Research Tree | Equity Research for Investors

20 Sep 21

Open Orphan* - Industry Momentum Accelerating Pipeline Conversion

Open Orphan has released its H1 2021 results. The numbers represent a milestone for the Group, delivering both positive EBITDA and bottom line profits in its half year for the first time. While H2 looks slightly uneven, this remains a rapidly growing business in a market increasingly well understood by investors and with significant opportunity for high returns in 2022 and beyond, there remains lots to go for. Reiterate Buy.

Companies: Open Orphan Plc

23 Sep 21

Interim results highlight temporary margin drag

H1 EBITDA declined by 45% YoY, albeit this was slightly better than we had anticipated after the pre-close update in August. The beat was cost related (efficiencies/savings). There was a significant gross margin drag though and, while transitory in nature and diminishing in H2, this means further savings need to be realised to hit full year forecasts. This is our view and we retain a good level of confidence in next year’s forecasts. Having de-rated, valuation looks very undemanding now on just

Companies: Venture Life Group Plc

24 Sep 21

Revolution Beauty (REVB LN) - Initiation: Viva la Revolution

Revolution Beauty is a multi-brand, multi-category, multi-channel, mass beauty innovator with proven global scale. Since launch in 2014, the Group has grown rapidly (FY14 – FY19 CAGR of 99%) generating revenue of £137.5m in the 12m to 31 December 2020. Revolution has an established retail footprint of c.11,000 doors across leading retail chains in the UK, USA and internationally, driving global brand recognition. This is complemented by a fast-growing digital business (+81% in 2020) including it

Companies: Revolution Beauty Group plc

23 Sep 21

Savannah Resources (SAV) - Interims – a period of consolidation, strong catalysts to come

Savannah provided its interim snapshot yesterday and it is worth pointing out where it has come from and where it is going to, with a catalyst-rich future ahead of it. The Mina do Barroso project remains one of the most advanced spodumene projects in Europe and as such is very well located in terms of market (close to a main end-use market with all the freight savings – cost and carbon – that implies) and available green energy to power production. The project benefits from political support fo

Companies: Savannah Resources Plc

23 Sep 21

AGM update - risks on the upside

Begbies has issued an AGM update that confirms the group has had a good Q1 with double-digit revenue and profit growth, benefiting from a contribution from recent acquisitions which management has confirmed are performing in line with expectations and a recovery in activity levels within the Property division. Management has also confirmed that the group is on track to meet market expectations for the full year. As we have said previously, a return to pre-pandemic insolvency volumes would offer

Companies: Begbies Traynor Group plc

21 Sep 21

Shore Capital - Kape - House Test

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Companies: Kape Technologies Plc

23 Sep 21

Phoenix Copper (PXC) - Operational Update

Phoenix copper today provides an operational update with plenty of work streams running in parallel. It continues to make progress on finalising plans for bringing the Empire oxide open pit into production after nearly completing its hydrological studies and finalising plans for a permanent mine office in Mackay – 5 miles from the proposed operation.

Companies: Phoenix Copper Ltd. (United Kingdom)

22 Sep 21

Another suitor at Entain's door

Draftkings has made a £16.4bn ($22.4bn) bid to acquire Entain in a cash (630p) and stock offer, valuing the target at 2800p/share. While the bid is promising, MGM (BetMGM’s JV partner) can throw a spanner in the works (counter-bid or a veto).

Companies: Entain PLC

20 Sep 21

Open Orphan - Interim results

Interim results showed a 240% (+£15.2m) increase in proforma revenues to £21.9m, with sequential half-yearly growth of 55% (+£7.8m), driven principally by non-COVID-related studies. The company has guided to revenues (including other income) of c.£40m in 2021 and is targeting c.£50m in non-COVID revenue in 2022, with any COVID-related revenue being in addition to this. The shortfall from our previous 2021 estimate of £46m is attributed predominantly to the ongoing completion of a COVID challenge

Companies: Open Orphan Plc

22 Sep 21

Jersey Oil and Gas* - H1 2021 results

H1 2021 results

Companies: Jersey Oil & Gas PLC

20 Sep 21

Central Asia Metals: H1 2021 Interim Results

Central Asia Metals (CAML LN) reported strong interim results as copper, lead and zinc prices extended their gains up 21%, 11% and 12% YTD. H1 2021 revenue of US$101m was up 42% YoY, EBITDA of US$64m was up 52% YoY and the EBITDA margin increased 5pp to 61%. With no significant other charges, net income was up 69% YoY to US$42m. Having marked to market our commodity price assumptions, our estimates are broadly unchanged meaning CAML remains well on track for a record year of earnings underpinned

Companies: Central Asia Metals Plc

21 Sep 21

Trading in line; strong H1 performance as ExpressVPN nears completion

As expected, the digital privacy and security specialist has delivered a strong performance in H1 FY21A immediately ahead of its blockbuster acquisition of ExpressVPN, with revenue growth of 62% to $95.5m and adjusted EBITDA growth of 75% to $28.7m (materially consistent with the trading update issued on 20 July 2021). Such impressive trading reflects a circa four-month contribution from Webselenese as well as higher organic revenues for both the privacy- and security-based software solutions. P

Companies: Kape Technologies Plc

22 Sep 21

Strix Group plc (KETL LN) - Interims: Continuing to deliver

Strix hasn’t missed a beat over the last eighteen months. Despite the pandemic and the resultant lockdowns, it was able to marginally grow earnings in FY20. The COVID impact on the income statement is barely noticeable, a year of low growth rather than the collapse in profitability experienced by others. This was topped off by the Capital Markets Day in November when the challenging five-year growth target of doubling revenue was set.

Companies: Strix Group PLC

20 Sep 21

LIBERUM: Shanta Gold* - West Kenya resource update implies 10-30% upside on our base-case

Companies: Shanta Gold Limited

23 Sep 21

IOG - £8.5m equity raise at 25p for appraisal drilling

£8.5m equity raise at 25p for appraisal drilling

Companies: IOG PLC

24 Sep 21

Iofina says 'our business has been strong' reporting record revenue and profit in first half of 2021

24 Sep 21

Contracts signed in H1, cash expected in H2

H1 was a half year full of exciting news for Drone Volt. Its partnership with Aquiline Drones strengthened significantly through a disposal and huge orders. With Aquiline Drones’ ambitious sales objectives, Drone Volt will move into another dimension by H2. The strong results in H1 have proven that Drone Volt’s recovery is already complete, and now is the time for growth.

Companies: Drone Volt (ALDRV:EPA)DRONE VOLT SA (ALDRV:PAR)

24 Sep 21

Palo Alto Networks Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 9/21

Palo Alto Networks delivered an excellent quarterly result surpassing Wall Street expectations in terms of both, revenues as well as earnings. The company’s holistic set of cybersecurity solutions ranging from firewalls and cloud security to threat detection and remote-worker connectivity have been in great demand with increased corporate spending on cybersecurity after the SolarWinds attack and also after increased digitization post the Covid-19 pandemic. The management has carried out a series

Companies: Palo Alto Networks (PANW:NYSE)Palo Alto Networks, Inc. (PANW:NYS)

24 Sep 21

Oracle Corporation - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 9/21

Oracle surged past the target price from our last report as the company reported yet another all-around beat. The management saw a decent revenue growth in most of its key offerings including its cloud services, infrastructure revenues, on-premise license revenues, application revenues, and so on. It is marching ahead of rival, SAP in terms of ERP cloud migration and we expect the company to gain market share in this domain with its Fusion ERP and its NetSuite ERP offerings leading the charge. W

Companies: Oracle Corporation (ORCL:NYSE)Oracle Corporation (ORCL:NYS)

24 Sep 21

Condor Gold updates on gold system at Cacao and results from Mestiza at gold project in Nicaragua

24 Sep 21

Nicox - NCX-4251 setback sharpens focus on NCX-470

Nicox reported that the Mississippi Phase IIb study assessing NCX-4251 against placebo in patients with acute exacerbations of blepharitis did not meet its primary or secondary efficacy endpoints. Although we reduce our NCX-4251 probability of success and push out its potential launch timelines, this does not substantially affect our valuation of the company, as we continue to view the primary driver (c 80% of our rNPV valuation) as the NCX-470 programme in glaucoma. Top-line data from Mont Blan

Companies: NicOx (COX:EPA)Nicox SA (COX:PAR)

24 Sep 21

Touchstone Exploration 'double expectations' with drill results from Royston-1 exploration well

24 Sep 21

In excellent shape

SFPI released impressive H1 earnings. H2 looks promising too. Ideal operating conditions may not survive into 2022.

Companies: Groupe SFPI (SFPI:EPA)Groupe SFPI SA (SFPI:PAR)

24 Sep 21

Very strong H1 21 execution indeed (SFPI Group)

Very strong H1 21 execution indeed EPS CHANGE CHANGE IN EPS 2021 : € 0.29 vs 0.25 +17.4% 2022 : € 0.33 vs 0.27 +23.2% With sales back to 2019 levels and operating margins substantially higher (+470bp to 7.7%), we have allowed for a 2021 bound to be an excellent harvest. While headwinds might crop up in 2022, notably on input costs, the jury is still out so that 2022 margins have been raised as well. CHANGE IN DCF € 5.15 vs 4.18 +23.1% The DCF benefits from a stronger than expect

Companies: Groupe SFPI (SFPI:EPA)Groupe SFPI SA (SFPI:PAR)

24 Sep 21

Catenae Innovation to exhibit Skillflow at the UK Construction Week with Construction Helpline

24 Sep 21

Ananda Developments (AQSE: ANA) presenting at the Proactive One2One Virtual Forum - September 2021

24 Sep 21

Woodbois Ltd (LON:WBI) presenting at the Proactive One2One Virtual Forum - September 2021

24 Sep 21

Supply@ME Capital (LON:SYME) Presenting at the Proactive One2One Virtual Forum - September 2021

24 Sep 21

FTSE 100 opens in red as UK investors focus on local supply chain and gas shortage issues

24 Sep 21

Pembridge Resources' presents strategic plan for C$30.5m capital raise for Minto Explorations Ltd

10 Jun 21

Agronomics (LON:ANIC) Presenting at the Cenkos Growth & Innovation Forum - Tuesday 8th June 2021

24 May 21

Agronomics set to 'completely disrupt the agricultural sector'

18 Aug 21

Deltic Energy present details of farm-out deal with Cairn Energy PLC and how it benefits the firm

13 Sep 21

Chesnara 'expands size of UK business as consolidator' with Sanlam Life & Pensions UK Limited (SLP)

11 Jun 21

Sirius Real Estate grows dividend by over 10%, revealing 'good year' in terms of output and results

07 Sep 21

Bango delivers strong rise in first-half revenue as online spending surges

11 Aug 21

Lowland Investment Company plc - Janus Henderson Investors

02 Jun 21

Open Orphan has 'firmly established its core pharma services offering'

03 Dec 20

Market Report: Brexit woes and UK supermarkets' pay back government support

16 Jul 20

Market Report: FTSE 100 retreats as UK employment tumbles

10 Mar 21

bet-at-home - executive interview

06 Jul 21

FTSE sinks lower as traders await the US markets' opening with little major domestic news to chew on

09 Dec 19

Open Orphan PLC's Cathal Friel details merger with 'sleeping giant' hVIVO

21 Jun 21

FTSE dips into the red this Monday as worries over a sooner than expected hike to US interest rates

16 Jul 21

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