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Companies: AMO, APC, BGO, BMS, CALL, ECK, ECSC, EUSP, FDM, FA/, FDEV, GETB, CRPR, PCF, SNX, TCN, TRIN, VCT, W7L, XPS
Initiating coverage with a Buy rating & 107% upside | Arden Partners, 7 Feb
"CloudCall is a cloud-based unified communications provider. We believe deepening channel partnerships, a new unified platform roll-out and the recent equity placement have positioned CloudCall for a substantial acceleration that is yet to be fully appreciated by investors. Our forecasts expect short-term sales growth of c.33% FY17-20E to outpace the market. "
Positive UK update – contract wins | N+1 Singer, 5 Feb
"Since its interims in November, Eckoh has secured six sizeable UK contracts across the payments, insurance, healthcare and mobile telecoms sectors. This shows the group is seeing the positive impact of the restructuring it did earlier in the year to focus sales on larger strategic accounts, leveraging the entire product portfolio..."
Production Update | Whitman Howard, 5 Feb
"Trinity has released a production update this morning, with an 11% increase in production qoq for Q417. Full year 2017 production was inline with our forecasts but YE cash of $11.7m was above our forecast of c$6m. The ongoing work programme has continued to increase production, and with the initiation of new drilling in Q118, Trinity is on track to meet its short term production target of 3kbopd in 2018. We believe the 45% share price discount to our PT of 32p is unwarranted, given continued strong execution, and reiterate our BUY recommendation."
Doubling market share | Zeus Capital, 6 Feb
"The combination of Xafinity and the pensions actuarial, investment and administration business of Punter Southall, creates the largest “pure-play” pensions consultancy in UK."
Prelims show upscaling potential | finnCap, 6 Feb
"Prelims are in line with the strong cash generative performance indicated in the trading update, with EBITDA a comfortable +5% ahead (+14% EBITDA growth despite flat revenue performance) and adjusted PBT +3%. While revenue at constant currency retreated 7% due to product mix changes which largely derived from territorial product preferences, gross margin expansion included strong supply chain management despite strong headwinds derived from component pricing movement."
Doubling Down on Platform Leadership Strategy | Progressive Equity, 7 Feb
"This note aims to summarise the information delivered at Bango’s recent Strategy Day, and to analyse the key messages. Our analysis focuses on four areas – the group’s strategy, the data opportunity and Audiens acquisition, an update on the Japanese business and the emerging resale and bundling opportunity. The presentation was well attended and provided a useful opportunity to meet the broader Bango executive team."
Strong start to FY18, record Q1 volumes | N+1 Singer, 9 Feb
"Victrex has reported record Q1 volumes with a positive performance in the Industrial business offsetting a slightly weaker performance in Medical. Volume strength should not be extrapolated (interestingly the large Consumer Electronics order played a part in the outperformance) but we expect to increase our FY volume forecast somewhat, implying a 4% to 5% EPS upgrade to FY18 (the statement acknowledges some limited scope for outperformance). For FY19, an increasing currency headwind is likely to temper forecast momentum..."
Long-term return objective of 6% per annum | Marten & Co, 1 Feb
"JPMorgan Multi-Asset Trust (MATE) is a new investment company that will invest across a range of different asset classes. It will aim to achieve a total return of 6% per annum, over the long term, through a combination of income and capital growth. It will seek to achieve these target returns whilst maintaining lower levels of volatility than a traditional equity portfolio."
by Stockdale Securities, 7 Feb
"The sharp fallsin global markets have had an inevitably adverse impact on our smaller companies universe. We have seen prices marked down sharply but the level of underlying selling is not yet apparent. Without wishing to appear ‘one-eyed’ about it, it raises the question whether these falls represent a buying opportunity? Firstly there have to be signs of stability returning which may take time. There is an MPC meeting on Thursday which is likely to leave rates unchanged."
AAA strategy | Liberum, 6 Feb
"First half results demonstrate the continued strong performance of the first two launched franchises through game development, community support and a successful monetisation strategy as well as the sales uptick from launching across more platforms. Our full-year forecasts, which include only sales of Elite Dangerous and Planet Coaster remain unchanged."