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Atea reported Q3 results slightly below our estimates, but with a DPS at NOK 5 and a new dividend policy. Revenues declined by 2% y-y FX-adjusted and we expect headwinds on hardware to persist, offsetting solid software growth. While Atea is trading at a discount to peers but in-line with its historical figures on EV/EBIT NTM, we need to see revenue improvements as well as cost efficiencies before we find it attractive. As such, we maintain our Hold rating.
Companies: Atea ASA
Arctic Securities
Q3 results -3% below on consensus revenues but 11% ahead on EBIT Software (+16% y-y) was strong – positive read across to Crayon We will make minor estimate changes, consensus EBITDA may increase
Dustin’s Q4 results (announced today) shows slight decline in LPC ..stating stable demand in public, but delayed for large corporates The results supports our estimates for Atea
Dustin’s Q4 results (just announced) shows slight decline in LPC ..stating stable demand in public, but delayed for large corporates The results supports our estimates for Atea
Atea’s Q2 results were already pre-announced and driven by solid results in Norway, while Sweden was broadly in-line and Denmark was slightly weaker than expected. Denmark remains the largest swing factor to estimates, but its EBIT improvement was solely due to cost reductions. Software growth was stronger than expected, and is a positive read-across to software peers such as Crayon. We reiterate our Hold rating and lift our TP to NOK 109 (105).
Q2 results were already preannounced in the recent profit upgrade Sweden, Norway and Baltics ahead; but Denmark weaker than estimated Software was especially strong (+21% y-y) – positive read-across to Crayon We expect to make minor estimate changes
Atea announced a profit upgrade yesterday, following solid results from Dustin from the public sector. Though this signals underlying improvements, some of this is likely due to temporary positive effects from Covid-19. The results is also a positive read-across to Nordic IT companies including Crayon. We maintain our Hold rating until we get more colour in the Q2 report on the underlying improvement – in such a scenario Atea’s discount to peers should narrow.
Dustin just reported its results; with LCP (large corporates) up 7% y-y Dustin’s LCP segment was driven by strong sales to the public sector …offsetting soft development in the SMB segment and for large corporates Supports our est. for Atea, expecting strong public sales(60% of revenues)
Atea reports Q2 results on July 15. We expect a temporary positive effect from higher hardware sales (remote working products) and extended payment terms in Q2 and part of Q3. Still, the underlying trends in hardware is soft with potential risk on delivery issues from certain hardware vendors. As such, we maintain our Hold rating as we view several other TMT shares as more attractive, including pure-play software companies with a higher cloud exposure.
Public sector agreement in Sweden today already reflected in estimates Expect near-term improvements in revenues in software and hardware Solid software growth in the Nordics (ref Crayon’s Nordic results) Temporary stronger hardware sales (remote working products) in Q2
Atea’s Q1 results were weaker than expected, due to soft results in Denmark and Sweden in especially hardware. While this has improved into Q2, with a stronger backlog y-y, we consider this improvement as temporary. As such, we maintain our Hold rating, and consider the discount to peers – with some seeing a multiple expansion recently - as fair until further data points on underlying improvements. We view several other TMT shares as more attractive.
Q1 results below estimates due to weaker results in Denmark and Sweden Slow start of Q4 for product revenues but improved through the quarter Revenues “accelerated into Q2”, cost cuts initiated in Denmark Expect to cut our estimates, depending on details on Q2 improvements
Atea reports Q1 results on April 22. While the initial start to Q1 was soft, we model improved revenues through the quarter from increased hardware sales since COVID-19. This, and positive FX effects on reported figures, should be enough to offset weakness in project related services. While recent comments from Dustin and Atea’s CEO could indicate a solid Q1 report, the estimate risk remains large – also considering the decision to withdraw its dividend payment.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Atea ASA. We currently have 53 research reports from 2 professional analysts.
Concurrent Technologies delivered a record £31.7m revenue and a substantial increase in profitability in FY23. Management has successfully navigated through the challenging period of worldwide component supply problems that characterised FY22 and delivered a strong recovery in FY23. The business has been completely transformed since the new management team started in 2021 and the focused strategy is delivering. With revenue from the increased number of design-in wins secured in FY23 starting to
Companies: Concurrent Technologies Plc
Cavendish
1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth suppressing margin and cash generation. This investment phase will continue in FY25 to lay the foundation for transformational growth from 1Streetworks and in the US in the coming years. Our scenario analysis indicates the upside from successful execution is significant, with further wins for 1Streetworks and in the US being the key catalysts for m
Companies: 1Spatial Plc
Edison
Crimson Tide has reported FY23 results to December in line with expectations, with additional operating leverage benefitting updated FY24 and maiden FY25 and FY26 forecasts. FY23 delivered +15% revenue growth to £6.2m at 86% GM, of which over 90% is recurring, and maintained £5.8m ARR even after unexpected customer churn in the year as we previously noted. Crucially, the Group achieved milestone adj EBITDA profitability of £0.4m at 7% EBITDA margin, and edges closer to adj PBT profitability expe
Companies: Crimson Tide Plc
Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning's full year results reflect the outcome of a multi-year strategy coming to fruition for the group, with recurring revenue growth of 8.7% delivering overall revenue growth of 7.1% and in turn a 60% increase in PBT to £0.7m. Over the past few years, Touchstar has focused on enhancing the returns from their product offering through a shift towards recurring software licen
Companies: Touchstar plc
WHIreland
Altitude has released a trading update for the year to 31 March 2024 confirming Management expects FY24 results to at least meet market expectations. Our unchanged forecasts show annual revenue growth of 38.9% in FY24 as the Group’s Merchanting division expanded significantly, driven by increased numbers of sales Affiliates and by the US Gear Shops. This translates to adjusted PBT growth of 29.4% to £1.2m on our FY24 estimates. In line results also means that over the last two years both revenue
Companies: Altitude Group plc
Zeus Capital
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Hybridan
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Arcontech has reported encouraging H1 24 results to December, with revenue £1.45m, adj EBIT £0.4m and net cash £5.7m, in line with our conservatively unchanged £2.8m FY24 revenue estimate. Revenue growth (+7% yoy) reflects the multi-year contract won in October and the strengthening relationships with core Tier-1 customers, with signs of improvements in challenging market conditions. Our prudent forecasts reflect the impact of unexpected growth in floating user terminal numbers in H1, with plent
Companies: Arcontech Group PLC
Companies: CNC RNO MAI IUG CUSN POLB
Concurrent Technologies' interim results confirm the worldwide shortage of semiconductor components has placed significant headwinds in front of the business, inevitably slowing manufacturing output and order shipments to customers. None of these delays have led to any loss of underlying business, however, we anticipate a significant period of growth to follow the normalisation of component supply chains, fulfilling both delayed backlog and a rapidly growing order intake. Investment in R&D doubl
IQGeo’s FY23 results show remarkable organic revenue growth of +64% to £44.5m, FY23 adj EBITDA +2% ahead of our +5% upgrade at the January trading update, and a confident outlook that leads us to conservatively reiterate our FY24E and FY25E forecasts. Excellent execution of the land and expand strategy has scaled organic exit ARR +50% yoy to £21.3m, with record order intake +40% yoy to £57.2m, and net recurring revenue retention increasing to 133% from 108% in FY22. After upgrading by +6% in Jan
Companies: IQGeo Group PLC
Journeo has confirmed record results for FY23A, in-line with recent upgraded expectations across the board. FY23A revenue increased significantly by 118% to £46.1m (including 20% organic growth) and Adj PBT increased 270% to £4m, representing a near doubling of the Adj PBT margin. Journeo has positioned itself for a period of sustained growth following the transformational Infotec acquisition, the bolt-on MultiQ acquisition and ongoing R&D in the existing business. Journeo looks compelling on an
Companies: Journeo plc
Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti
Companies: EPIC DARK TIDE IGP IOM NCC CHRT CNS CLCO TERN SWG CCS SYS BVC
Auto Trader’s FY23 results last week showed continued strong performance from its core marketplace business despite constrained supply in new and used vehicles.
Companies: Auto Trader Group PLC
Companies: FOG PEB KBT EMR TIME GETB JNEO
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