Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
Discover the latest content that has just been published on Research Tree
poLight reported some progress on its customer projects, without these moving the needle. EBIT in Q3 was impacted by a positive one-off gain related to VAT, which should not impact forward figures. While the company has high potential reward if it is able to secure new design wins in 2021, the risk also remains high with the investment case remaining binary. As such, and also with low visibility regarding progress on projects, we maintain our Hold rating.
Companies: poLight ASA
Arctic Securities
Q3 figures of minor importance as it mainly reflects testing, dev. kits etc. Compared to Q2, poLight has 1 new consumer project in project phase …maintains the industrial project customer, and in discussion with others Sufficient cash position into 2022
In its Q2 report, poLight reported some progress for projects within the industrial and consumer segment. We view the wearable segment, AR and barcode projects as having the highest likelihood of new design wins following its reference designs. We maintain our Hold rating as poLight’s investment case remains binary and dependent on securing additional design wins. The visibility on this is also low.
Q2 figures broadly in-line with estimates, but of minor importance Compared to Q1, poLight has 1 new project in completed PoC phase …and highlights discussions on AR and smartphone projects Sufficient cash position into 2022 post the share issue
As expected: poLight announced purchase order for the barcode product The barcode customer was announced on March 5th Already included in estimates and has no impact on our investment case Hold rating maintained as poLight remains a binary investment case
poLight announced some progress for projects in the consumer segment in its Q1 report. Within this segment, we view the wearable segment as having the highest likelihood of potential new design wins, following its recent smartwatch reference designs. The investment case remains binary and depends on whether poLight is able to secure additional design wins. As such, and with low visibility, we maintain our Hold rating.
Q1 figures broadly in-line with estimates, but of minor importance Compared to Q4, poLight has 2 new projects in completed PoC phase …and discussions on smartwatch, AR and smartphone projects Sufficient cash position post the private placement in April
poLight announced an order from the Barcode customer in EVT phase Subject to successful testing, this could lead to a design win in Q2 / Q3 Design win from this barcode customer is included in our estimates We believe poLight needs to strengthen its balance sheet from Q1 2021
Additional purchase order related to smartwatch design-wins received In-line with expectations, but positive following COVID-19 uncertainties Next catalysts could be a small barcode design win around mid-2020 poLight has sufficient cash until Q1 2021 on our estimates
poLight’s Q4 results were broadly in-line with expectations. We view the two smartwatch design wins during Q4 as important reference designs for potential larger design wins in wearables. These, and a potential small barcode design win in mid-2020, are likely to have a minor positive impact on estimates. We maintain our Hold rating and increase our target price to NOK 70 (45) following changes to estimates and applied multiple from lower commercial risk.
Q4 figures slightly ahead of estimates, but of minor importance Compared to Q3, poLight shows some progress on customers projects …with 6 more PoC phase projects. The barcode customer in EVT remains. poLight has sufficient cash until Q1/21
Second smartwatch phone design win for children launched with poLight Named XUN Smartwatch Pro (Chinese technology company) The contracts increases likelihood for new design wins in wearables Likely small positive impact on estimates
Research Tree provides access to ongoing research coverage, media content and regulatory news on poLight ASA. We currently have 10 research reports from 1 professional analysts.
Watkin Jones’s guidance for FY24E is unchanged in its trading update for the first half to 31 March. We maintain our forecasts for the full year and introduce half-year estimates, in line with reiterated guidance that performance will be significantly H2 weighted. The group confirms a continuing gradual recovery in appetite among institutional investors to forward fund its build-to-rent (BTR) and student developments. We believe this should gather pace as the direction of interest rates becomes
Companies: Watkin Jones Plc
Progressive Equity Research
Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol
Companies: Ceres Power Holdings plc
Edison
Sanderson Design Group (SDG) has announced its FY24 full-year results, which are in line with the headline figures from its February trading update. A record year for Licensing and a strong performance in the key North America market helped to offset a challenging consumer environment in other geographies, most notably the UK. While this backdrop is set to persist in FY25E, the group will continue to focus on its strategic growth drivers, notably North America and Licensing, to deliver sharehold
Companies: Sanderson Design Group PLC
Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on
Companies: Gooch & Housego PLC
Zeus Capital
SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond. With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The e
Companies: Surface Transforms PLC
Cavendish
Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.
Companies: Solid State plc
Subsector price performance: In the fourth quarter to 29 December 2023 all but the AAA publishers and platform subsector saw share price declines. The UK PC and Console focused subsector was again the worst performing subsector (-26.2%) over the quarter and LTM (-70.1%).
Companies: TBLD FDEV DEVO
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.
Companies: IG Design Group plc
Canaccord Genuity
We are initiating coverage of a.k.a. Brands Holding Corp. ("a.k.a. Brands" or the "company"), a leading owner of primarily online apparel-based brands focused on Generation Z and Millennial consumers, with a Buy rating and $14.00 price target, or 10.9X our 2025 EBITDA projection of $20.2 million. The company's brands include: 1) Princess Polly, focusing on 15 to 25 year-old women; 2) Petal & Pup, which offers feminine styles for 25 to 34 year-old women; 3) Culture Kings, a street wear destinatio
Companies: GPS URBN ITX AEO AEO GES GES ITX GPS ANF 0R32 URBN
Small Cap Consumer Research LLC
Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
Companies: CPX SLP FA/ FIPP ECR ETP ORCA
Hybridan
AFC has unveiled a groundbreaking modular ammonia cracker system demonstrating viable and scaleable production of hydrogen in the UK using this method. The cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen each year. Hydrogen from the plant will initially be targeted for sale into AFC’s UK H-Power Generator deployments, including those with Speedy Hydrogen Solutions. Along with the recent purchase of the mobile storage and distribution assets of Octopus Hydrogen, AFC c
Companies: AFC Energy plc
Sanderson Design Group (SDG) continues to deliver on its key strategic initiatives and growth drivers despite a challenging global backdrop. The group’s FY23 performance showed flat revenue, with adjusted underlying PBT rising £0.1m to £12.6m. Net cash dropped back to £15.4m, with the total dividend maintained at 3.5p. The star performers were Licensing (reported revenue +25%), the Morris & Co brand (+16%) and the US market (+20%). Our forecast revisions assume more modest sales progression, wit
Sanderson Design Group has delivered its full-year trading update to 31 January 2024. Group revenue has eased back 3.1% to £108.5m on a reported basis, following the 2% decline in H1. The strongest performances were delivered by the strategic growth cornerstones of Licensing and North America, offset by challenging market conditions in the UK, Europe and the Rest of the World. A strong balance sheet saw year-end cash rise to £16.2m, compared with £15.4m at year-end FY23. Having traded in line wi
Share: