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Companies: MKLW, ABBY, AMS, AFRN, AXU, APC, APP, AVON, BGO, BWLVF, PIER, CGS, CALL, CDM, CSRT, TIDE, DTXMF, E3C, ELM, EMR, EUSP, FPM, FDM, FPO, FUTR, GTLY, GENL, GETB, GEEC, HDY, HMI, HAYD, HEAD, HILS, HTG, HUR, IBPO, INDI, IO7, JHD, JEL, JET2, 9L2, LAM, MACF, MPAC, NAH, OXIG, PCA, CAKE, PINE, RBW, RSW, RNO, RKH, ROR, SUS, SCPA, SAAGF, SPE, SORT, KETL, SNX, INCE, TRAK, TRI, VID, 21W, ZTF
Quarterly Research Outlook
Arden Partners | July 2018
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Amerisur | Empresaria | Harvest Minerals | Jersey Oil And Gas | Pendragon | Abbey | Advanced Medical Solutions | Avon Rubber | BowLeven | Brighton Pier Group | Castings | Cloudcall | Consort Medical | Crimson Tide | Dart Group | Deltex Medical | Elementis | Faroe Petroleum | First Property Group | Gateley | Genel | Gordon Dadds | Great Eastern Energy | Hardy Oil & Gas | Haydale Graphene Industries | Headlam | Hill & Smith | Hunting | Hurricane Energy | iEnergizer | Independent Oil & Gas | Indus Gas | James Halstead | Lamprell | Macfarlane | A&J Mucklow | NAHL | Oxford Instruments | Palace Capital | Park Group | Patisserie | Rainbow Rare Earths | Redde | Renishaw | Renold | Rockhopper | Rotork | S&U | Scapa | Shanta Gold | St Ives | Trakm8 | Trifast | Vitec | Zotefoams
"In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a risk going forward..."
Cloudcall Group (CALL)
Calling an unchanged market opportunity | Cenkos, 17 Jul
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"The rapid +31% YoY revenue growth delivered in H1E did not include any meaningful contribution from the recently expanded sales headcount. Indeed, this growth rate would have been higher and in line with our forecast of +36% had new hires impacted in a timely manner. While we reduce our forecasts for 2018E in relation to this softness, we continue to expect an exit run rate this year strong enough to support an unchanged 2019E..."
Cloudcall Group (CALL)
Strong H1’18; rebasing FY’18 on timing | Arden, 17 Jul
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"CloudCall’s performance during H1’18 was strong but slightly weaker than our expected run-rate on slower recruitment of personnel to its growing sales team. Our FY18E estimates have been cut on the mismatch between rising costs due to continued investment in growth and the lag to achieve top-line performance, but our price target remains intact. We highlight the impact is localised to FY18E and the group’s product, sales and marketing teams are now in place to support rapid commercialisation..."Molins (MPAC)
Resetting the bar | Equity Development, 18 Jul
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"Selling high-value packaging machinery to large corporates can sometimes feel like ‘threading the needle’. For the vast majority of the time everything runs like clockwork - however occasionally unforeseen problems crop up. Indeed, at this morning’s pre-close trading statement MPAC revealed it had encountered some technical challenges on two legacy contracts which would result in “material” cost over-runs this year..."
Amino Technologies (AMO)
Initiation - Building next generation TV services | Liberum, 17 Jul
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"Disruptive commercial and technology challenges facing Amino’s telco and cable operator customers mean they have to reshape and, in some cases, recreate their pay-TV services. This needs investment in new software and cloud models and will require support from specialist solutions providers like Amino..."
Amino Technologies (AMO)
Delivering TV-as-a-service | finnCap, 17 Jul
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"Interims for the period to May 2018 delivered EBITDA of $6.8m from $41.2m turnover. Contracted revenue represents 77% (FY17: c75%) of the FY18 target and sales orders 40% ahead of last year, leaving forecasts unchanged. Gross margin of 42.1% (1H17: 44.4%) reflected expected market-wide pressure described at prelims in January; however, cost control reduced opex 3% (vs 1H17), including partial benefit from the completed rationalisation of R&D centres (3 to 2), resulting in annualised savings of $1.4m..."
Sopheon (SPE)
Buoyant first half trading | Progressive Equity, 19 Jul
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"Sopheon’s trading update for the first half of its current financial year says that it expects revenue, EBITDA and profit before tax for the first half of 2018 to be ‘significantly ahead of prior year performance for the corresponding period’. In addition, with positive sales experience so far in the second half, the Board says that it is trading ‘comfortably in line’ with expectations..."
APC Technology Group | ECSC | EU Supply | FDM Group | GetBusy | Location Sciences | Synectics
Half time scorecard: Q2 to the rescue | Stockdale, 17 Jul
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"With the first half of 2018 behind us, we evaluate the performance of the tech sector versus the broader market, and peers across the pond to see how the London listed technology universe compares to its bigger and better known US counterparts. We examine if the UK listed tech sector is overvalued on a relative basis..."
Strix Group (KETL)
Good performance in H1 underpins FY18 outlook | Zeus Capital, 18 Jul
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"Strix has released a trading update for the six months to the end of June confirming that trading is on course to meet FY18 expectations (ZC forecast FY18 revenue of £96.1m and profit before tax of £29.1m) leading us to leave forecasts unchanged. Global market share has been maintained at c. 38% with the US showing particularly good growth in Regulated Markets..."
Bango (BGO)
Trading update | Cenkos, 20 Jul
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"This morning, Bango announced a trading statement for the six month period to end June 2018. Interim results will be announced on 18 September 2018. Momentum in EUS activity over the Bango Platform has continued to grow with EUS of £220m in H1/18 and remains on track to more than double for the 4th consecutive year..."
Codemasters (CDM)
Initiation - Racing ahead | Liberum, 16 Jul
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"Codemasters has a long track record as a leading UK AAA car racing computer game developer. There are several potential opportunities to build upon its three fully owned-IP franchises in addition to the licensed F1 games - with regular releases supported by a new revenue stream of digital services, growth in mobile, China and expanding eSports initiatives..."
Future (FUTR)
US Purch-ase | Edison, 18 Jul
Free Access
"Future is taking a major step towards realising its US ambitions with the acquisition of Purch for $132.5m/£100.1m, fully funded by a rights issue of 3 new for 4 existing shares at 303p. The purchase fits neatly with Future’s existing media brands and tech-enabled culture and expands the US revenue base to around half of group (historic pro-forma). The purchase price represents 2.1x Purch’s CY17 revenues, 13.1x EBITDA, and management expects the transaction to be materially enhancing to earnings in its first full year, FY19. On the ex-rights price and indicative forecasts, the shares will be trading on an undeserved discount to peers..."
