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GSK has rejected Unilever’s £50bn bid for the former’s Consumer Healthcare business. The British UK giant believes that the offer significantly undervalues its assets, but the acquirer increasing its offer won’t be an easy affair. Nevertheless, this offer is a validation of the underlying potential of consumer health offerings and, hence, we upgrade our divisional NAV estimates. Overall, GSK remains an attractive under-transition pharma story.
Companies: GlaxoSmithKline plc
Strong recent trading has persisted over the winter months, as Yourgene has been co-opted in to help the UK’s response to the new wave of infections caused by the omicron variant. This comprises the surge testing PCR contracts and a new Covid sequencing service, which has made a strong contribution and is scaling up further for additional expected volumes. As a result, management now expects FY22 revenues of at least £37.0m and for adj EBITDA margins to exceed 10%. We upgrade our current year es
Companies: Yourgene Health Plc
Circassia has delivered a strong outturn to FY21, with revenues 2% ahead at £27.9m (+17% YoY) and a maiden positive adj EBITDA, ahead of our expectations of a small loss, which had already been upgraded during the year. Gross margins remained steady at 68% and 84% recurring revenues was also consistent with the previous year. Net cash was also ahead at £12.6m, with the underlying NIOX business generating £1.1m of cash in H2, another notable milestone. We leave our outer years forecasts prudently
Companies: Circassia Group PLC
We believe the narrative for the UK equity market remains very good. Some inflation appears embedded in markets and economic growth seems robust. We saw investors show caution into the end of 2021 and so have cash to deploy in our view. This has been corroborated by investor feedback we’ve had already this year. The UK equity market is materially cheaper than global equities on a relative basis so asset allocators have to be looking at UK equities while UK 2022 GDP growth is likely the best of t
Companies: AFM ANX AXL CYAN GLAN MODE OBI MATD SEN SOM WSG
East Star Resources (EST.L) the Kazakhstan-focused gold and copper explorer, has raised gross proceeds of £3.1m by way of an oversubscribed placing and subscription of 62,000,000 new shares at a price of 5p, and has today been readmitted to the Official List of the Financial Conduct Authority by way of a Standard Listing following its acquisition of 100% of the share capital of Discovery Ventures Kazakhstan Limited, which holds an initial package of four licences in two producing but un
Companies: TAVI COG CUSN FEN GTLY NSCI LND EME
Companies: SourceBio International Plc
While we were away
Mac Alpha Limited (MACA.L) joined the Main Market. (24/12/21)
Atome Energy PLC (ATOM.L) joined AIM. (30/12/21)
What’s cooking in the IPO kitchen?
Graft Polymer a business focused on the development of polymer modification and drug delivery systems is to join the Main Market (Standard). Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing products and processing methodologies by enhancing per
Companies: VLX VRCI LBE RENX SOM TAST DDDD CMH IQG SRC
A positive FY Trading Update that came in slightly ahead of our, and the market's expectations, with revenue of £13.9m vs. our £13.7m estimate. US Dollar (representing the majority of revenue) performance reflected the true operational growth, up some 17% YoY before the FX impact reduced that to 10% growth in GBP (reported) terms. EBITDA (adjusted for share-based payments) was up 294% to £2.1m, and the DXRX platform has grown to provide 57% of group revenue. The company has also announced a ne
Companies: Diaceutics Plc
Electric Guitar (ELEG.L) was established in 2021 through the issue of shares to the founders as a special purpose acquisition vehicle which will seek an acquisition target in the digital media sector. The Company intends to act as a consolidator and operator in the digital advertising market. The Company has today joined the Main Market. £1.2m raise. Mkt cap £1.74m.
Amryt Pharma has left AIM. Its American Depositary Shares remain trading on NASDAQ.
What’s cooking in the IPO kit
Companies: ALBA JAY EVG KAT MIDW OHG SWG TMT
The six-month trading update to 31 December reflects the discontinuation of non-core products, ongoing COVID-19-related headwinds, principally in Germany and Italy, exchange-rate headwinds (-5%) and product phasing issues, with revenues falling 10% to £48.7m. Underlying like-for-like growth, however, was 3% at constant exchange rates (CER). Period-end cash was £41.4m, which implied a c.3% increase (+£1.m) in underlying cashflows in the period. We have reduced revenue forecasts by 9% in FY 2022 t
Companies: Allergy Therapeutics plc
The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from sales and profitability. Despite this, some companies can still make
Companies: AVO APP ARBB BBGI E7F0 DNL FAS FCSS FEV FJV FLTA ICGT IBT OCI PCA PIN RECI STX TRX VTA
SUN continues its stop-start recovery from the worst impacts of the pandemic. H2 revenues were 16% up on H1, with overall group sales recovering to 90% of pre-pandemic levels in Q4 as the delta wave subsided. That was however prior to the impact of the omicron wave which has again placed strain on hospitals, with increased admissions and staff absences placing renewed pressure on elective volumes globally. Whilst that looks likely to impact on Q1 revenues, a gradual recovery is expected from Q2
Companies: Surgical Innovations Group plc
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Plutus Powergen has left AIM.
What’s cooking in the IPO kitchen?
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European
Companies: ALS APP BOD DXRX EDR EOG KOO RBBS TRP UOG
GSK has reported strong Q3 results, which, apart from a continued recovery in the base business, also benefited via some contributions from its various COVID-19 initiatives. Moreover, the profitability improvement was impressive. While some near-term anomalies due to the prioritisation of COVID-19 vaccines over non-COVID ones can’t be ruled out, it shouldn’t have any major longer term implications. Overall, our positive stance on the British pharma giant is reiterated.
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What’s cooking in the IPO kitchen?
Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
Companies: ADBE ADBE SYM ARC AVCT CMCL CLIN DCTA FRAN OSI