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    VALDOR TECHNOLOGY INTERNATIO

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    VALDOR TECHNOLOGY INTERNATIO

  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 15 Jul 19

Acquisition of 24i Media

Amino has acquired 24i Media, industry-leading provider of TV and OTT apps, user experience solutions and services, headquartered in Amsterdam. The €21.4m acquisition (€16m cash, €3.3m in Amino stock and €2.1m deferred consideration conditional on management remaining with the business) will be funded from existing cash resources, retaining a continuing net cash position. 24i contributes to the rapid development of Amino’s strategy for driving high-margin software and recurring revenues, in addition to adding further key elements of provision of an end-to-end TV solution to clients – positioning the group earlier in the engagement during selection of the TV ecosystem. Growing at a strong 25% per annum, 24i lifts Amino forecast revenue by 6% with part-year contribution to November FY19, +22% in FY20 and +28% in FY21 – with EBITDA +1%, +24% and +39%. Combining EBITDA growth with a strong supporting dividend and retaining a healthy balance sheet after an intelligent and timely acquisition, we lift our target price to 215p.

Companies: Amino Technologies
  • 09 Jul 19

Interims: demonstrating execution

Interims to May are in line with the June trading update and unchanged FY expectations. Adjusted PBT of $4.7m (44% of FY19, compared with 1H/FY18 of 34%) was delivered from turnover of $34.6m (50% 1H/FY19 compared with 46% 1H18/FY18). Gross margin of 46% (1H18: 41.6%; 2H18 40.5%) improved as a result of the transformation programme completed in April 2019, focusing on software, services and higher-margin value-added hardware. With $5m annualised savings delivered, adjusted PBT grew 26% even as revenue declined 16%, returning $4.6m free cash flow (1H18: $2.8m) and leading to net cash of $19.3m and comfortably supporting the >8% dividend yield. With execution demonstrated through the initiatives in the period and supported by a steady stream of announcable contract wins, we reiterate our 185p target and look forward to continuing progress.

Companies: Amino Technologies
  • 09 Jul 19

H1 as expected – strategic transition ongoing

Amino has reported H1 FY19 results which appear to be well on track for our full-year estimates and which, more importantly, provide the group with the time and cash to execute on the strategic transition to value-added software on a recurring revenue model, with services and hardware as appropriate. Margins have improved markedly, and cash generation has been strong. We make no material changes to estimates, but see these results as a step in the right direction for the group

Companies: Amino Technologies
  • 10 Jul 19

An impressive first half

Gamma’s H1 trading update reports another strong performance. In light of that, while management expects full year revenue to be within consensus range, it anticipates that EBITDA and EPS for FY 2019E will be slightly above the range of market expectations. As a result, we are assuming greater overhead efficiency than we had previously allowed for and we are increasing our FY 2019E EBITDA estimate by £1 million to £56.5 million - with the expectation of reassessing this further (positively) at the time of the interims in September. The update confirms that there has been continued growth in the UK across both direct and indirect channels. Cloud PBX sales have performed well again but there is a nod to the effects of an increasingly competitive market in the statement. Additionally, during the period, Gamma implemented the first phase of its digital transformation program in the Direct business. In all, this represents another strong period of growth for Gamma which, as CEO Andrew Taylor notes, balances near-term delivery with the execution of the Group’s longer term strategy.

Companies: Gamma Communications
  • 15 Jul 19

Further push into online video – 24i deal

Amino has announced the acquisition of 24i Media, a provider of TV and OTT Apps, user experience and user interface (“UX/UI”) solutions and services. The group is paying total consideration of €21.4m in cash and shares for 87% of the issued share capital, although the subsequent injection of €5m and the AminoTV business into this subsidiary raises Amino’s stake to 92%. This price equates to an EV/Sales of c.4x on an historical basis. The 24i deal will provide Amino with a significantly enhanced geographic footprint and a material extension to AminoTV’s activities. The transaction will also allow Amino to accelerate its strategy of moving towards higher margin, software-led, recurring revenues in a rapidly-changing market.

Companies: Amino Technologies
  • 04 Jul 19

Australian banks to digitize bank guarantees, US Gov reviewing license requests for Huawei, Broadcom to acquire Symantec

Australia's top three banks said on Thursday they have agreed to partner with IBM and shopping mall owner Scentre Group to test blockchain technology to digitize bank guarantees. The companies are exploring how to move away from paper-based bank guarantees to cut processing time and the risk of fraud, Australia and New Zealand Banking Group, Westpac Banking Corp and Commonwealth Bank of Australia said in a statement. The US government said on Wednesday it was reviewing licence requests from US companies seeking to export products to China's Huawei "Under the highest national security scrutiny" since the company is still blacklisted. In an email to Reuters, the Commerce Department said that as it reviewed applications, it was applying the "Presumption of denial" standard associated with Entity Listed companies, meaning applications are unlikely to be approved. Symantec shares surged more than 20% in extended trading on Tuesday after Bloomberg reported that Broadcom is in advanced talks to acquire the security software vendor. The deal is reported to be worth more than $16bn, implying an EV/Sales multiple of 3.40x (Bloomberg). Agreement on a deal was close but could be delayed until after the July 4 holiday, according to people briefed on the move.

Companies: KAPE AVST CNS DFX ECSC FLX IGP NCC OSI SWG SOPH TECH AMO IQE

  • 11 Apr 19

Quarterly Research Outlook

We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underlying economic data that could ultimately undermine the recent market gains. In this context, we look at what the lead indicators and the market are telling us about the industrial cycle and the stocks most exposed to various industrial trends. The Q4 derating in short cycle industrials and autos had been vicious and while these sectors have seen a more solid footing in 2019, with earnings downgrades being priced in, it will likely take a trough in lead indicators before short cycle stocks can start to perform again and re-rate relative to the market.

Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE DTG DEMG EMR FPO FST GTLY GENL GOR GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF MNO MANO MOD MKLW OXIG PCA PANR PARK PGM PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF

  • 02 Jul 19

Huawei granted temporary reprieve, Self-driving cars have 2 big challenges, Applied Material bets on memory chips

Huawei was granted a temporary reprieve as part of a broader accord between the Trump administration and the Chinese central government at a much-anticipated meeting between the countries’ leaders. The autonomous vehicle industry has two big challenges it needs to overcome before self-driving cars become widespread - technology and business models that can make money, according to Michelle Avary, head of autonomous mobility at the World Economic Forum. US chip gear maker Applied Materials on Monday agreed to buy Japanese peer Kokusai Electric for $2.2 billion from KKR & Co Inc, as it bets on rising demand for memory chips used in data centres, 5G phones and AI-powered devices.

Companies: AMO IQE TRAK SEE CPX TCM TRCS QTX

  • 17 May 19

SP Angel – Oil & Gas View

Block Energy (BLOE): Result of £12 million Placing | Cairn Energy (CNE): AGM Statement | Falcon Oil & Gas (FOG): Proposed $10 million Placing | Lekoil (LEK): Resignation of CFO | Ophir Energy (OPHR): Sale of Mexico licence | SDX Energy (SDX): Q1 Results | UK Oil & Gas (UKOG): Production Test Update

Companies: BLOE CNE FOG LEK OPHR UKOG SDX

  • 01 Jul 19

India may accelerate smart metering push

We highlight news speculation late last week indicating the Indian central government may be planning a larger implementation of smart meter technology than originally communicated. A news article in the well-regarded Indian newspaper The Economic Times broke news of a plan to turn around the ailing domestic power sector through the rollout of 300 million smart meters within three years. In our view, the potentially revised target would imply a material expansion and acceleration from the original target of c.220m over three years. We reiterate our Buy rating on CyanConnode given its leverage to Indian power market reform

Companies: Cyanconnode
  • 31 Jan 19

Openreach under pressure from regulated price reductions

BT released this morning its Q3 update which was slightly worse than expected in terms of EBITDA. EBITDA was indeed down by 3.5% yoy, while revenue declined as expected by 1%. So quite a poor release reflecting a new decline in EBITDA which offsets the previous solid H1 (EBITDA was up by 2% yoy). Note, however, this poor performance was quite expected as it is due to the regulated price reductions at Openreach on FTTC and Ethernet products. By the way, the outlook for 2018/19 has not been modified and management still expects EBITDA to be in the upper half of its £7.3-7.4bn range.

Companies: BT Group
  • 12 Mar 19

Strong FY 2018 results provide forward momentum

Gamma’s FY 2018 results show the anticipated continuation of the healthy performance which the Group has provided in recent years. In particular, they feature adjusted numbers which are 3-5% ahead of our estimates which were upgraded after January’s trading update. Importantly, the commentary and the numbers are consistent with recent trading updates and the evolution of Gamma’s strategy which was announced in some detail at the recent Capital Markets Days (CMD). The channel showed further growth during FY 2018 with more contract wins while the direct business also enjoyed a good 2018 – helped by a useful tailwind from contracts won in 2017. The outlook comments are positive and note the visibility afforded by the Group’s recurring revenue base. We make some small positive changes to adjusted estimates for FY 2019E and FY 2020E and introduce estimates for FY 2021E. In viewing the continued momentum in the business, we see our numbers as conservative and we expect to see Gamma further exploit the growth opportunities which it has identified.

Companies: Gamma Communications
  • 12 Jul 19

The first Nordic operator to sell a 5G phone to a customer

Q2 revenues were still down by nearly 2% yoy, as in the previous quarter. Although the EBITDA was quite correct (+2.8% yoy) and that 5G should allow slightly better figures in H2, the group seems fully priced. It already offers a 4.3% dividend yield, which is the lowest in its sector in Europe. Stock down by 3% at the opening.

Companies: ELISA OYJ
  • 12 Jul 19

Small Cap Feast

ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Reinsurance giant Swiss Re has suspended plans for a £3.3bn London stock market flotation of its subsidiary ReAssure, blaming "heightened caution" among investors. Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raise TBC, expected mid-July 2019.

Companies: AAOG BOOM RENX VELA SWG SAG TRMR TSG CYAN