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Companies: 88E IGP BOIL MRL DUKE
Cavendish
Following news that Marlowe had agreed to sell certain Governance, Risk & Compliance (GRC) software and services assets to Inflexion Private Equity for an EV of £430m, we release new forecasts for the group’s continuing operations, which comprise its Testing, Inspection and Certification (TIC) and Occupational Health (OH) businesses. This deal crystalises significant value for shareholders (disposed assets equated to c120% of the pre-announcement market capitalisation), simplifies the business a
Companies: Marlowe Plc
Companies: MEGP PHC TRCS MRL HDD
Marlowe has entered into a binding agreement to sell certain Governance, Risk & Compliance (GRC) software and services assets to Inflexion Private Equity for an EV of £430m on a debt free, cash free basis, representing a multiple of 16.2x pro forma adj. cash EBITDA. This EV represents c120% of Marlowe’s closing market cap, for businesses that generated only c40% of group adj. EBITDA. Proceeds will be used to repay the group’s borrowings in full, and return more than £150m to shareholders, with t
Companies: CPH2 TIDE MRL JNEO
Despite the challenging economic environment, demand for Marlowe’s compliance software and services remained resilient, with the group achieving 6% organic revenue growth in H1. Adj EPS fell 15% YoY to 18.9p, however, due to slight margin compression in TIC (largely on account of dilutive M&A), higher interest rates on a greater debt balance, and a rise in the UK’s corporation tax rate. Given weak economic conditions persist, we take a more cautious approach to our forecasts, reducing adj dilute
Companies: MRL BBSN POLB
leading ISO certification and quality management provider) for an expected EV of £17.4m. This represents Marlowe's first step into the highly complementary ISO certification market and offers significant cross-selling opportunities. As it is still early in the year, and we only recently put through an Adj EBITDA upgrade in June 2023, we prudently leave our FY24E Adj EBITDA unchanged (at £95.5m) and make a small uplift to FY25E Adj EBITDA (+£1m to £101m). Continued rises in expected interest rate
Marlowe released a strong set of FY23A results, with organic revenue growth of 10%, Adj EBITDA up 52% YoY to £82.7m (above our £82.0m forecast), and net cash from operations (pre-acquisitions and restructuring charges) more than doubling YoY to £74.3m. Run-rate revenues of £505m are already ahead of Marlowe's target for year-end FY24E, with management reiterating their confidence in achieving £100m run-rate Adj EBITDA target organically by this date as well. After an exceptionally busy period fo
After an intensely busy period of M&A for Marlowe in the 18-months to September 2022 (£384m deployed on 29 acquisitions), activity slowed to just one bolt-on deal in the 6-months to March 2023, as focus shifted towards successfully bringing these businesses together. How Marlowe undertakes effective integration, and the benefits of the company's growth model, were the focus of the latest CMD. We make small tweaks to our FY23E and FY24E forecasts (Adj EPS unchanged in both years), and release new
Marlowe hosted a well-attended CMD last week in which it provided a deep dive into its burgeoning software business, which from a standing start in 2018, has grown to represent c25% of group Adj EBITDA today, driven by a combination of targeted acquisitions and strong organic growth (mid-high teens in FY22A). Multiple macro drivers underpin growth in the global GRC market, which is expanding at a c8% CAGR. With the share price having nearly halved over the past 12-months, Marlowe now trades mate
Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr
Companies: SEE JSE MKA EAH ABDP MRL TENG KIBO
Hybridan
Marlowe has released a robust set of H1/23E results, with strong organic growth (+8% YoY), improved Adj EBITDA margins (+100bps YoY to 18.8%), and confirmation that it is trading “slightly ahead” of expectations for full year Adj EBITDA. We nudge up our FY23E Adj EBITDA by £1m to £82m, leave FY24E Adj EBITDA unchanged (at £93m), but lower Adj Diluted EPS in both years (by 9% and 11% respectively), primarily to account for higher interest rates on increased borrowings (used to fund recent M&A). D
Marlowe's shares have fallen 33% YTD, versus the UK AIM Index (-28%) and the UK 250 Index (-18%). This dramatic underperformance seems at add odds with the fact that Marlowe is a very resilient business, with high recurring revenues, and where management have confirmed trading for the year has started well (high single-digit organic revenue growth). With Marlowe having evolved significantly over recent years, we provide an overview of how the business looks today, a review of the investment case
Research Tree provides access to ongoing research coverage, media content and regulatory news on Marlowe Plc. We currently have 0 research reports from 6 professional analysts.
Post further analysis of the FY 2023 results on 9 April 2024, we are establishing FY 2025 forecasts, as well as modifying our forecast adjusted net profit/EPS figures for 2024 and 2025 to reflect the accounting of the deferred tax asset. Our 2025 forecast calls for 9% growth in customer revenues, stable other operating income (largely R&D tax credits) vs 2024, EBITDA margins going back to the 23% level (after a slight contraction in 2024 to reflect 3 facilities being run in parallel for part of
Companies: hVIVO plc
Elixirr offers investors exposure to the long-term growth trends in the global Consulting market (including digitisation and the ongoing technology revolution, demand for innovation, efficiency and specialised expertise) all turbo charged by the group’s ‘challenger’ strategy driving market share gain from a low base. FY 2023 results showed the power of Elixirr’s differentiated model with revenue up +20% and adj. EPS up +22% in a market subdued by global uncertainty. With net cash of £18m, a posi
Companies: Elixirr International Plc
Companies: FOG PHC FEN BBSN ELIX
CLIG’s 3Q IMS reveals 5.5% rise in FuM in the first three months to March 2024 to US$10.1 billion. In the quarter performance added US$302m and group net inflows were US$224m.
Companies: City of London Investment Group PLC
Zeus Capital
The clinical diagnosis of Alzheimer’s Disease (AD) continues to be a highly challenging endeavour and existing gold standard diagnostic techniques (PET scans, CSF analysis) are limited by their cost, lack of access and perceived invasiveness. As the therapeutic landscape of AD evolves so too are the tools being developed to diagnose and monitor AD in clinical practice and blood-based AD tests represent potentially more sustainable, scalable and economically viable approaches to future AD managem
Companies: Bioventix Plc
Companies: MPE TRI VNET BVXP HVO
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: Science Group Plc
Liberum
Companies: AURA OMI AAL KAV POW BMN EST SVML
SP Angel
Companies: Mind Gym Plc
Companies: Merit Group PLC
Canaccord Genuity
hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in
A positive trading trajectory for MLVN has continued to emerge strongly in this morning's results, with FY23A revenues standing at £12.2m (FY22A: £6.3m / +79%) and £0.2m PBT profit as against a £1.1m PBT loss the year before (excluding a £94k fair value movement / loan write back). MLVN provides education services including (1) a range of university-related courses for overseas students, (2) adult ELT and (3) summer schools for juniors. MLVN's contract with the University of East London (UEL) st
Companies: Malvern International plc
WHIreland
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.
Companies: ATS MRCH SCP SHRS LWDB JUGI MINI
Capital Access Group
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