Event in Progress:
Discover the latest content that has just been published on Research Tree
Edison Investment Research is terminating coverage on Riber (ALRIB), Gemfields Group (GEM), Securities Trust of Scotland PLC (STS), Gresham House Strategic (GHS), La Doria (LD) and Studio Retail Group (STU). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
Companies: Riber SA (0FT3:LON)Riber SA (ALRIB:PAR)
Edison
Riber’s Q321 revenues were up 11% year-on-year. This growth partly offset the 20% contraction in H121 caused by a slowdown in MBE system orders during the coronavirus pandemic in FY20. Revenues for the nine months ended September 2021 (Q321) totalled €15.8m, 9% lower year-on-year. Order intake has improved substantially since FY20, but the resultant production schedule means that system deliveries are concentrated into Q421. MBE system orders continued to pick up in Q321, so management has reite
While Riber’s H121 performance was depressed by the lack of MBE system orders during FY20, customer confidence appears to be returning. The resultant increase in order intake points to a much stronger second half, with management forecasting over €30.0m revenues and an operating income of €1.2m for the full year. We are upgrading our FY21 estimates, raising PBT by 27%, while leaving our FY22 estimates unchanged.
Riber’s H121 revenues were €9.3m, or 20% lower than the previous year. This was because the coronavirus pandemic caused a slowdown in MBE system orders during H120 and Q320. The level of new system orders has picked up in H121, encouraging management to state that it expects to deliver an improvement in net profit during FY21. We leave our estimates unchanged.
Demand for Riber’s molecular beam epitaxy (MBE) is supported by exposure to key structural trends such as demand for faster data, next-generation displays and the proliferation and evolution of sensors to support greater automation and intelligence (Industry 4.0). We expect that management’s focus on growing revenues from services to the large installed base will support profit recovery in FY21. A relaxation in export controls or a major evaporator order would potentially represent upside to our
Riber’s FY20 results showed the adverse impact of customer uncertainty caused by the coronavirus pandemic and the French government’s tightening up on exports to China. As order intake has improved in recent months, with orders for three systems received since end FY20, we leave our FY21 estimates unchanged.
Riber has announced that FY20 revenues will total €30.2m, which is in line with its guidance of around €30m and our estimates. The year-end order book is around half the prior year level, reflecting delays in customers signing contracts and difficulties obtaining export licences. We therefore leave our FY20 estimates broadly unchanged but cut our FY21 revenue estimate by 9% and EPS estimate by 56%.
Companies: Riber SA
Riber’s H120 results show the impact of a delay in completing a production MBE system because of issues in obtaining key components during the pandemic. While management expects FY20 revenues of €30m, based on the existing order book, we are reducing our FY20 gross margin estimate, which cuts our FY20 PBT estimate from €0.3m to break-even. Noting the delays in closing orders, we model fewer deliveries of MBE systems during FY21, which reduces our FY21 PBT estimate by €0.8m to €2.0m.
Riber’s order book at the end of June shows that potential customers are taking their time to place orders. While management is confident that customers will place orders for MBE systems during the second half, it is not clear that these will close in time for delivery during FY20. We therefore cut our FY20 revenue estimate by 16% to €29.6m and our PBT estimate by 88% to €0.3m. We leave our FY21 estimates unchanged.
Riber has the dominant share in global molecular beam epitaxy (MBE) equipment. This equipment is used by researchers to develop next-generation compound semiconductor materials used in fibre-optic networks, electronic device displays and sensors for autonomous vehicles as well as for commercial material production. We believe that demand should be supported by exposure to key structural trends such as demand for faster data, next generation displays and the proliferation and evolution of sensors
Riber has announced that it has not been able to obtain export licences for three MBE systems worth a total of €4.0m that were scheduled for delivery in FY20. However it has recently received a new order for a single MBE system and management is confident of successfully closing orders for another two in time to complete deliveries by the year end. We therefore leave our estimates unchanged.
Riber's Q120 revenues reinforce the point we made in April that travel restrictions are causing delays in signing contracts. We adjust our FY20 estimates to reflect longer sales cycles and the lower than expected gross margin for molecular beam epitaxy (MBE) systems reported in the FY19 accounts, cutting revenue and EPS estimates by 7% and 26% respectively.
A doubling in revenues from MBE systems during FY19 compensated for a reduction in evaporator sales and supported an improvement in reported EBIT from €0.0m to €0.9m. Order cover for FY20 is good and management does not anticipate that the COVID-19 pandemic will affect deliveries for FY20 overall, although performance will be second-half weighted. We will leave our FY20 estimates unchanged until the detailed FY19 accounts are released at the end of April.
Riber’s FY19 revenue numbers show a 7% year-on-year increase to €33.4m, with a more than doubling in revenues from molecular beam epitaxy (MBE) systems offsetting substantially lower evaporator sales. The order book at the end of December 2019 totalled €28.7m, which is 76% of our FY20 revenue estimate. We will leave our estimates unchanged until the full results are announced in April.
A strong uptick in MBE system deliveries only partly offset a reduction in evaporator revenue during H119, resulting in a 17% y-o-y drop in Riber’s sales overall and a shift from €2.8m operating profit in H118 to €0.5m operating loss. Noting the relatively low gross margin in H119 and continued weak demand for evaporators, we have reduced our FY19 and FY20 PBT estimates by 59% and 33% respectively. We see scope for share price appreciation as investors gain confidence that Riber can convert the
Research Tree provides access to ongoing research coverage, media content and regulatory news on Riber SA. We currently have 0 research reports from 1 professional analysts.
Eleco’s FY23 results show robust organic recurring revenue growth of +17% with recurring revenue +22% to £20.7m, adj EBITDA +2% ahead of the January update, and a confident outlook with Q1 ARR already at £24.5m vs £22.6m at FY23. At this point, the excellent start to FY24 leads us to reiterate our FY24-26E revenue, adj EBITDA, EFCF, and DPS, and we include the April 2024 acquisition of Vertical Digital in our FY24-26E net cash, as we explain below. As Eleco builds upon the successful acquisition
Companies: Eleco Plc
Cavendish
Made Tech has won a material expansion (worth up to £19.5m/2yrs) with a long-standing customer, The Department for Levelling Up, Housing and Communities (“DLUHC”). Coming off the back of a soft H1 bookings performance, we expect this win to materially boost investor sentiment and reassure how notwithstanding a tough backdrop (given an impending general election) MTEC continues to outcompete legacy providers and in-so-doing, grow its share of wallet with large/strategic customers. Landing near FY
Companies: Made Tech Group PLC
Singer Capital Markets
Interims to January are in line with the February TU, and materially unchanged forecasts for the FY July 2024. After the well flagged expected 1H24 revenue movement of -7% (vs 1H23 which had been strengthened by c£2m perpetual licence sales in the US), prospects for the second half are supported by several new contracts that will generate revenue in 2H24, in addition to material contract delivery milestones from existing large projects such as major TRACS Enterprise, Railhub deployments, and Rem
Companies: Tracsis plc
Companies: Cerillion Plc
Liberum
Following the updated guidance published last week, Alphawave reported a 74% YoY increase in revenue to US$321.7m for FY23 generating adjusted EBITDA of US$62.6m, up 34% YoY. As previewed, bookings in 1Q24 were strong at US$117.9m, up 20% YoY and ahead of guidance. The results release and conference call confirm that revised guidance mainly reflects a more conservative approach to revenue recognition under new CFO, Rahul Mathur, and an acceleration in the pace at which Alphawave is pivoting away
Companies: Alphawave IP Group PLC
Capital Access Group
Companies: 1Spatial Plc
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
tinyBuild’s FY23 results confirmed a sharp drop in revenue and swing into adjusted EBITDA losses, as well as asset impairments and high cash burn. After already making $10m of annualised cost savings, the company continues to run-down its cash balance and now relies on a H2-weighted release schedule to reduce cash outflows.
Companies: tinyBuild Inc.
Zeus Capital
Cerillion has announced a very solid update, as H1 sales and EBITDA are both up 10% y/y to £22.5m and £10.9m respectively, notwithstanding the exceptionally strong base period (sales and EBITDA +27% and +38% resp.). Results therefore point to continued strong customer demand, reflecting how Cerillion’s out-of-the-box product continues to resonate and gain adoption, particularly in a ‘budget conscious’ environment, by offering faster time to market, greater configurability and at a lower cost. Me
As reported in March, underlying EBITDA profitability improved to record levels despite FX headwinds. Further platform and proposition developments were completed, key steps on its digital roadmap, and it has already won 7 contracts YTD. Alongside planned growth in private membership, this will at least offset the loss of one contract. Forecasts are left unchanged today and, as member engagement throttles back up, FX headwinds ease, and proof points of digital efficiency emerge, markets should b
Companies: Ten Lifestyle Group PLC
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has announced an additional professional services contract with its long-standing client, The Entertainer. Following a year-long trial, The Entertainer is opening in over 800 Tesco stores across the UK & Ireland, alongside a supplier agreement for Tesco stores across Central Europe. Under the contract, The Entertainer will extend its use of itim's Unify
Companies: Itim Group PLC
WHIreland
Companies: Synectics PLC
Shore Capital
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI
Companies: Intelligent Ultrasound Group Plc
Share: