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The group has announced the Board’s decision to terminate the Strategic Options Review announced in June 2020 and to continue to focus on its existing online strategy, which continues to generate exceptional growth and strong cash flow. The statement also provides a trading update that confirms continuing strong trading through Q3. Our current year forecast PBT is upgraded by 79% from £7.8m to £14.0m.
Companies: Best of the Best plc
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard). Has raised £13M in an oversubscribed placing. £25m mkt cap. Due 26 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc has out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Anticipated mkt cap £110m. Raising £13m in new money and vendor sale of £34.9m . Due 2nd March. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
Companies: YEW IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M
Further to the upgrade delivered on the back of its impressive Q3 peak trading period, G4M has continued to perform strongly in Q4, resulting in another upgrade. Management now anticipates that EBITDA for FY21E will be not less than £18.2m, compared with our previous forecast of £16.6m. We have subsequently raised our FY21E EBITDA forecast by £1.7m (+10%) to £18.3m. G4M will make a more detailed announcement on FY21E’s trading performance no later than 23 April.
Companies: Gear4music (Holdings) PLC
Gear4music has continued to perform strongly since its Q3 update. As a result it has increased Mar’21 EBITDA guidance by £1.7m, equating to a c11% EBITDA margin and a 15% EPS upgrade. Today’s news not only highlights the continuing improvements in gross margin, but also the effectiveness of its cross border logistics solutions post-Brexit. This has allowed it to gain market share and maintain a clear customer proposition in contrast to others in its sector. Given its growing competitive advantages and discount relative to peers, valuation looks undemanding in our view, on <1x EV/sales or 9x Mar21 EV/EBITDA.
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc has out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Anticipated mkt cap £110m. Raising £13m in new money and vendor sale of £34.9m . Due 2nd March. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
Companies: ARS ESC AQX ARTL KRS KBT GRP BOOM CNS ANIC
Lookers is emerging from its recent turmoil in good shape. It has replaced key management and enhanced its controls over processes, reporting, costs and cash flow. Restructuring exercises in late-2019 and mid-2020 have improved the dealership portfolio and cut £50m from payroll. This should enable the company to deliver a strong recovery in profits as demand returns with the ending of lockdown #3 on 12th April. On a FY22E PE of under 5x and trading at a 34% discount to NAV, the shares look undervalued, and our blue-sky scenario can justify a target value of over 100p.
Companies: Lookers plc
Reverse Takeover by London Stock Exchange Group (LSEG.L) following the acquisition of Refinitiv in an all share transaction for a total enterprise value of approximately US$27 billion.
Companies: ADME ROCK ZPHR DKL VARE SMRT PTRO MHC BOO
Flutter reported muted FY 20 numbers – missing consensus. Revenue, at £4.4bn, up 28% on a pro forma basis, was driven by the strength in PokerStars (+23%), the US (+81%), Australia (+59%) and SBG (+32%) which countered the weakness in PPB (-2%). Adjusted EBITDA came in at £889m, up 16% on a pro forma basis. We expect an upward revision to our out-year estimates as well as the target price, on account of the upgraded synergies from the TSG merger.
Companies: Flutter Entertainment Plc
Vertu has released a pre-close update, confirming FY21E performance is in line with current market consensus and Zeus Capital estimates with underlying PBT expected to be c.£23.0m. Vertu’s long-term investment case remains compelling and we reiterate our valuation of 65p per share.
Companies: Vertu Motors PLC
Escape Hunt (ESC) provided an in line trading update with EBITDA in 2020 better than in 2019, despite the impact of the pandemic. The company has ample resources to continue investing in its UK sites with cash outflows tightly controlled. The company remains optimistic that it should have sufficient scale and site maturity to reach positive cash flow after trading conditions normalise. As part of its expansion, Escape Hunt announced that it had exchanged contracts on the acquisition of its French master franchise partner, BGP Escape, and expects to complete the transaction on or before 15 March 2021.
Companies: Escape Hunt Plc
Various Eateries owns, develops and operates restaurant sites in the UK, having been established with arguably the strongest ever team assembled in the hospitality sector to take advantage of the disruption caused by the pandemic. This morning, the group has released in-line full year results to 27 September 2020, having listed on AIM two days prior to year-end. Importantly, the overall site performance when allowed to open has been positive. Since the beginning of the new financial year, Coppa Club in Cobham has been added to the estate and management is seeing a large number of sites and businesses becoming available. Although disruption will continue to affect its eleven sites in the coming weeks, restrictions in place continue structurally to increase the size of the opportunity ahead - more sites are becoming available at even lower rents, competition for customers is being further reduced and a larger and more distressed pool of potential acquisition opportunities will be presented, all firmly reinforcing the Various Eateries investment case.
Companies: Various Eateries Plc
M&B’s poor trading performance in Q1 FY20/21 was not a surprise. Lfl revenue in the current quarter is also likely to remain deep in the red. Management is exploring an equity issuance to remain afloat / meet the fixed cost and debt service obligations. After all, the cash coffers are fast depleting and the choice on the table is limited.
Companies: Mitchells & Butlers plc
Sales growth of 27% in FY’21 was slightly better than expected after a successful Q4 despite lock-down restrictions. This reflects its growing omni-channel status in fragmented markets. Previously upgraded EBITDA guidance of not less than £3.8m is well underpinned by this and progress on key strategic priorities, including gross margin expansion. While FY22 forecasts (set in early Dec) don’t factor in an extended lock-down until 12 Apr, these margin/efficiency gains also have positive implications for future profitable growth once restrictions end.
Companies: Angling Direct Plc
Vertu’s FY21E pre close update confirms that it expects to meet expectations that were upgraded on 4 February. We make no change to our forecasts, with FY21E adj. PBT broadly flat y-o-y, which we see as a very strong result, given lockdowns. Cash management has come in ahead of expectations – again. Vertu will host a teach-in on its market-leading omni-channel capabilities this Thursday. We think Vertu is well-positioned to consolidate the market and drive higher returns. Maintain 60p TP and Buy.
Various Eateries listed on AIM last month, raising £25m in new growth capital. The business arguably has the strongest ever team assembled in the hospitality sector, one that is now looking to take advantage of the extraordinary conditions created by the COVID-19 pandemic. The Board includes Andy Bassadone (Ivy Collection, Côte, Bill's, My Kinda Town), Hugh Osmond (PizzaExpress, My Kinda Town, Punch Taverns), Yishay Malkov (Ivy Collection, Roka Zuma) and Oli Williams (Itsu, McDonald's), giving it the experience to acquire and successfully convert sites at pace. The group has two brands ideally positioned for the post COVID-19 environment of the 2020s, including the trend for working from home. While some of the group's ten existing locations are likely to continue to see a near-term impact from the Covid response, these measures, are by their nature, structurally increasing the size of the opportunity ahead for Various Eateries - competition for customers being further reduced, more sites becoming available at even lower rents and a larger and more distressed pool of potential acquisition opportunities being presented. As such, we believe the current backdrop has created the greatest opportunity in casual dining since the sector began to emerge in the UK in the 1990s. We see fair value for the shares at 92p.
