Most popular equity research this week | 16 - 20 Apr

Private Investor Survey Results

Heartwood Partners, 20 Apr

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"Survey results from 300 private investors. Real insight into improving communication with this important investor base..."

Blue Prism Group | Actual Experience

Automating Intelligently; The quickening | Whitman Howard, 20 Apr

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"Following substantial funding rounds from both Blue Prism (Buy PT 2000p) and UiPath, with Blue Prism raising £40m, and UiPath raising $153m, we have revisited our bullish view on the space, established in our recent note “The force awakens; Automating Intelligently” published on 25th September 2017. We believe this funding is driven by a large and accelerating market opportunity in the Software Automation space..."

Private & Commercial Finance Group (PCF)

£100m milestone in retail deposits achieved | Stockdale, 16 Apr

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"We view today’s news that PCF Bank has reached the £100m milestone in retail deposits as positive. This represents a good uplift from the £81m at 28 February 2018 that was reported at the AGM on 2 March 2018. As we highlighted in the Flash Note at the time of the AGM, this reassures on growth and that the reduced cost of capital is enabling PCF to grow its new business origination and also increase profitability in due course. We maintain our 42p target price and Buy rating..."

Rhythmone (RTHM)

Results in line/ 22% FCF yield forecast | Whitman Howard, 20 Apr

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"RhythmOne (Buy PT770p) has today announced a full year trading update. Results are in line with expectations and they also expect the year to march 2019 to be in line with market estimates. We will adjust our revenue numbers down as they are focussing on the highest quality sales, but we are not adjusting our EBITDA forecasts which are Year to march 2019E of $58.4, vs consensus $54m and 2020E of $68m which is consensus. With a 22% FCF we retain our Buy and PT 770p..."

APC Technology Group (APC)

Strong interim performance | Stockdale, 17 Apr

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"Interims to February show operating profit up by 45% to £0.55m on 3.6% revenue growth to £8.6m. The results vindicate APC’s strategy of focusing upon driving high margin, design-in distribution sales as well as the benefits of a lower fixed cost base. APC acquired First Byte Micro in January which has provided a significant boost to its APC Locator’s business. The group continues to focus on its three-strand growth strategy. The shares have risen by 13% in the last three months. We retain our FY2018E PBT of £0.68m and 10p TP. Buy..."

Majestic Wine (WINE)

Naked Wines – accelerating growth | Liberum, 17 Apr

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"Naked Wines is accelerating growth in order to gain market share. The quality of earnings and customers is best shown by its sector leading KPI’s..."

Flowtech Fluidpower (FLO)

FY results in line | finnCap, 17 Apr

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"FY results are in line with expectations, showing a strong increase driven by acquisitions and 8% organic growth. Adjusted PBT is up 24% with EPS up 10%. Since the year-end, the group has continued its buy and build strategy with the acquisition of Beaumanor and Derek Lane, while the placing ensures balance sheet flexibility. The focus for the year is driving synergies..."

Findel (FDL)

PBT growth at upper end of expectations for FY18 | N+1 Singer, 17 Apr

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"Findel has already issued 2 good statements this year. Today’s year end trading update confirms encouraging group trading has continued in the last 10 weeks. As a result PBT is expected to be at the upper end of expectations, with c20% YoY growth. Net bank debt was also slightly better than expected (at c£79m adjusting for timing differences). With the customer redress payments progressing to plan, the group is well on track to return to positive free cash flow from FY20..."

Trinity Exploration & Production (TRIN)

Q1 update | Whitman Howard, 16 Apr

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"Trinity released its Q1 production update this morning. Production is broadly flat qoq as RCP activities have been lower as Trinity switched focus to drilling two onshore wells, which should bolster production going forward. Trinity also continues to pay down its liabilities ahead of schedule and increased its cash position. We don’t make any changes to our RENAV of 33p. We remain with our BUY recommendation, as we believe the share price discount to RENAV is excessive given stable production, good cash generation and potential reserves upside..."