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Surface Transforms is now well capitalised following completion of an oversubscribed c.£20m fundraise. Management will move rapidly to develop OEM Production Cell Two to fulfil new and anticipated orders. We update our estimates for the fundraise and the revised investment programme. Sales and gross profit are unchanged, but overheads will be higher in all years reflecting the required investment in the platform to deliver for customers. 2021e will be a year of build-out; OEM orders start to flow properly in H2. The Group should turn sharply profitable in 2022e, with a further ramp-up in 2023e. With Cell Two up-and-running, factory revenue capacity will rise to £35m from £20m currently. We assume a sustainable net margin of 25%-30%, or implied profit up to £10.5m and a PE of c.14x. A fully fitted-out five-cell factory could generate up to £22.5m of net profit each year. Surface Transforms must deliver but is now well positioned for the medium-term.
Companies: Surface Transforms plc
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
The group has announced a positive trading update in advance of its March year-end. The update highlights that despite the various challenges of the past year, profit for the year is ahead of market expectations and has creditably exceeded the record profit performance of FY20. As such, we are upgrading our FY21 EPS by 10.2%. Noting some areas of caution, we introduce FY22 forecasts which conservatively factor in slight growth. We raise our price target from 720p to 835p, with a target FY22 P/E of 17.2x, offering decent upside to the current level of 15.9x, and remaining a discount to many peers.
Companies: Solid State plc
Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a short trading update, pointing to the fact that profitability in the year to 31 March 2021 is now expected to be ahead of market consensus estimates and above the previous financial year, itself a record performance. This has been principally driven by a stronger mix of revenue for higher value-added products, services and solutions. Whilst mindful of both extended delivery times for semiconductor components and shortened customer order schedules having the potential to cause programme delays in FY 2022E, the Board anticipates a similar trading performance to the current financial year. On the back of this morning’s announcement, we have raised our FY 2021E earnings expectations 10.0% higher and at the same time reintroduced FY 2022E forecasts. Reflecting the upgrade to estimates, alongside the expansion of multiples now ascribed to peers, we see fair value for the shares at 885p.
Scotland’s only quoted housebuilder has delivered a 43% jump in adj PBT for the six months to November, as the country emerged from its extended site lockdown, releasing cash on sales that had narrowly missed completing by the May 2020 year-end. The Group “remains on track to report significant growth for the full year, slightly ahead of market expectations”; we are maintaining our P&L estimates for now but believe that, in the absence of any unforeseen circumstances, the risk has moved more to the upside.
Companies: Springfield Properties PLC
Solid State’s trading update states that FY21 adjusted profits are likely to be ahead of consensus estimates and FY20, which was itself a record performance. Noting the potential impact of global semiconductor supply chain issues and continued customer uncertainty related to the coronavirus pandemic, management expects FY22 performance to be comparable with this year.
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
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) 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. 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 £5 million. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc recently set 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. Deal details TBC but media reports suggest a £100m valuation. Targeting 2nd March Admission 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: IRR MKA GHH LEK POW KRM DRUM ODX FA/ ALBA
Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a short trading update, pointing to the fact that profitability in the year to 31 March 2021 is now expected to be ahead of market consensus estimates and above the previous financial year, itself a record performance. This has been principally driven by a stronger mix of revenue for higher value-added products, services and solutions. Whilst mindful of both extended delivery times for semiconductor components and shortened customer order schedules having the potential to cause programme delays in FY 2022E, the Board anticipates a similar trading performance to the current financial year. On the back of this morning's announcement, we have raised our FY 2021E earnings expectations 10.0% higher and at the same time reintroduced FY 2022E forecasts. Reflecting the upgrade to estimates, alongside the expansion of multiples now ascribed to peers, we see fair value for the shares at 885p.
Although CV19 rounded off a disappointing year, BAR was just profitable in FY20 and ended the period with £21m cash. After a challenging transition post the disposal of manufacturing, a new and experienced leadership team is now in place which has laid out clear future growth plans. Through a combination of organic growth, brand focus, productivity gains and selective acquisitions, BAR aims to grow sales to £50m over the medium term. The business model is inherently high margin and cash generative and, if these characteristics are borne out, future value could increase several fold compared to today’s £20m.
Companies: Brand Architekts Group plc
ABD’s fundamentals are sound, but trading has been challenging with track testing activities restricted and equipment sales deferred. R&D spend by the OEMs ultimately drives ABD’s revenues. Budget cuts are inevitable, although time will tell whether spending on autonomous driving R&D and active safety systems are sheltered. For now, we assume testing activity and kit sales will be subdued for at least two more quarters. We reflect this in our no-growth forecasts for FY21e, before some recovery in FY22e. Of course, ABD has balance sheet headroom to acquire. And new track, lab and simulation testing products and services should help grab market share. That said, with no immediate earnings catalyst and with ABD trading on a full rating (CY21e PE c.43x), we think the stock will continue to drift. Our revised valuation is £18.0 from £19.50.
Companies: AB Dynamics plc (ABDP:LON)Nuzee Inc (NUZE:NAS)
Accrol Group Holdings plc (ACRL LN) Bango plc (BGO LN) Brickability Group plc (BRCK LN) Norcros plc (NXR LN) OnTheMarket (OTMP LN) Ricardo (RCDO LN) UP Global Sourcing Holdings (UPGS LN) Watkin Jones (WJG LN) Xpediator (XPD LN) ZOO Digital (ZOO LN)
Companies: ACRL BGO BRCK NXR OTMP RCDO UPGS WJG XPD ZOO
SCE is raising £20m through a placing and open offer as the future commercial pipeline now justifies building the next manufacturing cell (“Cell 2”). Cell 2 will essentially double production capacity and transform the potential of the business. When operating at full capacity, we estimate that SCE would be capable of £35m revenues, £15m EBIT and £12.5m Earnings. This would equate to EV/EBIT of 7.1x and P/E of 9.5x based on the enlarged capital base. Recent trading updates have highlighted that trading is strong and in line with expectations, while longer term ASP expectations have increased significantly.
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.” Kanabo Group (RTO by Spinnaker Opportunities SOP.L) on the main market (standard). Raising £6m, enlarged mkt cap £23.4m. Kanabo focuses on the distribution of Cannabis-derived products for medical patients, and non-THC products for CBD consumers . Due 16 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. 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. Cordiant Digital Infrastructure to admit its shares on the Specialist Fund Segment of the Main Market of the London Stock Exchange . Targeting a £300m raise. Cordiant invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Due 16 Feb. 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. Due 17 Feb Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective 16 February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Raising £8.2m. £18.7m mkt cap.
Companies: OHG MDZ PEG IQE RBN WHR HMI ANIC KOD GMR
As one of the hardest hit European OEMs by the sanitary crisis, Renault reported a historic loss in FY20. And, while there was certainly an improvement seen in H2, the lack of a 2021 guidance and a list of current headwinds points to a not so rosy scenario for the first half of 2021.
Companies: Renault SA
