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

24 May 22

Arc Minerals (ARCM) - Reflections on the recent Anglo American JV – a very positive move

Arc has recently signed an agreement with Anglo American (LSE:AAL, Market Cap $45bn) on a JV for its highly prospective Zambian licences (subject to final due diligence). The deal sees (3) main staged payments of up to $74m in the ground and $14.5m to Arc (by end of stage 1) and significantly leaving Arc with a 30% stake in the project. On a detailed reflection over the deal we want to reiterate how positive we see this is for Arc: i) Arc could never have raised this sort of capital to bring exp

Companies: ARC Minerals Limited

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

18 May 22

Continued capital redistribution story to offset weak profitability?

Aviva’s Q1 22 trading update was slightly above our expectations although this remains very much tied to the top-line and profitability could be impacted as of H1. Do the operations really mean that much for the share price with high dividends as a back-up? The latter are expected to continue as the firm has stated that it will release capital above its 180% solvency ratio.

Companies: Aviva plc

23 May 22

IOG - Production interruption

Production interruption

Companies: IOG PLC

17 May 22

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

Companies: Sureserve Group Plc

23 May 22

LIBERUM: Futura Medical* - A deal the market has been waiting for

Companies: Futura Medical 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

16 May 22

LIBERUM: Plus500* - Strong trading leads to FY22 upgrades

Companies: Plus500 Ltd.

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

25 May 22

SP Angel Morning View: Rare Earth and lithium prices rise as base metals pull back

American West Metals (AW1 AU) – Step out drilling intersects new polymetallic mineralised zone 250m away from West Desert Glencore (GLEN LN) – Glencore to pay $1.5bn penalty amid bribery charge Ivanhoe Electric - Robert Friedland to IPO battery metal focused Ivanhoe Electric Pensana (PRE LN) – Completion of design and engineering studies for Angolan mine and UK rare-earths processing facilities. Phoenix Copper* (PXC LN) – Phoenix Copper bolsters its PR and IR team Sunstone Metals (STM AU) –

Companies: GLEN PRE PXC AW1 STM

25 May 22

Renewi - Strong FY22, raising guidance for FY23

Renewi’s FY22 results reflect a strong performance across the group. The results came in ahead of FY21 comparatives and our FY22 forecasts. Management guided that it expects FY23 to be ahead of previous guidance. Driving this performance were price increases that outpaced inflation in waste and recyclates, coupled with volume gains (which are still below pre-COVID levels) and cost savings. There was a shift in tone, with the group now transitioning its focus on margin recovery to growth. Growth

Companies: Renewi Plc

25 May 22

Datatec - Strong year across the board despite challenges

FY22 could be characterised as a year of robust global demand for technology solutions, with the ability to meet that demand constrained by supply chain issues, semiconductor shortages and a growing backlog of pending orders. This led to a strong year for all three of Datatec’s divisions, which would have been even stronger if orders could have been fully met. Datatec’s reported revenue for FY22 was US$4.64bn, up 13%, with adjusted EBITDA rising by 16% to US$177m, representing a 3.8% margin (FY2

Companies: Datatec Limited

25 May 22

SP Angel Morning Energiser: 25/05/22

No respite for nat gas prices

Companies: SDX Energy PLC

25 May 22

Hot Off The Wires - The Day Ahead

Today's news and views, plus updates from: SKG, BOY, HICL, MDC, BOWL, PRE, SBRE, & MRL.

Companies: HICL PRE MDC

25 May 22

A disappointing Q1 operating profit and... a tough April in Spain

While Q1 revenues were broadly in line with expectations, up by 3.2% yoy, the operating profit was disappointing at only €15.3m (vs €67.9m in 2021). This does not augur a good 2022 as Spanish advertising revenues already look to have contracted by at least 10% in April. We remain at Buy on the stock which has already lost 45% since the beginning of the year. We will however revise downward our 2022 forecasts.

Companies: MFE-MediaForEurope NV Class B

25 May 22

LIBERUM: CEO Video - Louis Hall, Cerillion PLC*

Companies: Cerillion Plc

25 May 22

SP Angel Healthcare Conditions: Hemogenyx (HEMO.L) - Update Note

Companies: HemoGenyx Pharmaceuticals Plc

25 May 22

Midatech Pharma - Pipeline delivery key to future outlook

Midatech’s FY21 results continued to reflect financial prudence (following the March 2020 business realignment), with normalised operating loss improving to £7m (£10.7m in FY20) despite a much broader R&D pipeline. Clinical asset MTX110 (MidaSolve platform), already in Phase I for orphan DIPG and medulloblastoma brain cancers, is expected to commence a Phase I study in mid-2022 for recurrent glioblastoma, an opportunity more than 30 times the size of the other two combined. We believe visibility

Companies: Midatech Pharma Plc

25 May 22

AFT Pharmaceuticals - Recovery driven by strong H222

AFT Pharmaceuticals (AFT) reported FY22 revenue of NZ$130.3m, up from NZ$113.1m in FY21, driven by improved performance in H222 (versus H122) amid the easing of COVID-19 restrictions. Revenue growth was driven by new product launches and a steady contribution from licensing deals, particularly the international rollout of Maxigesic oral and intravenous formulations. Reported operating profit of NZ$20.4m was slightly higher than our estimate of NZ$19.4m. AFT announced plans to initiate a dividend

Companies: AFT Pharmaceuticals Ltd.

25 May 22

VSA Morning Technology Comment 25/05/22 (Frontier IP)

Portfolio news - Cambridge Raman Imaging raises £1.1 million to accelerate technology scale up

Companies: Frontier IP Group Plc

25 May 22

VSA Capital Morning Miner 25/05/22 (Sierra Madre)

Sierra Madre (SM CN) has announced strong assay results from the first three holes from its maiden drilling programme at La Tigra; this is the second project acquired by the company in addition to Tepic.

Companies: Sierra Madre Gold & Silver Ltd.

25 May 22

Kromek - US federal entity order for nuclear security D3S-ID detectors

Kromek has announced that it has received an order from a US federal entity for the D3S-ID wearable nuclear radiation detector, which provides an early warning system for potential radiation threats. The order is worth $0.65m and is to be delivered in the coming months. This is the second order for the D3S-ID from this customer, following the award of a $1.6m two-year contract in September 2021, and provides further endorsement of Kromek’s capabilities within a market over which Kromek has visib

Companies: Kromek Group Plc

25 May 22

SHORE CAPITAL - Marks & Spencer+ (MKS) - Great FY22, shaving FY23 for ORL - sustaining progress...

Companies: Marks and Spencer Group plc

25 May 22

Synairgen - FY 2021 – focused on SNG001 inclusion in platform trial

Synairgen reported a FY 2021 adjusted net loss of £48.2m (FC est. -£46.7m), the delta due to higher-than-expected R&D (c.£4.9m), which was partially offset by a higher R&D tax credit. Period-end cash was £33.8m (FC est. £37.0m). SPRINTER results, presented at the American Thoracic Society on 16 May, identify a responder group of higher risk patients and provide a strong clinical rationale to investigate SNG001 in a trial evaluating progression and/or mortality in such patients. Synairgen is focu

Companies: Synairgen plc