Research Tree | Equity Research for Investors

25 Nov 21

LIBERUM: DX* - Annual Report delayed, shares at risk of suspension

Companies: DX (Group) Plc

25 Nov 21

Phoenix Copper (PXC) - Positive update on Phoenix deep-sulphide drilling

Phoenix copper today announces an update on its deep drilling program below the proposed Empire oxide open pit resource and into the deeper sulphide zone. Phoenix is roughly 1/4 the way through a 4,500m drilling programme and has once again shown that high-grade zones of copper, zinc and lead sulphide mineralisation exist, nearly always associated with gold and/or silver and often with elevated concentrations of tungsten and molybdenum.

Companies: Phoenix Copper Ltd. (United Kingdom)

29 Nov 21

Babies and Bathwater - Picking through the sell-off

Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.

Companies: ANX IBPO CYAN SOM EQT AFM

30 Nov 21

Exceptional strategic execution drives FY22 upgrades

Interims confirm substantial progress is being made at Sosandar, and validate the strategy which is design-led, data-driven, agile and benefiting from forensic forward planning. The results are clear, with revenue up 184%, actives +41% and gross margin up 420bps. Alongside cost management and scale economies, EBITDA losses reduced. Supply chain disruption has been minimal and, using some of the placing proceeds, stock intake has stepped up markedly for peak as planned. This has driven sales grow

Companies: Sosandar Plc

01 Dec 21

Persisting challenges lead to further downgrades

Today’s update reveals many of the challenges flagged in September have persisted. Alongside rising input/logistics costs, and volatile customer ordering, revenue guidance has been reduced by 10%. We have rippled a similar reduction through to FY22, leading to EPS downgrades of 27% this year and 38% next year. The company continues to look to 2022 with confidence, and maintains its medium term ambitions for profitable expansion.

Companies: Venture Life Group Plc

24 Nov 21

Cenkos: Seeing Machines Ltd - Changing up a gear

Seeing Machines has announced results for its financial year ended June 2021 and, after the 3 August 2021 trading update, there were few surprises in the numbers with the company trading ahead of expectations in terms of margins and cash. This reflects the successful focus by the management on reducing costs and conserving cash. However, with the conclusion of the recent fund raise, we expect the company to change gear to investing in the business and managing for longer term shareholder value.

Companies: Seeing Machines Limited

01 Dec 21

AFC Energy (AFC LN) - Maritime potential emerging

AFC Energy has announced that its “S” Series hydrogen fuel cell system and ammonia cracker have been selected for the Norwegian ZeroCoaster bulk cargo ship design. The proposal has also been awarded “Approval in Principle” status by DNV, the international certification agency. The announcement is another significant endorsement of AFC Energy’s technology and the group’s biggest step forward in Maritime. This is further endorsement of our investment thesis, which was refreshed in September, which

Companies: AFC Energy plc

29 Nov 21

City of London Investment Group (CLIG LN) - Forecast update

We update our forecasts to take account of (1) Group 2020/2021 Annual Report & Accounts released in September (2) 1Q IMS released in October (3) End October 2021 FUM update in early November. Key points include:  Group Funds Under Management “FuM” remain circa US$11 bn; in October there was a small uptick which may indicate small net inflows.  Strong investment performance across CLIG’s investment strategies (Exhibit 3 shows performance over 5 years relative to peers and benchmarks). 

Companies: City of London Investment Group PLC

30 Nov 21

EQTEC* - EQTEC Bounce Back: Wood Group & Croatia Update

Across a broader market sell off EQTEC have shown resilience and is trading at 1.55p, above its placing in May, up 25% from one month ago.

Companies: EQTEC PLC

01 Dec 21

Cenkos: Venture Life Group Plc -- Trading and board update

Venture Life Group has provided a trading update and details of changes to the company's board. While the recent acquisitions are integrating as planned, COVID-related challenges have persisted including pricing pressure, freight charges and Chinese sales. The company now expects FY21E revenues to be not less than £32m and we have moved our forecasts in-line with this guidance. Venture Life has also announced Dr Drummond and Mr Waters, Chair and CFO, respectively, will retire from the board and

Companies: Venture Life Group Plc

25 Nov 21

Upgrades: strong momentum, another performance fee

Mercia has provided a positive update on a number of fronts. H1 adj. operating profit is running materially ahead of market expectations. Another performance fee has been crystallised in the NVM VCTs (£1.6m net). Valuation gains in H1 were better than expected driving >£10m H1 comprehensive net income. We incorporate this into our model, driving a +72% upgrade to FY22e adj. EBITDA (+23% u/l to £3.7m excl. performance fees) and a +4% increase to our NAV. We reiterate our 50p/sh SOTP valuation dri

Companies: Mercia Asset Management PLC

26 Nov 21

Velocys - Fundraise Puts Cashflow in Sight

The oversubscribed placing to raise £25m and £2m open offer leaves Velocys well placed to move forward on its reference projects and strengthens its ability to address further demand as airlines increasingly seek out sustainable fuelling solutions. We have updated our forecasts for the raise and after a review of project timings. These show that if the company can progress its projects, it is capable of being cashflow positive in FY 24 without recourse to further funding. Our DCF based central c

Companies: Velocys plc

26 Nov 21

SHORE CAPITAL - SCS Group+ (SCS) House Stock, 249p

After a stellar period of trading through the various stages of Covid 19 restrictions, and easings, ScS has reported a step-back in trading momentum in recent weeks. We await to see if the slower trading is temporary, reflective of a change in Christmas shopping patterns, or of a more permanent basis. We leave forecasts unchanged, looking for CPTP of £13.7m and EPS of 26.5p (both IFRS 16 compliant), as such the stock trades on an undemanding EV/EBITDA multiple of 4x for FY22 and 3.4x for FY

Companies: ScS Group plc

25 Nov 21

SHORE CAPITAL - Macfarlane Group+ (MACF) House Stock, 132p

Macfarlane Group, the leading protective packaging solutions specialist, servicing clients across the UK and now emerging into Continental Europe, has issued a trading update this morning (25 November) covering the period since end June and the year to date. Trading has continued to be robust in a difficult supply chain environment and the Group now expects to exceed its previous expectations for the full year. Sales growth for the year to date has accelerated through to October at rate of +2

Companies: Macfarlane Group PLC

26 Nov 21

SIMEC Atlantis - Positive News on CCS and CFDs

While there remains considerable uncertainty over the planning and permitting of the Uskmouth power station conversion there have been a couple of recent pieces of good news for SIMEC Atlantis in our view. Inclusion of waste-to-energy in the carbon capture support model is potentially positive for Uskmouth and may increase its political attractiveness to the Welsh Government as they consider permitting. The ring fencing of CfD support for tidal steam in the next allocation round opens up the pos

Companies: SIMEC Atlantis Energy Ltd.

01 Dec 21

Soccer Manager (Mercia Asset Management) - executive interview

01 Dec 21

Residential Secure Income PLC annual results

01 Dec 21

SP Angel Oil & Gas Daily Flow: 21/01/21

Market update - 01/12/2021

Companies: JSE ORCA SOU

01 Dec 21

Renewed focus on clinical care support

Total Brain Ltd (ASX:TTB) is the developer of a neuroscience-based mental health and fitness platform powered by the largest standardised neuroscientific database in the world formed over almost two decades and with >$50m of R&D funding. In a recent operational update TTB noted it would invoice affinity partner IBM $0.15m in revenue before the end of the calendar year for work in relation to preparation for the official launch of the GRIT (Get Results In Transition) digital mobile support platfo

Companies: Total Brain Limited

01 Dec 21

Gresham House plc's housing unit "overachieves and exceeds" on key operational targets

01 Dec 21

Cenkos: Marlowe Plc -- Trading ahead of expectations for FY22E

Marlowe has released a strong set of H1/22E results, with 15% organic revenue growth (or 8% if you adjust for the impact of Covid-19 on prior year comps), divisional Adj EBITDA margins up 300bps YoY to 17.8%, Marlowe's high-margin GRC division accounting for over half of H1/22E group Adj EBITDA. Boosted by recent acquisitions and organic growth, Marlowe's high-margin GRC division now accounts for more than half of the group's total Adj EBITDA. Management recently confirmed it was trading ahead

Companies: Marlowe Plc

01 Dec 21

InMed Pharmaceuticals – Introducing the BayMedica Team

01 Dec 21

Cellular Goods launch first product range and ecommerce platform

01 Dec 21

Palace Capital - Poised to unlock value

Palace Capital’s (PCA) H122 results showed strong financial and operational improvement, including leasing progress, Hudson Quarter (HQ) apartment sales and strong rent collection. Q222 DPS was increased by 8.3% to 3.25p, the minimum that PCA expects going forward. We forecast strong returns from apartment sales gains, capital redeployment and reversionary income capture.

Companies: Palace Capital plc

01 Dec 21

LIBERUM: Alternatives Daily: CHRY | AA4 | GSEO | SBO | Insider Buying / Selling

Companies: Chrysalis Investments Limited (CHRY:LON)Amedeo Air Four Plus Limited (AA4:LON)

01 Dec 21

Severfield - Order book development shows the way

Severfield has maintained a steady and robust course in FY22 trading to date and management confidence in the outlook is backed by further order book growth, to record levels. This trading performance has not been reflected in the company’s recent share price movement, which is surprising as the order book has traditionally been a reliable indicator for near-term profitability.

Companies: Severfield Plc

01 Dec 21

Orcadian Energy (ORCA) - Receipt of “Letter of No Objection” from UK Oil & Gas Authority

Orcadian Energy announced that it has received a “Letter of No Objection” from the UK Oil & Gas Authority (“OGA”) in respect of the Pilot field's Concept Select Report, which outlines a conceptual development plan. The letter signals that the OGA, as a next step, will welcome the submission of a Field Development Plan (“FDP”) premised on the company's Concept Select Report. The development is a key milestone and most importantly indicates that the extensive measures planned to reduce carbon emis

Companies: Orcadian Energy Plc

01 Dec 21

Water Intelligence (WATR) - Not hanging around – Oregon reacquisition shows WATR is deploying its cash

Following a strong 9-month update recently (revenues +43% YoY and PBTA +42%) and 5-year CAGR rates standing at 33% (revenues) and 53% (PBTA), this morning's announcement that WATR is reacquiring the South Oregon franchise shows that the company is not waiting around before deploying the proceeds of its recent fund-raising, and remains full of accretive ideas about how to go about this. The deal is attractively priced (5.5x PBT) and, though small, is highly synergistic, given that the group alre

Companies: Water Intelligence plc

01 Dec 21

Avation (AVAP) - AGM update illustrates continued progress in a fluctuating backdrop

Avation is a lessor of 42 commercial aircraft to a diversified airline client base. This morning, the group has provided an update to coincide with its AGM, that illustrates the further progress made and wider developments in the first five months of the current financial year. The group presently has three ex-Virgin Australia ATR 72-600 aircraft subject to a sale agreement with Aegean Airlines, three further ATR 72-600 aircraft that may be sold or leased and an A320 due to transition from Air F

Companies: Avation PLC