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N+1 Singer - Morning Song 18-10-2016
18 Oct 16
1Spatial delivered a soft first half performance showing slower revenue development in its higher-margin Geospatial business, thereby impacting overall adjusted EBITDA. The group has a strong order book (of which the Geospatial component is up 30% y-o-y) and has built up a solid pipeline of opportunities which it expects to convert in the next six months. As such, the group is maintaining guidance for the year, albeit performance will be heavily H2-weighted. We believe the 1.1x EV/Sales and 6.2x EV/EBITDA Jan’17 rating does not reflect the potential of an IP-rich, productised business that is leveraging partnerships to scale growth – but recognise that stronger revenue traction is required to buoy confidence and drive the re-rating of the shares.
N+1 Singer - Applied Graphene Materials - First production order reinforces confidence
17 Oct 16
As trailed at the pre-close, AGM’s FY16 prelims are in line with expectations in terms of loss before tax and net cash. 2016 was a busy period for the Group with substantial commercial progress culminating in the news of a first production order last week. Significant news in today’s update includes confirmation that the US patent has been granted and a new development programme is underway with Airbus Defence and Space. 2017 promises to be an exciting year as commercial production commences. The Board retains its ambition to build a global graphene market leader.
N+1 Singer - Morning Song 17-10-2016
17 Oct 16
Trading has remained positive in H2 and the mix of the business continues to move towards touch and also towards larger sized sensors. The post-Brexit sterling plunge means that a non-cash provision of £0.9m is expected to arise in FY16 on the Group’s forward exchange contracts. This should unwind in FY17, but is, of course, subject to the vagaries of the currency markets. Underlying trading is strong and despite reducing PBT for the non-cash £0.9m, we upgrade for trading by £0.4m. We also increase our net cash expectation from £10.5m to £10.9m, further strengthening the balance sheet. With underlying trading positive, we continue to feel that an FY17 P/E rating of c.14.2x is inexpensive for a growing technology business with a very strong balance sheet and a dividend yield of over 3.5%.
Acquisition and placing
14 Oct 16
The group has announced an acquisition of a US-based precision tooling and injection moulding business, selling into the medical device sector, for $6.5m, accompanied by the announced proposed placing to raise £8.0m. We think the acquisition looks a decent fit and provides good customer and geographic extension to existing operations. The net effect of the acquisition and placing is broadly EPS neutral. The shares trade on a P/E of 11.3x followed by 10.0x. We maintain our Hold rating.
18 Oct 16
Accsys (AXS): Acorn aiming to be a mighty oak (BUY) | Utilitywise* (UTW): Risks discounted leaving significant upside (CORP) | dotDigital* (DOTD): Strong prelims demonstrate strategic execution (CORP) | Hardide* (HDD): Year-end trading update (CORP) | Shanta Gold (SHG): Q3 operating results (BUY) | Hurricane Energy (HUR): Horizontal well interim result (BUY)
N+1 Singer - Morning Song 14-10-2016
14 Oct 16
Thinfilm has announced that it has taken possession of the state-of-the-art manufacturing facility that it has leased in Silicon Valley. This is a seminal event which should provide the company with high volume, roll-to-roll production capabilities just as market opportunities crystallise and (as management anticipates) demand spikes in 24 months’ time. We remind investors of Thinfilm’s leadership in this market, the multi-billion dollar market opportunity available across a number of sectors, and the encouraging traction that the company already has with multiple brands.