Research, Charts & Company Announcements
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19 May 17
Small Cap Breakfast
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission | Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May | Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun | AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property | Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe | ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017 | Tufton Oceanic Assets– Extended to 9 May on specialist funds segment of Main Market to enable further due diligence | PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Companies: FUTR PIP EOG HZM POS HUNT UKOG KOD CEPS SEE
19 May 17
Growth in Greece pending... Romania
The Q1 release was quite correct with total revenue growth of only 0.1% yoy and EBITDA down by 1.7%, but the Greek Fixed performance (40% of OTE’s business) was once again very solid with revenues up by 3.5% yoy and EBITDA up by 4.3%. On the Greek Mobile side (30% of OTE’s business) revenues were down by 1.2% yoy while EBITDA decreased by 5.4%. In Romania, OTE recorded flat revenues while EBITDA was down by 4.4%.
Companies: HELLENIC TELECOMMUN ORGANIZA
24 May 17
FY17 Trading Update. Target Price Raised to 360p.
In its April 4 Trading Update for the year to 31 March 2017, AdEPT reported that FY17 EBITDA (underlying) rose 26%YoY, indicative of £7.8m, which is 6% above our outlook of £7.3m. Revenue for the year is reported up 16%, indicative of c£34.0m. We note the dilutive effect on projected FY18 EPS of the exercise of warrants by Barclays Bank plc on March 16, resulting in the issue of 1,204,707 shares and a cash inflow of £129,000.
Companies: Adept Telecom
19 May 17
Iofina* (IOF): Good results in a difficult environment (CORP) | Europa Oil & Gas* (EOG): Environment Agency permit granted (CORP) | Horizonte Minerals* (HZM): Progress update at Araguaia (CORP) | CityFibre* (CITY): Political blessing (CORP) | Revolution Bars (RBG): FY17 EBITDA below expectations (U/R)
Companies: IOF EOG HZM CFHL RBG
17 Jan 17
Making Mobiles Better
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Companies: ALM BLTG FTC IMO IPO IQE TERN IVO SAT
20 Feb 15
FY 2014 results in line with expectations
MTI Wireless Edge (‘MTI’) has released its Final Results for the year ending 31 December 2014. Results are largely in line with our forecasts: revenues increased 6.8% yoy to $14.34m (we forecast growth of 6.2%), whilst EBIT was $340k (we forecast $362k). The bottom line was slightly negatively impacted by a larger than anticipated net finance expense, which resulted in EPS of 0.48c (forecast 0.60c). Even so, it is pleasing that management remained dedicated to maintaining the final dividend of 0.68c. At the current price the shares are yielding a healthy 4.6%.
Companies: MTI Wireless Edge
29 Jul 16
“I don’t hear any music.”
So replied the violinist Fritz Kreisler to the lady who said “your violin makes such beautiful music.” And so we learn that the instrument (ie the hardware) is of no use whatsoever without the human element. This week we saw Sage debut a rack of new products at SageSummit, there was the US$9.3bn Netsuite acquisition by Oracle, which in the wake of ARM plc acquisition pushed share prices up as M&A thoughts drove thinking. We frame all of these moves relative to our SMAC stack scenario. However our Compliance Officer David Langshaw (off to read for an MSc in History of Science, Medicine and Technology at Kellogg College, Oxford - whatever) tells me that I have missed the essential truth – namely Kranzberg’s Six Laws of Technology. Kranzberg’s core message is, ‘Technology merely presents an opportunity: the choice of what to do with it remains ours’ – and so the thing is the intercourse of people with the product. ‘People’ have pushed equity values higher and people will throw up some lucrative opportunities as the economy struggles to generate growth and so looks to technology to be the growth driver. Furthermore the rash of new products show us that technical developments have environmental, social, and human consequences that go far beyond the immediate purposes of the technical devices and practices themselves – note the seemingly sudden burst of interest in IoT and in PokemonGo this month – and this reminds us that “software is eating the world”. As always tech bounces up and down through the Summer months – July was an ‘up’ month. It is still too early to know the operational ramifications of Brexit. But so far the mood music has been more positive than expected, even if I am playing second fiddle to Mr Langshaw. Enjoy the Summer break.
Companies: AVV ESCH CCC FDSA FTC TUNE FXI MCRO NETD OSI SGE SND SDL SPT SOG
24 May 17
Northland Capital Partners Morning Report
ADEPT TELECOM (ADT.L) | PHOTONSTAR LED GROUP (PSL.L)
Companies: Adept Telecom Photonstar Led
27 Mar 17
The Joy of Techs
Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.
Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO
16 May 17
Small Cap Breakfast
Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission. | Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May. |Eve Sleep— Schedule 1 from the e-commerce focused, direct to consumer European sleep brand. Raising £35m at £1.01. Expected mkt cap £140m. Expected 18 May 2017 | Velocity Composites—Schedule 1. Manufactures advanced carbon fibre and ancillary material kits (predominantly carbon fibre) for use in the production of aircraft. 18 May 2017 admission expected. Raising £14.4m at 85p. Expected mkt cap £30.4m | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May. | AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property | Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m. | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe | Spinnaker Opportunities—Seeking RTO. Targeting a single, material acquisition in the energy or industrial sector. Due 17 May. | ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017. | Tufton Oceanic Assets– Extended to 9 May on specialist funds segment of Main Market to enable further due diligence. | PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Companies: ONEV ZEG SLN CYAN PKG POS KBT VLTY RTHM OCL
03 Feb 17
Small Cap Breakfast
Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’. Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.
Companies: HAYD MRL ZMNO SMS ADT EMH COR VOG ANP GRL
17 May 17
"US equities demonstrated a lack of direction over the course of trading on Tuesday, having closed mostly higher the previous day. The two major averages spent the session fractionally either side of unchanged, leaving just the NASDAQ to put on an acceptable gain, chalking up a new record close with the technology sector being one of just two S&P-500 sectors to finish in the positive. Microsoft stood out with a 2% gain following Soros Fund Management's disclosure it had more than tripled its stake in the Group, which is seen to be a long-term beneficiary of the WannaCry ransomware attack. Elsewhere, however, the Washington Post's claim that Trump revealed highly classified information to Russian officials in a White House meeting last week unnerved investors from the start, even if his National Security Advisor, HR McMaster, considered the discussions to be "appropriate". The President allegedly asking then-FBI Director James Comey to drop a probe into his former NSC advisor, Michael Flynn, has prompted some congressional Republicans to call for further investigation which investors, in turn, consider to be sapping energy from the White House's principal mandate to overhaul healthcare and the tax system. Having been weak for the last five sessions, this political drama pushed the US$ to its lowest point against the international currency basket since November. Meanwhile, mix message were again are received on the economic front with housing starts and building permits unexpectedly seeing further downside in the month of April, while a separate report from the Federal Reserve produced a much bigger than expected increase in industrial production for the same period. Early strength in gold, semiconductor, and tobacco stocks largely dissipated, but modest weakness was still visible among healthcare and commercial real estate. A falling Dollar pressured stocks in Japan and cast broader concern over equity markets in the Asian region. Australia's ASX fell over 1% as the Prime Minister promoted the idea of a new levy on profits for the country's five largest banks while the principal Chinese markets finished modestly softer. London equities, by comparison, ended Tuesday in fine form, climbing for their eighth consecutive session to hit a new record all-time high and close the day above the 7,500 mark. Riding on the back of China's proposed US$900bn of infrastructural investment plan that stretches across 65 countries along the Silk Road, major commodity stocks were further boosted by continued Sterling weakness, while investors also increasingly anticipate the Tories securing a large majority in the UK forthcoming General Election with latest opinion polls putting Theresa May 20 points ahead of Jeremy Corbyn. Consumer inflation rose much as expected in April, to 2.7% from 2.3% in March, its highest level since 2013, having been buoyed significantly by Sterling's Brexit related devaluation. Despite remaining well above the Bank of England's 2% target rate, Governor Carney appears reluctant to combat rising prices with a rate hike; combine that with the alarming squeeze on real wages and Sterling is set to remain relatively constrained, something that lends significant support for the internationally-weighted FTSE-100. The STOXX 600 ended another day unchanged, with the CAC 40 closing down 0.2%, while the DAX 30 in Frankfurt made a late recovery to end flat. UK macro data due for release this morning includes March's Claimant Count Rate, Average Earnings, ILO Unemployment along with Claimant Change numbers for April. The EU provides Consumer Prices for April plus Construction Output for March. The US is limited to its MBA Mortgage Applications and EIA Crude Oil Stocks Change. UK Corporates due to publish earnings or trading updates, include British Land (BLND.L), SSE (SSE.L), Sophos (SOPH.L), Patisserie Holdings (CAKE.L), Countryside Properties (CSP.L), Mitchells & Butlers (MAB.L), Premier Oil (PMO.L) and Foxtons (FOXT.L). Uncertainty spreading from the US bodes for a cautious European opening this morning, with the FTSE-100 seen down 15 to 20 points in early trading."
Companies: AAU CYAN CRST EZJ SDY