We highlighted last month the (first) Santa Rally arrived early (unlike some other festive gifts). The second Claus(e) relief rally was prompted by the agreement between the European Commission and the UK on its future cooperation with the EU. Markets also reacted positively to the $900bn stimulus package agreed in the US. While the FTSE 100 and FTSE 250 indices rose by 1.6% and 1.7% respectively on the first trading day after the holiday and the FTSE 100 has recovered 28% from its low point in
Companies: AMYT ARBB CEG BVC BEG BWNG CGI CLG CML EYE ECHO EPWN ESC FA/ GDWN GSF GNC HUW INSE KAPE KP2 NRR NBI NUC OTMP PPC QFI RQIH RUA SAVE SEN SNX TOU TXP TGL UPGS APGEF
We note the announcement released at 07.00 on 10th December ‘Possible cash offer’. Applegreen is deemed to have commenced an offer process and we therefore withdraw forecasts.
Companies: Applegreen plc
Applegreen’s H1 2020 results (6 months ended 30th June 2020) reflect the considerable impact of Covid-driven lockdowns, with sales down 27%, and an underlying EBITDA decline of 57%, leading to a €13.8m loss at the CPTP level. However, post-lockdown trading is improving, with traffic volumes rebuilding and so supporting fuel and food activities, while retail was already proving to be resilient. Period end net debt is reported at €551m, up a modest €26m, though at the end of August it had fallen t
Applegreen’s interim results (20th September) revealed another period of outstanding growth driven by an attractive combination of LFL growth in the UK & RoI, the first contribution from the transformational Welcome Break (WB) acquisition and bolt-on activity across the US. In this note we reconfirm our forecasts, with short/medium-term EPS forecasts little changed but with tweaks to the make-up of between WB and the core Applegreen activities, which has modest implications for EBITDA and cash f
Applegreen has reported results for six months to 30th June 2019 that confirms a period of very strong growth, underpinned by LFL growth in the UK and RoI, the Welcome Break (WB) acquisition and bolt-on activity across the USA. The quality of said growth also further improved with a 187% rise in non-fuel gross profit (including LFL growth of 6%), supporting a >200% increase in EBITDA to €58.9m (+37% pre-WB). Group CPTP jumped 133% to €23.8m, with EPS growth a very impressive 36% to 12.8c (noting
Applegreen has announced it has conditionally acquired a 40% holding in 23 on-highway service plazas in Connecticut, USA, through a consortium shareholder agreement with IST3 Investment Foundation and TD Greystone. The Consortium has entered into a securities purchase agreement to acquire Project Services LLC which operates the Connecticut Service Plazas (“CT Service Plazas”). We believe the acquisition makes strong strategic sense, providing an estate of well-invested and well-located sites, br
Applegreen has today confirmed it has reached agreement to acquire a leasehold interest in 46 sites located in the states of Michigan, Minnesota and Wisconsin, USA. Applegreen is entering into an initial 10-yearlease agreement with CrossAmerica Partners (an existing real estate partner in North East USA) and affiliates to lease the property assets and commence trade at the service stations, with favourable terms and extension options said to have been negotiated so further applying the “capital
Applegreen’s AGM statement covering the first five months of FY2019 has confirmed trading for the overall Group has been “in line with expectations”. As such, we leave our forecasts unchanged, looking for CPTP of €69.5m and EPS of 32.2c, yoy growth of 26% which, in part, reflects the first full year contribution from the positively transformational Welcome Break acquisition (completed October 2018). Applegreen’s stock is trading on a FY2019 PER of 16.3x, and an EV/EBITDA multiple of 7.9x, both u
Anexo -specialist integrated credit hire and legal services group. Offer TBA. Due 19 June. i-nexus—develops and provides strategy execution software to assist global enterprises in effective execution of their strategic plans and initiatives looking to jon AIM. Offer TBC, expected 19 June
Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply
Companies: MIN EMH HVN POLX SAA INS ELCO AFRN MSI APGEF
VR Education Holdings—a virtual reality software and technology company. Raising £6m, mkt cap c €22m. Due 12 March
SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money.
Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd
Core Industrial REIT—established to invest in Irish-based industrial properti
Companies: VIP BEG IQG BOIL CPX OSI MPAC STKR 13 APGEF
SpringfieldProperties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Offer TBA. Due 20 Sep |
Companies: PEG ORPH STM PTSG VANL FLO OCI MIDW APGEF
Andes Energia PLC—Sch1 on admission the Company will change its name to Phoenix Global Resources plc will be an Argentinian independent oil & gas exploration and production company, offer TBC but market cap to be £844m and admission date 10 August 2017 | Verditek PLC—Sch1 update from holding company in the clean technology sector with subsidiaries operating within what it considers are emergent and fast growing sectors (industrial treatment of solids, air purification, water de-odourisation, zer
Companies: MAYA GATC SRES SECN BOD MPAY EBQ BYOT OCI APGEF
Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July.
Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m.
AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July.
Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money.
Companies: MYSQ STX BLTG BAR GFIN EME CYAN LDRUF APGEF
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Lookers has announced a very strong set of H1 results for the six months to 30 June 2021. Underlying PBT was a record £50.3m, in line with the H1 trading update statement guidance. The company announced trading in July and August was above expectations, but the voluntary decision to repay H1 furlough support of £4.1m means that full year PBT guidance remains unchanged. We will be tweaking our forecast assumptions post the analyst meeting today. Lookers is now trading at a PER of only 5.5x FY1 an
Companies: Lookers plc
Marks & Spencer 'M&S' hosted a preview for its Autumn-Winter 2021/22 clothing season in London on the 7th September. As may be expected, no trading or financial information was issued, noting our recent upgrade to our financial forecasts following the Group's surprise trading update on 20th August. The session was hosted by Chief Operating Officer, Katie Bickerstaffe, and Managing Director of Clothing & Home, Richard Price, whom we felt displayed the growing confidence that M&S is progressing in
Companies: Marks and Spencer Group plc
The AGM update reveals a bounce back to positive YoY growth in the UK, but a slower growth trajectory in Europe, given post-Brexit challenges. These are being addressed and new DCs in Eire/Spain are on track to launch shortly. G4M is on track to meet FY estimates despite well documented supply chain challenges. Momentum is expected to rebuild from Q4 onwards and today’s acquisition in the audio-visual space further bolsters growth prospects beyond FY22.
Companies: Gear4music (Holdings) PLC
Last week Lookers announced a record set of H1 results for the six months to 30 June 2021. Underlying PBT was £50.3m, versus an underlying loss of £36.5m in H1 2020. This stronger trading, coupled with cost control and working capital initiatives, has led to substantial cash generation. Lookers has gone from net debt of £40.7m (excl. leases) at the FY20 year end to net cash of £33.0m at 30 June 2021. With legacy issues now behind them, good evidence of trading outperformance and a strong balance
Strong performance in H1 means full year EBITDA is expected to be no less than £4.0m (£5.7m post-IFRS16), driving an 8% EPS upgrade while still leaving risk to the upside. Gross margin has strengthened further and forecasts assume some reinvestment to drive future growth, including in key operational areas and its EU project, which is said to be progressing well. With room for multiple expansion (vs 0.5x EV/sales) the investment case remains compelling.
Companies: Angling Direct Plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
A highly positive update this morning. Trading in recent weeks has accelerated significantly above pre-pandemic levels as normality begins to return to city centres and the West End of London. The opening programme is also firmly on track. We will closely review our forecasts in late September with the AGM/H1 update, but clearly if the current trading momentum is sustained then we see scope for an upgrade. Our central view remains that we are in the early stage of the earnings cycle, with scope
Companies: Fulham Shore Plc
Pendragon has announced interim results for the six months to 30 June 2021, which are ahead of guidance and our expectations. The Group has made strong progress in terms of growth, cost efficiencies and strategic implementation to ensure further progress can be made.
Companies: Pendragon PLC
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
Companies: SYM CGNR EKF KBT GGP VLS TMO ECK B90 MDZ
Restaurant Brands International delivered a strong set of Q2 results driven by several key initiatives of the management. The company saw a significant improvement in system-wide sales growth as well as revenues through digital platforms. The post-Covid recovery has been strong and the company’s revenues grew by 32% year-over-year and over 4% compared to the pre-pandemic levels in 2019. New product launches were another major growth driver and in the recent quarter, the company introduced new li
Companies: Restaurant Brands International Inc
easyJet has turned down an unsolicited preliminary takeover approach and proposed a rights issue of £1.2bn, representing one third of its current market cap, to strengthen its financial positions and support potential long-term strategic investments. The renewed guidance for the short term is broadly in line with its last update.
Companies: easyJet plc
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 SFE SCS VCT REDD
Full Article available at www.independentresearch.com.au
Can these fallen small-cap angels regain their wings?
One of the trickiest aspects of investing is deciding whether a fallen angel will ever fly again.
If they do regain their wings, the rewards of buying in at distressed levels can be enormous. But as they impress on newcomers in Masterchef safety briefings, trying to catch a falling knife can be highly injurious.
As per tradition, the red ink flowed liberally at the tail end of the pr
Companies: CCV FNP MSB
The company reported an encouraging first half, driven by the strong performance of Protective Films and Healthcare Solutions, though all divisions contributed positively to the group’s profitability in H1. With cash generation from operations having reached €131m over the past 18 months, Chargeurs disposes of a sizeable war chest with its acquisition strategy now back on the offensive. On the organic growth front, strong order books for its core activities stand as encouraging signs of an upbea
Companies: Chargeurs (CRI:EPA)Chargeurs SA (CRI:PAR)
We have performed a second refresh of our consistent growth screen, first established with our research note of 17 December last year. As previously, the screen produces a basket of 25 stocks that exhibit not only good growth in EPS and sales, but also a consistency of growth in both measures each year. This basket, or style, has underperformed the small-cap benchmark by 9.1% since inception last December, and by 4.8% since the last refresh on 13 April. We highlight stocks leaving and joining t
Companies: TRI IOM DOTD CAMB SFE TPFG TRCS INSE TAST MAB1 RWA