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    BETBULL HOLDING SE IN LIQU

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    BETBULL HOLDING SE IN LIQU

  • 13 Sep 17

N+1 Singer - Morning Song 13-09-2017

Advanced Medical Solutions (AMS LN) Interims in line, valuation out of kilter? | Alliance Pharma (APH LN) Interim results in line with expectations | Bagir Group (BAGR LN) Strategy on track, no further production line delays | Dunelm (DNLM LN) Confidence in expansion + ambition to double profit medium term | SQS Software Quality Systems (SQS LN) Currency headwinds on revenue but profit gains being made | StatPro Group (SOG LN) Contract extension for Delta service | Surgical Innovations Group (SUN LN) Interims in line, integration of Elemental on track | Touchstone Innovations (IVO LN) Solid FY results

Companies: AMS WIL SUN BAGR IVO SOG SQS DNLM APH

  • 15 Sep 17

Purplebricks US goes live in L.A.

This announcement provides a clear view of Purplebricks’ US product offering. We expect the adverts will be available on YouTube in due course. We make no changes to our forecasts for Purplebricks which expect 150 LREEs by March 2018. The trading update or the interim results are more suitable opportunities for analysts to adjust forecasts.

Companies: Purplebricks Group
  • 18 Sep 17

N+1 Singer - Morning Song 18-09-2017

Amino Technologies (AMO LN) German contract win | City of London Investment Group (CLIG LN) In line with Q4 update: earnings grow, small increase in dividend | Ergomed (ERGO LN) Strong H1 growth; PeproStat™ Phase IIb data expected in October | Itaconix (ITX LN) A period of meaningful commercial progress | Retail Recovering sector indicators for 2018 likely to trigger outperformance

Companies: CLIG FDL HFD BWNG AMO ERGO ITX

  • 12 Sep 17

Small Cap Brunch

SpringfieldProperties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Offer TBA. Due 20 Sep | OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance. | Charter Court Financial Services Group—Intention to float. Specialist lender serving the UK residential mortgage market. The net mortgage loan book stood at £4.4 billion as at 30 June 2017 growing at a compound annual growth rate of 92 percent since 31 December 2014. Part vendor sale and £20m primary raise. | ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London listing. | Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017

Companies: PEG VENN APGN STM PTSG VANL FLO OCL MIDW

  • 18 Sep 17

Mediocre H1 top line but strong cash generation

Next’s H1 17 earnings to end July combined continued top-line erosion (-2.3%), a promise of resilient cash flow generation by January 2018 at £875m leaving plenty of dividend room (£225m current +£257m special) but a sharp drop in H1 pre tax earnings nevertheless at -9.5% (see table).

Companies: NEXT
  • 14 Sep 17

- Exuding confidence - upgrades to come

GVC’s H117 results were accompanied by a bullish update for Q317 and positive future indicators. Underlying 20% daily NGR growth in Q317 (to 10 September), combined with continued synergies from the bwin acquisition, should lead to upgrades in consensus estimates. The company is ambitious and well positioned as a consolidator in the gaming industry. Accretive M&A is highly likely in our view. The stock trades appropriately towards the top of its peer group, at consensus 2018e 9.4x EV/EBITDA and 12.9x PE respectively. Our forecasts are currently under review.

Companies: GVC
  • 18 Sep 17

Morning Note

Stride Gaming (STR): Changing pace (BUY) | Lombard Risk Management* (LRM): Strategic alliance with Euroclear (CORP) | Wentworth Resources (WRL): Payments received (BUY) | Petra Diamonds (PDL): Annual results (BUY) | Amino Technologies* (AMO): German contract win (CORP) | MP Evans (MPE): Excellent interim results (BUY)

Companies: STR LRM WRL PDL AMO MPE

  • 15 Sep 17

N+1 Singer - Gym Group - Consolidation becoming part of the investment thesis

Positive news of corporate activity from Gym Group this morning. It is acquiring 18 gyms from Lifestyle Fitness for a cash consideration on £20.5m, effectively adding 20% to unit capacity. The acquisition multiple of c6x historical EBITDA (ex central costs) is a low and attractive, albeit this rises to c.7.5x when the requisite catch-up investment in the sites is factored in. Management is signalling the deal to be “significantly earnings enhancing by 2019” subject to lifting membership of the acquired sites. We will review our numbers post speaking to management but strategically view this as a positive move and see consolidation of weak players as a welcome feature of the investment case. We are currently cautious on the stock on sector capacity issues and lack of LFL growth considerations, but expect a favourable share price reaction today.

Companies: Gym Group
  • 13 Sep 17

N+1 Singer - Dunelm - Confidence in expansion + ambition to double profit medium term

While end markets have weakened, DNLM has the hall-marks of a compelling investment case –> no.1 in a highly fragmented market, significant geographic expansion potential, major investments in infrastructure/systems to drive growth (especially online) and unlock efficiencies, and highly cash generative. But the stock has de-rated to just 11x P/E in response to d/grades, mostly driven by short term losses/costs, which don’t recur. Consensus expects no ‘underlying’ PBT growth in FY18 and RoIC to halve over 3 years, which will only be corrected by either upgrades (+ special returns), or asset write-downs. The latter looks unlikely in our view, whereas payback analysis on investment points to higher growth/PBT vs consensus. Over 2 years the TSR would be 60% in the event DNLM re-rates to 10x EV/EBITDA on this consensus (i.e. base case), including only ordinaries (no specials). Today’s update and positive start to Q1 underpins our assessment that the recent sell off and inflection point represent a great entry point for this stock.

Companies: Dunelm Group
  • 18 Sep 17

Northland Capital Partners Limited Morning Report

BEXIMCO PHARMACEUTICALS (BXP.L) | MOTIF BIO (MTFB.L) | VELTYCO GROUP (VLTY.L)

Companies: BXP MTFB VLTY

  • 18 Sep 17

Changing pace

Stride Gaming is a UK real money gaming (RMG) operator of online bingo and soft casino games, and an international social gaming (SoG) provider. We initiate near Stride’s all-time valuation low, believing that regulatory concerns and recent weakness in social gaming have resulted in Stride trading at discount to its peers, despite stronger growth prospects, limited downside from SoG and a robust position ahead of regulatory changes. We initiate with a 264p target price and an out-of-consensus view in FY19E (EBITDA: +9%) in view of material cross-selling opportunities.

Companies: Stride Gaming
  • 15 Sep 17

N+1 Singer - Morning Song 15-09-2017

Avon Rubber (AVON LN) FY17 PBT in line with expectations | BCA Marketplace (BCA LN) Further strong growth + bright prospects. H1 preview | Gym Group (GYM LN) Consolidation becoming part of the investment thesis | N Brown Group (BWNG LN) Curve Catwalk singles Simply Be out as key power brand | River and Mercantile Group (RIV LN) FCA refers industry to CMA, reiterate BUY

Companies: BWNG AVON BCA RIV

  • 04 Sep 17

The Monthly September 2017

In the September edition of the Hardman Monthly Newsletter, Dr Martin Hall - based partly on his personal experiences as a long-standing investment analyst - addresses various accounting issues that are highly relevant to today's investors. In particular, he concludes that measuring company cash flow - and especially projecting future cash flows - is pivotal to undertaking rigorous financial analysis, irrespective of how individual companies may present it.

Companies: ABZA AVO AGY APH ARBB AVCT BUR CMH COS DNL EVG MCL MUR NSF OBT ODX OXB PPH NIPT PHP PURP RE/ RGD SCLP SCE TRX VAL

  • 14 Sep 17

H1 17 top-line growth turns into earnings surge

GVC released a very solid set of first half results, notwithstanding the tough comparatives following last year’s EUFA Euro 2016 football tournament. Key highlights Pro forma NGR up 10% (+12% cc), to €486.2m Pro forma revenue up 9% (+11% cc), to €432m Pro forma EBITDA up 28%, to €133.9m Net debt at €150.7m (0.6x EBITDA) 16.5c interim dividend Current trading and outlook Lfl daily NGR up 23% cc (+12% reported) FY17 EBITDA to beat “comfortably” current consensus of €255.9m On track to deliver the €125m expected synergies by year end M&A highly likely although not mandatory GVC’s CEO said the group remained “well positioned to continue to play a pivotal role in the industry’s consolidation” and added he wouldn’t be surprise to see a major deal going through in the next 12 months. He confirmed an acquisition in the UK was possible, although only targeting companies where it sees high revenue and synergy opportunities. He did not exclude bidding for a Retail-exposed player, although he warned that he would wait for the triennial review’s findings as well as the future budget given that the Chancellor of the Exchequer might try to step up the point of consumption tax to offset any loss that may arise from a cut in gaming machines’ tax revenue. Lastly, and maybe more importantly, he made quite a bold statement saying he was confident GVC could double its EBITDA during the next four years even without any acquisitions, implying the current double-digit growth rate could be sustained over the coming years.

Companies: GVC
  • 06 Jul 17

Morning Note

Joules Group (JOUL): Freehold acquisition (BUY)

Companies: Joules Group