Research, Charts & Company Announcements
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17 May 17
N+1 Singer - Morning Song 17-05-2017
ATTRAQT Group (ATQT LN) Integration progress; potential for significant cost savings | Bodycote (BOY LN) Good trading, in line with management expectations | Brewin Dolphin Holdings (BRW LN) Positive interims showing Q2 FuM growth and margin accretion | Grafenia (GRA LN) Net cash clarification | Listed Law Conference More listed legal services companies expected | Raven Russia Ltd (RUS LN) Raising funds for further opportunities | Synairgen (SNG LN)Full year results; LOXL2 inhibitor due to commence Phase I in H2 2017 | Zotefoams (ZTF LN) Positive start to the year
Companies: RUS BOY BRW MUR GRA SNG ATQT BUR DRV GTLY ZTF
23 May 17
N+1 Singer - Morning Song 23-05-2017
accesso Technology (ACSO LN) Strong start to FY 2017 | Avon Rubber (AVON LN) Contract award helps underpin forecasts for FY18 | eg solutions (EGS LN) Clear visibility of full year targets | Entertainment One Ltd (ETO LN) EPS and DPS in-line, Debt rises in line with last update | Scapa Group (SCPA LN) Forecast upgrades; momentum strong | UDG Healthcare (UDG LN) Strong interims, FY guidance raised 2% | 1Spatial (SPA LN) Onwards and upwards | Driver Group (DRV LN) Turnaround on track |
Companies: ETO AVON SCPA UDG SPA DRV EGS
18 May 17
N+1 Singer - Morning Song 18-05-2017
Churchill China (CHH LN) Positive AGM update | Cineworld Group (CINE LN) Cracking trading update and upgrades, but largely priced in | First Derivatives (FDP LN) Making fast work of existing and new markets | IDOX (IDOX LN) Positive outlook; trading on track | IndigoVision Group (IND LN) Trading in line | Itaconix (ITX LN) Streamlining to prioritise product commercialisation | Marston’s (MARS LN) In line interims and a very usefully accretive deal | Safestyle UK (SFE LN) Weaker trading leads to 5% downgrades | Speedy Hire (SDY LN) Focused on restoring profitability | Wilmington (WIL LN) Trading update
Companies: SDY WIL IDOX MARS CHH IND CINE SFE ITX FDP
18 May 17
Small Cap Breakfast
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission. | Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May. | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May. | AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property | Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m. | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe | ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017. | Tufton Oceanic Assets– Extended to 9 May on specialist funds segment of Main Market to enable further due diligence. |PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Companies: STL HAL STAF CHH RENE DHG SFE FDBK EKT
23 May 17
Finals – Strong growth and a further upgrade
Finals reflect significant margin improvements within the Industrial division, the contribution from EuroMed, which was acquired in May 2016, and strong FX translation tailwinds due to weakness in sterling. Revenues increased 13.3% to £279.6m, (+1.7% constant FX) and with the trading margin improving from 8.6% to 10.4%, trading profits grew 37.1% to £29.2m (+18.2% constant FX). Adjusted PBT (excluding pension costs and exceptionals) was up 35.9% to £28.0m and, with a lower tax rate due to profits mix, adjusted EPS grew 39.6% to 14.8p. The dividend has been increased by 14.3% to 2.0p.
17 May 17
N+1 Singer - Zotefoams - Positive start to the year
Zotefoams has confirmed a very positive start to the year, in line with expectations. Group revenue for the first quarter was 28% ahead of a quieter Q1’16, or 16% on a constant currency basis. All business streams have reported good progress and the outlook is confident. We expect no meaningful changes to our forecasts, or to consensus and we remain of the view that ZTF is well placed for the medium term. The one fly in the ointment is a minor slip on previous guidance on the start-up of the US plant (end Q3 versus previous guidance of mid year), but this is a major expansion and clearly, once commissioned, a significant positive for the investment case. We remain at BUY with a 336p TP.
23 May 17
N+1 Singer - Scapa Group - Forecast upgrades; momentum strong
As indicated in April, the Group continued to trade strongly in H2 and FY17 trading profit was 5% ahead of our forecast. We have also increased our FY18 forecasts by c.8% as the momentum continues. The efficiency driven margin improvement in Industrials is ongoing as Rorschach closes, (mid teens margin target now set) whilst Healthcare has also driven margin improvement and has visibility of £200m from long term commercial agreements. We acknowledge the rising share price, but with momentum likely to continue, debt low (therefore M&A likely) and ongoing upside potential in the numbers, we have increased our target price to 467p (c.18x EBITDA) and remain at Buy.
28 Apr 17
N+1 Singer - Morning Song 28-04-2017
Bagir Group (BAGR LN) NED appointment and acquisition update | T3 Trend spotting Strategy update
Companies: AUG GNS IQE NTG SDL SPH SDY TRI VEC XAR GHT BOY CRW EMIS VCT ECK GLE GHH DATA AVON CHH DPH HILS SDM ZYT MUR RPS LWB EKF SUN UDG SYNT CINE DOTD MPM BAGR FUM CLIN RENE ATQT MYSL SERV ERGO BCA BUR DRV SCS JUP FDP GBG GTLY HW/ EAH SFR PHD CXENSE KNOS NETD G4M GFIN FUTR ULS RHL RAT FEN LOOP
09 May 17
A brilliant half
Treatt has delivered yet another strong set of results. The business continues to perform very well and the constant stream of upgrades demonstrates the strength of momentum as the company moves further up the value chain. The pipeline is looking increasingly strong and recent growth means capacity expansion costing $11-14m is required at Treatt USA and is independent of the UK site relocation. We upgrade our FY18 and FY19 earnings estimates by c 2% and c 4%, respectively.
16 May 17
Hardide* (HDD): Interim results, oil recovery and aerospace approvals bode well (CORP) | Premaitha Health* (NIPT): Trading update (CORP) | Akers Biosciences* (AKR): Q1 results (CORP) | Water Intelligence* (WATR): Growth strategy on track in a large, defensive market (CORP) | Frontier Developments* (FDEV): Elite Dangerous coming to PS4 (CORP) | K3 Business Technology* (KBT): Trading update (CORP)
Companies: HDD NIPT AKER WATR FDEV KBT
15 May 17
N+1 Singer - Victrex - Positive H1 underpins FY profit and special dividend expectations
Positive interims confirm a strong performance from the core business, which saw volume increase by 19%, more than offsetting the anticipated decline in consumer electronics demand. Volume and PBT increased by 5%, both representing 50% of our FY forecast. With further currency benefits to come and a normal H2 weighting, forecast upgrades might have been expected, but ongoing uncertainty over consumer electronics holds back this prospect for now. More positively, the special dividend (50p+ this year) now looks to be cemented and currency gains (£10m+ benefit o PBT) are also firming for FY18. The shares have passed our 2000p Target Price, and we are therefore at HOLD at this stage, but we remain strongly supportive of the medium term investment case.
17 May 17
MagForce is moving forward with its strategy to drive uptake and acceptance (in the US and Europe) of its NanoTherm nanoparticle-based therapy for cancer. In Germany, Magforce has six centres commercially capable (three utilised, c50 patients to date) of treating glioblastoma (GBM) patients. To accelerate uptake of NanoTherm treatment in Europe, we expect Magforce to look to expand from Germany into other countries over six to 18 months. In the US, its subsidiary Magforce USA is in talks with the FDA to initiate a planned clinical trial in prostate cancer patients (potential launch in 2018). Data is expected in 2018 (potential launch soon after).
Companies: MAGFORCE AG
08 Apr 16
SP Angel Morning Report
Coal of Africa | Base Resources | Galaxy Resources | Haydale Graphene Industries plc | Metal Tiger
Companies: CZA BSE GXY HAYD MTR
24 May 17
N+1 Singer - Applied Graphene Materials - Launch of Structural InkTM
AGM has announced significant progress in developing a highly innovative new technology, Structural InkTM to target the advanced composites industry. Heads of terms have been signed for JDAs with the highly regarded AMRC in Sheffield and Prodrive Composites, a leading motorsport and technology business. Three other potential end-users from different sectors of the composites industry are also exploring the use of the technology. Whilst at an early phase of the development cycle, we consider this a very positive development, highlighting the Group’s prominent position in graphene development in the composites industry as well as its focus on creating value through its formatting and dispersion expertise. An accompanying trading update (y/e July) confirms that the LBITDA will be in line with expectations at £4.0m on revenue of £0.3m and that net cash is well ahead of expectations at £4.5m.
Companies: Applied Graphene Materials
18 May 17
N+1 Singer - Itaconix - Streamlining to prioritise product commercialisation
Itaconix has made good progress in recent months in securing high profile global partnerships with Croda and Akzo Nobel, having proven the benefits of its technology platform. Its focus is now very much on application development, formulating products for end customers and ultimately driving sales. Its chosen markets of personal care and homecare are areas with high margin potential, where customer relationships are sticky and formulations can endure through multi-year product lifecycles. As a result of this changing focus, significant operational changes have been announced this morning, which will result in the re-sizing of the R&D team. This will give rise to significant cost and cash flow savings (£1m per annum from FY18), strengthening Itaconix’ financial position, whilst enhancing its commercial focus. In our view this is self-evidently a positive change for the future development of the Group and we look forward to further commercial progress in coming periods.