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Following this morning’s positive trading statement from RBG and, encouraged by Prime Minister Boris Johnson confirming that the hospitality industry can re-open according to the government’s roadmap, we are upgrading our FY21E EBITDA (Adj.) forecast by c.£1.5m to -£6.75m. Our upgrade reflects management’s ultra-tight cost control, helped by support from third parties. It’s a little too early to consider upgrading revenue forecasts but the ‘bearish scenario’ does recede in light of the newsflow.
Companies: Revolution Bars Group Plc
FY21 adj. PBT was 7% ahead of expectations and 7% ahead of FY20, despite lockdowns. Gross margins were much stronger than expected. Vertu’s market-leading omni-channel strategy has supported sales and led to a very strong start to FY22E (sales +135% in March/April against lockdown comps). We increase FY22E PBT by 49%, allowing for some caution due to new car supply constraints. Vertu remains our top pick in the sector due to the track record, strength of management and balance sheet. Raise TP fr
Companies: Vertu Motors PLC
Vertu has released an impressive set of FY results, which are ahead of our previously upgraded forecasts. Trading momentum remains strong with pent-up demand still evident, and with healthy cash generation and a strong balance sheet we believe Vertu is well positioned. This note focuses on the scaled business (#9 in Europe) that has been built up from nothing 15 years ago, and we increase our near term intrinsic value from 62.9p to 75.6p per share implying a healthy risk/reward profile from curr
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
Angling Direct has a track record of delivering top line growth, which FY21 results further build on. Under strengthened leadership, ANG has also proven that it can deliver higher levels of profitability too, including online. In highly fragmented UK and European markets, there is potential for substantial profitable growth in the future. After a positive start to FY22, we have upgraded our EBITDA forecasts by 8%/4% in FY22/FY23. On continued good execution, we see scope for further outperforman
Companies: Angling Direct Plc
The group has announced a broadening and strengthening of the board through two new appointments. We introduce an additional two years of forecast and raise our target price to £31.
Companies: Best of the Best plc
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Alphawave IP Group is considering an IPO on the standard listing segment of the London Stock Exchange. Alphawave IP is a leading semiconductor IP company focusing on the hardest-to-solve connectivity challenges created by the exponential growth of data. Funds and accounts managed by BlackRock, and Janus Henderson, have each entered into cornerstone agreements with the Company to subscribe for, subject to certain conditions, in aggregate, c. USD 510m of Offer Shares at an offer price representing
Companies: ARE ERGO GDP EVG MIND SEE STAF ORCH IXI INHC
IAG’s Q1 top-line performance was weaker than market expectations but the operating results were in line. The capacity outlook was largely restricted by the less favourable (amidst the pandemic) geographic mix compared to its peers.
Companies: International Consolidated Airlines Group SA
The streamlining of operations, investment in central functions and recent board appointments provides us with confidence that the business can comfortable scale to 100+ pubs. The expansion potential is underpinned by having the lowest leverage across the pub space and a favourable acquisition market which play to management’s strengths. Alongside this, we expect steady margin accretion once trading conditions normalise, providing multiple levers for growth. We increase FY21E and FY22E EBITDA by
Companies: City Pub Group 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 ta
Companies: ARS ESC AQX ARTL KRS KBT GRP BOOM CNS ANIC
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
Companies: SYM CGNR EKF KBT GGP VLS TMO ECK B90 MDZ
Watchstone Group plc (LON:WTG) intends to apply for admission of its Ordinary Shares to trading on the Access segment of the AQSE Growth Market operated by the Aquis Stock Exchange (AQSE). It is expected trading will commence on 30 April 2021. Catena Group (CTNA.L) to complete reverse takeover and be renamed Insig AI and is acquiring the remaining shares of Insight Capital Partners. Insight, which is based in the UK, is a data science and machine learning solutions company that provides bespok
Companies: SAR SYM WRES FUL BOIL OEX UNG ALBA ETX OSI
Companies: ADME BXPHAR BHC FIPP FIH OKYO SOLG REDX IXI BRSD
Flutter reported strong Q1 21 trading numbers, with revenue growing 33% on a cc basis, attributable to a 42% uptick in online revenue driven by both sports betting (+41%) as well as gaming (+22%). Regionally, the US stood out with a 135% rise in revenue.
The firm offered no additional information about the potential IPO of FanDuel, which will be a key valuation trigger.
We will raise our estimates and target price to factor in the strong showing.
Companies: Flutter Entertainment Plc