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  • 01 Feb 17

Profitability ahead

G3 Group (GGL) operates three businesses: document and data management in New Zealand and Australia, a unique UK-based tourist souvenir business and a business mail operation in NZ. The performance for the three months to 31 December 2016 was strong, with both gross and operating margins reported ahead of target. The company attributes its outperformance to strong revenues in the higher-margin document management business versus the less profitable business mail unit. As expected, inventory days showed an increase due to the previously announced one-off buy up of business mail products during Q1. These will continue to reduce as the product is sold off. Management expects to achieve all key operating metrics (KOMs) in FY17e.

Companies: G3 GROUP
  • 29 Jul 16

Management says FY17 KOM targets to be met

G3 Group (GGL) operates three businesses: document and data management in NZ and Australia, a unique UK-based tourist souvenir business and a business mail operation in NZ. The audited FY16 financial results showed NPAT of NZ$2.14m, which was 12.2% ahead of FY15 and included a PBT contribution of NZ$0.04m from Formfile Records Management Group, acquired on 20 January 2016. It also included costs associated with IPO and the introduction of an employee share scheme, totalling NZ$0.227m and NZ$0.345m, respectively. The key operating milestones (KOMs) performance for Q117 is below expectations for FY17 due to the short-term impact of a postage price increase and seasonal softness in the UK market.

Companies: G3 GROUP
  • 13 Jun 16

NPAT up 12.2% for FY16

G3 Group (GGL) operates three businesses: document and data management in NZ and Australia, a unique UK-based tourist souvenir business and a business mail operation in NZ. The audited FY16 financial results showed NPAT of NZ$2.14m, which was 12.2% ahead of FY15 and included a PBT contribution of NZ$0.040m from Formfile Records Management Group, acquired on 20 January 2016, as well as costs associated with IPO and introduction of an employee share scheme totalling NZ0.227m and NZ$0.345m respectively.

Companies: G3 GROUP
  • 11 Feb 16

Margins ahead of expectations

G3 Group operates three businesses: a New Zealand-based business mail operation, a unique UK tourist mail business (Universal Mail UK) and document management in New Zealand and Australia. The performance for the third quarter that ended 31 December 2015 showed gross margin and inventory levels for the quarter and year to date above the key operating milestone (KOM) targets. The volume of items processed in the third quarter was below the KOM target, but is expected to increase in the fourth quarter with the resumption of services to a major bulk customer.

Companies: G3 GROUP
  • 01 Feb 16

Core outperformance in H117

G3 Group (GGL) operates three businesses: document and data management in New Zealand and Australia, a unique UK-based tourist souvenir business and a business mail operation in NZ. The performance for the six months ending 30 September 2016 showed a significant improvement versus the same period a year earlier, with underlying EBITDA growing by 24.9%. Strong growth in a G3 core home market of New Zealand post was one of the main drivers behind its strong performance. Furthermore, several bolt-on acquisitions continue to perform well, with the company announcing that it plans to continue looking for acquisition targets in its key markets.

Companies: G3 GROUP
  • 06 Aug 15

On the right track

G3 Group operates three businesses: a New Zealand-based business mail operation, a unique UK tourist mail business (Universal Mail UK) and document management in New Zealand. Following its successful listing on the NXT in June 2015, the company has provided the market with a business update for Q116 stating that all key operating milestones (KOMs) the company on track to meet its second quarter targets and KOMs.

Companies: G3 GROUP
  • 18 Jun 15

Mail and beyond

G3 Group operates three businesses: a New Zealand-based business mail operation; a unique UK tourist mail business (Universal Mail UK); and document management in New Zealand. The compliance listing on the New Zealand NXT market does not include the raising of any capital and will provide a platform for organic and acquisition-fuelled growth.

Companies: G3 GROUP

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on G3 GROUP. We currently have 7 research reports from 1 professional analysts.

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  • 22 Aug 19

Strong FY19 results, strong structural position

Arcontech has reported a strong set of FY19 results that have driven large but still conservative upgrades to our existing 2020 estimates. In this report, we also present an in-depth review of the Arcontech investment case, which we split into two parts. For Arcontech’s organic business, we expect that the company’s robust structural position can continue to deliver at least 6% revenue growth (FY19 +12%) and at least 7% EPS growth (FY19 +26%) in 2020-21. Meanwhile, we believe that Arcontech’s strong balance sheet creates a range of options for Arcontech as an acquirer or target, or could alternatively facilitate greater shareholder returns. We upgrade our price target to 200p based on 25x 2020 EPS, and Arcontech trades on 12m fwd multiples of 19x P/E, an EFCF yield of 3.8%, and a dividend yield of 1.4%.

Companies: Arcontech Group
  • 22 Aug 19

Strongest ever pipeline accompanies SaaS transition

Interims to June report performance in line with unchanged expectations. Our previous note title, “sunshine and Cloud”, remains appropriate: with targeted expansion in sales resources, the group has experienced 48% growth in the total value of pipeline deals since January, with all-time highs in volume of larger opportunities, within which SaaS business has expanded sharply. Against an unusually strong 1H comparative, we are confident of FY forecasts, tailored for 2H strength as well as increasing proportion of SaaS deals, which will also enhance multi-year visibility. Underlying commercial momentum is increasing in tandem with Sopheon’s earnings quality from growing recurring revenue (currently $15.3m ARR), as the use cases of the Accolade software product broadens and with it the sales funnel. Target 1,425p reiterated.

Companies: Sopheon
  • 21 Aug 19

HomeSend – home straight

Wameja (formerly eServGlobal) is a direct 35.68% investment in the well-funded HomeSend (HS) JV with Mastercard, a partnership with a payment industry global leader in the $127 trillion cross-border payments market. The sale of the legacy business removes distraction and appeases risk, enabling focus on the value and opportunity in HS as payment platforms such as TransferWise and Monzo – cross-border in particular – see valuations soar. The 2Q update highlights strong growth and, with Mastercard backing, success is surely inevitable. Although patience may be required, Wameja is built for it and the longer the inevitable corporate action takes, the higher peer group multiples grow. With a fair value of 30-50p, we reiterate our 20p 12-month target price as the market gains awareness of value of the platform, in anticipation of a corporate event.

Companies: eServGlobal
  • 22 Aug 19

Interims in line with recent update

Sopheon’s interim results reflect a return to a stronger second half weighting, as flagged in July’s trading update – although EBITDA is $0.5m ahead of the number in that announcement. Alongside the delays in closing some license contracts in the first half, management reiterates the strength of the new business pipeline and the supportive underlying market conditions, and notes customers apparently reverting to a year-end buying pattern. With a sharp increase in the proportion of SaaS business in the pipeline – reflective of industry procurement trends - we expect to see higher recurring revenues over time (bringing greater visibility) and enhanced lifetime customer revenue. Chairman Barry Mence comments that the future prospects for Sopheon ‘have never been brighter’ when highlighting the positive trends for the Group in the outlook statement – and we note the pipeline and the long-term value being built within the growing SaaS business.

Companies: Sopheon
  • 15 Aug 19

Tencent drops after weak guidance, SoftBank makes energy investment, Security software leaks 1m fingerprints

Tencent shares slumped as much as 3.88% on Thursday after the Chinese technology giant missed analyst expectations, despite beating forecast on earnings. Revenue rose 21% year-on-year to 88.82 billion yuan. Profit attributable to shareholders beat analyst forecasts, rising 35% year-on-year to 24.14 billion yuan. The company's gaming division returned to growth, posting revenue of 27.3 billion yuan, up 8% year-on-year, with mobile games performing particularly well.

Companies: KAPE AVST BIDS CDM CNS DFX ECSC FLX FDEV GFIN IGP KWS NCC OSI SOPH SUMO TM17

  • 21 Aug 19

Cenkos: Brady Plc - New business challenges

Converting new business opportunities into revenue is proving more challenging than we had anticipated and we are revising our forecasts following today's trading update. The deferral of business means the outlook for 2020E remains positive. We move our recommendation to Hold until we see momentum returning.

Companies: Brady
  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

  • 13 Aug 19

China’s CB nears launch of digital currency, Uber falls to all-time low, Huawei debuts own operating system

An official at China's central bank has said the institution is nearing the launch of its digital currency. Speaking at an event in China over the weekend, Mu Changchun, deputy director of the payments unit at the People's Bank of China, said its researchers have been hard at work since last year to complete the systems needed to support the digital yuan offering and that it is "Close to being out." The news was reported by Bloomberg on Monday.

Companies: AMO BGO BOKU IQE TECH

  • 25 Jun 19

FY 2019 beats forecast as earnings quality grows

A stronger than expected H2 means FY Mar 2019 earnings beat forecasts already upgraded with the post-YE trading update in April. We expect robust demand for data solutions to continue and we reiterate FY 2020 growth expectations. Note that IFRS15 adoption brought £1.7m revenue and £1.0m profit from FY 2018 (restated) into FY 2019, enhancing the growth rate. The 57% EPS growth was further skewed by a very low tax-rate in FY 2019. Thus revenue and earnings appear to fluctuate sharply. Underlying that, however, D4T4 is steadily growing revenue and maintaining margins, while simultaneously improving quality and reliability of earnings through term licences, PaaS and recurring revenue while also investing in US expansion. Overall, this is another year of excellent performance and we raise our TP to 310p in line with the sector.

Companies: D4T4 Solutions
  • 19 Mar 19

Cenkos: Bango Plc - Final results update

This morning, Bango announced final results for the year to December 2018. During the period End User Spend (EUS) continued the trend of recent years and has more than doubled to £558.2m and revenue up 60% to £6.6m (FY18: £4.2m). Adjusted LBITDA improved to -£0.9m (FY18: -£1.6m), with positive EBITDA achieved during Q4/18. Following the Audiens acquisition in early 2018 and investment in further development, December 2018 saw launch of Bango Marketplace. This is a new business segment, adding a potentially significant and high margin revenue stream, monetising the extensive and growing amount of transactional data from the Bango Platform. There remains a growing pipeline of new MNO/App Store integrations and further Google Play upgrades, representing a significant pipeline of over US$4 billion in EUS.

Companies: Bango
  • 05 Jul 19

Small Cap Feast

ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m· IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas which have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raise TBC, expected mid-July 2019

Companies: SRT CHH VELA CREO ASH MIRA ECO AQX ARCM DRV

  • 08 Aug 19

BA resumes services after IT meltdown, AT&T employees took bribes to install malware, Nike announces AI acquisition

British Airways said its flights were returning to normal after passengers had to endure cancellations, delays and long queues at London airports as the airline suffered its third major computer failure in a little more than two years. More than 60 flights to and from Heathrow and Gatwick were cancelled and more than 100 were delayed, according to the departure boards at the two airports.

Companies: KAPE AVST CNS DFX ECSC FLX IGP NCC OSI SWG SOPH

  • 13 Aug 19

Selling picks in a gold rush

Essensys is a leading provider of real-time IT provisioning and ERP software to the flexible workspace market. Its SaaS platforms allow flexible workspace operators to establish and run an efficient, scalable business, enabling the vast majority of IT tasks to be completed by non-technical staff. Founded in 2006, the group has benefitted from the dramatic increase in demand for flexible workspaces, a structural growth trend that shows no signs of slowing down. Its recurring revenue model features attractive unit economics, impressive SaaS metrics and excellent pipeline visibility, significantly underpinning our prudent forecasts. We expect 24% 3yr CAGR in recurring revenue to FY’21, supported by strong trading in FY’19, confirmed in today’s year end trading update. With an experienced management team in place, a highly favourable market backdrop and near-term forecasts well underpinned, we believe the group is set to continue its impressive growth trajectory throughout our forecast period and beyond.

Companies: Essensys
  • 14 Aug 19

CBS and Viacom reach merger deal, Snap launches new AR Spectacles, Facial recognition in King’s Cross

CBS and Viacom have agreed to merge, ending years of on-and-off talks. The merger highlights a long effort to unite CBS and Viacom as the media companies seek to compete with giants like Disney and Netflix. Viacom CEO Bob Bakish will run the combined company, which will be named ViacomCBS.

Companies: EVRH ZOO AMO IMMO MIRA VRE

  • 20 Aug 19

Osirium Technologies - First Opus contract win

Osirium Technologies has signed up its first customer for the recently launched Opus privileged process automation solution and two new customers for its PxM platform. Osirium has broadened its product range with Opus and the recent launch of its privileged endpoint management (PEM) solution, opening up access to a wider addressable market and providing support for our bookings forecasts.

Companies: Osirium Technologies