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14 Jan 21

boohoo Group plc (BOO LN) - Strong peak trading

Boohoo has delivered strong results over the peak trading period for the four months ended 31 December 2020. Group revenue is +40% YOY, with robust growth seen across all brands and regions. The Agenda for Change programme is progressing at pace, demonstrating the Group’s commitment to setting a new standard for ethical supply chains in the fashion industry.

Companies: boohoo group Plc

12 Jan 21

Building on its proven growth track record

Robust FY21 performance forecast, despite pandemic

Companies: SDI Group plc

13 Jan 21

WHI Morning Comment: WEY Education (WEY) - Trading significantly ahead; strong momentum prompts new '21/'22E forecast

Today's update from WEY reveals the strong trading momentum within the business which is said to be trading “significantly ahead of budget and market expectations”. We have put in place a new FY22E forecast showing revenues and PBT rising 27% and 82% YoY respectively, highlighting both the very strong underlying growth as student numbers expand rapidly in response to successful marketing campaigns plus significant structural drivers, and the operational gearing effect, given that few extra costs are required operationally as major increases take place in student numbers. At the same time, our FY2021E revenue forecast is raised by 23% and, allowing for extra investment, forecast PBT is raised by 10%. Based on today's announcement and our new forecasts, we feel that WEY has already achieved its target of reaching the size of a Multi-Academy Trust, while also generating healthy gross margins, good levels of cash and a highly sustainable business growth model with much further to run.

Companies: Wey Education PLC

13 Jan 21

Substantial airborne Covid detector opportunity

As a nation, we love knocking ourselves. However in truth, we’re actually a pretty pioneering bunch. For instance, the experts at Oxford University & AstraZeneca have developed one of the world’s 3 most important vaccines in double quick time. Plus, many other British firms are creating similar breakthrough Covid inventions, such as Kromek.

Companies: Kromek Group Plc

13 Jan 21

Central Asia Metals: Q4 2020 Operations Update

Central Asia Metals (CAML LN) has reported Q4 2020 production with 3,365t of copper taking full year output to 13,855 in line with our forecast of 13.9kt and at the top end of guidance. Q4 lead output was 7,442t meaning 29,741t over the full year, up 2% YoY and in line with our forecast of 30kt while zinc output of 5,848t took full year output to 23,815t again in line with our forecast of 24kt and up 2% YoY despite the disruption at Sasa which CAML has overcome rapidly as we expected.

Companies: Central Asia Metals Plc

12 Jan 21

Positive FY20 update generates yet more upgrades

Ongoing strong demand for EKF’s products, both in the core business and the Primestore MTM Covid-19 sample collection device, means the FY20 outturn will be “comfortably ahead” of already upgraded expectations. This pattern is expected to persist throughout Q1’21 and beyond and management is confident that the performance in Q1 will be materially ahead of expectations. Having previously left FY21 estimates untouched, we are today putting through the first in what we expect to be a series of material upgrades. Given the dynamic situation around Covid-19, we expect regular updates throughout the course of the year and will adjust our forecasts accordingly as visibility over ordering patterns increases.

Companies: EKF Diagnostics Holdings plc

13 Jan 21

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from JET, PSN, SONG, HWDN, MSLH, PAGE, WMH, ASC, BGO, CUSN, CAY

Companies: Bango plc (BGO:LON)Persimmon Plc (PSN:LON)

13 Jan 21

Cenkos: Kromek Group Plc -- Getting back on track

H1A delivered a very resilient performance given the backdrop of halted deliveries and reduced manufacturing capacity. Orders and shipments are resuming and a ramp up in activity levels is expected in H2. A cash outflow in H1A has been supported by new committed facilities and gross cash levels look set to support the business successfully through the second half and beyond.

Companies: Kromek Group Plc

14 Jan 21

Target Price Increased – 127p

Capital Limited has released its Q4 and FY2020 trading statement this morning. Overall it shows 2020 was a strong year for the company with revenue growing 18% and most other operating metrics growing positively with it – see Fig 1. We have adjusted our forecasts accordingly and also to take into account the mining services contract for the Sukari Mine which the company won late last year. The latter is a game changer for Capital and its investment case in our view; turbo charging revenue growth, enhancing margins and diversifying cashflow all of which should lead to materially higher valuation multiples. We raise our PT to 127p.

Companies: Capital Limited

12 Jan 21

THE MONTHLY January 2021

Although 2020 will probably go down in history as one of the most challenging years experienced during our lifetime, it will also likely be chronicled as one of the best years for the recognition and appreciation of science. As we entered 2020, the COVID-19 pandemic was in its infancy. However, it rapidly evolved through the exponential rise in infections and mortality globally. Much has been achieved during the past 12 months in the fight against COVID-19, but, as we enter 2021, there are considerable concerns about the emergence of a mutant version of the virus and the second wave that we are now facing.

Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX SCE TRX SHED VTA YEW

14 Jan 21

Successful peak trading drives upgrades

We were bullish about the ongoing effects of strategic/operational initiatives at G4M, seeing forecast upside risk. It has not disappointed. Q3 sales and margin outperformance drive a 30% upgrade, and a shift into net cash. Extensive planning and systems/delivery changes have helped it after Brexit too, with trading stronger than expected so far in Jan. Valuation looks undemanding given upgrade momentum and the discount to lower margin peers.

Companies: Gear4music (Holdings) PLC

15 Jan 21

WHI Morning Comment: Jubilee Metals (JLP) - Strong FY first half performance

Jubilee put out an intraday press release yesterday updating on the performance in the first half (ending Dec 2020) of the FY 2021. Once again Jubilee delivers; significantly increased revenues and profits from its chrome and PGM division in South Africa and a small, but important, contribution from Zambia. Notably this improvement isn't just from commodity price performance; rather increased production, productivity, throughput, renegotiated contracts and all set alongside the strong performance of commodity prices –rhodium, palladium and platinum. We see this as still only the start for Jubilee as we look forward to the first copper oxide concentrates from the Roan project in Zambia to the Sable Refinery – where the Roan plant is currently under construction. Once again we are struck by the speed at which Jubilee moves to advance its projects and, with its South African cash engine showing no signs of slowing down. Jubilee can choose to move its wider ambitions in Zambia forward from internally generated cash flow. On the back of the strong performance we put our forecasts under review.

Companies: Jubilee Metals Group PLC

15 Jan 21

CCS Support Both Sides of the Pond

2020 ended with two positive moves for carbon capture and storage (CCS) which should benefit Velocys clients. In the US, the signing of the COVID 19 stimulus bill extends and adds support for CCS in the US where the Bayou project is working with CO2 offtaker Occidental to deliver a negative emissions project. The UK government has also published guidance on CCS funding making this option an additional opportunity for the Altalto project. Velocys remains one of the very few opportunities for investors to play negative emission technology. We see both these moves improving the operating environment for the company’s clients and their projects, stimulating demand for the Velocys technology.

Companies: Velocys plc

04 Jan 21

Cenkos: HeiQ Plc - Pioneering materials for life

HeiQ is a materials innovation technology company, marketing products that increase the functionality of technical, medical and consumer textiles. The company's core products are at the leading edge of innovating the c$25bn textile chemicals market, while the recently launched antimicrobial technology, HeiQ Viroblock, enables the forward integration into the c$10bn antimicrobial textile market and OTC textile medical devices. The company is grounded on three strategic success factors, materials innovation, mass manufacturing and ingredient brand marketing, which will support the company's ambition to grow its revenues from $30m to $300m in the medium term. HeiQ has listed on London's Main Market via a reverse takeover, raising £20m in new equity. We initiate coverage with a BUY.

Companies: HeiQ PLC

14 Jan 21

Strong Q3 sales and gross margin growth...

…..drive further forecast upgrade

Companies: Gear4music (Holdings) PLC

19 Jan 21

Morning Note – 19 January 2021

Companies: ALU AMO COG ELCO IOF TCM EVG

19 Jan 21

Dekel Agri-Vision* - Long-term Debt Refinancing with New 7-year Bond

Dekel Agri-Vision has announced the launch of a €15.2m, 7-year bond facility. This bond, which has been approved by the Ivorian regulator, forms part of a long-term refinancing programme to extend the maturity of the debt profile of the group and strengthen the balance sheet, to facilitate the company's growth strategy.

Companies: Dekel Agri-Vision Plc

19 Jan 21

Jade Road Investments a 'unique investment vehicle on LSE' connecting west to east

19 Jan 21

Touchstone Exploration Shareholder Q&A

19 Jan 21

OKYO Pharma files patent application for Chemerin to treat COVID-19 and ARDS

19 Jan 21

Cenkos: Time Finance plc -- Robust delivery with better times ahead

Time has produced robust interim results, slightly ahead of its earlier trading update, reflecting the gradual recovery of trading from a COVID-19 impacted March to June 2020, which saw a low in the lending book. With own-book origination holding up and arrears/forbearance falling, we view H2/21E positively but note the current UK lockdown presents uncertainty. Still trading at 20% below tangible book value, despite improved macro conditions, we see upside ahead and maintain a “BUY”.

Companies: Time Finance plc

19 Jan 21

Telit - Bid talks end leaving Telit free to build value

Following the formal end of takeover discussions, we are able to recommence our coverage of Telit. Today’s trading update reveals Telit has performed very well through a year overshadowed firstly by the restrictions of the COVID pandemic and then by the distractions of potential bids. When the pandemic began in early 2020, Telit was able to act quickly and decisively, moving some 850 employees to home working within a few weeks. Although customer demand naturally slowed, operations have continued uninterrupted throughout the period and the business has displayed great resilience. We take this opportunity to reissue forecasts for FY20 and FY21 and set a near-term target price of 345p based on 14x EV/EBITDA, in line with the current average on the finnCap tech indices.

Companies: Telit Communications S.p.A.

19 Jan 21

Cenkos: Falcon Oil & Gas Ltd -- Let It Flow

Origin Energy has submitted a Notification of Discovery on the Kyalla 117 well in the Beetaloo Sub-basin, following the unassisted production of 0.4-0.6 MMscf/d of liquids-rich gas over a 17-hour period. The result follows the introduction of nitrogen to lift the fluids in the well. Longer-term measures will now be put in place to flow back sufficient hydraulic fracture fluid to allow for an extended well test during the dry season (Q2/21). The Australian Government has unveiled its plans to accelerate the development of the Beetaloo Sub-basin through the A$224m Beetaloo Strategic Basin Plan, creating the right conditions to grow the onshore gas industry in the Northern Territories. A new A$50m Beetaloo Cooperative Drilling Programme will support A$200m of exploration activity before 30 June 2022, capped at A$7.5m per well. The Government has also committed to establishing a new A$174m Roads of Strategic Importance corridor to upgrade roads supporting the development of gas resources in and around the Beetaloo.

Companies: Falcon Oil & Gas Ltd.

19 Jan 21

Cambridge Cognition - Positive trading update with record order book

Cambridge Cognition provided a positive FY 2020 trading update, with revenues (+34%), net losses and cash all ahead of expectations, and delivering an EBITDA-positive Q4. After a year of record order intake (£12.7m) and with a year-end order book of £11.2m (+96% on the prior year), the company is positioned to deliver another year of strong growth. This update provides further evidence of (i) the commercial focus that the CEO has instigated, (ii) the cross-selling opportunities for its newer digital solutions, and (iii) the prospect of a period of sustained strong growth in what are large (c.£1.2bn) and high growth (c.20%) addressable markets for digital solutions for clinical trials. We increase FY 2021 revenues by 18% to £8.5m, implying 26% growth and raise our target price 31% to 105p.

Companies: Cambridge Cognition Holdings Plc

19 Jan 21

Alumasc - H1 trading ahead of expectations, forecast upgrade

The group has announced an extremely positive trading update as it completes its first half. Following a positive Q1, Q2 has maintained momentum resulting in a record profit for the half year, significantly more than we had forecast for H1 and almost achieving the full-year expectation. Restructuring cost savings have also assisted gaining double-digit RoS. It also signalled a return to the group’s previous dividend policy. As a result, we upgrade our FY21 forecast with a 39% in in EPS to 19.9p. We also raise our PT from 130p to 178p, in line with the uplift in EPS, which remains a conservative target P/E of 9.0x. ALU is currently one of the lowest rated in the sector, offering a currently very attractive 4.4% dividend yield.

Companies: Alumasc Group plc

19 Jan 21

Trans-Siberian Gold* - Q4 Results 2020 – Record Production Levels at Asacha

Trans-Siberian Gold's (TSG) Q420 production update from the Asacha Gold Mine, located in Russia, returned record quarterly gold production of 15,217 oz, up 31.5% on the previous quarter, and all-time record annual gold production of 45,066oz, up 3.6% on the previous year. This impressive performance, despite the global COVID-19 Pandemic, gives the company its fifth successive year of increased gold production from Asacha and record annual revenue of US$81m. Trans-Siberian Gold finished the year with a strong cash balance of US$22m.

Companies: Trans-Siberian Gold PLC

19 Jan 21

Union Jack Oil# - Catalysts continue in 2021

Catalysts continue in 2021

Companies: Union Jack Oil Plc

19 Jan 21

Big data day

Brent little changed in quiet market IEA monthly, US drilling up today Tankers remain Lanterne Rouge on the corona train

19 Jan 21

Salt Lake Potash focused on plant commissioning as Lake Way nears completion

18 Jan 21

Buying into some organic growth

Rephrasing our headline, it could have been ‘Buying into something tiny’. We are still struggling with the financial offer (€1,378m) and potential bidding war (management had excluded this), with its long-term rival PPG. We understand the strategic rationale, but a 3-5 year period to full value creation is completely unacceptable in our view. Furthermore, Akzo’s balance sheet will suffer due to the financing of the potential acquisition, which might postpone our rating upgrade.

Companies: Akzo Nobel N.V.