Research Tree | Equity Research for Investors

21 Apr 22

LIBERUM: Emmerson* - Initiation - Best-in-class independent potash play

Companies: Emmerson Plc

04 May 22

Boohoo Group plc (BOO LN) - FY22 Results

• Financial performance: Group revenue of £1,982.8m is +13.6% YOY and +41.3% versus FY20, representing significant market share gains versus global apparel markets that remain below pre-pandemic levels (UK: +27.3% versus market -3%, US +3.8% versus market -9%). The UK delivered a standout performance +27.3% YOY with strong growth across both established and new brands. Demand in international markets has been impacted by extended delivery times due to constrained airfreight capacity, a headwind

Companies: boohoo group Plc

29 Apr 22

LIBERUM: Sylvania Platinum* - Production uplift coming

Companies: Sylvania Platinum Ltd.

20 Apr 22

Trading ahead of expectations

Volex has issued its year end trading update confirming revenues in excess of $605m and an operating profit in excess of $55m that are ahead of consensus FY22E expectations of $581m and $54.2m respectively. The Group continues to trade strongly whilst effectively managing global supply chain challenges and benefits from its proven ability to pass through inflationary cost increases, albeit with a time lag. Demand increased during the year, in particular in the EV sector where sales almost double

Companies: Volex plc

09 May 22

IOG - Forecast and valuation update

Forecast and valuation update

Companies: IOG PLC

16 May 22

WH Ireland: Jubilee Metals (JLP) - Operational update

Jubilee today provides an operational update on the ongoing commissioning at the new Inyoni chrome and PGM plants with Jubilee building up to steady state production for nameplate capacity of 1.2Mt chrome concentrate and 44koz PGM production per year. Remember processing chrome creates the upgraded PGM tailings for Jubilee to recover the PGMs (Jubilee being paid a small margin to preconcentrate its own feed) and with the expanded Inyoni there is no need to share the PGM revenues via a JV struct

Companies: Jubilee Metals Group PLC

12 May 22

SHORE CAPITAL - Kape Technologies (KAPE, House Stock at 343p)

Companies: Kape Technologies Plc

26 Apr 22

City of London Investment Group (CLIG LN) - 3Q update & Board streamlining

CLIG’s 3Q IMS revealed $147m of net inflows and 4.8% fall in Sterling value of Group Funds under Management “FUM” (using today’s exchange rate the FUM is materially unchanged) and a reorganisation, which streamlines the Board.

Companies: City of London Investment Group PLC

17 May 22

SHORE CAPITAL - Sureserve Group (SUR) - House Stock at 85p

Companies: Sureserve Group Plc

18 May 22

Continued capital redistribution story to offset weak profitability?

Aviva’s Q1 22 trading update was slightly above our expectations although this remains very much tied to the top-line and profitability could be impacted as of H1. Do the operations really mean that much for the share price with high dividends as a back-up? The latter are expected to continue as the firm has stated that it will release capital above its 180% solvency ratio.

Companies: Aviva plc

11 May 22

Site Visit Report

Last week Tamesis visited a number of Tharisa PLC's assets including the Tharisa Mine and Arxo Metals Beneficiation Site (AMBS) in South Africa and the Karo Platinum Project in Zimbabwe. Overall it was an extremely well received trip with evidence of efficiency improvements at the Tharisa mine, unexpected cash generation from the Vulcan Plant, further cash from the Salene Chrome Plant and, it also impressed on us that the Zimbabwe risk to the build out of Karo is lower than the market perhaps th

Companies: Tharisa Plc

06 May 22

FY21 results update

S4 Capital has released very strong 2021 results and a robust start to 2022, and we raise our 2022 Gross Profit and EBITDA forecasts by +5% and +3%, respectively.

Companies: S4 Capital plc

17 May 22

First clinical evidence for LBP in asthma

MRx-4DP0004 is 4D Pharma’s oral, immunomodulatory, single strain Live Biotherapeutic product (LBP). The safety portion of this Phase 1/2 (Part A) met the primary endpoint of safety and tolerability, with five secondary endpoints qualitatively improved over the placebo arm. The data is being presented in poster session at the ATS meeting May 15-18, 2022.

Companies: 4d Pharma PLC

17 May 22

Confidence in profitable expansion rebuilding

2021 was a tough year which saw the non-repeat of highly profitable hand sanitiser sales, almost no Chinese sales and the impact of input/cost inflation. However, it successfully integrated 2 acquisitions, which enhance the portfolio and earnings quality, and locked in the planned synergies. With new distribution agreements (inc to China), and mitigations in place to claw back lost margin, VLG looks set to return to profitable growth. The platform is highly scalable and trades on just 5x EV/EBIT

Companies: Venture Life Group Plc

10 May 22

Cenkos: Seeing Machines Ltd -- First Japanese OEM win

Seeing Machines has announced that it has been appointed by an existing customer and global Automotive Tier-1 supplier to deliver its FOVIO Driver Monitoring System (DMS) for a leading Japanese carmaker. This contract win, with an initial lifetime value of A$21m, is due to start production in 2025 and marks Seeing Machines' first production Automotive award in Japan bringing the total number of OEMs with which Seeing Machines has won business, to nine. Delivery is via the Company's deeply embedd

Companies: Seeing Machines Limited

20 May 22

Expects a slower-than-expected recovery in China

Richemont has published a mixed set of FY21/22 results, with stronger-than-expected sales and an operating profit that missed consensus expectations. Although the group is very confident “to maintain the necessary agility and flexibility to manage global uncertainties”, the chairman warned the recovery in China will be slower and softer than expected. The lack of meaningful updates on the separation of YNAP has also disappointed the market.

Companies: Compagnie Financiere Richemont SA

20 May 22

Real Estate Credit Investments (RECI): New faces, same resilience

In previous notes, we have repeatedly outlined why we believe RECI shows resilience against inflation, interest rate increases and inflation risk (inter alia, see Experience shows resilience of the model, Experience shows resilience of the model (2) and Why rising rates should not hurt RECI). In this note, we highlight how the recent deals have added to the portfolio, and, as outlined in RECI’s recent quarterly presentation, how they have re-confirmed this protection. We also detail the other ke

Companies: Real Estate Credit Investments Limited

20 May 22

Britvic - Positive momentum

During H122, Britvic witnessed double-digit revenue growth and volume and price increases in all business units and strong momentum across core brands. Growth continued in the at-home channels, while out-of-home continued to recover towards pre-pandemic levels. Immediate consumption levels are now ahead of where they were before the pandemic. Growth accelerated during the half year, with revenues up 16.5% in Q1 and 20.8% in Q2. In underlying terms, revenue was up 13.6% versus H120 (ie pre-pandem

Companies: Britvic plc

20 May 22

AGL begins 3D printing power station parts on demand

AML3D Ltd (ASX:AL3) was established in 2014 to commercialise the patented WAM (Wire Additive Manufacturing) process, an additive manufacturing technology for the cost-effective production of large, high-performance metal components and structures. The company has reported a positive outlook with Q3 results and forecasts a strong revenue and cashflow quarter in Q4. AL3 is currently building three machines for delivery in FY22 and expects another sale in Singapore. The company has orders for two m

Companies: AML3D Ltd

20 May 22

Australian portfolio rebalance brings in up-front cash

Altus has entered into a Sale and Purchase Agreement (SPA) with AlphaStream Capital for the sale of a 30.1% interest in Alpha 3, the vehicle that owns the portfolio of 23 mining royalties in Australia acquired from Newcrest Mining in December. In consideration for the sale, Altus will receive US$5.3m in cash, the proceeds of which will be re-invested in royalty acquisition opportunities and generating new royalties. Alpha 3 will now be owned in a 50:50 partnership between Altus and AlphaStream.

Companies: Altus Strategies PLC

20 May 22

Clean Energy Spotlight

20 May 22

Hybridan Small Cap Feast 20/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th

Companies: YCA 7DIG BOOM DMTR EYE KIBO NFC RST SPSY

20 May 22

SP Angel Morning View: China cuts lending rates to help the housing market and broader economy

Altus Strategies* (ALS LN) - BUY – 30% interest in Australian royalty portfolio sold to JV partner for $5.3m in cash Cornish Metals* (CUSN LN) – Valuation 48p/s – results of special meeting of shareholders to seek approval for £40.5m of new equity funding Power Metal Resources* (POW LN) – New options

Companies: CUSN ALS POW

20 May 22

Claranova - Stable performance year to date

Claranova reported a revenue decline of 1% for the nine months to 31 March 2022 (9M22), reflecting a strong performance in Avanquest offset by a tougher period for PlanetArt. The slowdown in PlanetArt’s activities has pushed out the company’s target to achieve €700m in revenue from FY23 to FY24 but the EBITDA margin target of 10% for FY23 still stands. We have revised our forecasts to reflect H1 results and Q322 revenue; we cut our PlanetArt growth forecasts for Q422/FY23 and factor in a contrib

Companies: Claranova SE

20 May 22

SP Angel Morning Energiser: 20/05/22

Oil remains rangebound

Companies: UK Oil & Gas PLC

20 May 22

SIGA Technologies - IV TPOXX receives FDA Approval

SIGA Technologies announced the FDA approval for its intravenous (IV) formulation of tecovirimat (TPOXX), an antiviral drug for the treatment of smallpox. We had already anticipated that approval was very likely to occur, and the formal decision expands the company’s addressable market to those who are unable to take the oral formulation (which was approved by the FDA in 2018). This follows on the heels of strong Q122 results and recent milestones, including EMA approval for oral TPOXX, the firs

Companies: SIGA Technologies Inc (SIGA:NYSE)SIGA Technologies Inc (SIGA:NAS)

20 May 22

Pharos Energy Plc (LSE: PHAR): Good production update with net debt down by US$15 mm. Rig availability remains key in Egypt

• Gross production in Egypt from January to April was ~3 mbbl/d increasing to 3.3 mbbl/d in April. The wells drilled recently are performing well with one further well to be drilled with the currently contracted rig.. • Production in Vietnam of 5.9 mboe/d is at the top of the company’s expectations with the compressor issues now resolved. The FY22 WI production guidance is unchanged at 5.0-6.0 mboe/d. • The company’s net debt (based on cash and debt) has been reduced by ~US$15 mm from YE21 to US

Companies: Pharos Energy PLC

20 May 22

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG

20 May 22

An expected sound start to FY22

The group’s results for Q1 22 were solid, once the mine issue in Brazil is taken into account. Vallourec raised its FY22 guidance, which comes as little surprise in the current positive oil price context. A new set of measures to cut costs has been adopted by the new management. Net debt is under control, and no longer THE issue after last year’s financial restructuring. We will revise our conservative forecasts to the upside with a positive impact on the valuation.

Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)

20 May 22

Next Fifteen Communications Group PLC

Next Fifteen has announced a Recommended Offer to acquire M&C Saatchi PLC. The Offer comprises 40p in cash and 207.2p in Next Fifteen equity and values M&C at an aggregate c.£310m

Companies: Next Fifteen Communications Group plc