Research Tree | Equity Research for Investors

Level the playing field with real-time Equity Research

Research Tree offers both private and institutional investors access to the latest UK investment research from over 35 Brokers and Research Providers, offering comprehensive coverage of small and mid-cap stocks.

The Equity Research Platform

Equity research, broker reports, target prices, and valuations on UK-listed companies in real-time.

Our platform learns which sectors, industries, and markets you're intersted in to help you discover new stocks.

18 Feb 20

LIBERUM: Sylvania Platinum* - Dislocation from record prices

Sylvania Platinum is trading at extremely cheap levels, just 0.9x adjusted EV/EBITDA on spot. The market clearly feels nervous about the rapid rise in the underlying commodities, palladium and rhodium.

Companies: Sylvania Platinum

19 Feb 20

Kape Technologies

Reiterating the Buy case

Companies: Kape Technologies

19 Feb 20

LIBERUM: CEO Video: Jaco Prinsloo, Sylvania Platinum*

In these five short videos incoming Sylvania Platinum CEO, Jaco Prinsloo discusses his recent appointment as CEO, the challenges for everyone regarding the power situation in South Africa, dump material life spans and spot prices, the current palladium and rhodium markets and his preferred use of surplus cash. Click below to watch the videos.

Companies: Sylvania Platinum

18 Feb 20

The Industrial Revelation

BHP could revise down estimates if "viral outbreak is not well contained" in Q1 20, HeidelbergCement sees positive demand in 2020, Kone withdraws from Thyssenkrupp bid

Companies: Rotork Somero Enterprises

20 Feb 20

The Industrial Revelation

US housing starts & building permits beat estimates, Spectris sees challenging H1, GE reportedly in talks with Airbus on new A330 engine as 737 Max hurts cashflow

Companies: CGS HAYD HEAD HILS JHD RNO SCPA TWD TRI ZTF SOM GHH

17 Feb 20

WHI Morning Comment: Spectra Systems (SPSY)

Good entry point for great business Only marginally above levels last seen a year ago, we view shares in SPSY at the current price as representing an excellent entry point after coming off on profit taking. This was not, after all, an ordinary year for SPSY but an excellent one, characterised by upgrades, contract wins and most importantly, a significant collection of major opportunities which the company is working through and any of which has the ability to be a game changer for the business. To name a few among many: (1) potential further new work for a G7 central bank (existing client), (2) potential wins from a major Asian central bank, (3) major prospective polymer substrate contract, (4) tobacco smartphone authentication opportunities (TruBrand). As a provider of advanced technology solutions for banknote, product authentication, and secure lottery transactions, SPSY is a highly specialised producer of proprietary equipment, solutions and services, with high entry barriers to match. It is well-invested, hence the enhanced DPS in recent years; and the balance sheet is strong, with $11.1m of net cash (excluding $1.1m of restricted cash) reported with the most recent (H1) results, underpinning future growth expenditure. Importantly, our forecasts only encompass firm business prospects / established contracts. With TruBrand conducting tests in China (see above), this may have affected sentiment, but if so this is misconceived, since (a) this potential future revenue stream is immaterial or non-existent in our forecasts and (b) SPSY is not a one-trick pony – the pipeline is strong with other and major opportunities.

Companies: Spectra Systems

17 Feb 20

CloudCall

New CRM partnership with Vincere

Companies: Cloudcall Group

21 Feb 20

Cenkos Securities - Costs adjusted to protect profitability

2019 was a difficult year for UK equity capital markets activity, and Cenkos demonstrated the strength of its flexible business model and the client relationships sustained by its staff, achieving full year profitability despite one-off restructuring costs. Lower fixed costs will benefit future earnings and Cenkos reports a positive start to 2020 with a strong pipeline. Conservatively, we have reduced our revenue/earnings assumptions for this year, but improved market/investor confidence could generate significant upside.

Companies: Cenkos Securities

20 Feb 20

Lowered costs and impairments guidance at the rescue

The group released a mixed set of quarterly results, characterised by a fall in the tangible book value and a reduced capital usage. Management’s guidance for this is reassuring: the group is expected to meet expectations thanks to stronger cost control and lower cost of risk.

Companies: Lloyds Banking Group

21 Feb 20

The Industrial Revelation

UK CBI manufacturing orders beat estimates for Feb; Taiwan revises down export growth in Feb due to coronavirus; Japan manufacturing PMI falls

Companies: HEAD HILS JHD OXIG RSW RNO SCPA ZTF SOM GHH

17 Feb 20

The Industrial Revelation

Japanese Q4 19 GDP sees largest fall since 2014 following recent tax hikes, US industrial production fell due to warm weather and Boeing 737 Max issues

Companies: HTG OXIG RSW RNO SCPA ZTF SOM GHH

18 Feb 20

Crimson Tide*

Commercial momentum continues with Rail win

Companies: Crimson Tide

17 Feb 20

Cenkos: Oil & Gas - Providence Resources, BP, Empyrean Energy, Coro Energy, 88 Energy, Premier Oil, Kosmos Energy, Tullow Oil, Karoon Energy, Tethys Oil, FAR, SDX Energy, Serinus Energy.

Oil clinched the best weekly gain for the year on signs the worst economic impacts of the lethal viral outbreak have been accounted for, easing concern about free-falling demand for crude. Futures advanced 1.2% in New York on Friday, settling above $52 for the first time this month. Investor confidence was lifted after China reassured the international community that a huge spike in new coronavirus cases was a one-off event. The optimism outweighed Goldman Sachs Group Inc. slashing its 2020 crude-demand growth forecast almost in half and lowering its first-quarter oil-price estimate by 16%. The Organization of Petroleum Exporting Countries and its allies have signalled a desire to stabilize the oil market that has tumbled almost 15% this year as the coronavirus wreaked havoc on the world's second-largest economy and beyond. The past two weeks have been rife with uncertainty for oil markets as Riyadh's push for an early meeting in February and fresh production cuts face an impasse with Russia. OPEC and its allies were close to abandoning any plans for an emergency meeting though Saudi Arabia had not given up on the proposal outright, several delegates from the group said on Friday. The outbreak has intensified concerns about crude demand, prompting technical experts from the coalition to propose deepening the current supply cuts by 600,000 barrels a day to relieve excess inventories. Chinese independent refiners have seized on the recent slump in oil prices to bulk up on cheap cargoes in a sign that they may be positioning for an eventual rebound in demand. West Texas Intermediate crude for March delivery gained 63 cents to settle at $52.05 a barrel on the New York Mercantile Exchange. Brent for April settlement rose 1.7% to settle at $57.32 on the ICE Futures Europe exchange. The structure of the Brent futures market also flipped into a backwardation, signalling that some of the oversupply may have eased. Meanwhile, Kuwait and Saudi Arabia will resume oil production from their shared fields this month, more than five years after a dispute halted supply. The projects will bring additional production capacity to an oil market that's already dealing with excess supply.

Companies: TPL KOS SENX PVR BP/ CORO EME PMO SDX TLW 88E

18 Feb 20

Cenkos: Angling Direct Plc -- FY20E Trading Update

Revenue growth at Angling Direct was broadly in line with our forecasts for FY20E, but Adj EBITDA is expected to be below our expectations (£0.6m vs £1.6m previously forecasted), due primarily to a negative mix effect. We lower our FY20E and FY21E forecasts to account for the reduction in expected margins.

Companies: Angling Direct

18 Feb 20

Accelerated repositioning

The quarterly underlying performance came in line with expectations. The expected Coronavirus-related impairments and the temporary extra capital consumption look limited. The related revenue losses remain unknown but are expected to be progressively offset by organic growth. The announced acceleration in the group’s repositioning comes at the right time, confirming management’s confidence in Asia’s longer-term potential and enabling the group to improve its capital usage ahead of the implementation of Basel 3.

Companies: HSBC

24 Feb 20

WHI First Light: Judges Scientific (JDG)

Judges Scientific, a group involved in the buy and build of scientific instrument businesses, has released a reassuring trading update this morning with respect to FY2020E in the wake of possible global commercial threats caused by the COVID-19 epidemic.

Companies: Judges Scientific

24 Feb 20

WHI Morning Comment: Goldplat (GDP)

Interims show the improvement – Goldplat delivering on expectation Goldplat's Interims (six months to December 2019) today provide some background to the excellent operational update presented by the company at the end of January. To recap, Goldplat provides a unique gold recovery service to the mining industry by recovering gold from waste products produced by the mining cycle (see full note of 6/11/2019). The mainstay of its cash generation comes from its established recovery operation in South Africa (£2.6m operating profit for the half year) where it has regular contracts in place, a stockpile of its own material and a flexible plant. In Ghana, Goldplat looks to the gold industry in West Africa for feed and also as an overseas import location for high-grade wastes – and is making progress on new contracts with a welcome return to operating profit in the period (£0.2m). The Kilimapesa mine in Kenya is now on care-and-maintenance with Goldplat seeking a partner or sale of the project. We update our forecasts today and see fair value at 12.5p/sh.

Companies: Goldplat

24 Feb 20

Allenby Capital TMT Update - 24.02.20 (STAR.L, GFIN.L, BBSN.L)

Starcom plc* (STAR.L, 1.3p/£4.5m) | Gfinity plc* (GFIN.L, 1.675p/£8.0m) | Brave Bison plc* (BBSN.L, 1.30p/£8.6m)

Companies: STAR GFIN BBSN

24 Feb 20

Morning Note – 24 February 2020

Companies: QTX TSTL GEM TWD

24 Feb 20

Quartix - Fleet progress builds a firm base for future growth

FY 2019 is in line with last month’s trading update; the ongoing withdrawal from low-margin Insurance telematics being offset by excellent growth in Fleet which is now >80% of group business. New Fleet installations jumped 39% to 43,837 and clients grew 24% to 16,394. Continued investment in the US and France saw total subscriptions jump an impressive 37% and 36% respectively, while UK growth has accelerated again to 16%. Significant enhancements to web and mobile applications have supported a recent rollout across Europe; in Poland, Spain, Italy and Germany. Insurance continues to decline in line with the strategy of avoiding highly competitive contracts. The high levels of recurring revenue make an excellent base for future Fleet growth in the new and existing territories with a strong start to the year in all markets. We lift our TP to 475p.

Companies: Quartix

24 Feb 20

Another year of outperformance

GlobalData delivered another set of strong results in a year which also saw completion of transition to a centralised operating model and single product platform. The Group enters FY’20E with its broadest ever sectorial reach, enhanced product capabilities and user experience, and a simplified pricing structure. GlobalData continues to execute on its mission to become the world’s trusted source of industry data, analytics, and insight, embedding its product into customer workflows to help support decision making through provision of rich data, analytics and insights. The Group looks exceptionally well placed to build value, benefitting from strong incremental revenue margins against an increasingly static cost base.

Companies: GlobalData

24 Feb 20

Unlocking value in the academic IP space

Frontier IP is a unique IP commercialisation group that attains substantial equity holdings in university IP spin-outs in exchange for commercialisation services, effectively generating minority stake holdings for ‘free’. The portfolio of companies continues to make excellent progress, and we believe realisation events are on the near-term horizon that will drive an uplift in valuation and potential shareholder returns if they can be achieved.

Companies: Frontier IP Group

24 Feb 20

Long term data in retinitis Pigmentosa shows sustained improvements

New longer term Phase I/IIa data for the hRPC therapy programme in Retinitis Pigmentosa (RP) is encouraging, showing a sustained improvement in visual acuity in patients up to 12 months. We make the point that a 12 month 14.3 letter improvement vs baseline and 7.3 letter improvement vs. untreated eye is clinical meaningful within this patient population, although their baseline measurements and severity of patients at time of treatment remains publically unknown. Positively, the long-term data also shows that the improvement vs untreated eye remains broadly consistent over the 12-month period. ReNeuron has also announced trial protocol changes (detailed below) in order to better characterise the ongoing efficacy signal and generate enough data to progress the hRPC therapy programme into a single regulatory approval enabling Phase III clinical trial. We look forward to further updates from the hRPC programme throughout 2020

Companies: Reneuron Group

24 Feb 20

Cenkos: Finsbury Food Group Plc -- H1/20A Interim Results

Finsbury has announced a positive H1/20A, boosted by strong LFL revenue growth (+5.2% YoY) in UK Bakery, and the maintenance of group Adj EBITDA margins (at c8.5%) in the face of challenging market conditions. Finsbury's cash generative business profile (c11% FY20E FCF yield) is enabling the company to steadily deleverage, whilst also supporting a growing dividend (3.6% FY20E yield).

Companies: Finsbury Food Group

24 Feb 20

Not your typical recruiter

The 2019 prelims are a clear endorsement of RTC’s strategy with gross profits and dividend meeting expectations, and net debt declining from £4.5m to £2.8m. PBT came in at £1.8m, the same as last year. Due to the diversified source of earnings (65% of revenues are from recurring sources and are non-cyclical), a clear distinction between RTC and its small-cap recruitment peer group is emerging. This, we believe is starting to be recognised and while the shares have started to perform (up 27% YTD), RTC should enjoy higher ratings especially with it offering a dividend yield of 6% and an improved cash position. Even at our price target of 100p, the 2020E PE rating and dividend yield would only be 10x and 5%.

Companies: RTC Group

24 Feb 20

Trackwise Designs

First IHT Production Order

Companies: Trackwise Designs

24 Feb 20

Same old story: cost overruns ruin the already tough business

Very weak results and basically a year without a dividend. Bottom line: this company can be profitable, but it needs to get better at tendering

Companies: Koninklijke BAM Groep

24 Feb 20

Morning Comment

Goldplat-Interims show the improvement – Goldplat delivering on expectation

Companies: Goldplat

24 Feb 20

The Industrial Revelation

UK & German PMI beats estimates for Feb while US misses, John Deere sees "early signs stabilization in US farm sector" as it beats Q1 FY20 rev. estimates

Companies: CGS HILS HTG JHD OXIG RNO SCPA TWD TRI ZTF SOM