Research Tree provides access to ongoing research coverage, media content and regulatory news on CAMERA WORK.
We currently have 0 research reports from 0
Angling Direct has achieved scale over the last 5 years and proven its multi-channel credentials. Under new leadership it is now being professionalised, and margin/profit weakness (notably online) is a key focus. Early signs are encouraging. With a fishing renaissance post covid, ANG is very well placed to deliver profitable and sustained growth over the medium to long term in highly fragmented markets. For these traits, valuation is extremely undemanding, and upcoming results are a possible catalyst.
Companies: Angling Direct Plc
The continuing fast-growing online business and well-managed product mix have resulted in better than expected profitability for H1 20 and, with the rapid recovery in recent weeks, the group has upgraded again its guidance for FY 20.
The group is expecting adjusted pre-tax profit to be £300m for FY 20 vs. £195m (previously revised at the end of July).
Companies: Next Plc
The Caesar’s entertainment partnership with ESPN includes provision of a direct linking to William Hill sports books (Caesar’s exclusive sports betting partner) from the espn.com websites and ESPN fantasy app. This, in combination, with the partnership signed with CBS sports earlier in the year, gives William Hill access to one of the largest sports userbases, which can be leveraged to sell its sports betting products.
Companies: William Hill Plc
FIH Group – FIH - Corporate – Strong results pre-Covid-19; diversified and asset-backed
Market Cap £33m Share Price 278p
Creditable results for FY-03/20 are in line with FIH's pre-close update published on March 31st. Highlights were the Falkland Islands Company (FIC) itself, which grew revenues by 20%-plus while also lifting margins, and to a lesser extent FIH's art distribution business, which did less well (as previously flagged) but still staged a meaningful recovery in the second half relative to the first. At the end of March the company retained £9m-plus of cash on the balance sheet, offset by a small amount of short-term debt (£1.2m) and with a long-term, asset-backed mortgage in place; we would anticipate if anything higher cash levels currently. With a diversified model in operation, the fundamentals of the business remain compelling for the long term - unique or very strong market positioning, meaningful assets such as boats, pontoons and highly specialised storage facilities, and exceptional brands. Against the punishing Covid-19 backdrop for two of FIH's businesses, reflected in the £7.5m non-cash impairment charge announced today, existing resources are viewed as aligned to the company's medium term requirements. Forecasts were suspended at the start of the Covid pandemic and remain so for the present
Companies: FIH Group Plc
FIH's AGM update this morning reflects the scale of the challenge posed by Covid, but also suggests that with steady improvement taking place in the two more severely impacted businesses, FIH is weathering the storm. Despite the impact of lockdown on museums, galleries and, indeed, FIH's ferry business based in Portsmouth, cash has been held at pre-Covid levels. We view this as a real achievement, dependant on strong working capital controls and effective financial management. As we approach the end of half-year to September '20, it is clear that the year will still be loss-making; however cost-reductions which we estimate at £1.2m or more will, we expect, support both FY-20E and FY-21E during a period which seems likely to see gradual progress albeit against a still challenging backdrop.
Amid a background of uneven and subdued economic growth, persistent low interest rates and choppy financial markets, we posit the idea that “dividend surprise” may be a significant contributor to outperformance in the short to medium term. We have screened for particularly well-supported dividends, which has produced a list of 71 stocks. We then considered the wider fundamentals to arrive at a focus list of 10 companies, where we believe dividend surprise has a good chance of coming into play.
Companies: ADN BOY BRW ELM HSD JUP REDD SFE SCS VCT
AVN Financing, BLU Timeline and Results, ECK Contract Wins, FITB Placing, Subscription and Convertible Loan Note, HRN Admission to AIM, MARL Estimate, MMH Interim Results, MXO Mexico Update, NET Contract Win, PLI Q2 Results and Highlights, SVR Contract Win, TRCS Trading Update, UNG Launch, VENN Trading Update
Companies: AVN BLU ECK HRN MMH MXO PLI SVR TRCS UNG ORPH NET MARL BIDS
We present here our new momentum screen, which is intended to track the behaviour of small-cap shares experiencing the most positive technical momentum. This represents the third of our style baskets, with value and consistent growth themes already established. This is not intended to address the perennial tension between technical and fundamental analysts, merely to investigate behaviour over time. Of the 25 stocks in the basket, we have focussed on 10 which we know and believe to be particularly interesting. With the widely used dictum “the trend is your friend” in mind, we have dubbed them the “trendy friendlies”. We will monitor performance and refresh the screen in 3-4 months’ time.
Companies: RAV HAT EKF BGO SOG TILS DPP BLV PRV RTHM
The Supreme Court of the USA (SCOTUS) yesterday voted 7-2 in favour of repealing the Professional and Amateur Sports Protection Act of 1992. Seven justices voted in favour of repealing with the court quoting: “Congress can regulate sports gambling directly, but if it elects not to do so, each State is free to act on its own. Our job is to interpret the law Congress has enacted and decide whether it is consistent with the Constitution. PASPA is not. PASPA “regulate[s] state governments’ regulation” of their citizens, New York, 505 U. S., at 166. The Constitution gives Congress no such power. The judgment of the Third Circuit is reversed.”
Companies: GVC WMH FLTR PTEC
The Pendragon share price has demonstrated resilience in the context of the wider liquidity squeeze in UK small and mid cap stocks that has recently driven a rotation in sentiment from growth to value. Whilst the group cannot be immune to wider industry pressures highlighted in the Q318 IMS, we believe the clear strategy to build its used car business and software platform will provide for a return to growth in FY19. This will be funded through strategic disposals and lower capital commitments to the new car market. This includes the potential sale of the group’s US Motor Group which would contribute to a planned £200m swing from a net debt position to a cash rich group over coming years. Whilst our Neutral stance acknowledges the negative sector sentiment that is unlikely to unwind short term, we remain alert to buying opportunities into any weakness.
Companies: Pendragon Plc
N Brown is taking crucial steps in its transition to being a pure-play online retailer (currently 77% of sales) and to strengthen its leading position in the under-serviced market for fashionable plus-size apparel. While strategic updates may be on hold until a new CEO is appointed, the company closed the loss-making portfolio of high-street stores in H119 and further brand consolidation seems inevitable. The shares trade on a low FY19e P/E of 5.5x and yield 7.2%.
Companies: N Brown Group Plc
We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.
Companies: BCA CLIN CLG CBP DNLM EAH STU FCRM FUTR GTLY INS GLE NICL SDL SPR TRI
In the investment world, before MiFID II, essentially every institution talked to every broker, and the whole, professional market could see every research note and the forecasts in detail. This was the ‘Age of Consensus’. Everyone had the same information (well, everyone except retail investors), and this transparency helped share price formation and liquidity
Companies: OPM AVO AJB AGY ARBB AVCT CMH CSH DNL GTLY GDR KOOV MCL OXB RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
Performance in FY20 is substantially ahead of expectations; EBITDA is expected to be no less than £7.0m, equating to at least £5.6m pre-IFRS16, a beat of >36% versus our forecast (>52% in H2). While trading has strengthened as a result of Covid-19 lock-down and the channel shift, this has principally been a feature post period end. The determining factor in FY20 was successful execution of the strategic, commercial and operational initiatives outlined a year ago in response to growth pains in late 2018/early 2019. Despite several levers yet to contribute in full, gross margin improved 50bps more than forecast (+310bps) and cost ratios were 80bps better than expected. As a result, it has almost delivered FY21 forecasts in FY20. We are not upgrading FY21 at this stage, pending guidance in June, but the higher base, enhanced P&L KPIs and recent sales boost all bode well for forecast momentum - which the valuation discounts.
Companies: Gear4music (Holdings) Plc