Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DIAGNOSTIC MEDICAL SYSTEMS. We currently have 5 research reports from 1 professional analysts.
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DIAGNOSTIC MEDICAL SYSTEMS
DIAGNOSTIC MEDICAL SYSTEMS
H1 16 : well in line with our numbers
03 Oct 16
DMS released its H1 16 results. Revenues reached €17.2m (+15.7%), EBITDA €41k (vs €-707k), operating result €-402k (vs €-1.16m) and net result (group share) €-459k (vs €-786k). The group had €6.2m in available cash at the end of June (€6.1m of gross debt, and €0.1m in net cash) vs €7.3m a year ago. It confirmed its target of outperforming the market on its historical business (imaging) while progressing with the synergies with AXS Médical.
Radiology, bone densitometry….and more!
07 Jul 16
Recommendation and upside We initiate coverage of DMS, a specialist in radiology and bone densitometry which has also started to invest in side-businesses (electronic noses through Alpha Mos, fundamental and applied research on adipose tissue through Stemcis…). The current market capitalisation stands at c. €26m based on a share price of €0.17, but we see significant potential upside (over 70%), with a target price of €0.29, reflecting the company’s sound growth prospects. Business and Trends The group is engaged in the segments of radiology and bone densitometry, its two core and historic businesses, where it provides hospitals, clinics and practitioners with diagnostic tools based on X-ray and digital technologies. The business is supported by the population ageing and new technologies. The radiology segment is dominated by large groups (such as General Electric, Siemens, Toshiba….) but niche players offer flexibility and also an OEM activity, as is the case with Toshiba and Carestream for DMS, which does not rule out other agreements with majors. On the bone densitometry side, two main players dominate the market: General Electric (through Lunar, which was acquired in 2001) and Hologic, both achieving the bulk of their sales in the US, with DMS ranking number three worldwide and also considering future OEM agreements in that segment. The group has gone through a restructuring phase after the new CEO took the helm in 2009 and now looks set to deliver, while it is also investing in side and promising businesses, as evidenced by the take-overs of Alpha Mos and Stemcis. The group outperformed the market during the past few years, which will further be supported by new OEM agreements, the ramp-up of former ones as well as the launch of new products. Need to know In 2014, DMS acquired Alpha Mos for €6m (72.88%, currently 62% held after the exercise of options), which is an analytical instrumentation company set up in 1993 to develop and market electronic noses and tongues. In 2015, DMS acquired AXS Medical, specialising in imaging and 3D modelling in the field of orthopaedics. Lastly, DMS took control of Stemcis by means of a contribution in kind worth €2.3m (fundamental and applied research on adipose tissue, protocols and innovative medical devices for use in human and veterinary medicine), aimed at the osteoarthritis market, as well as reconstructive and cosmetic surgery, ophthalmology and maxillofacial surgery. Today, the group is thus structured as follows: In short, one can proclaim that the DMS group is primarily a Medtech company with two correlated businesses (radiology and bone densitometry) which is also ready to invest in side businesses (AXS) or businesses that may have strong potential and growth rates (Stemcis, Alpha Mos) without necessarily offering obvious synergies with the core businesses, but potentially benefiting from huge growth prospects. Lastly, on 17 June 2016, the group announced it will proceed with a reverse share split (10 old shares for 1 new one) with a first listing of the new shares on 21 July (the price of which will therefore be 10 times more than on 20 July).
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.