Research Tree provides access to ongoing research coverage, media content and regulatory news on GFI Informatique.
We currently have 0 research reports from 0
Sopheon has this morning announced a major win for Accolade – the global snack food giant, Mondelez. The deal is good evidence that Sopheon continues to win material deals despite the pressures of COVID-19, and that its innovation management platform is genuinely market-leading. We continue to believe that the group will see a return to strength as the market slowly recovers, and see today’s announcement as a useful signal.
Companies: Sopheon Plc
Smartspace released positive news for both Space Connect and SwipedOn on Friday, sending the stock nearly 50% higher. Space Connect has signed a distribution agreement with Softcat and the SwipedOn has posted 80% yoy growth in AAR. Encouragingly too, SMRT also flagged current net cash at £1.7m (vs. £1.9m in April) demonstrating impressive reliance despite a challenging macro backdrop. In fact, SMRT has adapted quickly and is proving a ‘Covid beneficiary‘, seeing strong inbound demand as customers look for safe news ways to conduct business. Reassured by this, we continue to believe that Space Connect and SwipedOn could be worth considerably more than the current market cap.
Companies: Smartspace Software Plc
Pelatro has raised $2.7m in an equity Placing to fund an expansion in sales headcount and marketing activities in order to further expand the business, subject to shareholder approval. The product suite is fully developed and ready to be taken to a much broader set of customers. The beneficial impact of this expansion should be felt from the end of 2021E onwards.
Companies: Pelatro Plc
RenalytixAI (RENX.L): KidneyIntelX to be used in study investigating kidney risk in COVID-19 Patients
Companies: Renalytix AI Plc
We believe Beeks has issued a reassuring update on business performance for the twelve months ending 30 June 2020. Management expects to report FY 20E trading results within the range of current market expectations. The sales pipeline continues to grow, and implementations with existing Tier-1 clients are progressing according to plan. Beeks has also announced that COVID-19 has so far had only a minimal impact on the group but signals that some clients decision-making processes have been altered. We maintain our FY 20E estimates following the release but amend FY 21E forecasts reflecting revised assumptions on timing of revenues from new Tier1 clients.
Companies: Beeks Financial Cloud Group Plc
Blackbird plc* (BIRD.L, 17.5p/£58.8m) | Shearwater plc (SWG.L, 185p/£43.9m) | The Panoply Holdings plc (TPX.L, 92.5p/£51.3m)
Companies: BIRD SWG TPX
Shearwater delivered adjusted EBITDA ahead of expectations. FY20A was a strong year with the Group delivering maiden profitability and an enhanced margin profile. Cybersecurity and resilience are enduring themes but we are now cautiously presenting a picture of unchanged profitability in FY21E as a measure against the impact of COVID-19.
Companies: Shearwater Group Plc
Pelatro PLC (LON:PTRO) is a software provider focussed on the telecom sector, offering telecom operators solutions for increasing revenue per subscriber, retaining subscribers, and monetising data.The customer base includes major global telecom operators, with the biggest geographies being Southeas
What’s new: OnTheMarket Chairman, Christopher Bell, is expected to make the following observations at the AGM later today:
OnTheMarket had £9.4m net cash at end June 2020 (end May 2020: £8.8m).
Agents listing with OnTheMarket are seeing strong levels of activity … following the release of pent-up consumer demand as the market reopened, buoyed further by the Chancellor’s stamp duty holiday.
OnTheMarket delivered 1.8m leads in June. This is an average of 134 leads per advertiser (compare: average of 94 leads per advertiser last year; 126 leads per advertiser for January).
1,619 agent branches list exclusively with OnTheMarket (up 42% yoy).
At 30 June 2020, OnTheMarket’s total advertisers* had reached almost 14,000.
* advertisers include new home developments, as well as estate and lettings agent branches
Companies: OnTheMarket Plc
The FY 2020 results are broadly in line with the YE trading update, showing resilience and effective management through a challenging period. Even with the distraction of settling a warranty claim, the sale of the antenna business, management change, and finally a pandemic, the ongoing business still grew revenue and profits YoY. The sale allows FTC to focus on core markets: public safety; aerospace & defence; and telecoms backhaul. The proceeds funded significant investment in staff, production capability, and product development while still leaving £2m cash in the bank at YE. Operations continued through lockdown, with all customer requirements delivered on time. Delayed deliveries are recommencing, with staff steadily returning from furlough. Contract wins have been impressive through the year, and despite orders slowing in the Q4 lockdown, the YE orderbook matches the opening orderbook and was since boosted by a £4.9m follow-on order to its lead defence customer. Management rightly remains cautious on the immediate outlook with the economic impact of COVID (and Brexit in January) as yet unknown, so our forecasts remain Under Review. However, in the longer term, the underlying fundamentals look very healthy, with exciting opportunities to build value in the targeted markets.
Companies: Filtronic Plc
Immotion is a leading UK-based ‘out of home' Virtual Reality (VR) experience provider. This morning, the group has announced that its 36 seat Ocean Explorer VR theatre located in the Shark Reef Aquarium at Mandalay Bay opened on 1 August and with an improvement in terms for Immotion. Under this new agreement, the element of the standard Shark Reef entry price being allocated to the VR experience has been set at $9 per head, of which Immotion receives 50%, and compares to the previously reported minimum allocation of $5/$2.50 per head. Encouragingly, the Shark Reef Aquarium re-opened to the public on 1 July and has a reported c.1,000 visitors per day (implying the equivalent of over £110k contribution to Immotion per month based on the current rate), which compares to the 500,000+ annually prior to COVID-19 (the equivalent of £150k+ per month to Immotion).
Companies: Immotion Group Plc
Digital transformation services provider The Panoply has reported FY 20 results (to the end of March) slightly ahead of our forecasts. The period saw impressive revenue growth and expansion of the platform. However, the FY 20 financial year only saw a short window impacted by COVID-19. The subsequent operating environment has changed markedly. The group responded quickly and has already reported a record performance in Q1 21E, with a stronger financial position at the end of June. We maintain our underlying FY 21E and FY 22E estimates and introduce FY 23E numbers. We continue to believe that the group is strongly placed to capture growth opportunities in digital transformation – particularly in the public sector.
Companies: The Panoply Holdings
Evoko is today announcing the launch of its next-gen Naso meeting room panel. SmartSpace’s Space Connect is the exclusive software provider for this panel and is set to benefit from royalties and associated SaaS revenues for a product that may have a TAM of up to €30m for SmartSpace. We think the value of the Space Connect and SwipedOn acquisitions have not remotely been factored into SMRT’s mkt cap.
Gross Value Flows across both HomeSend bank and MTO network in Q2 saw a remarkable rise; virtually double Q1, leading to the urgent requirement for a €15m facility from Mastercard last month. HS continues to focus on its banking business, but the nearly equal growth between bank and MTO business in Q2 is due to several recently added MTOs and an increase in demand for person-to-person transfers during the COVID-19 pandemic. With more small-scale personal transfers, there was little change in Average Transaction Value and the Payments terminating to a bank account as a percentage of Gross Value Flows in Q2. Hopefully, early-stage implementations have been unaffected by lockdown. HS will review its business plan this quarter to ensure that it is structured for anticipated acceleration in customer and volume growth ahead.
Companies: Wameja Ltd.
SMRT has updated the market on current trading – the company is seeing resilience and robust trading in certain parts of the business while solutions serving meeting room and visitor management have understandably seen some disruption. With the group now capitalised at just £5m, we think the market has (wrongly) assumed fundamental challenges. From our perspective the situation and outlook are considerably more positive – we continue to see two exciting businesses (in SwipedOn and Space Connect) which could actually be long-term CV-19 beneficiaries and with little doubt, in our opinion, worth considerably in excess of the current market cap.