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13 Jul 20

SP Angel Healthcare Conditions

Novacyt (NCYT.L): Trading update | Avacta (AVCT.L): COVID-19 wastewater detection sensor collaboration with Integumen

Companies: Novacyt Avacta Group

09 Jul 20

Dart Group*

FY20 results – All Focus on Resuming Operations

Companies: Dart Group

08 Jul 20

Independent review of UK supply chain

Independent review launched: The Boohoo Group has announced the launch of an immediate independent review of its UK supply chain, intended to identify any areas of risk and non-compliance and to further strengthen the Group’s compliance procedures to ensure similar allegations will not recur in the future. The review is to be led by Alison Levitt QC, a highly experienced advocate who has previously reported on complex issues, including safeguarding enquiries. Boohoo has also announced an initial additional £10m investment in ensuring any supply chain malpractice is eradicated and is accelerating its independent third-party supply chain review with ethical audit and compliance specialists Verismo and Bureau Veritas.

Companies: Boohoo Group Plc

08 Jul 20

When the tough get going

Successful businesses ‘never let a crisis go to waste’. Indeed since an otherwise strong Q1’20 was interrupted by COVID-19, Mpac has further streamlined operations, accelerated R&D and launched new remote equipment diagnostic/acceptance testing, virtual reality & other ‘Industry 4.0’ services.

Companies: Mpac

08 Jul 20

WHI Equity Research: Jubilee Metals (JLP)

Robust, cash-generative production from mining waste Jubilee operates several chrome-Platinum Group Metal (PGM) operations in South Africa and is constructing a zinc-lead (vanadium) plant at Kabwe in Zambia after already commissioning the copper and cobalt circuits (the ‘Sable' refinery). The company has a growth pipeline identified and significant opportunities to find new projects in Africa (or globally); more specifically, Jubilee announced that it is looking to increase its copper (cobalt) production in Zambia aggressively to make full use of the Sable Refinery. Jubilee also owns the Tjate PGM project in South Africa, which is currently on hold. The company model is to treat its own waste materials and to supplement these with third party ores and wastes where possible. This year has been nothing if not eventful for Jubilee, but further progress and material catalysts are expected over the course of 2020. Jubilee has a high-margin business with cash on hand, and we see plenty of opportunities for Jubilee to capitalise on its robust business model through the global Covid-19 crisis and beyond. We initiate with a fair value of 11.2p/sh

Companies: Jubilee Platinum

14 Jul 20

Record Revenue Growth, Momentum Strong

Bango’s H1 20 trading update in our view delivers a number of confident messages. Growth in the key End User Spend (“EUS”) metric remainsrobust, and the group delivered record revenue growth and EBITDA during the period. The group’s financial position saw a solid improvement in the first half. A closing gross cash position of £4.2m represents a £1.5m increase on the FY 19A level and demonstrates the company is now generating cash from its operations. H1 20 was a busy period for Bango, with a number of new contracts signed in both the payments business and Bango Marketplace, establishing a good base for growth in the second half and into 2021. We make no changes to estimates following the update but believe that Bango continues to demonstrate strong momentum and that the group remains well placed to deliver its FY 20E targets.

Companies: Bango

14 Jul 20

Further Primestore MTM orders lead to significant outperformance

EKF has delivered another positive trading update, with outperformance in H1 and further orders for the Primestore MTM sample collection device prompting further material upgrades to our FY20 estimates. Despite a lot of noise around potential Covid-19 diagnostics and therapeutics. EKF remains one of very few UK-listed companies actually generating material revenues. Given the nature of its offering, which is agnostic over which molecular test is used, we expect demand to continue at elevated levels for the duration of the pandemic and continue to see further upside potential to our already materially upgraded estimates. EKF remains one of our best Ideas for 2020.

Companies: EKF Diagnostics Holding

08 Jul 20

Hurricane Energy

Operational update

Companies: Hurricane Energy

09 Jul 20

RBL interim revenues on track for +36% H1, uncertainty elsewhere

RBG Holdings pre-close trading update to June 30th confirms a strong H1 performance for RBL, the Group’s law firm, with revenues up 36% like-for-like to c.£11.4m YoY. Convex, the CF boutique, understandably has faced COVID headwinds, with most of its H1 pipeline deferred indefinitely, whilst Litigation Finance continues to grow its pipeline and financing commitments on a longer term view. Due to continued uncertainty from COVID we withdraw our forecasts this morning, with a view to reinstating once more clarity on H1 outturn and momentum into H2 is available.

Companies: Rosenblatt Group

10 Jul 20

Solid Uninterrupted Production

Central Asia Metals (CAML LN) announced robust Q2 2020 operating statistics which highlight that there were no COVID-19 related interruptions, in part due to stringent measures put in place by the company. Q2 2020 copper output of 3.4kt was down 6% YoY, up 6% QoQ, however, H1 2020 total production was flat at 6.6kt indicating the company is on track for our 13.4kt 2020F target. Q2 Lead and zinc production of 7.5kt and 6.1kt were up 3% and 5% YoY although both were down 1% QoQ respectively. For H1 2020 12.2kt of zinc and 15.1kt of lead were up 5% and 6% which was primarily due to higher throughput.

Companies: Central Asia Metals

01 Jul 20

THE MONTHLY July 2020

A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.

Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA

09 Jul 20

Exits Native Antigen Company for strong return, heading to evergreen

The Native Antigen Company (“NAC”) has been acquired by LGC for up to £18.0m – with the ongoing COVID pandemic highlighting the value of knowledge and execution in the infectious diseases space. Mercia invested in NAC via both its balance sheet and 3rd party funds. The exit represents a strong return for both sources of capital, validating complete connected capital to optimise value creation. For the balance sheet stake, the £5.2m proceeds represent a £2.5m gain on realisation (c.1.5% of our FY21e NAVps). Final Results will be announced next week, when we will review our forecasts. The shares are currently trading at a 45% discount to NAV (which is 20% cash). Today’s exit demonstrates justification for a much narrower discount, if not a premium, to conservative carrying values.

Companies: Mercia Technologies

14 Jul 20

EUS growth matched by revenue and profit growth

This has been an impressive half for Bango. Mobile usage and transactions have risen during lockdown, driving End User Spend (EUS) over its platform up by nearly 60% to £740m. Moreover, Bango’s ongoing revenue also rose >50%, to a record level of £4.8m, with revenue growth more closely matching EUS growth than previously. With operational gearing in the payment platform, group profitability continues to rise rapidly as its revenue increases; group H1 2020 adj. EBITDA alone beating the whole of FY 2019. The major deals delayed from December also flowed through, both in Payments and the early-stage Bango Marketplace business. The period saw the purchase of a controlling stake in Audiens by a S. Korean tech conglomerate, allowing increased management focus while retaining a 40% stake in the business set to be boosted to a new level by considerable funding and IP injected by its new parent. Overall, Bango was cash generative and ended the half with £4.2m cash, suggesting c.£0.8m of cash from operations. This is a very reassuring performance, with the deals signed in H1 expected to boost H2 EUS to the £2bn targeted this year and leaving the company on track to meet our FY forecasts of strong revenue growth and material profitability.

Companies: Bango

14 Jul 20

FY 2020 results – multiple upcoming newsflow

Full-year results to 31 March were in line with the trading update at the time of the recent fundraise (£10.5m net), with revenues, adjusted pre-tax loss from the continuing businesses and year-end net debt of £9.8m (+12%), £0.4m and £0.8m, respectively. The company is fully funded to exploit the emerging COVID-19 diagnostic testing opportunities. Despite the disruption to its Food intolerance business in Q1 FY 2021, we still expect strong growth and a profitable FY 2021, with multiple value inflections points (WHO prequalification for VISITECT CD4, UK-RTC lateral flow COVID-19 antibody test CE marking and Chinese approval for Food Detective self-test) and subsequent orders determining the actual outcome, with potential upside to forecasts. We leave our forecasts unchanged for the time being and our target price under review.

Companies: Omega Diagnostics Group

14 Jul 20

Reinstating estimates

FY20 results Revenue was roughly flat on the prior year ($29.8m vs $28.8m) but the Adjusted EBITDA result was $2.1m compared to the 2019 outcome of $0.4m – a material improvement, driven by a higher mix of strong gross margin sales and also benefiting to the tune of c.$1m from the adoption of IFRS16. Net cash (pre the convertible loan) was some $0.7m, impacted by a new divisional relationship with an existing customer leading to some payment delays – the RNS explains that this abnormal working capital position has now “unwound” post the year-end.

Companies: Zoo Digital Group

15 Jul 20

DTAC Q2: Strong margin

DTAC (Telenor Thailand subsidiary) just reported its Q2 results Revenues were 1% below but EBITDA was 15% ahead of consensus Compared to Arctic, revenues were 2% below est. and EBITDA 2% ahead Telenor Q2 consensus down by 1% on revenue and lifted by 2% on EBITDA

Companies: TELENOR

15 Jul 20

Africa, substantially de-risked

Grit Real Estate Income Group (Grit) is flying the flag for African real estate investment. The significant growth potential of the continent’s emerging economies has always come with some degree of risk attached to it. However, Grit’s investment strategy enables it to retain exposure to that growth potential, while substantially de-risking it by leasing property to bluechip multinational corporations, including government embassies, on US dollar and euro denominated leases.

Companies: GRIT Real Estate Income

15 Jul 20

Africa, substantially de-risked

Grit Real Estate Income Group (Grit) is flying the flag for African real estate investment. The significant growth potential of the continent’s emerging economies has always gone hand-in-hand with some degree of risk. Grit’s investment strategy, however, retains exposure to that growth potential, while substantially de-risking it through US dollar and euro denominated leases to blue-chip multinational corporations, including government embassies.

Companies: GRIT Real Estate Income

15 Jul 20

BATM's Zvi Marom expects 'substantial revenue' from its three new diagnostic kits

15 Jul 20

MaxCyte Inc 'demonstrating outstanding progress' as first half revenues climb 30%

15 Jul 20

SP Angel . Morning View

Amur Minerals* (AMC LN) – Response to price movement | Anglo Asian Mining* (AAZ LN) BUY – 209 (from 187p) – 14.3koz produced in Q2/20 with FY20 target of 75-80koz GEO reiterated | Atalaya Mining (ATYM LN) – Q2 delivers new production record | Beowulf Mining* (BEM LN) – Beowulf postpone drilling on Kallak super-high grade iron ore deposit till the Autumn | Bezant Resources (BZT LN) – Hope copper/gold project, Namibia | Cardinal Resources (CDV AU) – Nordgold ups its offer to A$0.66 | Kodal Minerals* (KOD LN) –Loan agreement secures funding to accelerate next phase of project development | Petropavlovsk (POG LN) – Temporary directors are ruled to remain with GM planned to be called shortly | Premier African Minerals* (PREM LN) – Progress report

Companies: AMC AAZ ATYM BEM BZT POG PREM

15 Jul 20

Market Report: Coronavirus vaccine update sparks FTSE 100 rally

15 Jul 20

Solid business model, but weak capital position

Storebrand released positive figures for Q2, marked by an improvement in the operating profit (up 22.3% yoy to NOK580m) and stability in the net profit (NOK453m). The key Savings segment followed a positive trend in terms of business volume and profitability, while those of Insurance are recovering gradually. The Solvency II ratio, without the use of transitional rules, is a serious source of concern as it stood at only 137%.

Companies: STOREBRAND

15 Jul 20

The best valued European telco

A solid Q2 for Elisa but we maintain our opinion at Reduce: we still believe the group is now too expensive as it is going to see its EBITDA growth slowing in 2020/21. Be cautious, Elisa is at risk of reverting to a no-growth status in the telecom sector in H2 20. According to the outlook given by management, 2020 revenue is estimated to be at the same level or slightly higher than in 2019 and… the same thing for EBITDA.

Companies: Elisa Oyj

15 Jul 20

Higher loan losses stronger than decent trading income

SEB released this morning its numbers for Q2 20. While posting a decent CET1 ratio level (at 17.8%), the underlying numbers were mostly weak with a sharp decrease in NII qoq and a sharp increase in loan losses (above expectations and Q1 numbers). We are comfortable with our Sell recommendation on the company (despite the fact that we will increase EPS on the back of higher trading income).

Companies: Skandinaviska Enskilda Banken

15 Jul 20

MaxCyte: Firing on all cylinders

MXCT made outstanding progress in H1 20 across the business and is set to report revenue growth of c 30% to $10.9mln ($8.4mln in H1 19). Trading reflected the solid progress made in MXCT’s cell therapy business, which is focused on driving adoption of its nonviral cell engineering technology Flow E

Companies: MaxCyte

15 Jul 20

Oil & Gas Daily Flow

Premier Oil (PMO LN): Trading update, net debt continues to fall | Great Eastern Energy Corporation* (GEEC LN): COVID-19 update highlights robust liquidity position

Companies: Premier Oil Great Eastern Energy Corporation

15 Jul 20

2020 guidance and extraordinary dividend reinstated

The Q2 revenue trend reflects that, in Sweden, the impact of the current pandemic was very limited. EBITDA was, moreover, very solidly supported by last year’s synergies with ComHem. The stock is still 15% below its February prices. We are at reduce but with a 5% upside. It may be worth investing in Tele2 at this level for the long term. The dividend yield is 4.4%, below the average of its peers (5.15%) but above the 3.5% of Elisa.

Companies: Tele2

15 Jul 20

PowerHouse Energy Group - Opening the door to a pipeline of projects

On 14 July Powerhouse’s shareholders approved the proposed acquisition of former development partner Waste2Tricity (W2T). This clears the way for Peel Environmental to lead the engagement with all potential end-customers in the UK seeking to deploy Powerhouse’s distributed modular generation (DMG) technology as well as developing DMG plants on its own sites. Peel is targeting the development of at least 30 DMG plants across the UK, each of which will potentially generate £0.5m in annual licence fees for Powerhouse.

Companies: Powerhouse Energy Group