See what's trending this week...
Companies: AIR, ANG, COST, ENT, EVOK, FLTR, GMD, GAN, GIG, 7IG, 7KB, KMK, TJW, MYSL, NKTN, PTEC, SPE, SPOZF, WEY, WMH
Game Digital (GMD)
FY18E gross margin pressure, but net cash beats | Liberum, 21 Aug
Paid Access
"GAME's year-end update highlights a continuation of the H1 trends, which leads us to lower our adjusted EBITDA forecasts by 8%-10%. Pre-Owned Software, which is higher margin, continued to be challenging with this impact more than offsetting continued growth in Mint Hardware and Digital..."
Game Digital (GMD)
Pressures countered: BELONG moves ahead | Edison, 21 Aug
Free Access
"Game Digital (GMD) has finished its year with cost measures countering trading pressures and with BELONG moving into action as the first, larger, sites open. The clearer future represented by BELONG is not reflected in the share price, which remains less than cash..."
Angling Direct (ANG)
FY19E Interim Trading Update | Cenkos, 21 Aug
Paid Access
"Angling Direct has announced a trading update for H1/19E guiding to performance ahead of expectations. Revenue for H1/19E increased 56% YoY, ahead of our full-year run-rate of c37%. The German website was successfully launched in Jun-18, providing an additional platform for continued growth..."
GVC | William Hill | Paddy Power Betfair | Playtech | Sportech | 888 | GAN | Nektan | KAMBI GROUP | GAMING INNOVATION | SCIENTIFIC GAMES | International Game Tech
Off to the races as NFL season draws closer | Whitman Howard, 21 Aug
Paid Access
"The US sports betting market has the potential to be significantly large. However, lack of federal level legislation, sluggish state by state legislative processes, and other limiting factors will cause a likely drag on the sport betting market’s full potential. The American Gaming Association estimates at least $150bn is wagered annually with offshore books, which implies a $10bn - $12bn revenue market. We estimate, onshore online sports revenue in 4 - 5 years of $6bn (table 6, p14) should be achievable across 25 States..."
Sopheon (SPE)
Interims set the pace for another good year | finnCap, 23 Aug
Paid Access
"Interims to June confirm continuing strong performance identified at the July trading update, achieving 51% of forecast FY revenue (1H17: 44%) and 58% of FY EBITDA (1H17: 38%), with visibility over FY contracted revenue already at 88% of full-year expectations (71% this time last year). Net cash is very strong at $15.5m, with 84% of FY free cash flow expectations achieved through the unwind of a build-up in 4Q17 working capital typical of a model which remains dominated by perpetual licences..."
Sopheon (SPE)
Strong first half performance | Progressive, 23 Aug
Free Access
"In line with its July trading update, Sopheon has reported a strong first half performance with revenue, EBITDA and profit before tax well ahead of H1 2017 and representing over half of our respective FY 2018E numbers. Impetus from good growth during 2017 was augmented by new customer wins in the first half of 2018 which were some 50% ahead of those achieved in the comparator period. Sopheon has also continued to expand its “lifetime value” opportunities across a number of blue chip clients through extending the business application areas addressed by Accolade..."
Kromek Group (KMK)
Scaling up production | Cenkos, 20 Aug
Paid Access
"A spate of contract newsflow is increasing revenue visibility over this year. Some new and incremental addressable markets are being discovered for Kromek's CZT based detection equipment. The footprint of the business is steadily increasing and its size will be enhanced materially as the US manufacturing facility ramps up this fiscal year..."
Air Partner (AIR)
Encouraging H1 trading update | Liberum, 24 Aug
Paid Access
"The H1 pre-close update has revealed an encouraging start to the year with trading in line with management’s expectations and the performance in H1 last year. The US and Freight have continued to deliver strong performances after good recruitment in previous periods..."
Mysale Group (MYSL)
Valuation drop at odds with platform development and peer M&A | N+1 Singer, 24 Aug
Paid Access
"MySale continues to deliver on its strategy and, as stated at the H1 pre-close, better than expected margin gains and operating leverage drives EBITDA at least to the top end of expectations (+37% YoY). Further efficiencies and leverage are anticipated next year too. While 10% sales growth was slightly lower than hoped, future growth potential remains.."
Wey Education (WEY)
Significant progress, net cash ahead, moderating FY19E forecasts | WHIreland, 23 Aug
Paid Access
"WEY is an educational group operating a range of fully interactive educational establishments, including the only online secondary school in the UK. This morning’s update from the company highlights healthy growth in the underlying and acquired businesses, with sales at InterHigh ahead by 20% YoY and the Academy 21 acquisition successfully integrated and delivering +25% revenue growth on the same basis..."
Costain Group (COST)
EPS up 16% and estimate increased 3% | Liberum, 22 Aug
Paid Access
"H1 FD EPS up 16% with a shift away from large capital projects and particular strength in Natural Resources. New HE connected vehicle technology contract yesterday illustrates shift towards technology..."
