Research, Charts & Company Announcements
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Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
N+1 Singer - Victrex - Strong Q4 delivered – meeting FY expectations
11 Oct 16
Victrex’ year end update confirms a strong Q4 performance, driven by the anticipated surge in demand from its large consumer electronics programme. Full year volume and revenue are both a touch ahead of our forecasts and consensus expectations. Invibio has delivered a steady year, in line with expectations, and the Magma oil & gas project has delivered its first meaningful revenues of over £1m. The outlook reiterates previous caution over the consumer electronics outlook but we believe this is now reflected in most analysts’ forecasts, including our own. There is no mention of currency, but this is clearly a strong tailwind for FY17 and, if current rates persist, into FY18. Overall, today’s statement should be well received. There was a lot to do in Q4 and Victrex has delivered it. In our view, the FY17 rating of 16x with a 6% yield (inc. 3% special) represents an attractive entry point for this high quality group.
Continued progress since interims
01 Feb 17
Carclo has announced that H217 trading remains strong and the outlook for the full year is in line with its expectations. Growth is being driven by the two larger divisions, Technical Plastics (TP) and LED Technologies, while the Aerospace division is experiencing stable trading conditions. We leave our estimates unchanged, but note potential currency upside should foreign exchange rates remain at current levels for the remainder of FY17.
Rude Health - Life Sciences quarterly sector note
30 Aug 16
Topic of the quarter: In light of the Brexit vote, we reflect upon the implications for the NHS and the wider healthcare industry. We take a pragmatic approach to how the referendum result will affect staffing, recruitment, clinical trials, drug pricing and small company grant funding in the coming months and years.
29 Nov 16
The prospect of Hilary Clinton creating an oversight panel with the power to impose a set of harsh enforcement rules to control aggressive pricing of pharmaceuticals in the US fell away with the election of Trump, leading to a 16% bounce in the NASDAQ Biotech index and an 8% increase in the US Pharma & Biotech index, some of which has already been given back.