PIERER Mobility - Termination of coverage

Edison Investment Research is terminating coverage on PIERER Mobility (PMAG), Allarity Therapeutics (ALLR), WANdisco (WAND), Quantum Genomics (ALQGC), and Mondo TV (MTVI). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

PIERER Mobility - Outstanding performance continues

PIERER Mobility’s performance during the pandemic has been exceptional, with proactive management control enabling the company to successfully expand market share as demand for its products has surged. The positive momentum in Q421 has led to another upgrade to FY21 guidance. We expect growth to continue in FY22 albeit moderating as booming motorcycle demand normalises. The rapid expansion of the e-bikes business and entry into the e-scooter market provide growing and complementary revenue strea

PIERER Mobility - Market dynamics remain favourable

PIERER Mobility delivered an impressive year in 2020 despite disruptions caused by the pandemic. Market share in its main motorcycle sales regions rose 177bps to 13.1%, the GASGAS acquisition was completed in July, and the newly consolidated e-bikes business exceeded planned sales and profitability. We expect the strong H220 momentum to continue into FY21 with group returns exceeding FY19 levels. The potential change to the ownership structure may also unlock additional value for shareholders.

PIERER Mobility - Happy biking holidays

Global demand for powered two wheelers (motorcycles and e-bikes) has remained strong throughout H220. Production has been increased to meet demand and the volume lost in H120 due to pandemic-induced closures has been recovered. As a result, FY20 sales guidance has been raised again to €1.5bn with operational gearing driving FY20 EBIT of c €100m, 31% above our previous estimate. The 6.6% margin is above the guidance range of 4–6%. Management expects the supportive trends to continue in FY21 and a

PIERER Mobility - Surging demand for powered two wheelers

PIERER Mobility is recovering rapidly from H120 pandemic disruptions to activity. It continues to grow share in its main markets, which saw stronger demand as lockdowns eased. The positive mobility trends driving demand for both motorcycles and e-bikes appear set to continue and the strategic move into urban e-mobility continues to plan, enhancing organic growth.

PIERER Mobility - Powered two wheelers in demand

Interim results from PIERER Mobility confirmed the strong increases in demand being seen for powered two wheelers as lockdowns ended around the globe. Both motorcycles and e-bikes segments are benefiting and while Q220 bore the brunt of COVID-19 impacts, subsequent market developments require higher year-on-year production levels. The continued strength of demand in Q3 has led management to increase FY20 revenue guidance by around 3% to more than €1.45bn with an EBIT margin of 4–6%, and we are i

PIERER Mobility - Strong momentum into H220

PIERER management have confirmed strong market demand for its powered two-wheeler (PTW) product portfolio since lockdowns have lifted. H220 management guidance is for revenue growth compared to H219 and we have increased our EPS estimates by c 2% for FY21, primarily reflecting higher than anticipated e-bike sales.

PIERER Mobility - On the road out of lockdown

PIERER Mobility has announced that it is seeing encouraging strength in several major markets as it emerges from the constrained environment of lockdowns. It is seeing share gains in the US motorcycle market, as well as strong demand for e-bike demand across its main European market. It has returned to full production following the production halt in Austria and is increasing staff numbers to meet the stronger demand. We maintain our forecast for now given continuing uncertainty, but the news of

PIERER Mobility - Proactive mitigation measures

Faced with an unprecedented set of global circumstances arising from the coronavirus pandemic, management has taken pre-emptive action with respect to potential supply chain issues. Of course, demand effects are more difficult to predict. The good news is that Stefan Pierer, the CEO, can apply his experience from managing the financial crisis, when the group saw volumes fall by around 25–30%. Any forward-looking estimates need monitoring, but we are cutting our volume expectation across the grou

PIERER Mobility - Pedal power combination

PIERER Mobility is a leading manufacturer of powered two wheelers (PTWs) focused on premium markets through the KTM, HUSQVARNA and GASGAS motorcycle brands. It looks set to add a new organic growth stream to its established track record as e-mobility markets continue to develop. The acquisition of the outstanding majority of PEXCO e-bikes and the development of new products focused on premium urban e-mobility markets addresses a new segment for the group, alongside continued expansion of the tra

PIERER Mobility - Building on its track record of strong growth

PIERER Mobility (previously KTM Industries) plans to build on its historically strong growth track record by penetrating emerging markets via its strategic partner Bajaj in India and growing market share in developed markets. Longer term, e-mobility is a key area of growth.

hVIVO - Introducing 2025E; HSD sales grth/margin expansion expected

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

Bioventix - Laying out the longer-term opportunity in Alzheimer’s Disease

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

Elixirr - Outperforming competitors and the global Consulting market

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

Morning Note – 22 April 2024

City of London Investment Group (CLIG LN) - 3Q IMS: return to growth

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.

Morning Note – 25 April 2024

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

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

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Solid close to FY24

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

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hVIVO - FY 2023 results, revenue in-line, margin better, future is bright

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

Malvern International - Positive results confirm turnaround on track; cash-generative and a strong bid pipeline

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

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

UK Equities: Overlooked, oversold, and over here

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.