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tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard). Has raised £13M in an oversubscribed placing. £25m mkt cap. Due 26 Feb. 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. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc has out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Anticipated mkt cap £110m. Raising £13m in new money and vendor sale of £34.9m . Due 2nd March. 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. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
Companies: YEW IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” 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. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions . In FY20 the Group delivered pro forma revenue of £52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected 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. 4basebio UK Societas is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients. The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: £14.53m.
Companies: SAR PAF PTRO NEXS TYM BOD CLX FAB ODX DUKE
Calnex Solutions has today confirmed that the strong levels of customer spend experienced during H1/21 have continued into H2/21. Consequently, with FY21E revenue and profitability both anticipated to be ahead of market expectations, we have upgraded our FY21E revenue and adjusted PBT forecasts by 12.6% and 18.9% to £17.3m and £5.1m, respectively. Calnex has firmly established a trusted reputation worldwide, launching multiple first to market telecoms and network testing solutions. The exponential growth of data creation and secular migration of industries to cloud computing along with the long-term transition of the telecoms industry to 5G are long-term drivers of demand for high value test instrumentation. Calnex is progressing its growth strategy expanding both R&D and sales capacity to capture increased market share within this substantial and growing global market.
Companies: Calnex Solutions Plc
CAP-XX Ltd* (CPX.L, 11.0p/£48.6m) | ECSC Group plc* (ECSC.L, 75p/£7.5m) | MTI Wireless Edge Ltd* (MWE.L, 81p/£71.7m)
Companies: CPX ECSC MWE
Contract announcement
Companies: Trakm8 Holdings PLC
Following the formal end of takeover discussions, we are able to recommence our coverage of Telit. Today’s trading update reveals Telit has performed very well through a year overshadowed firstly by the restrictions of the COVID pandemic and then by the distractions of potential bids. When the pandemic began in early 2020, Telit was able to act quickly and decisively, moving some 850 employees to home working within a few weeks. Although customer demand naturally slowed, operations have continued uninterrupted throughout the period and the business has displayed great resilience. We take this opportunity to reissue forecasts for FY20 and FY21 and set a near-term target price of 345p based on 14x EV/EBITDA, in line with the current average on the finnCap tech indices.
Companies: Telit Communications S.p.A.
BBB has announced that it is expanding into New Zealand from its highly successful Australian hub. It has signed an exclusive agreement with satellite operator Kacific to resell capacity on the Kacific1 satellite in New Zealand, and if there are attractive opportunities, BBB could also expand into neighbouring countries with Kacific. In New Zealand, BBB will offer download speeds of up to 75 Mbps to over 100k premises that are outside of the country’s fibre rollout due to its challenging topography. By leveraging BBB’s extensive experience launching and scaling satellite operations in Europe, and the capabilities of an Australian team that has driven the Australian operation to be awarded the Best Satellite NBN provider in 2019 and 2020, we conservatively forecast that BBB will grow to 3k New Zealand subscribers in FY22. This generates £2m of revenue in FY22, and we upgrade our group revenue forecasts by +2% in FY21 and +5% in FY22. To deliver this growth BBB will invest up to £1m, and we reduce our FY21 and FY22 group EBITDA by £0.3m, or 4% in FY21 then 3% in FY22. BBB then expects to breakeven in the last quarter of FY22, and our FY23 EBITDA and EPS would be correspondingly higher due to the impact of New Zealand. For BBB’s Australasia division, we now expect organic revenue growth of +19-20% in FY21 and FY22, with EBITDA and OpFCF of over £3m pa. Valuing just the Australasia asset at a 5% FCF yield would imply a valuation of £60m, or BBB’s current market cap, before adding the value of Quickline and the Nordics. As BBB focuses on creating shareholder value across its three core assets, it trades on 12-month forward EV/EBITDA of 10x with 25% EBITDA growth, and looks undervalued relative to peers on 12-16x EV/EBITDA with 9-10% EBITDA growth. We look forward to hearing more about BBB’s momentum at FY20 results in March.
Companies: Bigblu Broadband plc
Q3 trading points to a sequential recovery H2 Managed Services (MS) revenues in the order of 3% for recurring revenues and some 16% for project work. This improved visibility gives the company the confidence to reintroduce guidance for both FY21 and FY22 with the latter expected to benefit from a return of pent-up demand and generate high single digit MS organic revenue growth and FCF of some £6m for an equity FCF yield of c.9%. We view this as attractive given the potential to push FCF towards £10m as the recovery takes hold and with the potential for further accretive acquisitions as an when appropriate.
Companies: AdEPT Technology Group Plc
The EBITDAaL was eventually down by 1% yoy but should have grown by 3.2% excluding the COVID-19 impact. Despite this solid performance and the return to normal of its dividend, the stock is still languishing 20% below its pre-pandemic levels. At first investors were also quite circumspect about Orange’s determination to keep its new towers company within the scope of the group. But later, Stephane Richard made it clear that Orange won’t go it alone in the towers space.
Companies: Orange SA
The group released a solid and better than expected Q4. The recovery is on track as revenues were only down by 2.1% yoy and lfl, while the EBITDA margin improved thanks to effective cost containments. Slowly but surely, TI rolls out the strategic plan decided in 2019 by Elliott and the CDP under Vivendi’s auspices. The COVID-19 crisis did not help it to hit the growth path again in 2020 but the objectives of TI’s 2021-23 strategic plan look achievable.
Companies: Telecom Italia (TIT:BIT)Telecom Italia S.p.A. (TIT:MIL)
Q4 numbers were in line with expectations and quite reassuring. Telefonica has, however, preferred to cut its dividend by 25% (at €0.3 vs €0.4 previously) to preserve its cash flow while its investments will remain substantial in the coming years. So after the recent sale of its telecommunications towers division in Europe and in Latin America for €7.7bn to American Tower, this cautious cut could indeed help restore market confidence. We maintain our opinion at Buy on the stock.
Companies: Telefonica SA
