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    ISHR GVT GERMANY 2 5-5 5 DE

  • 13 Sep 19

LIBERUM: AFH Financial* - Acquisitions, a positive trading update and a primary focus now on organic growth and improved profitability

AFH organic net inflows continue at at least 8% p.a. The company states it is “primarily focused on driving the organic growth of our business by providing professional and cost-effective services to our clients and, in-turn, enhancing profitability”.

Companies: AFH Financial Group
  • 18 Sep 19

LIBERUM: AFH Financial* - Further acquisition 'on a similar attractive multiple'

AFH has bought Broadleaf Financial Services for a total max consideration of £3.2m and “on a similar attractive multiple” to previous acquisitions. This brings the total committed spend to £10.4m since the Convertible placing in July, and shows the company following through on their comments about having deals in due diligence.

Companies: AFH Financial Group
  • 19 Sep 19

Cenkos: Redde Plc - Cash flow improvement creates opportunity

Redde's full-year statement in September has given significant reassurance to the market, and helped the stock regain upward momentum. Earnings-based valuations and the yield remain attractive, while there is clear potential for improved cash flow to fuel further bolt-on acquisitions in what has been a consolidating sector over recent years.

Companies: Redde
  • 11 Sep 19

FY19 results - Settlements ahead of expectations

Revenue increased 17% to A$34.7m (Ae: A$48.4m). We note that the difference to our forecast was due to an accounting presentation change only, whereby revenues are now stated net instead of gross including capital deployed. We believe this new presentation is much more intuitive and note that, if it had not been applied, revenue was in fact in line with our numbers at A$48.2m. Gross profit, or net gain on investment, was up 23% to A$20.3m (Ae: A$19.0m). This is particularly encouraging as it shows the actual gain on the capital previously deployed. We noted in our 5 July note that our numbers were likely on the light side, so it is pleasing to see this come through. ROIC increased from 117% last reported to 135%, displaying the lucrative returns of recent settlements.

Companies: Litigation Capital Management
  • 18 Sep 19

Adapting to market conditions

Cenkos has not been immune from the challenging market conditions in the first half of 2019. This is evidenced by a decline in revenues of 41% to £10.6m and a loss before tax of £0.2m. Net cash also declined from £34m at December 2018 to £14.7m reflecting the reduced trading, the payment of the 2018 bonus and dividend, and a share buy-back programme. On the upside we note that the second half has ‘started well…with an encouraging pipeline’. In addition, the interim dividend was maintained at 2p, the regulatory capital surplus was £15.9m and we expect the net cash to improve to £25m by the year end. Despite the tough environment and the fact that we are revising our full year revenue and PBT forecast from £47m and £5m to £35m and £1.3m, we maintain our view that Cenkos has a flexible and strong business model (110 clients), and is attractive to income investors. With the shares close to historical lows, a dividend yield of 9% supports our BUY recommendation and revised price target of 80p.

Companies: Cenkos Securities
  • 18 Sep 19

Facebook working on AR glasses, TransferWise revenue +53% YoY, WeWork debt price tumbles

Facebook has been working to develop augmented reality glasses out of its Facebook Reality Labs in Redmond, Washington, for the past couple of years, but struggles with the development of the project have led the company to seek help. Now, Facebook is hoping a partnership with RayBan parent company Luxottica will get them completed and ready for consumers between 2023 and 2025, according to people familiar. Needless to say, we highlight a potentially substantial threat to Snap Inc, and a potentially huge opportunity for developers within the Facebook ecosystem.

Companies: EVRH ESYS BGO BOKU EQLS IMMO SMRT TECH VRE

  • 02 Jul 19

Where’s the Value?

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 FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 16 Sep 19

Report & Accounts published

6% rise in Group Funds under Management to US$5.4bn (£4.2bn), with Emerging Market products contributing 78% and diversification products (i.e. Developed Market, Opportunistic Value and Frontier products) 22%. Profit before tax of £11.4m (in line with Zeus forecast of £11.4m), with a profit before tax attributable to shareholders of £8.8m (Zeus old forecast of £8.8m). Fully diluted EPS of 34.1p (Zeus forecast of 34.2p) and Full Year DPS of 40.5p (Zeus old forecast of 40.5p).

Companies: City Of London Investment Group
  • 16 Sep 19

LIBERUM: Real Estate Investors* - Strong H1 earnings growth, and ready with £25m for deals in H2

REI has delivered positive H1 earnings growth ahead of our expectations. £25m of cash and facilities leaves management ready to capitalise on opportunities in the region, particularly in the case of any market dislocation.

Companies: Real Estate Investors
  • 17 Sep 19

Regional REIT - Executive interview

<a href="https://www.edisongroup.com/company/regional-reit/2333/"><strong>Regional REIT</strong></a> (RGL) provides investors with highly diversified exposure to UK commercial property (predominantly office and industrial property) in the main regional centres of the UK, effectively outside the M25 motorway. It aims to deliver an attractive total return to investors of at least 10% over the long term, with a strong focus on income plus capital growth. The shares provide one of the highest yields in the REIT sector and, barring unforeseen circumstances the company expects to pay aggregate dividends of 8.25p per share for 2019 (+2.5% versus 2018). In this <a href="https://www.edisongroup.com/edison-tv/executive-interview-regional-reit-4/"><strong>interview,</strong></a> Stephen Inglis, Group Property Director and Chief Investment Officer of London & Scottish Property Investment Management, the asset manager of RGL, discusses the recently released half-year results, the successfully completed £62.5m equity raise and the plans for accretive new investment.

Companies: Regional Reit
  • 17 Sep 19

LIBERUM: Aquis Exchange* - Revenues beat, drivers intact

Aquis H1 revenues were 5% ahead of our full-year run rate, and up 165% year-on-year. Company is trading in line with FY expectations.

Companies: Aquis Exchange
  • 27 Aug 19

Foreign buyers gorging on UK stocks

Like whales feasting on Krill, overseas firms are today stuffing themselves silly with choice fillets of corporate Britain. Why? Well look no further than geopolitical tensions and Brexit, which have disproportionately impacted UK equities and the £. Indeed the FTSE100 has lagged the S&P500 by a hefty 19% over the past 2 years, with Sterling dropping to 34 year lows vs US$ (see below). That said to us, based purely on fundamentals, this period of underperformance appears over-cooked, leaving many quality British companies vulnerable to predatory interest.

Companies: VOD AV/ AGK CHG CNA ITV BRBY SMIN CTEC SXS OXIG MGAM IMI WEIR WMH KMK EYE GATC ULS INS ALFA RDT TSTL ELCO MBH BLTG IHC 9537 CSRT NBI

  • 17 Sep 19

Solid interims, strong deployment in PRSR continues

Sigma’s interims reflect continued delivery in The PRS REIT (“PRSR”) and well-flagged delays which were experienced during the early part of 2019. We now see strong activity levels developing – both in PRSR and on Sigma’s balance sheet – underpinning stronger profitability in H2. In PRSR, there are 1,289 completed homes and 3,429 in delivery – accounting for 83% of capital (91% of equity), with the remainder to be contracted near term. We leave our forecasts unchanged. 2/3rds of the market cap is covered by NAV and we believe recurring income from AuM and development profits are being undervalued.

Companies: Sigma Capital Group
  • 18 Sep 19

LIBERUM: GLI Finance* - Focus on higher RoE lending, further FinTech writedown, intending to extend ZDPs

GLI is shifting to asset backed lending and seeing early growth in the newer UK and Irish businesses, however this is overshadowed by further, large FinTech writedowns, by an IFRS9 impact, and by the news that the company is seeking to extend the current ZDPs for a year, at a higher cost. New cost control is welcome and the future business model makes sense, in our view, but a succession of significant value downgrades make it unlikely that the business will soon receive any credit for the value which its core lending business should be creating.

Companies: GLI Finance
  • 12 Sep 19

GCP Student Living - Continuing to benefit from strong fundamentals

GCP Student Living (DIGS) is continuing to benefit from strong supply-demand fundamentals in the markets in which it operates, primarily in and around London. It is maintaining full occupancy, rents continue to grow ahead of inflation and profitability is showing the benefits of scale. Dividends are growing and cover building as new assets come on stream, and DIGS is well on track for full cover on a fully developed and let basis. Investor sentiment towards the sector is positive and the new London Plan appears to be adding to the scarcity value of DIGS’s London assets.

Companies: GCP Student Living