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    BETBULL HOLDING SE IN LIQU

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    BETBULL HOLDING SE IN LIQU

  • 25 Mar 20
LIBERUM: GAN* - SaaS resilience as outlook confirmed

GAN has provided an update today on the Italian and US real-money internet sports betting outlook, as well as the momentum they are seeing in their core Simulated Gaming operation. Management have confirmed current guidance, which underscores the high underlying growth and the diversified resilience of their SaaS model. The company is on-track for a NASDAQ listing, hopefully in Q2. No material change to forecasts or our Target Price of 200p

Companies: GAN Plc
  • 23 Mar 20
Impact of COVID-19 crisis

What’s new. After an encouraging seasonal increase in Purplebricks’ instructions in January and February 2020, activity in recent days has slowed sharply and we see prospects for a prolonged period of low activity during the COVID-19 crisis. Purplebricks is well capitalised with net cash of £41.6m on 30 October 2019. We expect group cash to be above £31m (i.e. 10p a share) on 30 April 2020 and 2021. In 2019 management began closing Purplebricks’ Australian and US units. In December 2019 the guidance of less than £14m was repeated, implying 2H costs of under £5m. An adjusted October 2019 net cash of £36m.

Companies: Purplebricks Group
  • 27 Mar 20
Cenkos: Arena Events Group Plc -- Equity placing to fortify the balance sheet

Arena's planned £9.5m share placing will substantially strengthen its balance sheet and, together with various cost saving measures being undertaken, should help to see the company through the coronavirus crisis for the foreseeable future. Given the uncertainty around how long it will take before normal event scheduling resumes, we withdraw our forecasts and place our rating Under Review, which we will revisit once visibility improves.

Companies: Arena Events
  • 24 Mar 20
LIBERUM: Vertu Motors - COVID-19 - early action taken

Vertu has announced the temporary closure of all of its dealerships. Management had started taking pre-emptive action on costs and capex earlier in March and we expect banks and OEMs to provide support over the coming months. The company still plans to issue FY20E (to Feb) results on 6 May and we will review our estimates then. The start point is a strong, asset backed balance sheet and operational excellence. We expect Vertu to weather the storm better than many peers. CY21E PE 3.1x, £209m of freehold/long leasehold NBV. Maintain Buy.

Companies: Vertu Motors
  • 20 Mar 20
LIBERUM: UK Small & Mid Cap Dispatches

Cerillion Initiation, Civitas Social Housing, U&I, Strategy Flash, COVID-19 Updates: Leisure, PayPoint, Joules, Mining Upgrades, SMID Market Highlights

Companies: CER CSH UAI PAY JOUL

  • 27 Mar 20
Strong H1 and actively managing Covid-19 risk

CVS has evidenced another strong trading period, with H1 PBT up 29% and good cash generation supporting leverage 40bps lower at 1.7x. Jan-Feb trading was robust with 6% LFL growth. Until recently there had been limited Covid-19 impact but RCVS/BVA guidance that vet practices should only remain open for urgent/emergency cases and travel restrictions is beginning to impact non-urgent visits. To protect the P&L and conserve cash, it is reassuring to see management taking decisive action – cost/capex controls and temporary closure of c50% of small-animal surgeries (33% capacity), with demand satisfied via larger nearby practices and teleconsultations. Fundamentally, CVS has a robust and diversified revenue stream (HPC/referrals/farm/online) to manage Covid-19. Moreover, there is significant liquidity headroom (>£75m). Forecast guidance has been temporarily removed.

Companies: CVS Group
  • 26 Mar 20
Coronavirus scalps one more victim

While Dixons Carphone has witnessed strong lfl growth in the recent weeks, the shutting down of stores in the UK&I and Greece is likely to dent its near-term profits. However, we continue to see the electrical business as well placed, especially considering DC’s strong presence in the e-com format. A profit warning has also been factored into our estimates but we maintain a positive stance on the back of the inexpensive valuation and lack of structural issues.

Companies: Dixons Carphone
  • 18 Mar 20
Industry challenges impacting performance

The issues faced by the aviation industry as a result of the Coronavirus have been widely reported. Whilst increased demand for services such as repatriation flights, emergency cargo, and short term charters has benefited performance, a wider decline in demand across both the Charter and Safety & Security divisions is impacting performance. The exact magnitude of this is difficult to quantify and we have therefore withdrawn our forecasts. Across the Group, costs are being tightly managed to preserve cash and to maintain sufficient working capital in the business to support customer demand throughout this crisis. Accordingly, the Board expects that it will not be in a position to make a recommendation on dividend payments until the crisis has passed, and a clearer outlook has emerged.

Companies: Air Partner
  • 19 Mar 20
Dart Group*

Industry volatility – FY20 guidance withdrawn

Companies: Dart Group
  • 20 Mar 20
Update

Inchcape has announced it has suspended its share buyback programme in light of the current COVID-19 crisis. We believe this is the right stance to take in the current environment, with capital expenditure and dividends potentially saving a further £175m if required. Guidance for 2020E has been suspended for now, which is understandable given the complex supply/demand dynamics across multiple markets. The next update is Q1 IMS on 21 May, where we might get some further colour, but for now we will watch developments in each of its key markets closely.

Companies: Inchcape
  • 26 Mar 20
LIBERUM: Topps Tiles* - Stores closed; reassuring liquidity

Following the closure of all Topps’ stores until further notice, there will be a material impact on trading. Guidance has been withdrawn. On its most pessimistic scenario, which includes all stores closing for 12 weeks, management foresees good levels of liquidity for the next six months. This reflects cash immediately available of £20m, an additional accordion facility of £11m, and the removal of any H1 dividend and the various government initiatives and other cash saving measures, which could total in excess of £14m over the H2 period. For now, we place our forecasts, target price and recommendation under review.

Companies: Topps Tiles
  • 27 Mar 20
LIBERUM: DP Eurasia* - Turkey trading strong; shares too cheap

While the markets appear to appreciate the relative resilience of food delivery businesses at a time when increasing number of people around the world are forced to stay at home, shares of DP Eurasia are the second worst hit amongst the various global Domino’s franchisees and food delivery service provides/aggregators. The current share price extremely undervalues the company applying no value for future value creation and certainly placing no value on the growth seen across all its markets. DPEU exited 2019 with very strong performance in Turkey, which has accelerated in 2020, and in Russia there is a pro-active plan to restore it to historic rates of growth. The shares are on a FCF yield of 20%, a PE of only 7x for a 2019-22E EPS CAGR of 54%, net cash by FY’23, and an EV/EBITDA 3.4x.

Companies: DP Eurasia
  • 11 Nov 19
LIBERUM: GAN* - Take-off in US internet gambling

GAN finds itself in the right place at the right time. An estimated $50m investment building its enterprise software gambling platform and a track-record of delivering innovative solutions to US casino and gaming operators, means GAN has a major head-start on the competition, against a backdrop of accelerating state-by-state regulation of US online gambling.

Companies: GAN Plc
  • 14 Jan 20
A record Christmas drives upgrades

Boohoo Group has delivered a stellar performance over the key Christmas trading period resulting in a further upgrade to FY20 guidance, its third since 5 th September. Strong growth has been seen across all brands in all key geographical regions. We note the excellent performance seen at the Group’s most mature brand boohoo, where sales in the four months to December are up 42%, an acceleration on the 27% YOY growth posted in Q1 and a continuation of the exceptional 41% growth seen in Q2 of this year. Revised EBITDA margin guidance of 10.0% to 10.2% (previously c.10.0%) is after accounting for investment in three brands acquired in the year and implies strong underlying trading in the Group’s more established brands (boohoo.com PLT and Nasty Gal). The Group continues to deliver an impressive cash performance, with £245m net cash at 31 December.

Companies: Boohoo.Com
  • 16 Jan 20
3Q IMS

Halfords 3Q IMS is in our view positive with PBT forecasts for FY 2020 held at £50-55m and good LFL in Retail cycles +5.9% and Autocentres +4.6% where most of new management development work has been focused. Retail Motoring products LFL -2.7% continues to show impacts of discretionary spend softness in our view. Management retains its caution about near term demand prospects overall and its development programme in Autocentres and key aspects of the business overall (notably new integrated website) moves up a notch in calendar 2020. This said PBT guidance for 2019/20 has been maintained and this trading shows promise in our view.

Companies: Halfords Group