Research Tree | Equity Research for Investors

17 Jun 21

Excellent progress, well positioned

The Group has reported excellent progress in FY2021, despite Covid disruption, delivering adj. operating profit growth of 35.8%, some 5% ahead of that indicated in April’s trading update. The business has benefited from its diverse and resilient sector exposures, alongside exposure to a number of growth markets that include data centres and EV charge cables where revenue growth was 38% and 193% respectively. The business is well positioned into FY2022 with strong trading noted in the first 2 mon

Companies: Volex plc

17 Jun 21

Cenkos: Seeing Machines Ltd - 5 New automotive models confirmed

Seeing Machines has announced that its DMS software is now available across five additional vehicle models from world-leading automotive manufacturers. It has been working closely with Joyson Safety Systems since 2011 to integrate the Company's software into the General Motors' Super Cruise driver assistance feature. This system, based on the Company's FOVIO e-DME (embedded Driver Monitoring Engine) software, is now available in three new vehicle models including the General Motors' 2021 Cadill

Companies: Seeing Machines Limited

17 Jun 21

Open Orphan* - Broad Opportunity Set - Buy

Open Orphan reported its full-year results to 31 December (FY20) this morning. The group reported revenues and other income of £22m in 2020 with operating loss before exceptionals of £8.3m, slightly below expectations due to the phasing of costs through H2 2020. 2021 has started well and industry activity around COVID and respiratory disease provides a wealth of opportunity and 2021 catalysts.

Companies: Open Orphan Plc

17 Jun 21

Cenkos: OptiBiotix Health Plc - Final results

OptiBiotix has reported its final results for the year to December 2020, which are largely in-line with the financials reported with the recent ‘Strategy and commercial update'. 2020 was a strong year for the company as its two operational divisions achieved EBITDA profitability supported by increased commercialisation of the group's product range. This commercial moment has continued into 2021, as the company looks to scale its first-generation product sales with new product lines and new terri

Companies: OptiBiotix Health PLC

23 Jun 21

AFC Energy (AFC) - Interim results: Unique capabilities, near-term momentum, hydrogen critical clean energy enabler

Based on the commentary related to AFC Energy's interim results, we anticipate further near-term momentum growth from the company. Most importantly, AFC Energy has indicated that it has a current book of 50 qualified fuel cell deployment enquiries – the majority of which represent multiple order potential. From that book the company anticipates announcing further system deployments in the second half of the year. We highlight that AFC Energy's interim results for the six months ended 30 April 20

Companies: AFC Energy plc

17 Jun 21

Open Orphan - FY 2020 – Valuation upgrade

Full year results for the year ended 31 December 2020 reflect a transition year for Open Orphan. Its proforma results included revenues of £21.0m (2019: £22.5m, -7%), with an adjusted pre-tax loss of £9.3m (2019: £11.9m), and year-end cash of £19.2m. We upgrade our FY 2021 revenue forecasts to £46.0m (+4.8%) to reflect a stronger year-end pipeline that includes COVID-19 challenge study contracts, offset in part by higher costs of sales in delivering these contracts. Adjusted EBITDA is forecast a

Companies: Open Orphan Plc

17 Jun 21

Sumo Group (SUMO LN) - Firing on all cylinders

In today’s AGM statement, the Board reported that all divisions are “trading well” and the company is “performing in line with expectations in the year to date”. We are encouraged by the progress of Secret Mode, Sumo’s new publishing division, and see the potential for it to drive the company’s valuation higher. The company’s own-IP game, “Hood” appears to be performing well and could support margin and profit outperformance. Cash generation has been strong and supports a strong net cash outlook

Companies: Sumo Group Plc

21 Jun 21

Cenkos: Venture Life Group Plc - Financing update

Venture Life has announced it has entered into a Revolving Credit Facility (RCF) with Santander UK and Silicon Valley Bank. The funds, of up to £50m, provide leverage to the company's existing cash resources, and will support management's M&A ambitions, following the recent acquisition of BBI Healthcare for c£36m. We remain encouraged by Venture Life actively progressing its overall M&A strategy, which we expect to scale the company and provide operational leverage opportunities to maximise the

Companies: Venture Life Group Plc

18 Jun 21

Impressive new customer win

SmartSpace has signed a new international customer agreement with global airline caterer and hospitality services provider, Gategroup. The contract involves the deployment of SwipedOn’s Visitor Management solution across Gategroup’s international estate. The contract covers an initial 150 sites with the potential to expand to 200 locations globally in 60+ countries/territories. SwipedOn will be deployed immediately in the UK, Europe, USA and Australiasia. SMRT expects 100% of the revenues earned

Companies: Smartspace Software Plc

21 Jun 21

EQTEC* - Italia MDC Reaches Financial Close

EQTEC have just announced that financial close has been reached on the planned recommissioning of the 1MW EQTEC Italia MDC plant. EQTEC technology is being used to recommission the plant which will use straw and forestry wood waste to create energy.

Companies: EQTEC PLC

17 Jun 21

i3 Energy (I3E) - Operational update, income forecast & dividend update

i3 Energy announced that it is increasing its next-twelve-month net operating income guidance to $US44M (pro forma acquisitions and associated recompletions/drilling). Net of our estimated G&A expenditure of $US8.0M (£5.7M) that equates to an adjusted cash flow from operations estimate of $US36.0M (adjusted to nullify the effects of debt). That compares to our prior estimated adjusted cash flow from operations estimate of $US29.6M. The increase reflects operational activity, namely, the drilling

Companies: i3 Energy Plc

21 Jun 21

Velocys - First Commercial Flight

Successful completion of the first commercial flight using Velocys sustainable aviation fuel is clearly an important milestone for the company. We also think it shows that the collaboration agreement deal with Toyo Engineering is progressing, vindicating the company’s low capital licencing model, and opening the way to commercial revenues.

Companies: Velocys plc

22 Jun 21

Trackwise Designs - FY20 a transformational year, EV growing but re-phasing signalled

Trading results were in line with expectations, though with a larger than expected tax credit, EPS was ahead of expectations. The strong increase in revenues was boosted by the acquisition of SCL, while pandemic effects have been experienced on both customer demand and the supply chain. The rescheduling of EV production into early 2022, as well as supply chain issues, will affect FY21 sales and profits, partly offset by further new customer wins. We therefore reduce forecasts with EPS of 2.8p mo

Companies: Trackwise Designs Plc

22 Jun 21

Annus mirabilis…

Gear4music (G4M) has delivered a superlative set of results against the extraordinary backdrop of the past year. Profit measures are up at all levels, with the company swinging from a net debt to a net cash position at the year end. G4M has also announced plans to open two new European distribution centres and the strategic acquisition of two music brands to support its own brand offer. With a new £35m revolving credit facility (RCF) agreed, G4M is well placed to develop new complementary initia

Companies: Gear4music (Holdings) PLC

24 Jun 21

Valuation gains drive NAV, bonus performance fees

Mercia announced yesterday that it has received additional performance fees from the NVM VCTs – in part a result of the MusicMagpie IPO. Profit guidance is also indicative of continuing valuation momentum on balance sheet. We double FY21e PBT for the performance fees and nudge up NAV to 40p/share for the valuation gains. The shares trade on a 25% discount to NAV (35% excl. cash). Our SOTP points to c.50p/share intrinsic value – which does not capture value embedded in investments which are becom

Companies: Mercia Asset Management PLC

24 Jun 21

Drone Volt sells 50% of Aerialtronics to partner at a high valuation

Drone Volt has finalised this highly anticipated sale to its American partner Aquiline Drones at a valuation of €15m, which represents an added value of €6m for the French drone company. The discussions for the sale of 50% of Aerialtronics started in January 2021, and the deal was expected by the end of this year.

Companies: Drone Volt (ALDRV:EPA)DRONE VOLT SA (ALDRV:PAR)

24 Jun 21

Veltassa’ DIAMOND study amended

Following the recommendation from the independent study’s Executive Committee and the significant impact of COVID-19 on patient recruitment, Vifor has decided to alter the primary endpoint of Veltassa’s phase-IIIb DIAMOND study. The drug will now target a smaller patient base, thereby lowering its sales potential in the mid-term. However, the data read-out from the trials could be out earlier than expected.

Companies: Vifor Pharma AG

24 Jun 21

Alpha Financial Markets Consulting reflect on a 'great year, with progress across business'

24 Jun 21

Piedmont Lithium updates on latest scoping study and Sayona Québec investment

piedmont-lithium-updates-on-latest-scoping-study-and-sayona-qu-bec-investment

24 Jun 21

Silver Range Resources Options Legal Tender Property to QLM Royston Hills

24 Jun 21

Mode Global Holdings' CEO says securing key registration from FCA 'gives us platform to really grow'

24 Jun 21

Kavango Resources' new CEO Ben Turney presents his plans as the firm continue 'motoring forwards'

24 Jun 21

SP Angel Oil & Gas Daily Flow: 24/06/21

Market update - 24/06/2021

Companies: 88E BLOE TRP

24 Jun 21

First Property* - Final Results: A challenging period

Final Results: A challenging period

Companies: First Property Group plc

24 Jun 21

DeepVerge wastewater Covid-19 detection technology successfully completes trials

24 Jun 21

LIBERUM: Podcast: Best idea of the week - UK Healthcare Narrowing our conviction

Companies: Medica Group Plc (MGP:LON)PureTech Health PLC (PRTC:LON)

24 Jun 21

AMTE Power (AMTE) – £5m APC Electric Vehicle Project Funding – Significant validation

AMTE states that ‘well known, leading global automotive manufacturers' are to be closely involved in the project as Steering Partners. This close co-operation and guidance on technical and commercial requirements with respect to their Ultra Energy and Ultra High Power cells, in our view significantly increases the prospect of AMTE's cells being adopted into vehicle prototypes (with prototype volumes to be produced at the UKBIC – UK Battery Industrialisation Centre), and with the ultimate prospec

Companies: AMTE Power Plc

24 Jun 21

Petards (PEG) - Contract extension

On the back of this announcement, we leave our forecasts unchanged (FY 2021E Revenue £14.0m, PBT £0.5m, EPS 0.8p, Net cash ex IFRS16 £2.3m, FY 2022E Revenue £15.0m, PBT £0.8m, EPS 1.4p, Net Cash £2.9m). While the last couple of years have been difficult for Petards, and that there will no doubt be further challenges ahead, the group should now be positioned well to build out from the current base and is supported by a strong cash position, a reduced cost base and solid order book for the months

Companies: Petards Group plc

24 Jun 21

VivoPower’s five year Toyota exclusive deal

24 Jun 21

SP Angel Morning View: China SRB sales make little impact on commodity markets

Ariana Resources (AAU LN) – Annual results timetable impacted by Turkish travel restrictions Atalaya Mining (ATYM LN) – Mineral reserves and resources update for Cerro Colorado and San Dionisio BHP (BHP LN) – plans to double exploration budget within five years Cornish Metals*+ (CUSN LN) – Quarterly update and progress report on exploration in Cornwall Keras Resources* (KRS LN) – Interim results Firefinch (FFX AU) – Raising A$47m to reinvigorate Morila

Companies: CUSN AAU BHP KRS ATYM FFX