Research Tree | Equity Research for Investors

09 Jun 21

Cenkos: Seeing Machines Ltd -- Aviation deal with CAE for Australian Defence customer

Seeing Machines has announced that it has been appointed by CAE Australia to integrate its precision eye-tracking technology, for an Australian defence industry customer. The engagement is valued at A$1m over five years and comes at the end of a successful direct engagement between Seeing Machines and an Australian defence industry innovation programme delivered over the past two years. This programme exceeded all stakeholder expectations and has opened several additional opportunities across th

Companies: Seeing Machines Limited

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

08 Jun 21

Intercede - Level up

Prelims to March 2021 are in line with the April trading update, achieving a third consecutive year of sustainable growth in revenue (6% growth YoY) and adj EBIT (27.5% growth YoY) since management change in 2018. Free cash generation of £3.8m was well ahead of forecasts (£1mE), with y/e net cash of £8m (FY20: £-0.1m) after early conversion of the loan notes otherwise due in December 2021. Typically effective opex control still offered capacity for a marginal increase in R&D (none capitalised) a

Companies: Intercede Group plc

11 Jun 21

LIBERUM: Frontier Developments* - Record FY21, JWE 2 revealed for FY22

Frontier have delivered record revenues for FY21 that were slightly ahead of our expectations, thanks to a strong performance across all four franchises and despite the challenges that faced the recent Odyssey launch. We now know that the FY22 upcoming licensed IP game will be Jurassic World Evolution 2, a sequel to Frontier’s biggest-selling game to date that will launch later this year. Simultaneously the Board are providing prudent revenue guidance which assumes that the first F1 management t

Companies: Frontier Developments Plc

08 Jun 21

Xpediator (XPD LN) - AGM update: positive trading

XPD increased profit by 40% last year and strong trading has continued through to the end of May. In 2020a growth was largely driven by the Freight Forwarding division. Now management reports that all three divisions – Freight Forwarding, Warehousing & Logistics and Transport Solutions - are growing. As with many logistics businesses, trading at XPD is seasonal with most profit made in H2, hence we have not lifted our estimates at this stage, but with this AGM statement today, risks are clearly

Companies: Xpediator Plc

09 Jun 21

Major US licence & supply agreement

In an encouraging sign of building US momentum, Yourgene has announced it has signed a multi-year licence and supply agreement with a major US precision medicine company to enable it to offer a new reproductive health screening service from its own laboratories. The agreement encompasses a non-exclusive licence to Yourgene’s proprietary bioinformatics Flex analysis software and a supply agreement for sample preparation reagents and instrumentation. Notably, this includes the Ranger sample enrich

Companies: Yourgene Health 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

08 Jun 21

Guidance upgraded

Strong trading update with upgraded FY21 revenue growth target (+5% vs. +3-5% previously) and strong confidence in the New Generation Products development.

Companies: British American Tobacco p.l.c.

08 Jun 21

Palace Capital* - Forecast beating Final Results

Forecast beating Final Results

Companies: Palace Capital plc

10 Jun 21

LIBERUM: Staffline Group* - Updated numbers after the raise

Staffline’s raise has generated £44m of net proceeds. The debt re-fi simplifies the bank lending and provides ample head-room. The circular points to FY results in line. Staffline has also reported a strong start to the year, with potential upside from Restart. FY 21 FD EPS increased by 57% and FY 22 reduced by 8% to reflect the mechanics of the re-fi and no tax. We expect the conversion rate to continue increasing. The B/S looks sound with expected FY 22 covenant net debt / EBITDA of 3.0x. We h

Companies: Staffline Group plc

11 Jun 21

Ergomed - FY21e EBITDA ‘materially ahead’ of consensus

Yesterday, Ergomed held its annual general meeting (AGM) and provided a high-level year to date trading update (four months to end-April 2021). The company guides to FY21e revenues in line with market expectations (Edison £119.6m; consensus £120.0m). Strong revenue growth has continued in its PrimeVigilance division, in line with prior trends (in FY20 revenues grew by 30%), and its CRO business has seen a further acceleration of growth from H220 (H220 service fee revenues up 13.5% vs H120). This

Companies: Ergomed PLC

14 Jun 21

LIBERUM: SThree* - H1 21E NFI and PBT ahead of H1 19

We increased our forecasts on 3 June as SThree pre-announced the strength of Q2. Today’s full release shows Q2 NFI +22% y-o-y and H1 NFI +3% on H1 19. The contractor order book is up 33% and productivity +36%. We make no changes to forecasts today, but now expect H1 21 PBT of £27.4m, up 14% on H1 19. Our H2 estimates are cautiously set, reflecting more normalised contractor working hours and selective headcount investment. We see the risks to be on the upside. Maintain Buy.

Companies: SThree plc

08 Jun 21

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from ICP, BATS, OXIG, PAG, NCC, OTMP, XPD, PPC

Companies: BATS OTMP XPD

01 Jun 21

A Midsummer Day’s Dream…..

As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne

Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK

14 Jun 21

Cenkos: Pelatro Plc -- Placing to fund new service line

Pelatro has raised £2.15m in an equity Placing to fund an expansion of a new service line in mobile advertising. This is an adjacent product space to which the core data analysis business is able to direct traffic for targeted marketing purposes. The beneficial impact of this expansion should be felt from 2022E onwards.

Companies: Pelatro Plc

14 Jun 21

Osirium Technologies – executive interview

14 Jun 21

Mode Global Holdings' bitcoin cashback app to be paying option on The Hut Group platform

14 Jun 21

Altus Strategies* (ALS LN) - Royalty and project generation engine

Altus Strategies is a dual listed (AIM and TSX-V) Africa focused project and royalty generation company with a portfolio of 29 projects diversified across nine commodities and seven countries. The Company's organic royalty generation strategy involves a cost-efficient structure with in-house selection of the most prospective exploration licenses and early stage de-risking of projects before partnering with third parties for the more capital intensive development programmes. Altus retains perform

Companies: Altus Strategies PLC

14 Jun 21

Kromek Group announce 'very exciting extension' worth £6mln for bio-threat detection system

14 Jun 21

Gresham Technologies' acquisition of Electra Information Systems 'globalises our organisation'

14 Jun 21

Focused on the right – high-potential – areas

After a difficult 2020, Stora Enso has embarked upon 2021 with a strong note. Varying improvements across divisions along with cost optimisation have triggered group-level margin gains. This momentum should be maintained, thanks to sacrosanct stability in Packaging and Forests, and gradual improvements in Pulp (collectively c.85% of gross assets). Overall, Stora remains our top sector bet.

Companies: Stora Enso Oyj Class R

14 Jun 21

iClima Earth to list world’s first Decentralised Renewable Energy ETF on London Stock Exchange

14 Jun 21

Early drill results hint at Bibemi potential

Oriole has reported further results from the maiden drill programme at its 51%-owned Bibemi gold project in Cameroon. The results come from 8 holes (BBDD002-BBDD009) targeted on Bakassi Zone 1, a 5.3km long prospect at Bibemi. The results outline encouraging intercepts of gold mineralisation with over 100m vertical continuity demonstrated from surface. Some of these new drill holes were located several kilometres away from the first hole (BBDD001), highlighting the potential for a mineralised sy

Companies: Oriole Resources PLC

14 Jun 21

Scirocco Energy says investing £1.2m in Energy Acquisitions Group is 'strategically a very big deal'

14 Jun 21

SP Angel Morning View:

AfriTin* (ATM LN) – Uis mine in Namibia exceeds its Q1 planned tin concentrate output Altus Strategies* (ALS LN) – Three senior appointments Alba Mineral Resources (ALBA LN) – Drilling starts as Amitsoq Island graphite deposit in Greenland Caerus Mineral Resources (CMRS LN) – Initial drilling results from Trouli, Cyprus Endeavour Mining (EDV CN) – London listing Oriole Resources (ORR LN) – Results from maiden drilling programme at Bibemi

Companies: ATM ALBA ALS CMRS EDV ORR

14 Jun 21

CoalSwitch™ production to ramp up in 2021

Results from Active Energy Group (AEG) are very much historic, in that the revenues generated in 2020 are derived largely from lumber activities which do not form the core of the Group’s future business plans and are either in the process of being closed down or under review. Equally, the capital base from which the Group operated during 2020 has fundamentally changed with the elimination of all Convertible Loan Notes in February 2021. Going forward, the Group’s strategy is focused on exploiting

Companies: Active Energy Group plc

14 Jun 21

Market Report: FTSE upbeat despite likely 'Freedom Day' delay

14 Jun 21

FTSE upbeat despite likely 'Freedom Day' delay

14 Jun 21

4iG - Executing at pace on its five-year plan

In FY20 and into H121, 4iG has continued to execute at pace, with a series of acquisitions that will transform the group once the acquisition of DIGI Group, a leading telecoms services provider, closes in Q321. 4iG’s strategy is focused on three pillars: IT services; telecoms & infrastructure; and space & defence. The group continues to scale in Hungary, with a target to become the market leader, but we also expect 4iG to develop a more diversified regional footprint in FY21 and FY22. On top of

Companies: 4iG Nyrt.