Flakes seemed to the common denominator at first sight, but the new divisional head will bring more to the table. Referring to his long-standing career in the FMCG industry, his current position looks a bit of a misfit, but the responsibility for USD6.7bn of sales is a strong attribute. If Mr Koenig solves Beauty Care’s growth and profitability issues, he could commend himself for a higher position.
Companies: Henkel AG & Co. KGaA Pref
Henkel’s recovery continued in Q4 based on the continued demand for home hygiene products and driven by Adhesive’s sequential recovery. The quarterly organic developments reflect the various containment measures. Our cautious expectations have been beaten, whereas consensus was not met on the profitability level.
The reported organic sales in Laundry & Home Care was a kind of acceleration in Q3, whereas the development in the other divisions look more like a kind of catch-up. However, there were strong FX headwinds burdening the top-line and we assume also on profitability. Henkel had already released preliminary figures on 9 October and the Q3 release is typically a sales statement with no information on profitability.
Henkel now seems to have some better visibility, which has allowed it to re-instate a FY 2020 guidance. Organic sales growth is above current street expectations, while the EBIT margin is more or less at the mid-point to the provided bandwidth. The new guidance indicates some moderate improvement qoq. We expect the guidance will be challenged as the normal flu season approaches the Northern Hemisphere and new COVID-19 cases are rising fast.
Six months into the crisis, the effects have intensified although the pattern has not changed compared to Q1: Adhesive Technologies suffered the most followed by Beauty Care. Laundry & Home Care was subdued but still in positive territory. The reported figures were a notch above our expectations, but missed Street expectations at the profitability level.
Henkel increased sales by +4% (organic: +3%) to €18,714m, the gross profit margin weakened 30bp to 47.9% in 2016. EBITDA moved up +8% to €3,345m and net profit attributable to shareholders came in at €2,053m, +7% higher. Operating CF strongly increased +20% to €2,850m seeing a higher operating basis and a stronger NWC inflow (€281m after €20) due to higher payables as well as other liabilities and provisions. Investing CF (€-4,250m after €-893m) was clearly impacted by acquisition-related costs (€-3,727m after €-322m) for e.g. Sun Products. Financing CF swung from €-1,555m to €1,678m primarily due to the financing measures in the context of the large acquisition, which had been fully debt and cash financed as net gross debt repayment of €-1,025m swung to net gross debt issuance of €2,740m. Management proposes a +10% higher dividend of €1.60 (€1.45) per share at the AGM on 6 April 2017. For 2017, management expects organic sales growth of 2-4% with all divisions in this range, an adjusted EBIT of >17.0% and an adjusted EPS growth of 7-9%.
Henkel announced its new strategy, Henkel 2020+, which should shape the company to 2020 and beyond.
Helped by the fast-closing of the Sun Products acquisition, the business has already contributed to sales in September. Q3 sales were up +3% to €4,748m, whereas the gross profit margin weakened by 30bp to 48.3%. EBITDA went up +16% to €907m and net profit attributable to shareholders ramped up +19% to €576m. Operating CF strongly improved (+33% to €1,019m) based on higher profitability and propelled by a stronger NWC inflow (€263m after €174m) mainly due to higher inflows from other liabilities and provisions. Due to the acquisition (€-3,320m), investing CF ballooned from €-384m to €-3,461m and financing CF (€3,070m after €-400m) reflected the net gross debt issuance (bond: €2.2bn + bank loan: €0.9bn) connected with the financing of the acquisition. Management confirmed FY guidance: still expecting an organic sales growth of 2-4%, an adjusted EBIT margin above 16.5% due to a lower share from emerging markets, and an adjusted EPS growth of 8-11%.
Stronger FX headwinds (-5%) ate up more than the solid organic performance (+3%), so Q2 sales slightly declined (-1% to €4,654m), but the gross profit margin improved from 48.1% to 49.0%. EBITDA rose +5% to €875m and net income attributable to shareholders increased by +8% to €561m. Operating CF nearly tripled (€606m after €204m), mainly driven by the NWC meltdown (€-105m after €-359m) enlivened by the swing to payables inflow and lower income tax payments. Investing CF soared up to €-468m (€-198m), burdened by higher outflows for acquisitions (detergent business in Nigeria and hair care business in Africa/Middle East). Financing CF (€-358m after €-27m) saw higher dividend payments, lower net gross debt proceeds and a significant weaker inflow from other financing transactions. Management confirmed FY guidance, still expecting an organic sales growth of 2-4%, an adjusted EBIT margin above 16.5% (around 16.5%) due to a lower share from emerging markets and an adjusted EPS growth of 8-11%.
Henkel plans to acquire US-based Sun Products from Vestar Capital Partners for €3.2bn. Closing of the transaction is subject to regulatory approval.
... but where is the Flesh for Fantasy? Henkel reported good organic growth (+3%) driven by higher volumes, sales came in fairly unchanged at €4,456m and the gross profit margin was a notch weaker (48.5% after 48.8%). EBITDA rose +10% to €831m and net profit attributable to shareholders were up +12% to €525m. Operating CF was pretty much unchanged at €423m as the higher operating performance was been absorbed by a higher NWC outflow (€-295m after €-210m) stemming from higher inventories and receivables. Due to the absence of disposal proceeds of subsidiaries, investing CF moved from €-96m to €-114m. Changes in borrowings (€693m after €-218m) pushed financing CF from €-272m to €479m. Management confirmed FY guidance, still expecting an organic sales growth of 2-4%, an adjusted EBIT margin of around 16.5% and an adjusted EPS growth of 8-11%.
Mr Rorsted ended his last full year as Henkel’s CEO with a +10% sales increase (to €18,089m; organic: +3%) and gross profit margin which moved up from 47.0% to 48.2%. EBITDA went up strongly by +17% to €3,105m and net profit attributable to shareholders came in at €1,921m (€1,628m). Operating CF (+25% to €2,384m) reflected the strong operating performance and was supported by a lower NWC outflow (€-20m after €-178m), seeing better inventory management and a higher inflow from changes in other liabilities. After the previous year’s strong acquisition activities, investing CF moved from €-2,231m to €-893m, mainly burdened by some higher capex. Financing CF swung from €447m to €-1,555m primarily due to lower other financing transactions. Management proposes a +12% higher dividend of €1.45 (€1.29) per share at the AGM on 11 April 2016. For FY 2016, management expects an organic sales growth of 2-4%, an adjusted EBIT margin of around 16.5% and an adjusted EPS growth of 8-11%.
Q3 sales were up +8% (organic: +3%) to €4,590m and the gross profit margin improved from 47.0% to 48.6%. EBITDA increased +11% to €781m and net profit attributable to shareholders came in +10% at €484m. Operating CF was pretty much unchanged at €769m (€776m), which does not reflect the better operating performance and higher D/A. NWC inflow came down from €220m to €175m primarily driven by a swing in receivables to an inflow. As a percentage of sales, NWC declined from 5.2% to 3.8%. Investing CF (€-384m to €-142m) was hit by higher acquisition costs. Financing CF came in fairly unchanged at €-400m despite some lower net repayments (€-266m after €-622m), which were eaten up by the swing in other financing transactions (€-86m after €284m). Management adjusted its FY guidance, now seeing organic sales growth of ~3% (previously: 3-5%), an adjusted EBIT margin of ~16% (unchanged) and an adjusted EPS growth of >10% (previously: ~10%). It still sees some risks due to the challenging environment. Management did not mention a word about 2016 targets (€20bn sales; €10bn EM sales; 10% adj. EPS CAGR).
Sales rose +14% to €4,695m and the gross profit margin improved from 46.6% to 48.1% in Q2. EBITDA grew strongly by +19% to €832m and net profit attributable to shareholders ramped up +18% to €521m. Despite the stronger operating performance, operating CF came in fairly unchanged at €204m, clearly suffering from a higher NWC outflow (€-359m after €-297m) mainly burdened by higher receivables. Investing CF (€-198m after €-408m) was helped by significantly lower acquisition costs (€-45m after €-293m). FCF was €6m after €-201m, clearly improved by the lower investing CF. After the previous year’s strong cash inflow due to bond issuance and other financial transactions (€646m after €795m), financing CF swung from €243m to €-27m. Management confirmed FY guidance, seeing organic sales growth of 3-5%, an adjusted EBIT margin of ~16% and an adjusted EPS growth of ~10%. It sees some risks due to the challenging environment. Additionally, management confirmed 2016 targets (€20bn sales; €10bn EM sales; 10% adj. EPS CAGR).
... put an end to an antiquated custom (buying Wella) as Coty (not within AlphaValue’s universe) has acquired 43 brands from Procter & Gamble (not within AlphaValue’s universe) for US$12.5bn. Wella and Hugo Boss are included in this basket full of brands.
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Sosandar is a fast growing fashion e-tailer, and brand awareness is surging. New product development and range expansion has led to positive reviews, celebrity endorsements and exciting 3P marketplace agreements. Crucially, it is now realising economies of scale and, after growth and margin strengthened in Q4, profitability is around the corner. We forecast an inflection to positive EBITDA within 12 months (FY23E £1.2m, 3.5% margin). This should be well received given previous downgrades. Our fair value estimate of 32p could prove conservative, particularly if scale/profitability build quicker than forecast.
Companies: Sosandar Plc
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Dispersion Holdings PLC, an investor in the high growth FinTech sector within the UK, the USA and Canada, has announced its intention to IPO on the Access Segment of the Aquis Stock Exchange Growth Market. The Board intends to deploy the majority of the Company’s cash resources in the acquisition of minority interests in a number of different, yet to be identified, companies in the broad FinTech sector, and to apply expertise to the business operations and strategic plans of these companies. Target Admission Date of 30 April. Darktrace plc. Intends to float on the main market of the London Stock Exchange (premium). Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Due early May, musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.
Companies: BOKU RBGP MUL WATR GFIN MKA TIDE MNO INX TUNE
Residential for rent developer and manager Watkin Jones has signalled “maintained momentum” during H1 in today’s trading statement, which showed new forward sales and further additions to the development pipeline, highlighting the continuing demand from institutional investors for build-to-rent (BTR) and purpose-built student accommodation (PBSA) assets. Fresh property management sales were resilient, despite disruption in higher education, while the reconfigured residential unit delivered robust sales revenues. We maintain our estimates for FY 2021E and FY2022E.
Companies: Watkin Jones Plc
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are familiar. The belief that the roll-out of the vaccine and some relaxation of lockdown limitations will lead to a significant economic recovery, compared to the collapse seen in the first half of 2020, due to lockdowns. Indeed, the recent economic picture is becoming more optimistic than previous expectations. According to the ONS, the economy grew a little more than initially estimated in Q4 last year. This means GDP for 2020 as a whole contracted by 9.8%, revised up marginally but still the worst contraction on record. Markets, in general, have focused upon the potential scope and extent of the recovery. The sectors and stocks that have outperformed have been seen as ‘recovery’ plays with a rotation from stocks seen as ‘lockdown’ winners into those set to benefit from the ‘unlocking of society’ and/or exposed to the consumer. We expect 2021 will continue to be a “stock-picker’s” market. The sharp increase in the household savings ratio in Q4 highlights the scope for a recovery driven by expenditure. As further lockdown limitations are lifted, evidence of this growth will help to underpin the more optimistic outlook for Q2 and beyond.
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Management has confirmed a strong finish to FY 2021, ahead of the upper end of expectations, and we have upgraded FY 2021E and 2022E EPS by 3%. Trading momentum has continued to strengthen, with group orders increasing by +17% organically in the last two months of the year (led by Asia), laying the foundations for a good start to FY 2022. We reiterate our view that discoverIE is resilient, flexible and well positioned for growth in the structurally growing markets of Renewable Energy, Transportation, Medical and Industrial & Connectivity, and have raised our target price to 833p.
Companies: discoverIE Group PLC
Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51mm) will be used to fund the Acquisition. Due 19 April. NFT Investments plc is an investment company that specialises in non-fungible tokens (NFT). Has applied for admission to the Access segment of the AQSE Growth Market. No funds being raised. Due 16 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 2021. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” 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 Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration, in each case as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April 2021. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance.
Companies: GOOD FIH SRT NFC RFX ARCM ACRL EQLS ORPH VRS
The FY20 results confirm the much improved 2H flagged in the YE updates. The global casino industry has been reopening and a backlog of orders boosted 2H Gaming sales, while Densitron’s trading has been robust throughout the pandemic. Overall, group sales are down by a third, with Gaming revenue almost halved. However, 2H gaming sales improved 55% HoH while the swiftly imposed cost reductions took effect and this recovery saw QXT profitable and cash generative across FY20, an excellent outcome from the scenarios it laid out this time last year. There are still caveats: a potential return of COVID restrictions and a global component squeeze, but management is working hard to mitigate them. The orderbook is healthy and in the long term, the pandemic will drive increased outsourcing in the gaming industry and assist the new strategy of a broadened outsource hardware and software offering while developing a leasing model. With plenty of cash and having retained its excellent industry reputation and position, we are very confident of a full recovery for QXT. We maintain our unguided FY21 growth forecasts and introduce conservative FY22 expectations.
Companies: Quixant Plc
L’Oréal has released revenue growth of 10.2% lfl. The growth was mainly driven by Mainland China. Sales jumped 37.9% lfl, benefiting from group’s strong online penetration in the country and lower comparisons. But, interestingly, the strong rebound in the Chinese market did not make the L’Oréal luxe shine as much as the market expected. Active cosmetics and Professional products continued to be the firepower. L’Oréal will continue to benefit from its leadership in the dermo-cosmetics market and the outlook remains robust.
Companies: L'Oreal (OR:EPA)L'Oreal SA (OR:PAR)
We believe that all of Frontier’s games will continue to make strong revenue contributions through H2 of FY21, but the key sales event will be the release of Elite Dangerous: Odyssey expected before the end of May. Our FY21 revenue forecasts look well underpinned, but in this report we look at the upside sensitivity to our numbers as c.0.5m active Elite players embark on a new Odyssey, and the company seeks to attract 3.5m+ of inactive/lapsed players back into the franchise. Simultaneously, there is an intriguing potential pool of eight million Elite base game owners following on from last year’s Epic Free Week. No changes to forecasts, TP £35.40.
Companies: Frontier Developments Plc
In the past few weeks, all the listed multi-national pharmaceutical companies have reported results for 2020, which has given us the opportunity to update our industry statistics and drug database. This report provides the first, snapshot publication of global and US rankings of the top 20 drug companies for 2020. Comparisons are made with historical data to show how different company strategies have evolved. In addition, summary analysis has been provided for the sales evolution of therapeutic biopharmaceutical drugs, which saw sales rise 5.6% to $245bn, representing 26% of the market, driven by antibody-derived drugs.
Companies: AVO ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PXC RECI STX SCE TRX VTA YEW
In line with Accrol’s strategy to diversify from tissues into personal hygiene and household products categories, Accrol has acquired Flint, North Wales based wet wipes and facial tissue manufacturer John Dale Limited for £3.9m in cash, valuing the business at a 6.5x EV/EBITDA multiple. With significant available slack capacity in the acquired business, Accrol can exploit opportunities to cross sell the products to the Group’s customers, and build scale without the need for substantial capex. The acquisition provides Accrol with an entry into the attractive wet wipes segment, with a clear desire to use it as a platform to build a sizeable wet wipes business and undertake further M&A.
Companies: Accrol Group Holdings plc
SCE has reported FY results for the year ended December 2020. Results are much as we would expect while operational developments are most encouraging. FY2020 saw an acceleration in engagement with new and potential customers, albeit there is a slight shift in Aston Martin Valkyrie start of production. Forecasts are only changed slightly and the future remains bright.
Companies: Surface Transforms plc
The covid-19 pandemic has had a devastating effect on the share price of property companies, with 31% wiped off the value of their total market capitalisation during the first quarter of 2020.
Companies: AEWU CREI CSH BOOT INL HLCL THRL SUPR RESI RGL DIGS GR1T SOHO PHP EBOX ASLI UTG AGR UAI BLND CAL SHED WHR EPIC WKP GRI YEW HMSO PCA CCRGF NRR
In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have been commensurately positive. In addition to the results news flow, we have continued to see examples of M&A activity across a range of sectors. We have also seen a pick-up in IPO activity. Regarding the outlook, we have the Bank of England MPC Minutes on Thursday and Q4 2020 GDP numbers on 12 February. Most notably, we have the UK Budget on 3 March when the Chancellor will set out the next phase of the plan to tackle the virus and protect jobs. We will also have the latest forecasts from the Office for Budget Responsibility. That said, if signs of a greater than anticipated economic recovery are feasible in Q2 & Q3 and, potentially, only limited lockdowns are likely later in the year, grounds for greater optimism for UK small caps could lead to further outperformance in 2021, especially if M&A activity continues, in a world awash with cash.
Companies: AJIT ARW BPC BVC BAG BEG BON BWNG CLG CRPR EYE ECHO EPWN FDM FA/ GPH GNC HUW INSE KAPE KP2 MNZS NMCN NRR OBD PPC QFI ROL SAVE SCS SEN SOS SUR SNX TON TMG TGL TCN UEM VLS W7L WINK WYN
Today's news & views, plus announcements from BT, BDEV, ULVR, WOSG, MDC, ESO, MRL, SEIT
Companies: BDEV MDC SEIT
