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05 Nov 19

Cenkos: 88 Energy Ltd-- Charlie-1 Update and Quarterly Report

Last week, 88 Energy provided an update on the Charlie-1 appraisal well in which the Company announced the execution of a rig contract with Nordic Callista Services, for Rig-3, the same rig 88 Energy used to drill the Winx-1 exploration well in March 2019. Permitting is proceeding as planned, with drilling scheduled to commence in February 2020. The Charlie-1 appraisal well will be fully funded (up to a cap of US$23m) by Premier Oil as part of the recent farmout agreement, and will target seven stacked horizons with gross mean prospective resources of 1.6bn bbls (480mmbbls net to 88E). The farmout to Premier Oil is expected to complete by the end of November. We update our model and our target price to 4.8p and reiterate our BUY recommendation.

Companies: 88 Energy

06 Nov 19

LIBERUM: Frontier Developments* - Planet Zoo: a roaring success

Frontier launched their 4th game franchise Planet Zoo yesterday. The impressively high scores and positive comments from both game reviewers and players not only helps to underpin the commercial outlook for the game, but again underline Management's track record of delivering high quality games, with long-term revenue potential.

Companies: Frontier Developments

06 Nov 19

Cenkos: Seeing Machines Ltd -- Business update shows strong fleet progress

Seeing Machines has provided a business updated ahead of its Capital Markets Day in London today. It has announced a renewed and strengthened supply chain agreement with Xilinx, the confirmation of a 21% hardware cost reduction with its contract manufacturer for the Guardian Gen 2 product, and good momentum in the Fleet division with new distributors, insurers and expansion into new fields of use.

Companies: Seeing Machines

11 Nov 19

LIBERUM: AFH Financial Group* - Organically growing and improved FCF

AFH continues to grow at an impressive rate compared to peers in a tough market environment. It has delivered 8% organic net flows and new business written is up 46% yoy.

Companies: AFH Financial Group

08 Nov 19

Games Workshop Group - Strong five-month trading update

Games Workshop (GAW) has published a trading statement for the first five months of FY20, highlighting an acceleration in revenue growth to c 12% (versus our previous forecast for the year of c 4%), strong margin growth and encouraging signs with respect to its ability to leverage its intellectual property through royalty income. Our PBT estimates increase by c 9% for FY20 and FY21, and our DCF-based valuation increases by 10% to 5,176p.

Companies: Games Workshop Group

12 Nov 19

Cenkos: Seeing Machines Ltd -- EC safety regulations for DMS adopted

The European Council announced on Friday 8 November that it has adopted a regulation on the general safety of motor vehicles and the protection of vehicle occupants and vulnerable road users. This follows an agreement with the European Parliament in March 2019 and is part of the "Europe on the Move" package, launched by the European Commission in May 2018. These new regulations are to help transition towards a mobility system which is safe, clean and automated. Of relevance to Seeing Machines is the Regulation for the adoption of safety features that include advanced driver distraction warning systems and driver drowsiness and attention warning systems. These regulations will apply from May-2022 to all cars, vans, trucks and buses (including SUVs) and amend several existing safety regulations for EU-type approval.

Companies: Seeing Machines

11 Nov 19

LIBERUM: Sirius Minerals* - Cost savings at the crux of the new plan

Sirius’ announcement this morning has confirmed it will split the financing of the shafts and the remainder of the project, with the $600m shaft component targeted before April. We outlined the rationale for this strategy in September and ran through some of the maths, but today’s release implies scope for less dilution than expected, if it can be executed.

Companies: Sirius Minerals

05 Nov 19

Cenkos: Filta Group Holdings Plc -- Trading Update

Trading in FY19E has remained positive with encouraging growth in the Fryer Management segment continuing in North America and mainland Europe. UK operations have also grown revenues with increases in order intake and in regular maintenance work, resulting in Group revenues for FY19E being broadly in line with expectations. However, owing to delays in implementing operational efficiencies and cost reductions, the expected profits growth is taking longer to materialise.

Companies: Filta Group

04 Nov 19

THE MONTHLY November 2019

The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.

Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN SRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

31 Oct 19

Velocys

Every time a plane takes off it causes CO2 to be released into the atmosphere. Imagine if instead it caused CO2 to be removed. While Velocys does not offer that now, it does have the component parts in place and is making strong progress in developing key reference projects. It has strong partners for its waste to aviation fuel project in the UK and thanks to a recent deal with Occidental can offer carbon capture and storage from its biomass to fuels project in Mississippi. With traction building in the form of a deal with Toyo in Japan, Velocys is putting a sometimes difficult history behind it in our view.

05 Nov 19

LIBERUM: SigmaRoc* - Blue chip investment

SigmaRoc has acquired Carrières du Hainaut (CdH) for €81m EV, funded by debt and a £33m share placing. This has enhanced EPS by c.20%.

Companies: Sigmaroc

06 Nov 19

Official release of 4th Franchise – Planet Zoo

Frontier Development confirmed the successful release of Planet Zoo on PC yesterday as planned. The game debuted at number one on the global bestseller Steam chart following its 12pm (GMT) release. The release marks the group’s 4th franchise and is expected to help offset the expected decline in sales from JWE as it moves into its second year of sales. We’ve forecasted Planet Zoo sales to account for 33.9% of total sales in FY20. Whilst this accounts for less than the 42.1% we forecast for JWE sales in FY20, the group is expected to benefit from an uptick in gross margin from 60.9% to 65.4% in FY20, as a result of Planet Zoo being own-IP.

Companies: Frontier Developments

18 Jul 19

FY results; acquisitions to fully benefit FY 2020

Full-year results to 30 April 2019 were in line at the revenue line but 5% (£0.1m) better than expected at the adjusted pre-tax profit level. Underpinned by c.5.5% organic growth, the 20% and 26% increases in revenue and adjusted EBITDA were driven by full-year contributions from ATC and QSI, acquired in FY 2018, as well as five acquisitions in FY 2019. Notable was the 35% increase in free cashflow. Additional investments into Sentek, Atik, Graticules and Astles and the integration of ATC with Thermal Exchange in FY 2020 should benefit the businesses in FY 2021. We upgrade our FY 2020 adjusted EPS by 7% as well as introduce FY 2021 forecasts, which indicate 13% EPS growth. The company indicates that it expects to add at least one new business in FY 2020, which will be incremental to these forecasts. We are raising our target price by 9% to 60p, reflecting the improved gross margins and stronger underlying cashflow.

Companies: Scientific Digital Imaging

05 Nov 19

FY19 trading update

Filta Group (Filta) provides cleaning services to commercial kitchens in North America, the UK and, mainland Europe. The company reported that EBITDA for 2H19 would be similar to 1H19 and thus below our expectations. The cost-saving benefits of the Watbio acquisition are still taking longer than expected. Revenue continues to be on track and some extra investment has been made in UK sales staff to maximise the revenue opportunities. We cut our EBITDA expectations for 2019 from £4.2m to £3.3m. Our 2020 expectations are unaltered.

Companies: Filta Group

06 Nov 19

Model updates, release of FY21E forecasts

We update our model and forecasts following RBG Holdings’ interim results and the acquisition of Convex. Discretionary sale of participation rights in DBAs introduces a hedge against downside risk on forecasts, whilst upside risk exists in the group’s litigation funding and exposure to potential DBA/CFA wins – something we attempt to quantify. On new forecasts we set a price target of 145p (from 120p), and retain our Buy recommendation.

Companies: Rosenblatt Group

12 Nov 19

Guidance confirmed

The decrease in total advertising revenue slowed in 9 months 19 (-3% vs -5% in H1 19), reflecting a positive trend in Q3 19 (+1%) and corresponding to the high range of guidance (-1/+1%). Online revenue grew significantly (+23% in 9 months 19 vs +18% in H1 19). As expected, ITV Studios benefited from high deliveries of programmes, in particular from ITV America. The 2019 guidance is confirmed and a dividend of at least 8.0p/share was reiterated.

Companies: ITV

12 Nov 19

Circle Property - Active investment in regional offices

Circle has issued a trading update ahead of interim results (9 December 2019) detailing continuing leasing progress with existing and recently acquired regional office assets. Active asset management has driven annual accounting returns of more than 20% in each of the three full years since IPO in February 2016. With the outlook for regional offices remaining positive, and with material further asset management opportunities, management expresses confidence for the full year outlook.

Companies: Circle Property

12 Nov 19

The New Criterion: the benefits and risks of credit-focused listed investment trusts

The New Criterion has evolved from "The Criterion" column which was a weekly run by the NewsCorp owned "The Australian" Newspaper (Business Section) for over a decade until recently when it decided that its audience did not really gravitate to the coverage in the Small/ Micro Caps space despite the strong following from its readership. IIR since then essentially took over the column and its ethos, whereby, analysis is put to companies where these companies have no nexus to the core research offering other than discussing those stocks that deserve perhaps more of a journalistic approach rather than the typical financial research thesis or precise. For example analyst frequently disregard the "sentiment" and the qualitative factors in the market that are "fashionable" and drive the price of all stocks in the sector that has a emotional wave of value - this is often later included in the equity research thesis, however these attributes can be observed and commented on from a non-equity analysis perspective in terms of attributing other factors that drive a valuation for a company which has little or no nexus to the fundamentals of that same stock. However these qualitative attributes cannot be ignored by a Broker and must be taken into account when dealing in stock. So at IIR we attempt to marry the thesis observed by both arms of research one is based on the reasonable expectations of an Financial Analyst as we know and the other is the liberal arts approach which looks at matters like for example the CEO's tone every quarter when making his announcements - change in tone should be a warning and a trigger for further review - of course some analyst cover both disciplines and more very competently in the industry - and as such make great Sell Side Analysts. At IIR we do not deal or promote any stocks so we one step removed from what a Sell Side Analyst does which closer to the market than research. Our research simply assists the broker to form a view to prepare a statement of advice for his or her client. Under no circumstances have there been any inducements or like made by the company mentioned to either IIR or the author. The views here are independent and have no nexus to IIR’s core research offering. The views here are not recommendations and should not be considered as general advice in terms of stock recommendations in the ordinary sense. These are stocks that interest our research team on other qualitative metrics rather than the usual accepted methods of equities research screening tools.

12 Nov 19

SelfWealth SMSF Leaders ETF (ASX: SELF)

Full Report Can be Accessed on www.independentresearch.com.au The SelfWealth SMSF Leaders ETF (ASX: SELF or ‘the ETF’) is designed in turn to replicate the SelfWealth SMSF Leaders ETF Index (the ‘Index’). The Index provider is SelfWealth Limited (ASX: SWF), a provider of a flat-fee brokerage service and a community-driven insights tool that pools information from around 80,000 Australian investor portfolios. The Index aims to represent the performance of a portfolio of ASX-listed ordinary shares assembled by applying a rules-based selection criteria to SelfWealth’s database of SMSF portfolios. The methodological basis for the portfolio construction of the Index utilises a combination of time weighted performance, equal weighting diversification, valuation and a Solactive A200 Index filter (a replication of the S&P/ASX 200 Index), with all stocks outside the ASX 200 excluded. The construction methodology is based on the Top 10% of the circa 80,000 SMSF portfolios (equating to around 8,000 SMSF portfolios) through a commercial agreement with BGL Corporate Solutions Pty Ltd (BGL), Australia’s largest SMSF Administration and ASIC compliance software provider. It is expected the ETF portfolio will typically comprise 30-60 Solactive A200 Index securities (minimum and maximum of 25- 75), and which will be rebalanced on a quarterly basis. Importantly, in what is a very strong endorsement of the underlying construction methodology and appeal of the product, the ETF has received an A$100m seeding from ETFS Capital (originally ETFS Securities, founded by Graham Tuckwell). In independently undertaken and verified back-tested performance the Index has generated 326 basis points of outperformance per annum over the S&P/ ASX 200 Total Returns Index over a seven-year period. IIR notes that given the rules based methodology the historic back testing should have a very high degree of accuracy. INVESTOR SUITABILITY SWF’s marketing pitch for the ETF is effectively a product that is ‘powered by SMSFs, for SMSFs’. IIR believe this is appropriate for a number of important reasons. First, portfolio turnover can be expected to be reasonably high, as evident by the historic back testing. A material number of constituent stocks can be expected to be in the portfolio for less than 12-months, and therefore not eligible for the CGT discount. As such, the ETF is highly likely to be materially more efficient for low marginal tax rate investors (SMSFs and retirees) on an after tax basis. Second, IIR suspects that a disproportionate number of the portfolios, being based on SMSFs, are for investors approaching and/or in the retirement stage of their investment lifecycle. It is not unreasonable to assume that the Index will exhibit a behavioural bias to more established growth and income oriented stocks versus the higher risk (typically ASX100-200 constituents) as indeed has been borne out through the back testing. With respect to dividends, over the back tested period the Index generated almost the precisely the same degree of income as the S&P/ASX 200 Index despite the zero exposure to A-REITs and underweight exposure to the Financials sector. In effect, the Index has delivered materially superior capital growth without compromising yield. RECOMMENDATION IIR ascribes a “RECOMMENDED” rating to the SelfWealth SMSF Leaders ETF. The ETF is a globally unique product and service offering, in effect made possible by the unique attributes of the Australian superannuation market (and BGL’s dominant market position). The seed investment by Graham Tuckwell’s ETFS Capital provides immediate FUM scale for the ETF and reassuring third-party confirmation of the strength of the underlying methodology. We believe the fundamental basis of the Top 10% component of the underlying IP as an investment strategy is sound. Successful SMSF investors are typically smart, highly selfinterested, risk averse, and long-term investors, all of which provides a sound underpinning for any investment strategy. Reassuringly, attribution analysis reveals the vast majority of outperformance was derived from selecting the right stocks rather than sector selection. This suggests a basis for persistence of outperformance moving forward - i.e. there is an empirical validity to the methodology.

12 Nov 19

Magellan High Conviction Trust (ASX:MHH)

Full Report Can be Accessed on www.independentresearch.com.au The Magellan High Conviction Trust (expected ASX code: MHH or ‘the Trust’) is seeking to list on the Australian Securities Exchange by raising a minimum of $250 million with no stated upper limit at an offer price of $1.50 per unit. The Trust will be managed by Magellan Asset Management Ltd (the Manager), a wholly owned subsidiary of the ASX-listed Magellan Financial Group Limited (MFG). MHH will replicate the Magellan High Conviction Fund (‘MHCF’), which has a 6.5 year track record and has performed strongly. MHH will be based on a very high conviction, concentrated, ‘best ideas’ global equities and benchmark agnostic mandate with a portfolio of the Manager’s 8 to 12 best global stock ideas based on the same investment process that underpins the long running Magellan Global Fund (MGF) and the Magellan Global Trust (MGG). It will be managed by the same investment team, portfolio manager and according to the same investment methodology as these two investment vehicles. The Trust has a distribution policy of targeting a cash distribution yield of 3% p.a. which is to be paid semi-annually. Currency exposure will be actively managed. MFG will bear all the costs in cash associated with establishing and listing the Trust, reflecting well on MFG’s commitment to both the longer term success of the Trust and interests of its investor base. INVESTOR SUITABILITY The Trust is an extremely concentrated global equities mandate that historically, by way of MHCF, has been materially overweight to technology stocks. IIR is also mindful that, without the use of external third-party distribution channels for the IPO and the direct communication of the offer to existing MGF, MHCF and MGG investors, many new investors may already have exposure to the latter two investment vehicles. As such, many investors will already have exposure to the stocks contained in the Trust’s portfolio and, furthermore, by definition of being best ideas, these stocks are likely to have allocations in the MGF and MGG portfolios. That said, the Manager readily acknowledges the Trust is not suitable for all investors given its potentially high inherent risk profile, notwithstanding an investment philosophy that focuses on high quality companies with sustainable competitive advantages and predictable earnings. From a portfolio perspective, while not a mandated strategy, we would expect the Trust to continue to exhibit its predominant exposure to the North American and European markets as well a material exposure to the technology sector on account of the Manager’s emphasis on companies with sustainable long-term competitive advantages. IIR acknowledges that over the last 6 month period the MHCF portfolio has been more defensively positioned with less cyclical risk in recognition of growing economic risks. Investors should note that the Trust can hold up to 50% cash. The high conviction and concentrated nature of the mandate may mean that the Trust’s returns, volatility and drawdowns may vary considerably relative to the broader market (for which purpose IIR has adopted the MSCI World NTR Index as basis of comparison) and its peers. RECOMMENDATION IIR ascribes a “RECOMMENDED” rating for MHH. IIR holds the Manager in high regard, with a strong and stable team and investment committee, proven processes and strong performance track-record. Additionally, we are impressed with the Manager’s approach, processes, and track-record in downside risk mitigation and capital preservation. Structurally, the Trust benefits from the 5% discount DRP plan, the priority offer to existing shareholders / unitholders, and the Manager’s disclosure and capital management initiatives to mitigate discount / premium to NAV risk. The offer structure creates a strong alignment with investors’ interests, with MFG bearing all establishment and listing fees as well as effectively underwriting the priority offer to ensure non qualifying investors are not diluted and adversely impacted. On the flip side, we do identify several risks investors should be aware of. Firstly, as noted above, the very concentrated nature of the portfolio and the fact many new investors may be ‘doubling up’ on existing stock holdings. Secondly, fees are undoubtedly high for a large cap mandate, although we do note the ‘payback’ investors receive through MFG bearing all establishment and listing costs, underwriting the priority offer and funding the ongoing 5% discount DRP.

12 Nov 19

Mines & Money London expecting 'quality mid-tier and junior gold producers' this year

12 Nov 19

Executive interview - Bragg Gaming Group

12 Nov 19

Bragg Gaming Group - Double-digit growth continues

Driven by 54.6% growth from non-German customers, Bragg’s Q319 revenues grew by 29.5% to C$10.0m. The core Oryx business is cash generative, leading to positive group EBITDA and a strong international pipeline bodes well for continued double-digit revenue growth. In particular, Oryx has recently signed two significant partnership deals in the US with Kambi and Seneca, which provides considerable credibility. We are leaving our forecasts broadly unchanged, with any US upside not currently in our figures (given its early stage). The sale of GiveMeSport (possibly by Q120) is an important milestone: apart from boosting Bragg’s cash balance, every C$1m of the potential sale proceeds equates to an additional C$0.013/share.

12 Nov 19

KKR Credit Income Fund (Expected ASX Code: KKC)

Full Report can be accessed on www.independentresearch.com.au OVERVIEW The KKR Credit Income Fund (‘the Trust’ or KKC) is expected to list on the ASX on 21 November 2019, with a minimum and maximum raise of $200m to $750m (with oversubscriptions up to a further $75m), respectively. The Trust is managed by KKR Credit (the ‘Investment Manager’) and its 120 person strong global credit team and which manages approximately US$70bn in credit strategies. The Trust provides exposure to two underlying credit investment strategies, specifically a long-term target portfolio allocation of 50-60% to the Global Credit Opportunities Fund (‘GCOF’) and a long-term target allocation of 40-50% to the European Direct Lending (‘EDL’) investment strategy, via the soon to be launched KLPE II fund. GCOF, which is based on KKR Credit’s Opportunity Credit Strategy (‘OCS’), is managed according to a high conviction, market-driven opportunistic investment strategy with 60 to 80 core credit investments. It invests in a portfolio of sub-investment grade (‘sub-IG’) traded credit securities, mainly bank loans and high yield bonds. The underlying OCS has an 11- year track record and has performed exceptionally well across the full credit cycle. KLPE II is a European direct lending strategy targeting upper middle-market companies in Western Europe by largely first lien, senior secured private debt, with a very selective provision of second lien secured facilities. The EDL strategy has a 7+ year track record and has generated a realised unlevered IIR of 13.4% p.a. and a weighted average all-in-yield of 8.5% p.a. to date. While the two strategies differ, they are united by a common KKR wide philosophy, fundamental bottom-up investment process and access to KKR wide resources. The Trust’s target net return is 6 – 8% p.a. with an estimated current net yield of 4 – 6% p.a. INVESTOR SUITABILITY Strong underwriting skills, cautious credit selection, and prudent full credit cycle portfolio management translates into consistency of income and the minimisation of default loss. IIR has a high degree of confidence in KKR Credit and the Trust delivering a stable and consistent monthly distribution and, over the long term, generating accretive NAV. While there are distinct differences in the two underlying strategies, both are based on the same fundamental bottom-up assessment of cash flow variability and debt serviceability, driven by a mindset acutely aware of the asymmetry of downside risks in debt investments. Importantly, both underlying strategies are not only well positioned to perform well in a late-cycle credit environment but to capitalise on any fall-out from a potential end of cycle credit environment. Investors should note that GCOF is not only a sub-IG strategy but one predominantly invested in the lower ratings spectrum of the asset class, specifically B and CCC. While KKR Credit does so due to the appealing opportunity set presented in these segments, investors should accept that doing so may lead to heightened NAV volatility. RECOMMENDATION IIR ascribes a “RECOMMENDED PLUS” rating to the KKR Credit Income Fund. IIR has a very high degree of conviction in the Investment Manager’s ability to at least achieve the stated investment objectives over the foreseeable future and continue to generate well above broad market performance over the medium and long term. KKR Credit ticks every box with respect to track record, resources, and mandate flexibility. The risks in debt currently are not only cyclical but structural, with significant market inefficiencies in the traded sub-IG market and a general deterioration in underwriting in the private debt market (and an influx of untested managers that lack full cycle resources). In such an environment, the dispersion in performance by investment manager and strategy is not only likely to increase, but is almost guaranteed to do so while ever the current structural market inefficiencies persist. KKR Credit, with its full cycle tested deep fundamental bottom-up credit assessment and flexible and market-driven opportunistic strategies is well placed to continue its excellent track record of outperformance. While IIR understands performance fees are standard in private debt and accepts the justification, IIR makes the point the performance fee has the potential to elevate total fees to a level above the majority of ASX-listed credit LITs.

12 Nov 19

Husky Energy - Cumulative FCF C$8.7bn in the next five years

Husky Energy’s integrated corridor business physically connects assets across North America, from the wellhead to the refinery, enabling the company to maximise value per barrel produced. Accounting for c 70% of Husky’s cash flow, the integrated corridor underpins its five-year plan, which envisages cumulative group free cash flow (FCF) of C$8.7bn from FY19 to FY23. Coupled with high/fixed-price contracts in Asia and high-margin offshore assets in the Atlantic, this enables Husky to maximise operational margins and be resilient through the cycles. Excess FCF is to be directed towards increasing shareholder returns and strategic growth projects. These are Husky’s main objectives, along with becoming a high-reliability organisation in terms of safety. Net debt remains below a targeted 2x funds from operations when stress tested at US$40/bbl WTI. Husky trades at 2.4x FY20 P/CF vs the North American large-cap E&P average of 3.5x and North American integrated average of 6.0x.

Companies: Husky Energy

12 Nov 19

Agnico Eagle Mines - Imminent return to free cash-flow generation

Agnico Eagle Mines Limited (AEM or the Company) is a senior gold producer that operates in low political risk jurisdictions with a quality mineral reserve base. The Company has a track record of strong operational performance and has beaten production and cost guidance for seven consecutive years. AEM is nearing completion of a large Nunavut expansion (the Meliadine mine and Amaruq project), which is expected to drive growth in gold production from 1.75Moz in 2019 to 2.0Moz in 2020. A return to free cash flow generation is anticipated in H219 with capex expected to decline significantly as AEM moves to “harvest mode”.

Companies: Agnico Eagle Mines

12 Nov 19

AdEPT Technology reports 'storming first half' as it transitions to managed service provider

12 Nov 19

Merry-go-round or ejection seat?

We have not heard a lot from Lonza in 2019, but the second CEO ‘disposal’ within a ten-month period looks quite strange to us. This is very atypical for a Swiss company, which tend to act more steadily and long-term oriented. It looks to us as if management and the shareholder representatives did not agree with each other. The CEO’s seat looks more like an ejection seat to us.

Companies: Lonza Group

12 Nov 19

Kingswood Holdings - Huge ambition with resources available to execute

Kingswood presents investors with a rare opportunity to achieve outsized returns from an institutional grade financial services management team positioned to tap into underlying sector tailwinds in retail wealth management. The largest shareholder, KPI Nominees, has injected and underwritten new capital to establish a robust and efficient operation which is now able to benefit from an additional £80m growth capital from Pollen Street (£4.8m drawn), a global investor with a strong track record in financial services. The group aims to offer best in class, vertically-integrated wealth planning and investment management services backed by leading technology, a rigorous risk and compliance environment and innovative product offerings. Below we outline the potential for this model and note the shares could deliver a medium-term 4.8x return, backed by a UK and US-led acquisition strategy. An exciting first step towards rapid growth.

Companies: Kingswood Holdings

12 Nov 19

9m 19: no disclosure of lfl EBITDA growth ex-IFRS 16

The absence of disclosure of lfl EBITDA growth ex-IFRS 16 is a shame. The significant net debt increase as well as the many adjustments to be made in net profits means that there are too many moving parts to express a clear impact on our target price, but what we can say is that we intend to keep our Buy recommendation albeit with a lower target price.

Companies: Fomento de Construcciones y Contratas