• 25 Nov 21
LIBERUM: DX* - Annual Report delayed, shares at risk of suspension


Companies: DX (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
  • 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
  • 23 Nov 21
Cenkos: Seeing Machines Ltd -- Largest ever DMS award win and fund raise

Seeing Machines has announced that it has been selected as the DMS supplier for automotive programmes through Magna International worth cA$120m and a fundraise of at least US$40m at 11p. The funds will be used to accelerate growth in the rapidly expanding DMS technology market, across all transport sectors globally. This includes the acceleration of the development of new core software and system features, acquisition of additional specialised technology, expansion of sales channels and produc

Companies: Seeing Machines Limited
  • 23 Nov 21
H2'21: Positive momentum, further upgrades

Reach has provided a strong update highlighting H2 revenues up +1% y/y to date (SCM H2e: - 3%), with Digital revenues growing +17% y/y. Unique user registrations continue to rise (>8m; July’21: 6.7m) providing a highly attractive source of first-party data for digital advertisers, which combined with further traction supporting advertisers’ digital campaigns using Reach’s ‘PLUS’ products, paves the way for sustainable ongoing improvement in yields. Ongoing recovery in Print advertising yields re

Companies: Reach 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
  • 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
  • 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
  • 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
  • 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
  • 30 Nov 21
Powerhouse Energy - Early Moves in Bulgaria

Powerhouse has seen early benefits from the agreement signed with HUI in October with this progress on a new project site in Bulgaria. Details have still to be agreed but we see the project as an example of further international demand for the company’s waste to hydrogen technology.

Companies: Powerhouse Energy 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
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
  • 30 Nov 21
Dark clouds before dawn?

easyJet’s FY21 results correspond to the market’s anticipations as the preliminary figures were communicated previously. Despite the worsening COVID-19 situation in Europe, the group seems upbeat on its capacity forecast for the next FY. Too early to judge whether it is too optimistic as all depends upon the development of the new Omicron variant.

Companies: easyJet plc
  • 30 Nov 21
Smaller adjustments to 2021 estimates after excellent 9M

9M was very good for Asseco Poland and management remains optimistic for the coming quarters. In our view, in January-September 2021, the negative was the increase in net debt. The main risk for the company’s development remains tough competition for IT staff.

Companies: Asseco Poland S.A.
  • 30 Nov 21
The Crypto Report: STEM Genesis launches Pixel Pongos, Snoop Dogg launches Decentralised Dogg
the-crypto-report-stem-genesis-launches-pixel-pongos-snoop-dogg-launches-decentralised-dogg
  • 30 Nov 21
AMC Entertainment Holdings Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 12/21

The cinema industry in the United States is declining, but there are many prospects that show a positive performance of cinemas in the future. In this space, AMC Entertainment Holdings has questionably been one of the most accepted stocks of 2021. The sustained interest from those buyers has increased AMC's stock price by a quadruple-digit rate in 2021 after a long, short squeeze story. It is worth mentioning that underlying it all is a movie theatre industry still reeling from the pandemic's de

Companies: AMC Entertainment (AMC:NYSE)AMC Entertainment Holdings, Inc. Class A (AMC:NYS)
  • 30 Nov 21
Battery progress again overshadows operating results (Blackstone Resources)

Battery progress again overshadows operating results EPS CHANGE CHANGE IN TARGET PRICE CHF 11.7 vs 11.9 -1.74% The material upside on the stock has been maintained, and this optimism is backed by the good progress being achieved in battery – also validated by the support in various forms via various government(-backed) agencies. CHANGE IN EPS 2021 : CHF (0.19) vs (0.20) ns 2022 : CHF (0.35) vs 0.08 ns Taking on board the firm’s revised business plan, our near-term performance es

Companies: Blackstone Resources AG
  • 30 Nov 21
Amarillo Gold to be acquired by Hochschild Mining PLC
amarillo-gold-to-be-acquired-by-hochschild-mining-plc
  • 30 Nov 21
Prime Mining: Just Getting Started

Up 139% YTD and 410% since our initiation, Prime Mining (PRYM CN) has produced impressive results from its phase 1 25,650m drill programme which has hit significant high-grade structures, fulfilling the company’s initial three aims; to improve resource confidence, demonstrate extensions of known mineralisation and prove that untested structures are comparable to those with known mineralisation, bearing both gold and silver. Particular highlights include 35g/t Au and 1,626g/t Ag over 6m, 15g/t Au

Companies: Prime Mining Corp.
  • 30 Nov 21
Henderson Opportunities Trust - Buckets of opportunity drive an impressive year

Henderson Opportunities Trust (HOT) has posted a very strong performance for FY21 (ended 31 October), with its NAV and share price both up almost 60% on the prior year, albeit with the bulk of the returns coming in H121. Co managers James Henderson and Laura Foll construct a deliberately diverse all-cap portfolio of between 70 and 100 UK equities, with a bias towards smaller and particularly AIM-listed stocks. While the emphasis is on capital growth, the trust also seeks to reward investors with

Companies: Henderson Opportunities Trust PLC
  • 30 Nov 21
Thor Explorations: Segilola ramp up back on track after teething issues; cut in guidance likely to have limited impact

Thor Explorations Ltd (“Thor”, “THX”) announced Q3’21 financial and operating results. The period included first gold poured at the Segilola gold mine, with construction nearing completion. Delays in plant commissioning and supply chain issues have dampened output, with 4,570koz gold produced post-period and guidance of 30-35koz pulled (to be updated in due course). However, these issues are now largely resolved and the company’s balance sheet is healthy, positioning Thor for a strong FY22 with

Companies: Thor Explorations Ltd.
  • 30 Nov 21
Exro Technologies Inc.: Technology Driving EV Performance and Efficiency

Exro Technologies Inc (EXRO CN) has developed and patented its Coil DriverTM technology, which replaces classic inverters in Electric Vehicles (EVs). The technology can calculate the system’s demands for torque or speed, and seamlessly switch the configuration to match the desired output in real time delivering optimal performance at low and high speeds. Today, dual electric motors are often used to provide EVs with “two gears” - high torque and high power. The Exro Coil DriverTM leads to reduc

Companies: Exro Technologies, Inc.
  • 30 Nov 21
Secure Trust Bank - New tech and lower impairments

Secure Trust Bank (STB) announced that it has acquired AppToPay for an undisclosed ‘small amount’ and plans to use AppToPay’s proprietary technology platform to develop and grow its digital Buy Now Pay Later (BNPL) business. STB has also disclosed that its FY21 loan impairments will be ‘materially below’ analyst consensus of £12.9m (Edison: £12.7m). This is welcome news, although most investor attention regarding impairments has moved to focus on FY22. We are adjusting our FY21e EPS by 7% to 226

Companies: Secure Trust Bank Plc
  • 30 Nov 21
Cantargia - ‘Post-Novartis’ era has begun

Novartis’s Phase III CANOPY trials with canakinumab have created (until recently) strong tail winds for the class of therapeutics targeting the IL-1 axis, including Cantargia’s lead asset CAN04 (anti-IL1RAP). Two of the CANOPY trials did not meet primary endpoints this year, which was a significant contributor for Cantargia’s share price decline. However, canakinumab’s (anti-IL1β) development has a complicated history and the read-across to Cantargia’s CAN04 (anti-IL1RAP) is not straightforward,

Companies: CANTARGIA (CANTA:STO)Cantargia AB (CANTA:OME)
  • 30 Nov 21
Hybridan Small Cap Feast 30/11/2021

Joiners Gelion (GELN.L) has joined AIM. UK-Australian energy-storage innovator founded in 2015 by Professor Thomas Maschmeyer as a spin-out from the University of Sydney. Capital to be raised on Admission £19.04m (£16m primary and £3m secondary). The company has also raised Capital of £6m following a conversion of loan notes. Anticipated Market Capitalisation £154.37m. Due 30 Nov. Leavers Two off AIM today. Caribbean Investment Hdgs and Silence Therapeutics. One off the Main Market (Premium), St

Companies: OEX ORM PHE SNOX

  • 30 Nov 21
Revolution Beauty doing 'extraordinarily well' since summer listing as demand for beauty soars
revolution-beauty-doing-extraordinarily-well-since-summer-listing-as-demand-for-beauty-soars
  • 10 Jun 21
Agronomics (LON:ANIC) Presenting at the Cenkos Growth & Innovation Forum - Tuesday 8th June 2021
agronomics-lon-anic-presenting-at-the-cenkos-growth-innovation-forum-tuesday-8th-june-2021
  • 22 Sep 21
FTSE upbeat ahead of Fed interest rate decision despite gas price hikes dominating UK headlines
ftse-upbeat-ahead-of-fed-interest-rate-decision-despite-gas-price-hikes-dominating-uk-headlines
  • 21 Jul 20
Morning Report: Vaccines and EU package lift FTSE 100
morning-report-vaccines-and-eu-package-lift-ftse-100
  • 24 May 21
Agronomics set to 'completely disrupt the agricultural sector'
agronomics-set-to-completely-disrupt-the-agricultural-sector-
  • 26 Aug 21
FTSE in the red off back of disappointing Asian session while NHS are latest to endure supply issues
ftse-in-the-red-off-back-of-disappointing-asian-session-while-nhs-are-latest-to-endure-supply-issues
  • 21 Oct 21
Open Orphan's new Independent Non-Executive Director Yamin ‘Mo’ Khan presents his experience
open-orphan-s-new-independent-non-executive-director-yamin-mo-khan-presents-his-experience
  • 11 Oct 21
Jim Mellon, co-founder of Agronomics - ETV Interview
jim-mellon-co-founder-of-agronomics-etv-interview-11-10-2021
  • 06 Oct 21
FTSE 100 staggered badly in early deals on rising inflation, shortages and a general mood of pessimism
ftse-100-staggered-badly-in-early-deals-on-rising-inflation-shortages-and-a-general-mood-of-pessimism
  • 06 Jul 21
FTSE sinks lower as traders await the US markets' opening with little major domestic news to chew on
ftse-sinks-lower-as-traders-await-the-us-markets-opening-with-little-major-domestic-news-to-chew-on
  • 19 Oct 21
Thor Mining upbeat as maiden drill program at Ragged Range gets underway
thor-mining-upbeat-as-maiden-drill-program-at-ragged-range-gets-underway
  • 16 Sep 19
Open Orphan - Introduction to Maurice Treacy, Company Director
open-orphan-introduction-to-maurice-treacy-company-director-16-09-2019
  • 11 Jun 21
Sirius Real Estate grows dividend by over 10%, revealing 'good year' in terms of output and results
sirius-real-estate-grows-dividend-by-over-10-revealing-good-year-in-terms-of-output-and-results
  • 20 Sep 21
Open Orphan reveal 'very good first half, firmly profitable, cash in bank and record revenues!'
open-orphan-reveal-very-good-first-half-firmly-profitable-cash-in-bank-and-record-revenues-
  • 23 Nov 20
Thor Mining 'very excited' about acquiring interest in Alford East
thor-mining-very-excited-about-acquiring-interest-in-alford-east
  • 21 Oct 21
Bango says key message from annual Strategy Day is simply growth with 'massive opportunities ahead'
bango-says-key-message-from-annual-strategy-day-is-simply-growth-with-massive-opportunities-ahead-

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