Most popular equity research this week | 26 - 29 Mar

Plus 500 / CMC / IG Group

ESMA final rules announced | Liberum, 27 Mar

Paid Access

 

"The final measures from ESMA on regulating the provision of CFDs to retail investors in the EU are largely in line with expectations. We expect implementation by July'18..."

Veltyco Group (VLTY)

Response to ESMA announcement | Whitman Howard, 29 Mar

Paid Access

 

"Veltyco this morning confirms, in response to recent announcements from the FCA and ESMA, that none of the operators for whom Veltyco undertakes marketing activities offer a binary options product..."

Conviviality (CVR)

Gone into administration – read-across for pubs/restaurant & soft-drink companies | N+1 Singer, 29 Mar

Paid Access

 

"Conviviality released an RNS late yesterday effectively saying that it had failed to secure the necessary funding from institutional investors. This morning it has confirmed the appointment of administrators. Conviviality through its Matthew Clark and Bibbendum subsidiaries is the dominant on-trade supplier to the UK hospitality sector, serving around 23,000 outlets out of a market size of c.45,000..."

IQE (IQE)

Doubling in photonics revenues drives growth | Edison, 29 Mar

Free Access

 

"IQE’s FY17 results confirm that the photonics volume ramp-up referred to in the pre-close update has delivered the strong growth in revenues (16%) and PBT (18%) that was expected. Based on management’s guidance for this growth trend to continue, we upgrade our FY18 estimates and note the potential for sustained growth over the next three to five years..."

Taptica International (TAP)

Taptica’s transformational time | finnCap, 26 Mar

Paid Access

 

"The 2017 results were delivered to expectations and accompanied by a positive outlook statement confident of meeting market expectations for impressive growth in 2018, which will be driven by further geographic expansion – both in Europe and particularly APAC where mobile usage is so strong – and further moves into video and brand advertising. Last year was transformational for Taptica; the business delivered impressive 27% organic sales growth in H1 and was assisted in H2 by the significant acquisitions of Adinnovation and Tremor Video’s DSP business, to deliver a headline 68% YoY growth in revenue and 32% growth in adjusted PBT across the year. Looking ahead, management is confident of meeting market growth expectations while delivering on a three-year plan to build a truly global business with a presence in ten key hubs worldwide..."

Bioventix (BVXP)

What a nice surprise! | finnCap, 26 Mar

Paid Access

 

"Bioventix reported a strong set of interim results, with EPS rising 40% boosted by the unexpected inclusion of £0.8m of back-dated royalties from one of its customers. Underlying revenue growth was still robust, rising 13% (c.18% at constant exchange rates (CER)), driven by both Vitamin D antibody sales/royalties and other antibodies which offset a c.£0.4m reduction in revenues from one customer following the termination of the licence. This, in turn, led to a 39% increase in pre-tax profits and a 40% increase in adjusted EPS. An interim dividend of 25p was declared (+25%) with net cash at period end of £5.6m (excludes £0.8m of back-dated royalties)..."

Quarto Group (QRT)

FY2017 results reflect challenging conditions | Stockdale, 29 Mar

Paid Access

 

"FY results reflect challenging conditions, highlighted previously. Revenues fell to $152.5m ($154.6m), adj. operating profit fell by 58% to $7.2m ($17.0m). Adj. PBT fell 72% to $3.9m ($13.9m). Reported loss before tax was $21.2m ($13.0m profit) including $23.2m of goodwill impairment/restructuring costs. The dividend has been passed. Net debt was $64m. It is changing YE to March. The group is realigning the business reflecting market trends. Our recommendation remains under review. We will update forecasts in due course..."

Scisys (SSY)

Space delivers a strong year | finnCap, 27 Mar

Paid Access

 

"Assisted by the successful ANNOVA acquisition and continued strength in the Space division, SCISYS delivered a very good performance in 2017, beating our sales and cash expectations, and entering this year with continued optimism based on a record order book and falling net debt. We adjust 2018 forecasts for IFRS 15 and nudge our target price forward to 170p..."

Game Digital (GMD)

Moving parts, but full year on track | Liberum, 27 Mar

Paid Access

 

"H1 EBITDA of £21.2m is in line, leaving our FY18E-20E estimates unchanged. Profit growth in new Hardware and Accessories, alongside reduced losses in Events/Esports /Digital were more than offset by a fall in Preowned due to the lagged impact from weaker software sales in H1 17..."