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Open
2.30
Volume
0.1m
Range
2.30/2.30
Market Cap
2,057,662,974m
52 Week
2.10/2.50

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    Citycon Oyj

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  • 25 Jul 17

Morning Note

Victoria* (VCP): FY17 results beat expectations (CORP) | Proteome Sciences* (PRM): Interims – organisational changes to benefit (CORP) | Acal (ACL): Strong organic progress (BUY) | Revolution Bars (RBG): FY17 earnings guided up (BUY) | Mortgage Advice Bureau (MAB1): In-line trading with a Buy to Let spike (HOLD) | Gem Diamonds (GEMD): H1 trading update (BUY) | GB Group (GBG): AGM statement reveals trading in line (BUY)

Companies: PRM ACL RBG MAB1 GEMD GBG VCP

  • 27 Jul 17

N+1 Singer - Morning Song 27-07-2017

Aberdeen Diversified Income & Growth Trust (ADIG LN) Unconstrained and flexible approach | accesso Technology (ACSO LN) Six Flags miss not a red flag | Bodycote (BOY LN) Good growth for H1 17, guidance raised to upper end of expectations | Brewin Dolphin Holdings (BRW LN) Positive Q3 update, upgraded 394p target price | Brooks Macdonald Group (BRK LN) Strong Q4 net inflows but additional cost investment planned | Burford Capital (BUR LN) Exceptionally strong first half results | Itaconix (ITX LN) First application agreement under AkzoNobel collaboration | Oxford BioMedica (OXB LN) Forecasts updated for new Novartis supply agreement | Renishaw (RSW LN) Strong growth for FY17, confident of further progress for FY18

Companies: OXB RSW BOY BRW BUR ITX BRK ADIG

  • 27 Jul 17

N+1 Singer - Burford Capital - Exceptionally strong first half results

Given the previously-disclosed secondary sales of 25% of the entitlement to proceeds from the Petersen case, about which we have written extensively in the past, expectations for Burford’s first half results were high, and they have not disappointed! Revenue and profit metrics are up 130-170% on the prior year period depending on the line-item, accompanied by very strong cash proceeds. Asset management has made a good initial contribution earning maiden performance fees and there appears to be no shortage of opportunities to grow the business. We have increased this year’s adjusted PBT estimate by 69% to reflect Argentina-related developments, with a smaller upgrade for 2018. Pending finalisation and publication of our updated valuation work, we reluctantly have to keep our recommendation under review.

Companies: Burford Capital
  • 24 Jul 17

N+1 Singer - Burford Capital - Positive damages award in smaller Argentina case

Burford has announced a favourable arbitration panel decision and award in respect of one of its two high profile cases involving Argentina. The ICSID panel awarded damages of $324m plus interest, to which (if paid in full) Burford would be entitled to roughly $140m for a to-date investment of $13m. While there is still risk of further appeal-type proceedings and significant delay, this looks like substantial progress and will lead to further income being included in the (H2) 2017 results. Burford’s entitlement also looks to be in line with our evolving thinking on the valuation of the two jumbo cases involving Argentina. As such, while the market will likely applaud what looks like another great investment by the company, its impact on underlying valuation may be more muted.

Companies: Burford Capital
  • 26 Jul 17

N+1 Singer - Morning Song 26-07-2017

Bioquell (BQE LN) Strong interim results; FY adj PBT to exceed market expectations | Brewin Dolphin Holdings (BRW LN) Sustained positive net inflows continued in Q3 | Centaur Media (CAU LN) Interims – trading holding up and cash materially better | dotdigital Group (DOTD LN) Appointment of Interim CFO | Mobile Streams (MOS LN) Year end trading update | MySale Group (MYSL LN) Year of significant progress and confident outlook | Verona Pharma (VRP LN) First patients dosed in Phase IIb COPD trial; top line data H2 2018e | Vertu Motor (VTU LN) On track to meet forecasts with buybacks + M&A to enhance future EPS

Companies: BQE CAU BRW MOS DOTD VRP MYSL VTU

  • 12 Jul 17

AIM – End of summer term report

We update this table which we first published in early January and highlight the continued progress of the biggest AIM companies so far this year and activity in general. The latest AIM Statistics show that there are 963 companies currently, with 28 new issues year to date raising £441m. What’s more, this momentum has been maintained since June. This demonstrates that despite, the uncertainty surrounding the UK economy, generally investors continue to be active in the AIM market. In Share News & Views we comment on Cohort, ECSC*, Porvair, Quarto*, SQS* and Xafinity.

Companies: BMS CRPR ECSC EUSP FDM PCF PPIX QRT SNX SPRP SQS TCN W7L

  • 05 Jul 17

Conviction List Q3 2017

Since its inception in 2010, the Panmure Gordon Conviction List has outperformed the market, returning 284% against a Small Companies index that would have returned 221% over the same period.

Companies: ALD AVON CTH GKN HVN HCM INF NOG OTB POLY SNR SQS STJ

  • 25 Jul 17

Share & share alike

A fortnight into the Brexit negotiations and we’re none the wiser. We have had comments from a number of smaller company funds in the last week regarding the ongoing uncertainty and the possible impact of Brexit. As we await some clearer indicators regarding it and the state of the UK economy, generally shares may well mark time. Among the likely developments is an “implementation phase” lasting possibly until 2020 that may give companies time to navigate the process. In Share News & Views, we comment on AdEPT, Bloomsbury, Manx Telecom, PCF Group*, ProPhotonix* and Synectics*.

Companies: BMS CRPR ECSC EUSP FDM PCF PPIX QRT SNX SPRP SQS TCN TRI W7L

  • 26 Jul 17

PCF Group - Capital Network: Raising Retail Deposits will be Game Changer

Substantial growth in new business forecasted by management; the current customer portfolio stands at £128m which management expect to grow to £350m in 3 years and to £750m in 5 years across both Consumer and Business Finance divisions. The returns guidance is very positive with ROAA (Return on Average Assets) targeted at 2.5% and ROE (Return on Equity) targeted at 12.5%, with both metrics improving further in the 3-5 year horizon. Combined with the reduction in credit risk as the Group focuses on the Prime and Super-prime markets (low and lowest credit risk), the potential returns look attractive.

Companies: Private & Commercial Finance Group
  • 25 Jul 17

N+1 Singer - Morning Song 25-07-2017

Augean (AUG LN) H1 trading flat, guidance reduced due to I&I | Dialight (DIA LN) Good progress, now we await momentum pickup | Gresham Technologies (GHT LN) Further positive confirmation of Clareti opportunity | Rathbone Brothers (RAT LN) Interims show progress but we remain at SELL on low earnings growth | Restore (RST LN) In line H1 update; on track for another year of significant growth | Servelec Group (SERV LN) Reassuring return to underlying growth for this “Best Idea” | St Ives (SIV LN) Disposal aids deleveraging | Victrex (VCT LN) Strong core revenue growth suggests upside to FY forecasts

Companies: AUG GHT VCT SIV DIA RST SERV RAT

  • 27 Jul 17

Last ditch PPI effort ?

The group posted a strong set of quarterly results at an underlying level. At a reported level, the quarterly performance was once again depressed by heavy conduct charges but management is confident the PPI issue now belongs to the past.

Companies: Lloyds Banking Group
  • 03 Jul 17

N+1 Singer - Best Ideas 2017 - H1 Review - A strong H1, CVS Group and Renold added for H2

Today we publish our H1 review of our Best Ideas for 2017 – the document in which we also outlined our key top down and bottom up investment themes for the year. Our 12 top picks in January were Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield which have collectively outperformed the wider market by 13% YTD. At the half way stage we retire Cineworld and Hill & Smith from the portfolio (both were moved from Buy to Hold in May after outperformance), to be replaced by CVS Group and Renold. We also give a brief update on the rationale for our picks.

Companies: IQE RNO SDL CVSG ELM REDD RENE MYSL SERV HRI SFR RTHM CINE HILS

  • 24 Jul 17

Focus on delivery and growth

Tungsten Corporation’s FY17 results confirm it is making good progress in implementing its more focused strategy and reengineering its internal processes to create greater operational leverage as demand for its e-invoicing and related services grows. The sale of Tungsten Bank last year and the start made on internal repair measures were key steps in improving the business and management can now focus on delivering profit and exploiting the attractive growth opportunities it is addressing.

Companies: Tungsten
  • 25 Jul 17

Celebrating its 20th birthday

The Biotech Growth Trust (BIOG) was launched in 1997, aiming to generate long-term capital growth from a global portfolio of biotech stocks. Since 2005, the trust has been managed by OrbiMed Capital, the largest global specialist healthcare investor; over this period, BIOG has significantly outperformed its benchmark NASDAQ Biotech Index (sterling adjusted), despite less compelling short-term performance. The trust’s managers are bullish on the outlook for the biotech industry due to continued innovation, and suggest that investor concerns about drug price controls are overdone and have led to attractive biotech company valuations, especially for the larger-cap stocks. They believe that greater clarity surrounding US tax policy, including the potential repatriation of overseas cash, could lead to more industry mergers and acquisitions (M&A), which should be an important driver for the sector and could lead to a positive revaluation of the industry.

Companies: The Biotech Growth Trust
  • 13 Jul 17

Small Cap Breakfast

Quiz—Sch 1 from the omni-channel and international own brand in the women's value fast fashion sector. Offer TBA. Expected late July. Last year Quiz posted sales of £87.4m while pre-tax profits grew by 17pc to £5.7m | Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July. | Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. | NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 | Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.

Companies: EOG MERC EHP DTG FLK AGQ HAYD PROX ADT OPP