentally premised on our appreciation of the unique attributes and qualities of AFC Energy's technology. We have long believed its systems are robust – chemically and otherwise. Nevertheless, we are very impressed with the delivery achieved by AFC Energy's systems in the most arduous conditions on the planet. To have successfully featured as the primary power source to charge the vehicles in each of the first three races is a very strong statement that unequi

Companies: AFC Energy plc

21 Sep 21

Shore Capital - Kape - House Test

test

Companies: Kape Technologies Plc

23 Sep 21

AGM update - risks on the upside

Begbies has issued an AGM update that confirms the group has had a good Q1 with double-digit revenue and profit growth, benefiting from a contribution from recent acquisitions which management has confirmed are performing in line with expectations and a recovery in activity levels within the Property division. Management has also confirmed that the group is on track to meet market expectations for the full year. As we have said previously, a return to pre-pandemic insolvency volumes would offer

Companies: Begbies Traynor Group plc

23 Sep 21

Phoenix Copper (PXC) - Operational Update

Phoenix copper today provides an operational update with plenty of work streams running in parallel. It continues to make progress on finalising plans for bringing the Empire oxide open pit into production after nearly completing its hydrological studies and finalising plans for a permanent mine office in Mackay – 5 miles from the proposed operation.

Companies: Phoenix Copper Ltd. (United Kingdom)

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

22 Sep 21

Jersey Oil and Gas* - H1 2021 results

H1 2021 results

Companies: Jersey Oil & Gas PLC

22 Sep 21

Another suitor at Entain's door

Draftkings has made a £16.4bn ($22.4bn) bid to acquire Entain in a cash (630p) and stock offer, valuing the target at 2800p/share. While the bid is promising, MGM (BetMGM’s JV partner) can throw a spanner in the works (counter-bid or a veto).

Companies: Entain PLC

27 Sep 21

EQTEC* - Southport Project Acquisition

EQTEC have confirmed that they have signed a Share Purchase Agreement with Rotunda Energy Ltd and its subsidiary Shankley Biogas Ltd to acquire ownership of the Southport Hybrid Energy Project from Rotunda.

Companies: EQTEC PLC

20 Sep 21

Central Asia Metals: H1 2021 Interim Results

Central Asia Metals (CAML LN) reported strong interim results as copper, lead and zinc prices extended their gains up 21%, 11% and 12% YTD. H1 2021 revenue of US$101m was up 42% YoY, EBITDA of US$64m was up 52% YoY and the EBITDA margin increased 5pp to 61%. With no significant other charges, net income was up 69% YoY to US$42m. Having marked to market our commodity price assumptions, our estimates are broadly unchanged meaning CAML remains well on track for a record year of earnings underpinned

Companies: Central Asia Metals Plc

21 Sep 21

Trading in line; strong H1 performance as ExpressVPN nears completion

As expected, the digital privacy and security specialist has delivered a strong performance in H1 FY21A immediately ahead of its blockbuster acquisition of ExpressVPN, with revenue growth of 62% to $95.5m and adjusted EBITDA growth of 75% to $28.7m (materially consistent with the trading update issued on 20 July 2021). Such impressive trading reflects a circa four-month contribution from Webselenese as well as higher organic revenues for both the privacy- and security-based software solutions. P

Companies: Kape Technologies Plc

27 Sep 21

Hybridan Research: 24-09-21 Symphony Environmental Technologies PLC: Further strategic investment of £750k at 30p

The global science-based group that makes plastic and rubber products "smarter, safer and sustainable", today announced that Vincel Investment Holdings Limited has invested a further £750k in the Company via a subscription at 30p, a premium of approximately 13 per cent. to yesterday’s close. We have amended our year end net cash estimate accordingly to £1.4m. In addition, 2.5 million warrants have been granted to Vincel at an exercise price of 40 pence per Ordinary Share and are exercisable for

Companies: Symphony Environmental Technologies plc

27 Sep 21

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

Twilio Inc. is a cloud software as a service (SaaS) provider that has seen one of the most remarkable growth stories since its IPO from way back in 2016. The company has been an excellent example of a stock that has been in a long-term bull run where it has been extremely difficult to determine a suitable entry point. Twilio delivered another strong quarterly result and has been benefitting heavily from the strong macro for cloud-based communication platform providers. This is our first report o

Companies: Twilio Inc (TWLO:NYSE)Twilio, Inc. Class A (TWLO:NYS)

27 Sep 21

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

This is our first report on Etsy Inc., one of the leading global online marketplaces for handmade and vintage goods. The company has had a phenomenal growth trajectory over the past few months despite going through its fair share of volatility. Its growth story has been a function of both, a strong organic growth strategy coupled with a series of acquisitions. Etsy has expanded its e-commerce ecosystem as well as its product base through acquistions like Elo7, a Brazil-based handmade goods marke

Companies: ETSY (ETSY:NYSE)Etsy, Inc. (ETSY:NAS)

27 Sep 21

Hybridan Research: 27-09-21: Crossword Cybersecurity PLC: 22% H1 growth with expansion set to accelerate

Crossword Cybersecurity plc have published their Interium Results 2021. We have published research on this which is attached and a snapshot of the research is below. The technology commercialisation company focused solely on cyber security and risk, has announced HY Jun 2021 results, reporting another period of strong double-digit growth. Group revenue grew by 22% to £825k, with product and consulting revenue increasing by 30% compared with the same period last year. Total comprehensive loss fo

Companies: Crossword Cybersecurity Plc

27 Sep 21

Chariot Energy Adonis Pouroulis presents plans for large-scale green hydrogen project in Mauritania

27 Sep 21

Hybridan Small Cap Feast 22/09/2021

Joiners No joiners today. Leavers Nucleus Financial Group 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-Europe

Companies: ZIN SHED HUW IXI PHC

27 Sep 21

Hybridan Small Cap Feast 23/09/2021

Joiners No joiners today. Leavers John Laing Group has left the Official List (premium) 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 l

Companies: CFCP CIC KIBO KMK PEG QFI

27 Sep 21

Full speed ahead at multiple US lithium assets

Bradda Head Lithium (recently renamed from Bradda Head Holdings), has released further assay results from the Burro Creek East sedimentary lithium project in the US. The results come from the 3rd hole designed to twin historical holes (2018) that returned high-grade lithium intercepts. The results not only confirm historical intercept widths but also indicate higher grades in certain intervals. Furthermore, lithium mineralisation has again been confirmed in the historically untested lower clay z

Companies: Bradda Head Lithium Limited

27 Sep 21

Repeating 2018 mid-term targets

Nokian Tyres presented a mid-term outlook broadly similar to the one revealed during the last CMD back in 2018. Top-line growth and geographical expansion are the key foci, while the EBIT margin and ROCE should gradually return to the lower end of the historical range. Given its dominant market share in the Nordics, growing Central Europe and North American volumes is a must but this poises a risk to Nokian’s record-high profitability.

Companies: Nokian Renkaat Oyj

27 Sep 21

Hybridan Small Cap Feast 24/09/2021

Joiners No joiners today. Leavers Danakali has left the main market (Standard). What’s cooking in the IPO kitchen? Press reports that Law firm Mishcon de Reya has agreed a merger with life sciences specialist Taylor Vinters after recently confirming its plans to go public on the London Stock Exchange (LSE). 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 C

Companies: TLY SYM FAB IOF MSYS CGH

27 Sep 21

AfriTin Mining 'we have ability to be profitable as well as scalable' with revenues up over 400%

27 Sep 21

Hybridan Small Cap Feast 27/09/2021

Joiners Alkemy Capital (ALK.L) has joined the Main Market Standard. The Company was formed to undertake an acquisition of a controlling interest in a company or business, targeting an acquisition in the mining and technology metals sectors. At the Placing Price and on Admission the Company will have a Market Capitalisation of £2,999,999.50. Leavers No leavers today. What’s cooking in the IPO kitchen? Press reports that Law firm Mishcon de Reya has agreed a merger with life sciences specialist Ta

Companies: SEMP MMAG MNO SPA BKS JAY CCS FUM

27 Sep 21

Cornerstone FS tap into sizeable and growing market in Middle East by opening office in Dubai

27 Sep 21

ETC Group launches fourth crypto offering - a Bitcoin Cash Exchange Traded Product (ETP)

27 Sep 21

Symphony Environmental build confidence as Vincel Investment Holdings Limited increase investment

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'

13 Sep 21

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

18 Aug 21

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

11 Jun 21

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

07 Sep 21

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

11 Aug 21

Lowland Investment Company plc - Janus Henderson Investors

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

16 Jul 20

Market Report: FTSE 100 retreats as UK employment tumbles

06 Jul 21

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

10 Mar 21

bet-at-home - executive interview

21 Jun 21

FTSE dips into the red this Monday as worries over a sooner than expected hike to US interest rates

09 Dec 19

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

16 Jul 21

Most viewed research