Research Tree | Equity Research for Investors

21 Apr 22

LIBERUM: Emmerson* - Initiation - Best-in-class independent potash play

Companies: Emmerson Plc

04 May 22

Boohoo Group plc (BOO LN) - FY22 Results

• Financial performance: Group revenue of £1,982.8m is +13.6% YOY and +41.3% versus FY20, representing significant market share gains versus global apparel markets that remain below pre-pandemic levels (UK: +27.3% versus market -3%, US +3.8% versus market -9%). The UK delivered a standout performance +27.3% YOY with strong growth across both established and new brands. Demand in international markets has been impacted by extended delivery times due to constrained airfreight capacity, a headwind

Companies: boohoo group Plc

29 Apr 22

LIBERUM: Sylvania Platinum* - Production uplift coming

Companies: Sylvania Platinum Ltd.

20 Apr 22

Trading ahead of expectations

Volex has issued its year end trading update confirming revenues in excess of $605m and an operating profit in excess of $55m that are ahead of consensus FY22E expectations of $581m and $54.2m respectively. The Group continues to trade strongly whilst effectively managing global supply chain challenges and benefits from its proven ability to pass through inflationary cost increases, albeit with a time lag. Demand increased during the year, in particular in the EV sector where sales almost double

Companies: Volex plc

09 May 22

IOG - Forecast and valuation update

Forecast and valuation update

Companies: IOG PLC

16 May 22

WH Ireland: Jubilee Metals (JLP) - Operational update

Jubilee today provides an operational update on the ongoing commissioning at the new Inyoni chrome and PGM plants with Jubilee building up to steady state production for nameplate capacity of 1.2Mt chrome concentrate and 44koz PGM production per year. Remember processing chrome creates the upgraded PGM tailings for Jubilee to recover the PGMs (Jubilee being paid a small margin to preconcentrate its own feed) and with the expanded Inyoni there is no need to share the PGM revenues via a JV struct

Companies: Jubilee Metals Group PLC

12 May 22

SHORE CAPITAL - Kape Technologies (KAPE, House Stock at 343p)

Companies: Kape Technologies Plc

03 May 22

IOG - Operational update

Operational update

Companies: IOG PLC

27 Apr 22

Upgraded guidance despite asset quality deterioration

The group posted a good set of results characterised by stronger net interest income growth, better cost control and a slower cost of risk normalisation, thus enabling the management to upgrade its full-year RoTE objective to above 11%. On the negative side, asset quality deteriorated markedly, translating into significantly reduced solvency.

Companies: Lloyds Banking Group plc

26 Apr 22

City of London Investment Group (CLIG LN) - 3Q update & Board streamlining

CLIG’s 3Q IMS revealed $147m of net inflows and 4.8% fall in Sterling value of Group Funds under Management “FUM” (using today’s exchange rate the FUM is materially unchanged) and a reorganisation, which streamlines the Board.

Companies: City of London Investment Group PLC

17 May 22

SHORE CAPITAL - Sureserve Group (SUR) - House Stock at 85p

Companies: Sureserve Group Plc

11 May 22

Site Visit Report

Last week Tamesis visited a number of Tharisa PLC's assets including the Tharisa Mine and Arxo Metals Beneficiation Site (AMBS) in South Africa and the Karo Platinum Project in Zimbabwe. Overall it was an extremely well received trip with evidence of efficiency improvements at the Tharisa mine, unexpected cash generation from the Vulcan Plant, further cash from the Salene Chrome Plant and, it also impressed on us that the Zimbabwe risk to the build out of Karo is lower than the market perhaps th

Companies: Tharisa Plc

06 May 22

FY21 results update

S4 Capital has released very strong 2021 results and a robust start to 2022, and we raise our 2022 Gross Profit and EBITDA forecasts by +5% and +3%, respectively.

Companies: S4 Capital plc

10 May 22

Cenkos: Seeing Machines Ltd -- First Japanese OEM win

Seeing Machines has announced that it has been appointed by an existing customer and global Automotive Tier-1 supplier to deliver its FOVIO Driver Monitoring System (DMS) for a leading Japanese carmaker. This contract win, with an initial lifetime value of A$21m, is due to start production in 2025 and marks Seeing Machines' first production Automotive award in Japan bringing the total number of OEMs with which Seeing Machines has won business, to nine. Delivery is via the Company's deeply embedd

Companies: Seeing Machines Limited

17 May 22

Confidence in profitable expansion rebuilding

2021 was a tough year which saw the non-repeat of highly profitable hand sanitiser sales, almost no Chinese sales and the impact of input/cost inflation. However, it successfully integrated 2 acquisitions, which enhance the portfolio and earnings quality, and locked in the planned synergies. With new distribution agreements (inc to China), and mitigations in place to claw back lost margin, VLG looks set to return to profitable growth. The platform is highly scalable and trades on just 5x EV/EBIT

Companies: Venture Life Group Plc

19 May 22

Cenkos: GENinCode Plc - FY21 results and strategy update

GENinCode has reported upbeat results for the 12-months to December 2021 and provided an update on its commercialisation strategy. Revenues for the year grew 20% to £1.2m while the company's operating loss increased to c£4.1m as it invested in the commercialisation of its genetic tests for cardiovascular disease. Focusing on the key US market, the company has held constructive discussions with the FDA and expects to file its full submission in H2/22E. The repeal of the proposed MCIT reimbursemen

Companies: GENinCode UK Ltd.

19 May 22

Dowgate on Belluscura - Master Supply Agreement Fundraising. Forecasts and TP upgrade

Belluscura announced in March that it had signed a Master Supply Agreement with InnoMax to manufacture the X-PLO2R portable oxygen concentrator family of products in China which provides a platform to expand distribution into Asian markets while also significantly increasing manufacturing capacity and reducing per unit manufacturing costs.

Companies: Belluscura PLC

19 May 22

Cenkos: Smart Metering Systems Plc - Continued strong momentum

SMS released an AGM update this morning confirming that it is currently trading in line with the Board's expectations, with solid growth in index linked annualised recurring revenues (ILARR) to £91.4m, continued strengthening in the meter installation run-rate (with further improvement expected throughout the year), strong performance of the first 50MW of batteries and further expansion of the grid-scale battery pipeline to 710MW. The balance sheet remains strong with £63.3m cash and £420m undra

Companies: Smart Metering Systems PLC

19 May 22

Cenkos: Getech Group Plc - FY21 Results

2021 was a pivotal year for Getech, as the Company expanded its business model to accelerate the energy transition by using its world-class geoscience data, unique geospatial software and leading expertise to locate, develop and operate geoenergy and green hydrogen projects. This positions Getech ideally to support an anticipated global expansion in capital spending across the energy sector. Despite the uncertainties that existed throughout the year, FY21 revenue at £4.3m rose 20% YoY (in line w

Companies: GETECH Group plc

19 May 22

An outstanding growth in Q1 2022 YoY

An outstanding set of results in Q1 2022 Almawave has unveiled its Q1 2022 results: revenues were up by around 31% YoY; EBITDA reported +52%, EBITDA adjusted (net of stock grant costs) +67%; EBIT reported +88%; EBIT adjusted +121%; net income +547%. Also in terms of margins, the company was able to considerably outperform Q1 2021 results. EBITDA margin reported and adjusted were 22.8% and 25.1% respectively in Q1 2022 versus 19.7% in Q1 2021. EBIT margin reported and adjusted were 12.7% and 15.

Companies: Almawave S.p.A.

19 May 22

Ondine Biomedical* - FY21 results – Phase 2 on target for mid-year

Ondine reported a loss from operations for 2021 in line with expectations at C$17.5m on revenues of C$2.6m and had a healthy net cash balance of C$29.9m at year end following the company's IPO in December. Crucially, the Phase 2 clinical trial of Ondine's photodisinfection system is on target to complete patient recruitment by mid-year and Ondine is working closely with HCA on the multicentre Phase 3 study plans. We reiterate our Buy recommendation and 160p Target Price.

19 May 22

Signing up to Team Green

Cementir is going in the right direction: the green one. The goal to reach best-in-class status is clear and the roadmap credible. Capex to get there seems manageable and visible signs of delivery in cutting emissions should help in narrowing the valuation gap vs the sector. The bar is set for entering the ''green'' club CEM scores well on carbon intensity and circularity, while having room for improvement on health and safety and governance. CEM has laid out an ambitious 2030e plan on CO2 red

Companies: Cementir Holding (CEM:BIT)Cementir Holding N.V. (CEM:MIL)

19 May 22

LIBERUM: CT Automotive* - Motoring along

Companies: CT Automotive Group Plc

19 May 22

Management’s forecast looks sombre

Elior published in-line H1 results and resumed its FY22 guidance. However, the inflation-driven downgraded forecast for the current FY and midterm depressed the market, while its major peers had indicated the prospect of absorbing the labour/food inflationary pressure. We expect a downward adjustment in the consensus.

Companies: Elior Group (ELIOR:EPA)Elior Group SA (ELIOR:PAR)

19 May 22

Mixed sentiment after the FY22 release

Burberry has published an encouraging FY21/22 result, reflecting a good progression in margin and brand quality. However, the group confirmed that the outlook is dependent on the impact of COVID-19 in China, and the group is actively managing the headwind from inflation within the current uncertain macro-economic environment. The new CEO reaffirmed the continuation of the strategic direction in the medium term, offering greater stability.

Companies: Burberry Group plc

19 May 22

FLASH: 1Q22 financials - first look

Companies: Atalaya Mining Plc

18 May 22

A Golden & Growing Resource in Canada’s North

Blue Star Gold Corp. is a Vancouver-based mineral exploration and development company that explores for gold in Nunavut, Canada. The Company has acquired 100% interests in the Ulu Gold, Hood River, and Roma projects in Nunavut, covering 267 km2 (26,674 ha; over 65,912 acres) in the High Lake Greenstone Belt ("HLGB"). The Ulu Gold and Hood River properties are adjacent to each other, and the Roma project is located 48 km due north of the Ulu Gold Project. The Ulu Gold Project contains an NI 43-10

Companies: Blue Star Gold Corp.

18 May 22

Mixed Q1 marked by additional AML costs persisting into 2023

ABN realized a mixed Q1 with a beat on revenue but a negative surprise on costs due to additional AML-related expenses with the remediation programme now expected to continue into 2023. CoR increased due to the constitution of a management overlay regarding the poorer macroeconomic outlook. ABN’s excess capital situation persisted but management delayed any further buybacks until the end of the year when the FY view should become clearer. The financial targets were maintained.

Companies: ABN AMRO Bank NV Depositary receipts

18 May 22

A decent performance in FY21/22 but the outlook disappoints

While Experian reported a decent close to FY21/22, with revenues and benchmark EBIT in line with the consensus, the FY22/23 guidance of 7-9% organic growth left investors wanting more. Additionally, the group guided for a mortgage headwind of c.1.5%, which is lower vs peers but they are more exposed to the vertical. However, the strong cash generation and 10% increase in dividend were encouraging. We will revise our estimates slightly upwards and will likely maintain our positive stance on the s

Companies: Experian PLC

18 May 22

Strong upwards revision to guidance

The 2022 guidance for the net result has been raised for the second time this year. The net result is now expected to $340-420m (vs $270-350m) thanks to the strong performance from the Freight services & Trading division. There should be a positive effect on the dividend with respect to FY2022.

Companies: Dampskibsselskabet NORDEN (DNORD:CPH)D/S Norden A/S (DNORD:CSE)