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

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

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

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

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

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

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

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

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

06 May 21

Somero Enterprises - Positive trading update: 15% EPS forecast upgrade

The group has released a positive trading update with strong trading seen recently in the US along with signs of recovery in Europe and Australia. It is quite unusual for this conservative company to boost its guidance at this fairly early stage in the year, with raised guidance for FY21 leading us to increase our adjusted EPS by 15%. The shares trade on a discount to peers and offer a premium yield. We lift our price target from 435p to 520p, up 20% and offering decent upside to current levels.

Companies: Somero Enterprises, Inc.

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

Strong growth and margin expansion in Q1 21

Strong growth continues, and even an expansion of margins on an organic basis WIIT reported 58% sales growth (12.5% organic excluding MyLoc) driven by new value added services, cross selling and acquisition of new clients. The growth is slightly better than expected (11% organic growth). The Adj. EBITDA margin reached the level of 40.3% (EUR7.15m vs EUR6.6m expected) and excluding MyLoc it would have reached 36.4% (vs 34.9% in Q1 20 on an adjusted basis which was without MyLoc). The adjusted E

Companies: WIIT SpA

13 May 21

Q1 2021 results sizeably up, FY guidance a tad higher

Q1 2021 results were sizeably up YoY Iren posted a sound increase YoY, a tad above our expectations: revenues grew by around 6% in Q1 2021 YoY, EBITDA 14%, EBIT 26.7%, net income 44.2%, while net debt decreased by around 1% vs. the level reached as at the end of 2020. The main drivers were: higher electricity prices (ca. +50% YoY) and demand (ca. +2%), hydroelectric and co-generative production, RAB and thus tariff revenues, efficiencies, customer base and unitary margins. MandA contributed wit

Companies: Iren (IRE:BIT)Iren S.p.A. (IRE:MIL)

13 May 21

Continued margin improvements, volume recovery yet to come

After reporting market-beating operating results in Q2, Compass will continue to work on rebuilding its operating margins (guiding for a further 30-80bp progression), while the evolution in revenue is expected to remain moderate.

Companies: Compass Group PLC

13 May 21

Strong quarter and a revised guidance affirming the ambitions

Nexi has published better than expected results, beating guidance and consensus estimates. The Italian Paytech leader has benefited from higher volumes propelled by the cash-back plan from the government that is still ongoing. After the first quarter of 2021, supposedly the last to be heavily impacted by the crisis, Nexi has raised its FY guidance from mid-to-high single-digit revenue growth to high-single to low double-digit growth yoy.

Companies: Nexi S.p.A.

13 May 21

Higher profitability from lower sales

SGL benefited from its cost cutting programme, reporting higher profitability. What is helpful is the higher granularity of its businesses, but we believe management’s focus on the adjusted EBITDA as KPI puts a disadvantageous figure into the lime-light. The reported figures were slightly ahead our expectations.

Companies: SGL Carbon SE

13 May 21

Results still impacted by lower activity

New customer growth continues but lower activity weighs Sales grew 45% as a result of the first-time consolidation of the Hungarian business, with a more than 48% increase in clients and +63% energy supplied. Excluding Hungary, total customers have grown 26% vs Q1 20, while energy supplied was 15% higher. The lower activity in SMEs (main focus of Audax) implied a drop in energy supplied per customer of 9% (excluding Hungary). On the generation side, the company inaugurated 15 MW of new capacity

Companies: Audax Renovables SA

13 May 21

Cautious outlook clouds good results

Burberry has released its FY 20/21 figures (ended in March), above consensus and our expectations. The rapid full-price sales rebound and margin progression in the second half of FY20/21 have confirmed the improved attractiveness of the brand; in particular, the strong demand in China, Korea and the US has continued to be the firepower. However, the updated cautious guidance is indicating some weakness in terms of profitability for the near term.

Companies: Burberry Group plc

13 May 21

Strong figures and positive outlook

Strong figures boosted by Moderna vaccine CDMO Results were better than expected on a slightly better sales figure (+4%) and better margins despite a raw materials headwind. Heparins grew 15% thanks to Hibor outside Spain, while the main contributor to sales was the services business (+179%), which registered the first impact from the Moderna vaccine contract development and manufacturing organisation (CDMO). Gross margin did not improve, as expected, due to the growing raw material prices of h

Companies: Laboratorios Farmaceuticos ROVI (ROVI:BME)Laboratorios Farmaceuticos Rovi, S.A. (ROVI:MCE)

13 May 21

Caledonia Mining Corp has 'clear run with increasing production' with Central Shaft commission

13 May 21

Energy business as Q1 21 spearhead

As usual, Hera released a strong set of Q1 results. The energy business, namely gas volumes sold, and the trading activities are the key drivers of the profit increase (+6.3%). The Italian group is also pursuing strong investments, strengthened by a global deleveraging. Further evidence of the resilience of its diversified business model.

Companies: HERA (HER:BIT)Hera S.p.A. (HER:MIL)

13 May 21

PowerHouse Energy Group accept loan deal to advance Protos plant 'as showcase to the world'

13 May 21

Harder hit Q1, capital structure set to be strengthened

The market reacted negatively to NHH’s harder hit Q1 results and its plan for a rights issue in H2, despite a comfortable liquidity profile for the short term and the accelerated restoration of EBITDA. The group’s significant exposure to the still highly-constrained European market would be a concern, but its low dependence on international and B2B passengers could help once travel restrictions in Europe loosen.

Companies: NH Hotel Group (NHH:BME)NH Hotel Group SA (NHH:MCE)

13 May 21

The Diverse Income Trust, Gervais Williams – executive interview

13 May 21

Polarean Imaging hail second order from University of British Columbia and over £20mln raise

13 May 21

BioPorto Diagnostics - Focused on the upcoming paediatric AKI results

BioPorto has reported its results for Q121, which included DKK5.6m in sales from all its research use only products. This is up from Q120 (DKK4.2m) but comparable to Q119 (DKK5.5m). The biggest near-term driver for the company’s revenue will be the pending results of its pivotal paediatric acute kidney injury (AKI) clinical study, which is slated to complete in summer 2021, and the subsequent regulatory submission to the FDA for De Novo 510(k) clearance.

Companies: BioPorto (BIOPOR:CPH)BioPorto A/S (BIOPOR:CSE)