Research Tree | Equity Research for Investors

15 Jun 21

boohoo group plc (BOO LN) - Key markets outperforming

boohoo Group has announced solid Q1 FY22 trading with Group revenue +32% YOY ahead of ZC forecasts (+25%) and consensus expectations (+28%), driven by strong momentum in key markets of the UK (+50% YOY) and USA (+43% YOY) despite tough PY comps (Q1 FY21 +45% YOY).

Companies: boohoo group Plc

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

16 Jun 21

BOTB - Final results in line; additional special dividend

The final results are in line with forecasts, confirming exceptional growth in the year. The group has also announced a second special dividend of 50p per share taking the total special dividend for the year to 90p per share.

Companies: Best of the Best plc

14 Jun 21

Cenkos: Kromek Group Plc -- Major new DARPA contract

Kromek has been awarded a $6m contract extension from DARPA for the Phase II development of a biological threat detection system. The 28 month milestone based contract will account for a material amount of our forecast incremental revenue growth in 2022E. We believe the commercial value of the system once rolled out could provide a revenue opportunity materially in excess of the development value awarded to date.

Companies: Kromek Group Plc

15 Jun 21

LIBERUM: Ramsdens Holdings* - Good outcome in challenging conditions

Ramsdens interim results highlight the resilience of the business model. Despite the prolonged UK lockdown and international travel restrictions materially impacting the business, we believe a pre-tax loss of only £0.1m was a great result. Moreover, the balance sheet remains strong with net assets up £0.5m HoH to £35.5m and net cash at £15m. While FY2021 has been tough due to COVID-19, management remain confident and are positioning the business for growth with a pipeline of six new stores, incl

Companies: Ramsdens Holdings 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

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

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

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

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

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

14 Jun 21

LIBERUM: Ted Baker* - A transformational year

FY21 underlying loss before tax of £59.2m was better than our forecast £79.9m, driven by higher revenue (stores) and a better gross margin. Year-end net cash (pre-reported) of £66.7m was well ahead of our forecast of £7.1m this time last year. We leave our profit forecasts unchanged, but the shape alters with lower sales and a higher gross margin as TED’s full price stance begins to kick-in supported by the new product offer. Management has delivered impressively on the Year 1 targets set out in

Companies: Ted Baker PLC

14 Jun 21

Allenby Capital TMT Update - 14.06.21 - TERN.L, CPX.L, MWE.L, NWT.L, BIRD.L

Tern plc* (TERN.L, 23.75p/£78.5m) | CAP-XX Ltd* (CPX.L, 8.15p/£36.0m) | MTI Wireless Edge Ltd* (MWE.L, 64.5p/£57.1m) | Newmark Security plc* (NWT.L, 1.2p/£5.6m) | Blackbird plc* (BIRD.L, 32.0p/£107.9m)

Companies: TERN CPX MWE NWT BIRD

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

21 Jun 21

i3 Energy say there are a 'huge number of low hanging fruit opportunities that we can exploit'

21 Jun 21

Ocean Wilsons Holdings - Smoother sailing ahead

The COVID-19 pandemic has been tough on Brazil but OCN has weathered it well with a respectable 5.1% ROE in 2020 and maintained its 70c (4.3%) dividend. Business volumes fell in Wilson Sons (WSON), its Brazilian maritime services company, but prices firmed up and allowed WSON to post a 4.3% ROE. OCN’s international investment portfolio (OWIL) had a good year in 2020 with favourable if choppy markets. Business is now picking up in WSON’s key container terminals and tugboat business and a recovery

Companies: Ocean Wilsons Holdings Limited

21 Jun 21

Tenax Absolute Return Strategies Fund: Diversified, experienced and patient

21 Jun 21

MetalNRG investor update on recommissioning the Italia MDC plant and BritNRG

21 Jun 21

American Lithium: Secure, Scalable and Sustainable

American Lithium (LI CN)# has completed the acquisition of Plateau Energy Metals to create a diversified lithium development company with one of the largest contained lithium resources of c12mnt LCE, in an industry where scalability will be increasingly important. The Falchani project in Peru is a volcanic tuff, amenable to acid leaching and the management team, whose technical specialists join American Lithium’s, are already applying their extensive knowledge to the flagship asset in Nevada, To

Companies: American Lithium Corp.

21 Jun 21

Morrison hits the jackpot!

The US private equity group Clayton, Dubilier & Rice has expressed interest in acquiring WM Morrison. The board has rejected the offer price of 230p per share, stating that it substantially undervalues the firm. Reportedly, the bidder is planning to sweeten the bid. We would not be surprised if the target firm receives a counter-bid also, from the likes of Amazon. Nonetheless, we expect the M&A action to continue in the (undervalued) European food retail sector.

Companies: Wm Morrison Supermarkets plc

21 Jun 21

Dividend recovery ahead of expectations

March 2021 annual results were ahead of our expectations; notably, rent was £17.3m vs. our estimated £16.4m. FY20 rent stood at £18.3m, excluding a lease surrender premium, and there have been net disposals (modest in quantum and at premiums to book values) since FY20, further highlighting the good rental outcome. The dividend payout was 10.5p (vs. 10.0p estimated). While we are not raising our FY22 rent or profit estimates, we raise our FY22E dividend from 11.0p to 12.0p. New leases have been s

Companies: Palace Capital plc

21 Jun 21

SP Angel Morning View: Copper continues to leads metals lower on stronger dollar and threat of SRB sales

KEFI Gold and Copper* (KEFI LN) – Progress report on Tulu Kapi and Saudi Arabian project Panther Metals (PALM LN) – Exploration target for laterite nickel cobalt mineralisation at Coglia Sunstone Metals (STM AU) – Reports over 500m of copper gold mineralisation in recent drilling at Brama

Companies: KEFI PALM STM

21 Jun 21

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

Market update - 21/06/2021

Companies: ECHO HE1 PRD RBD UKOG

21 Jun 21

Smiths News - Interim dividend declared; yield attractions

The declaration of the interim dividend, albeit modest, is the next step in the recovery of Smiths News as it signals that not only was trading at the interim stage in line with management expectations, but also that the company is on track to meet market expectations for the full year. Trading beyond the current year also has good visibility given that most of its contracts are in place until at least 2024. Debt is expected to fall to 1.0x EBITDA by the end of FY23, and dividends are well cover

Companies: Smiths News PLC

21 Jun 21

FTSE dips into the red this Monday as worries over a sooner than expected hike to US interest rates

21 Jun 21

Zaim Credit Systems' discuss 'outstanding performance' with future plans for mobile app

21 Jun 21

UK Oil & Gas (UKOG) - Operational Update

UKOG announced that it has begun to mobilise a rig to the drilling site of the forthcoming Basur 3 appraisal well in Turkey. The company indicated that the rig-up and rig-acceptance stage is expected to continue throughout the coming week with an expected drilling start shortly afterwards.

Companies: UK Oil & Gas PLC

21 Jun 21

KEFI Copper & Gold (KEFI) - Production-ready KEFI

KEFI Copper and Gold is a project explorer and developer in the Arabian-Nubian Shield (ANS) in both Saudi Arabia and Ethiopia. It is on the cusp of putting together its financing package for the Tulu Kapi gold mine in Ethiopia – a transformational event that, if executed as planned, will lead to minimal shareholder dilution. At the same time, we expect a significant upgrade to the Hawiah copper-gold VMS deposit in Saudi Arabia – a grassroots discovery by KEFI with its Saudi partner. We expect th

Companies: KEFI Gold and Copper PLC

21 Jun 21

Allenby Capital TMT Update - 21.06.21 - BIRD.L, BOOM.L, CPX.L, STAR.L

Blackbird plc* (BIRD.L, 32.25p/£108.7m) | Audioboom plc* (BOOM.L, 820p/£128.5m) | CAP-XX Ltd* (CPX.L, 7.65p/£33.8m) | Starcom plc* (STAR.L, 0.975p/£3.4m)

Companies: BIRD BOOM CPX STAR