Research Tree | Equity Research for Investors

10 May 21

Cenkos: CAP-XX Ltd -- Super cap market leader

CAP-XX is a world leading developer and retailer of supercapacitors, an important electrical energy storage technology, that delivers high power densities not possible with batteries. The company, its technology and strong IP position are well proven with more than 62 million CAP-XX supercapacitors sold to-date by CAP-XX and its four licensees. As well as reaching EBITDA positive on an underlying basis for its H1/FY21, it has recently concluded a transformational deal which has seen it acquire t

Companies: CAP-XX Limited

12 May 21

Open Orphan - Update ahead of de-merger

Given the announcement of a potential de-merger of certain non-core assets, we are putting our target price under review pending further detailed information of these assets.

Companies: Open Orphan Plc

11 May 21

Cenkos: Kromek Group Plc -- Getting back on track

An in-line update for FY21E means that losses have been contained by management's action on the cost base. Losses are not materially higher than in FY20A and sequential growth shows that revenues are recovering rapidly. With an identifiable pipeline of commercial opportunities, we see capacity for upside risk to financial forecasts to emerge this year.

Companies: Kromek Group Plc

10 May 21

Open Orphan* - New COVID Virus Manufacturing Contract

Open Orphan has announced that hVIVO has secured a £3m contract with Imperial College to manufacture a SARS-CoV-2 challenge virus, funded by the Welcome Trust. The new challenge virus will be based on new variants of the COVID virus and therefore support future challenge studies to develop and compare vaccines against different forms of the virus.

Companies: Open Orphan Plc

12 May 21

Cenkos: Agronomics Ltd -- Just the beginning

Agronomics is an investment company, making selective investments in early-stage alternative protein companies. We believe the combination of the conservative approach to calculating a reported net asset value (NAV) and growing interest in the broader alternative protein and cultured meat opportunities has resulted in Agronomics' shares trading at a c320% premium to its latest reported NAV per share value. Our analysis suggests that not only can this premium be justified but that upside exists b

Companies: Agronomics Limited

13 May 21

LIBERUM: Luceco* - Further guidance raise

Ahead of today’s AGM, Luceco raises guidance due to further share gains in WA & an earlier than expected demand improvement for LED projects from the commercial construction sector. The group expects 1H21 sales of £105m up 43% and a doubling of & adj OP to £18m, 5% above prior forecasts, supported by robust action on cost inflation. We now expect a stronger 2H21 and raise our FY 22 estimates by 8%. Accordingly, we raise our TP to 350p.

Companies: Luceco PLC

11 May 21

Revolution Bars Group - Thank you, Boris

Following this morning’s positive trading statement from RBG and, encouraged by Prime Minister Boris Johnson confirming that the hospitality industry can re-open according to the government’s roadmap, we are upgrading our FY21E EBITDA (Adj.) forecast by c.£1.5m to -£6.75m. Our upgrade reflects management’s ultra-tight cost control, helped by support from third parties. It’s a little too early to consider upgrading revenue forecasts but the ‘bearish scenario’ does recede in light of the newsflow.

Companies: Revolution Bars Group Plc

12 May 21

LIBERUM: Vertu Motors - A very strong start to FY22E

FY21 adj. PBT was 7% ahead of expectations and 7% ahead of FY20, despite lockdowns. Gross margins were much stronger than expected. Vertu’s market-leading omni-channel strategy has supported sales and led to a very strong start to FY22E (sales +135% in March/April against lockdown comps). We increase FY22E PBT by 49%, allowing for some caution due to new car supply constraints. Vertu remains our top pick in the sector due to the track record, strength of management and balance sheet. Raise TP fr

Companies: Vertu Motors PLC

10 May 21

Essential Tools for the Hybrid Work World

Highlights of FY21 are 43% c/c ARR growth at SwipedOn, routes to market for Space Connect signed and delivering, and significantly reduced burn. Q1 trading looks promising, with SwipedOn ARR 9% since year-end and Space Connect’s pipeline doubling to £1.2m. Looking forward, SMRT’s desk and meeting room booking tools are ideally suited to the emerging hybrid workplace (more employees than desks). We also note initiatives to narrow the price discount with competitors and target customers with more

Companies: Smartspace Software Plc

11 May 21

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from MRW, CPI, UAI, MGP, BGO, JOUL, ANG, THG

Companies: Bango plc

12 May 21

Powerhouse Energy - Loan Removes Potential Bottlenecks

Powerhouse has moved to de-risk potential sources of delay in the key Protos waste to hydrogen project by providing a £3.8m loan to the project. When the company raised £10m in January we expected this to help expedite the project and today’s loan is a practical example of how this funding is benefiting the project.

Companies: Powerhouse Energy Group PLC

10 May 21

Powerhouse Energy - Moves in Greece and Hungary

Powerhouse has announced progress with the international roll out of its DMG waste to hydrogen technology with an agreement towards the licencing of the technology in Greece and Hungary. This follows a similar agreement in Poland and demonstrates the global appeal of Powerhouse’s solution in our view. While development of the Protos project in the UK remains important, the ability to expand internationally is part of the appeal of the Powerhouse investment case and it is good to see progress her

Companies: Powerhouse Energy Group PLC

12 May 21

Synairgen - FY 2020 results and COVID-19 trial update

Synairgen reported FY 2020 results that showed an adjusted net loss of £13.7m, with year-end cash of £75.0m, some £27m higher than our expectations. The delta can largely be accounted for by delays in starting enrolment into the Phase III trial as well as the treatment of prepayments for drug substance and nebulisers: the latter reflected in working capital rather than expensed through the income statement. Near-term focus remains on the outcome of the Phase III study (SG018), and with the enrol

Companies: Synairgen plc

14 May 21

Potential vulnerability to a rise in bond yields

Commodity prices have recovered powerfully over the past year from the initial phase of the coronavirus crisis. The Bloomberg Commodity Index has climbed 52% in the year to May 11, against 42% for the S&P 500. It is around a six-year high, although still almost 50% below the 2011 Q2 peak. Price gains have been widespread and driven by demand and supply influences which have conspired to rapidly tighten markets particularly for industrial metals. Key demand drivers have been the continuing robust

Macros: Commodities - Metals & Mining

05 May 21

boohoo group plc (BOO LN) - FY21 Results

boohoo Group has announced results for the 12 months ended 28 February 2021, reporting a strong finish to the year, with performance ahead of ZC’s forecasts, driven by strong momentum in both the UK and USA in the final months of the year. Profit generation has been robust, despite significant cost headwinds resulting from COVID and the impact of a number of dilutive acquisitions made over the year. The shares have traded sideways in recent months, despite the Group’s continued strong trading pe

Companies: boohoo group Plc

15 May 21

Endeavour Mining - Review

14 May 21

A strong set of results, more to come

Results were considerably up in Q1 2021 YoY, and above our expectations Salcef posted a strong set of results in Q1 2021 YoY, above our estimates: revenues were up by around 38% YoY, EBITDA +24%, EBIT +19% and net profit +41%. The main drivers were: the consolidation of Delta, ca. EUR 8m contribution in terms of revenues; sound growth on a like-for-like basis, more than 20% YoY; a reduction in margins due to the higher incidence of international activities, which are characterised by lower marg

Companies: Salcef Group S.p.A

14 May 21

Results down, but above our expectations

Q1 2021 results were down YoY, in line with the company guidance Newlat Food posted a decline in results in Q1 2021 YoY, in line with the company guidance (mid-single digit decrease) and mainly connected to the unfavourable comparison base (in Q1 2020, Newlat Food posted organic growth of nearly 7% YoY, boosted by the first wave of the pandemic): revenues were down by 4.6% YoY, EBITDA -1.9% YoY, EBIT -5.2% YoY while net income grew by nearly 2.4% YoY as a result of lower financial charges. Resu

Companies: Newlat Food S.p.A.

14 May 21

Conservatism in excess ?

Erg’s strong start to the year was more than offset by a very conservative new 2021-25 Business Plan. Indeed, the 3% and 22% increase in EBITDA and group net result, respectively, in Q1 allowed the Italian group to raise its guidance for FY21. On the other side, the €2.1bn in investments by 2025 should bring EBITDA to €550m at the end of the plan, a threshold we expected to reach in 2023. Between conservatism and disappointment, our negative view is confirmed.

Companies: ERG S.p.A (ERG:BIT)ERG S.p.A. (ERG:MIL)

14 May 21

Tech in Focus: Proactive analyst Richard Jeans presents his weekly market highlights

14 May 21

Q1 21: still surging demand

Dialog Semiconductor published strong results, driven by growth in all the product portfolio. Profitability was marginally impacted by one-offs, but Dialog is well positioned to implement its cost synergies and boost margins in the coming quarters.

Companies: Dialog Semiconductor plc

14 May 21

Cizzle Biotech list in London to accelerate their research for early detection of lung cancers

14 May 21

Good organic recurring revenue growth, investments in growth

H1 20/21 was good with organic recurring revenue growth of 4.4%. Growth was sustained by software subscriptions (+11%). Sage Business Cloud revenue increased to 65% of the total. The renewal rate by value stabilised (97%) vs Q1 20/21 and H2 19/20 and the churn was in line with pre-COVID-19 levels which are reassuring. The organic operating margin decreased to 20.2% of revenue (-3pts) due to higher spendings in sales & marketing and R&D as expected. 2020/21 guidance is unchanged.

Companies: Sage Group plc

14 May 21

Kavango Resources reveal potential at Ghanzi South after finding several mineralised systems

14 May 21

Technicolor - Growing animation in performance

Technicolor’s Q121 figures show (constant currency) revenue up 3.6% on prior year, buoyed by continued strong demand in Connected Home. The outlook for Production Services is considerably improved as filming gets underway and projects are greenlit. Full year and FY22 earnings guidance is maintained, with margins set to improve after earlier streamlining and ongoing cost control. Following FY20’s financial restructure, the equity proportion of Technicolor’s enterprise value is no longer greatly o

Companies: Technicolor (TCH:EPA)Technicolor SA (TCH:PAR)

14 May 21

Bushveld Minerals - Q1 2021 Operational Update

14 May 21

SP Angel Morning View:

Beowulf Mining* (BEM LN) – Updated corporate presentation Bushveld Minerals* (BMN LN) – Q1 report highlights continued optimisation of expansion plans for Vanchem and Vametco Berkeley Energia Ltd (BKY LN) – Amendment to draft climate-change bill in Spain Condor Gold* (CNR LN) – Q1 results and progress report on La India Horizonte Minerals (HZM LN) – Q1 results highlight £18m raised and progress with power line licence for the Araguaia ferronickel project Power Metal Resources* (POW LN) –

Companies: BKY BEM BMN CNR HZM KAV POW

14 May 21

Early detection of lung cancer

Cizzle Biotechnology Ltd (Cizzle) was identified by Bould Opportunities (Bould) as its preferred target for a reverse takeover. Cizzle is a spin-out from the University of York to exploit the biomarker, variant CIZ1b, for early detection of different forms of lung cancer. The presence of nodules often detected on chest scans is suspicious, but not usually a sign of lung disease. Therefore, there is high medical need for a simple blood test to be used alongside a positive chest scan that allows e

14 May 21

Potential for upside surprise

NextEnergy Solar Fund’s (NESF) NAV has declined to 98.9p, as at 31 March 2021, from 100.7p as at 31 December 2020, after incorporating a further reduction in power price forecasts provided by NESF’s three independent consultants (-2.1p per share) and an expected rise in the UK corporation tax rate rising to 25% from 2023 (-1.8p per share). These were partly offset by NESF’s operating outperformance, the acquisition of the 100MW Camden portfolio which was financed by a drawdown on the existing cr

Companies: Nextenergy Solar Fund