Research Tree | Equity Research for Investors

15 Jun 21

boohoo group plc (BOO LN) - Key markets outperforming

boohoo Group has announced solid Q1 FY22 trading with Group revenue +32% YOY ahead of ZC forecasts (+25%) and consensus expectations (+28%), driven by strong momentum in key markets of the UK (+50% YOY) and USA (+43% YOY) despite tough PY comps (Q1 FY21 +45% YOY).

Companies: boohoo group Plc

17 Jun 21

Excellent progress, well positioned

The Group has reported excellent progress in FY2021, despite Covid disruption, delivering adj. operating profit growth of 35.8%, some 5% ahead of that indicated in April’s trading update. The business has benefited from its diverse and resilient sector exposures, alongside exposure to a number of growth markets that include data centres and EV charge cables where revenue growth was 38% and 193% respectively. The business is well positioned into FY2022 with strong trading noted in the first 2 mon

Companies: Volex plc

17 Jun 21

Cenkos: Seeing Machines Ltd - 5 New automotive models confirmed

Seeing Machines has announced that its DMS software is now available across five additional vehicle models from world-leading automotive manufacturers. It has been working closely with Joyson Safety Systems since 2011 to integrate the Company's software into the General Motors' Super Cruise driver assistance feature. This system, based on the Company's FOVIO e-DME (embedded Driver Monitoring Engine) software, is now available in three new vehicle models including the General Motors' 2021 Cadill

Companies: Seeing Machines Limited

16 Jun 21

BOTB - Final results in line; additional special dividend

The final results are in line with forecasts, confirming exceptional growth in the year. The group has also announced a second special dividend of 50p per share taking the total special dividend for the year to 90p per share.

Companies: Best of the Best plc

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

17 Jun 21

Cenkos: OptiBiotix Health Plc - Final results

OptiBiotix has reported its final results for the year to December 2020, which are largely in-line with the financials reported with the recent ‘Strategy and commercial update'. 2020 was a strong year for the company as its two operational divisions achieved EBITDA profitability supported by increased commercialisation of the group's product range. This commercial moment has continued into 2021, as the company looks to scale its first-generation product sales with new product lines and new terri

Companies: OptiBiotix Health PLC

17 Jun 21

Open Orphan* - Broad Opportunity Set - Buy

Open Orphan reported its full-year results to 31 December (FY20) this morning. The group reported revenues and other income of £22m in 2020 with operating loss before exceptionals of £8.3m, slightly below expectations due to the phasing of costs through H2 2020. 2021 has started well and industry activity around COVID and respiratory disease provides a wealth of opportunity and 2021 catalysts.

Companies: Open Orphan Plc

15 Jun 21

LIBERUM: Ramsdens Holdings* - Good outcome in challenging conditions

Ramsdens interim results highlight the resilience of the business model. Despite the prolonged UK lockdown and international travel restrictions materially impacting the business, we believe a pre-tax loss of only £0.1m was a great result. Moreover, the balance sheet remains strong with net assets up £0.5m HoH to £35.5m and net cash at £15m. While FY2021 has been tough due to COVID-19, management remain confident and are positioning the business for growth with a pipeline of six new stores, incl

Companies: Ramsdens Holdings PLC

17 Jun 21

Sumo Group (SUMO LN) - Firing on all cylinders

In today’s AGM statement, the Board reported that all divisions are “trading well” and the company is “performing in line with expectations in the year to date”. We are encouraged by the progress of Secret Mode, Sumo’s new publishing division, and see the potential for it to drive the company’s valuation higher. The company’s own-IP game, “Hood” appears to be performing well and could support margin and profit outperformance. Cash generation has been strong and supports a strong net cash outlook

Companies: Sumo Group Plc

17 Jun 21

Open Orphan - FY 2020 – Valuation upgrade

Full year results for the year ended 31 December 2020 reflect a transition year for Open Orphan. Its proforma results included revenues of £21.0m (2019: £22.5m, -7%), with an adjusted pre-tax loss of £9.3m (2019: £11.9m), and year-end cash of £19.2m. We upgrade our FY 2021 revenue forecasts to £46.0m (+4.8%) to reflect a stronger year-end pipeline that includes COVID-19 challenge study contracts, offset in part by higher costs of sales in delivering these contracts. Adjusted EBITDA is forecast a

Companies: Open Orphan 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

15 Jun 21

Cenkos: TP Group Plc -- FY20A Results

Despite the challenges presented by Covid-19, TP Group was able to report organic revenue growth of 9% YoY in FY20A, and total revenue up 20% YoY. Aided by strategic acquisitions, non-core business disposals, and investments made within the group, the company should be well placed to benefit as trading conditions normalise. With visibility improving, we release new forecasts for FY21E and FY22E (Adj EBITDA of £4.2m and £5.1m respectively). Given the improving outlook, and a record order book (£6

Companies: TP Group 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

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

21 Jun 21

Cenkos: Venture Life Group Plc - Financing update

Venture Life has announced it has entered into a Revolving Credit Facility (RCF) with Santander UK and Silicon Valley Bank. The funds, of up to £50m, provide leverage to the company's existing cash resources, and will support management's M&A ambitions, following the recent acquisition of BBI Healthcare for c£36m. We remain encouraged by Venture Life actively progressing its overall M&A strategy, which we expect to scale the company and provide operational leverage opportunities to maximise the

Companies: Venture Life Group Plc

21 Jun 21

Velocys - First Commercial Flight

Successful completion of the first commercial flight using Velocys sustainable aviation fuel is clearly an important milestone for the company. We also think it shows that the collaboration agreement deal with Toyo Engineering is progressing, vindicating the company’s low capital licencing model, and opening the way to commercial revenues.

Companies: Velocys plc

21 Jun 21

Morning Note – 21 June 2021

Companies: Amino Technologies plc

21 Jun 21

LIBERUM: Hotel Chocolat* - Beauty buyout

Hotel Chocolat has agreed to acquire the 53% stake that it does not own in its JV, Rabot 1745, which runs the group’s beauty offer. The total consideration is £0.1m. The move to full ownership will: (i) allow the group to continue to develop its successful, award-winning beauty range, which is particularly popular across its UK channels, St Lucia and Japan; (ii) support an ongoing brand-enhancing, point of differentiation vs. other chocolate players; and (iii) allow the integration of operations

Companies: Hotel Chocolat Group Plc

21 Jun 21

Panther Metals CEO delighted with JORC exploration target at Coglia in Australia

21 Jun 21

Inchcape PLC (INCH LN) - Another upgrade

Inchcape released an unscheduled trading update last Friday stating that the Group’s performance to date has exceeded its expectations. The Group has announced the continuation of encouraging trends across the business, with an uptick in demand and margin resilience. As a result of this update, we upgrade our forecasts for FY21, leaving FY22 and FY23 forecasts unchanged at this stage. This upgrade increases our intrinsic valuation to 1,048p per share.

Companies: Inchcape plc

21 Jun 21

Thor Mining details maiden diamond drill programme at Alford East

21 Jun 21

Carpentaria-1 successfully flows gas to surface

Empire Energy Group Limited (ASX:EEG) is a junior oil and gas producer and explorer with onshore Northern Territory (NT) and US oil & gas assets. EEG holds the largest acreage position (28.9m acres) in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin. After a material uplift in its 2C/2U gas/liquids resource base, with the 100% buyout of the Pangaea-EMG JV Beetaloo tenements for ~$57m (@30cps), 2C Contingent Resources now lie @ 199Bcf gas / 3.5mmbbls liquids.

Companies: Empire Energy Group Limited

18 Jun 21

Decent start of the year

There were no major surprises in Tesco’s Q1 trading update. The group’s lfl growth of 1.0% was led by a revival in the catering business (+68.1% yoy). Online growth also remained robust at +22.0%. Management has confirmed the annual guidance. We continue to see Tesco as the healthiest amongst the UK’s ‘Big Four’ players and maintain the positive stance on the stock’s valuation.

Companies: Tesco PLC