Research Tree | Equity Research for Investors

13 Jan 22

LIBERUM: Sylvania Platinum* - Rhodium starts 2022 with a bang

Companies: Sylvania Platinum Ltd.

11 Jan 22

LIBERUM: Bango* - Strong FY Trading Update

Companies: Bango plc

11 Jan 22

Robust production, strong metals prices and move to net cash position point to dividend growth

Despite a mixed 2021 – with Kounrad once again beating guidance but Sasa slightly missing targets owing to challenging ground conditions and lower grades – CAML enters 2022 in fine fettle with a strong balance sheet and all three of its metal products riding high. We are pleased to hear that the recent unrest in Kazakhstan has not impacted operations at Kounrad, and are encouraged that the transition to cut-and-fill mining at Sasa remains on schedule (which should see a much more stable operatin

Companies: Central Asia Metals Plc

13 Jan 22

Frontier Developments - H1'22 Interim Results: Caution Ahead!

H1'22 Interim Results: Caution Ahead!

Companies: Frontier Developments Plc

18 Jan 22

LIBERUM: Gattaca* - A delayed recovery in contract

Companies: Gattaca plc

18 Jan 22

Further upgrades for FY'21

Kape has provided a post-close trading update, highlighting revenues significantly ahead of consensus at $230m (cons: $201m), up +89% y/y. Part of this beat is attributable to ExpressVPN (not included in our forecasts) which contributed $18m from 16th December. Underlying revenues were still 5% ahead of consensus at $212.5m driven by the continuation of high renewal rates (82%) and strong organic adds which contributed to a 0.5m organic net increase in subscribers (+18% y/y). Management have uti

Companies: Kape Technologies Plc

18 Jan 22

SHORE CAPITAL - KAPE TECHNOLOGIES+ (KAPE) - House stock, 408p

In a trading update, Kape has confirmed strong growth for the year ended 31 December 2021 (FY21F). Including the contribution of ExpressVPN, revenue is expected to be substantially ahead of previous guidance at c. $230.5m, up 89%. Excluding this contribution, the business performed 5% ahead of the upper range of previous guidance. Adjusted EBITDA (including ExpressVPN) advanced by 97% YoY to $77.0m, in line with guidance. The guidance issued at the time of the ExpressVPN acquisition is confirmed

Companies: Kape Technologies Plc

12 Jan 22

LIBERUM: Frontier Developments* - H1 sales +33%, FY22E sales range narrowed, FY23E sales range updated

Companies: Frontier Developments Plc

12 Jan 22

SHORE CAPITAL - Mpac Group+ (MPAC, House Stock, 514p)

Mpac, the specialist high-speed packaging and automation solutions provider, supporting the roll-out of next-generation technologies, has today (12 January 2022) published a FY21F trading update (Y/E December). Overall, despite the operational challenges, Mpac’s high-quality, agile and resilient business model has come to the fore. The Group has reported year-on-year (yoy) growth in order intake, revenue and adj. PBT; its ‘One Mpac’ business model continues to progress strongly, in our view. As

Companies: Mpac Group PLC

17 Jan 22

SHORE CAPITAL - H&T Group+ (HAT) House Stock, 293p

H&T Group (‘H&T’), the UK’s leading pawnbroking business, has issued a positive trading update covering the year to 31 December 2021. The pledge book has increased by much more than expected during H2 as demand for pawnbroking loans increased sharply through November and December. Retail sales are also back above pre-pandemic levels in H2 and ahead of plan, with performance elsewhere in-line. Profitability is said to be within market expectations and would likely have been ahead had it not been

Companies: H&T Group plc

18 Jan 22

Cenkos: Kromek Group Plc -- Imaging ramp

Kromek is on track for +45% YoY revenue growth in FY22E, over which it has very strong visibility. Component supply issues seen in 2021 have been ameliorated, and flattish H1A revenues belie a deferral of deliveries into H2E which have now been made. Kromek's markets are rapidly recovering and FY22E will generate a record revenue base for the Group.

Companies: Kromek Group Plc

13 Jan 22

SHORE CAPITAL - INITIAL MORNING TRADING COMMENTS

Issuer Sponsored JOHN MENZIES+ (MNZS, BUY at 315p) – Note Publication: Evolutionary trends… MARKS & SPENCER+ (MKS, HOUSE STOCK at 253p) Q3 TS – FY22 guidance firmed up, c5% underlying upgrade NORTHBRIDGE INDUSTRIAL SERVICES+ (NBI, House Stock at 174p) - Further progress in Tasman disposal FTSE 100 BUNZL^ (BNZL, BUY at 2723p) – Note published: Solid strategic outlook TESCO^ (TSCO, BUY at 292p) Q3 & Christmas TS – a beat to expectations and so further FY22 upgrades (c5%) FTSE 250 HILTON FOOD G

Companies: IDEA BRK ASC PFG MAB HFG TSCO BNZL NBI MKS MNZS

17 Jan 22

Unilever’s bid adds zing to Consumer Healthcare

GSK has rejected Unilever’s £50bn bid for the former’s Consumer Healthcare business. The British UK giant believes that the offer significantly undervalues its assets, but the acquirer increasing its offer won’t be an easy affair. Nevertheless, this offer is a validation of the underlying potential of consumer health offerings and, hence, we upgrade our divisional NAV estimates. Overall, GSK remains an attractive under-transition pharma story.

Companies: GlaxoSmithKline plc

14 Jan 22

Vertu Motors (VTU LN) - Underpinning long-term value

Alongside its primary franchised dealerships businesses (Vertu Motors, Bristol Street Motors and Macklin Motors), Vertu operates a number of ancillary businesses. These include car parts and accessories, cosmetic repairs, van retail broking to commercial customers, online lease advertising, and taxi supply. We think there is a great deal of growth potential and hidden value in these businesses – in this note we provide an overview of each business, before discussing our refreshed valuation estim

Companies: Vertu Motors PLC

19 Jan 22

City of London Investment Group (CLIG LN) - Stability & special dividend

City of London Investment Group’s interims trading update reveals solid investment performance in difficult markets, encouraging net inflows and strong balance sheet. Key points include:

Companies: City of London Investment Group PLC

20 Jan 22

H1 revenues up 44% to $20.8m, ahead of RaaS' forecasts

Pureprofile Ltd (ASX:PPL) is a data analytics, consumer insights and media company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers. Pureprofile has reported a 44% increase in H1 FY22 sales revenues to $20.8m driven by continued strong growth in the seasonally-biggest second quarter. Q2 FY22 revenues increased 31% to $10.6m and EBITDA for the quarter was $1.4m, an increase of 82% on pcp. H1 FY22 EBITDA was $2.5m

Companies: Pureprofile Ltd.

20 Jan 22

Q2 cash receipts accelerate, record cashflows

Pointerra Ltd (ASX:3DP) provides an end-to-end, cloud-based Data-as-a-Service (DaaS) solution for capturing, storing, manipulating and analysing massive 3D datasets in the geospatial sector. It has taken what has been a highly manual, slow and cost-prohibitive process and turned it into a fast, efficient workflow solution for 3D data, enabling digital asset management from any device in any location. Its customer base spans pole and power companies, resources companies, construction companies, g

Companies: Pointerra Ltd.

20 Jan 22

Continued growth depsite disruptions

Mad Paws Holdings Ltd (ASX:MPA) has provided a December quarter/half-year trading update with the release of its 4C quarterly cashflow report. The key take out from our perspective is that despite continued COVID-related disruptions over the half, new customers continued to grow (+21% on June 2021 to 133k), as did marketplace GMV and revenue at +39%. Waggly was a first-time contributor for a full half, helping to boost total revenue growth to ~240%. The cash position remains strong at $8.9m and

Companies: Mad Paws Holdings Ltd.

20 Jan 22

Shore Capital - Morning comments-TRANSGLOBE ENERGY+ (TGL, 238p, House Stock) – Eastern Desert production sharing contract execution

Egypt and Canada-focused producer TransGlobe has announced the execution of the new concession agreement consolidating and amending its three existing Eastern Desert concession agreements. As previously announced, the agreement was ratified into law by the Egyptian parliament last month, and has since been signed by the company at an official ceremony with the Ministry of Petroleum on 19 January. The company reiterates today that the agreement brings together its three Eastern Desert concessions

Companies: TransGlobe Energy Corporation

20 Jan 22

Verici Dx - Immunodiagnostics for kidney transplants

Verici Dx is an immunodiagnostics company focused on the development of tests for the kidney transplantation market. These tests use next-generation RNA sequencing to create a defined risk profile for transplant patients, allowing the tailoring of immunosuppressive therapy and identification of rejection events. The company has two lead products, the pre-transplant test Clarava, and a post-transplant early prognostic called Tuteva, both of which are in clinical validation trials. A third product

Companies: Verici Dx Plc

20 Jan 22

Cenkos: Time Finance plc -- Post-pandemic recovery firmly afoot

In today's interim results, Time Finance has continued to generate growth despite the persisting challenges of the pandemic. FY22E is a year of investment and transition to allow the company to ratchet up growth in FY23E to move towards their goal of doubling the gross loan book over 5 years. To achieve this, investment has been made across the sales resource of Asset, Invoice Finance and Commercial Loans divisions. The size of their own lending book has increased again and the quality has impro

Companies: Time Finance plc

20 Jan 22

WH Ireland: Pennant International (PEN) - FY update; software wins boost profits and order book, H2 return to profit

PEN's update this morning highlights further excellent progress with its software (integrated product support and related) business, which has continued to grow strongly over the past eighteen months. The company provides software and analytical services in parallel with highly technical engineering simulations, mainly focused on training and asset maintenance, now in the US as well as Canada, Australia, the Middle East and the UK. We anticipate continuing software momentum against the backdro

Companies: Pennant International Group plc

20 Jan 22

Valeura Energy (LSE: VLU): Looking to benefit from gas crisis

• Valeura held ~US$41 mm in cash with no debt. This is in line with our expectations and will allow the company to continue an inorganic growth strategy. Valeura is currently in discussions on several opportunities. • Given the very high gas prices in Europe, the payment of the royalty to Valeura associated with the divestment of the Turkish shallow production will be at the top of the range of expectations (US$2.5 mm) and is expected to be fully collected by YE22. • The ongoing gas crisis in E

Companies: Valeura Energy Inc.

20 Jan 22

SHORE CAPITAL - N Brown+ (BWNG), House Stock, 41p

N Brown Group (“N Brown”) has issued a trading update covering the 18 weeks (“18W”) and 44W to 1 January 2022 (“YTD”). The statement confirms very strong Clothing & Footwear (C&F) sales growth, albeit is broadly offset by a weaker Home & Gift (H&G) performance. We also highlight robust growth in strategic brands being offset by the ongoing decline in ‘other’ brands. The key features of the update are as follows:

Companies: N Brown Group plc

20 Jan 22

SHORE CAPITAL - Premier Foods+ (PFD), House Stock at 111p

Leading proprietary brand British food manufacturer Premier Foods (“Premier”) has issued a very pleasing Q3 FY22 trading statement covering the thirteen weeks (“13W”) to the 1 January 2022.

Companies: Premier Foods plc

20 Jan 22

Morning Note – 20 January 2022

Companies: ORPH PTY RBG

20 Jan 22

SHORE CAPITAL - Epwin Group+ (EPWN) House Stock, 103p

Epwin published a pre-close update this morning ahead of its FY21F results (expected 6 April 2022). Management has guided to FY21F revenues of £330m and adjusted PBT modestly ahead of the consensus forecast of £12.8m. We are confident that our FY21F adjusted PBT forecast of £13.7m, which is top end of consensus (source: FactSet), will be achieved and highlight Epwin s attractive valuation multiples (FY23F PER = 10.3x, DY= 4.9%). House Stock.

Companies: Epwin Group PLC