Research, Charts & Company Announcements
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17 May 17
N+1 Singer - Morning Song 17-05-2017
ATTRAQT Group (ATQT LN) Integration progress; potential for significant cost savings | Bodycote (BOY LN) Good trading, in line with management expectations | Brewin Dolphin Holdings (BRW LN) Positive interims showing Q2 FuM growth and margin accretion | Grafenia (GRA LN) Net cash clarification | Listed Law Conference More listed legal services companies expected | Raven Russia Ltd (RUS LN) Raising funds for further opportunities | Synairgen (SNG LN)Full year results; LOXL2 inhibitor due to commence Phase I in H2 2017 | Zotefoams (ZTF LN) Positive start to the year
Companies: RUS BOY BRW MUR GRA SNG ATQT BUR DRV GTLY ZTF
16 May 17
Hardide* (HDD): Interim results, oil recovery and aerospace approvals bode well (CORP) | Premaitha Health* (NIPT): Trading update (CORP) | Akers Biosciences* (AKR): Q1 results (CORP) | Water Intelligence* (WATR): Growth strategy on track in a large, defensive market (CORP) | Frontier Developments* (FDEV): Elite Dangerous coming to PS4 (CORP) | K3 Business Technology* (KBT): Trading update (CORP)
Companies: HDD NIPT AKER WATR FDEV KBT
17 May 17
N+1 Singer - Zotefoams - Positive start to the year
Zotefoams has confirmed a very positive start to the year, in line with expectations. Group revenue for the first quarter was 28% ahead of a quieter Q1’16, or 16% on a constant currency basis. All business streams have reported good progress and the outlook is confident. We expect no meaningful changes to our forecasts, or to consensus and we remain of the view that ZTF is well placed for the medium term. The one fly in the ointment is a minor slip on previous guidance on the start-up of the US plant (end Q3 versus previous guidance of mid year), but this is a major expansion and clearly, once commissioned, a significant positive for the investment case. We remain at BUY with a 336p TP.
18 May 17
N+1 Singer - Morning Song 18-05-2017
Churchill China (CHH LN) Positive AGM update | Cineworld Group (CINE LN) Cracking trading update and upgrades, but largely priced in | First Derivatives (FDP LN) Making fast work of existing and new markets | IDOX (IDOX LN) Positive outlook; trading on track | IndigoVision Group (IND LN) Trading in line | Itaconix (ITX LN) Streamlining to prioritise product commercialisation | Marston’s (MARS LN) In line interims and a very usefully accretive deal | Safestyle UK (SFE LN) Weaker trading leads to 5% downgrades | Speedy Hire (SDY LN) Focused on restoring profitability | Wilmington (WIL LN) Trading update
Companies: SDY WIL IDOX MARS CHH IND CINE SFE ITX FDP
17 May 17
Positive AGM update
Zotefoams reports that Group revenue for the first three months was approximately 28% ahead of the previous year, with constant currency growth of 16% boosted by strong FX tailwinds.
18 May 17
Small Cap Breakfast
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission. | Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May. | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May. | AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property | Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m. | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe | ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017. | Tufton Oceanic Assets– Extended to 9 May on specialist funds segment of Main Market to enable further due diligence. |PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Companies: STL HAL STAF CHH RENE DHG SFE FDBK EKT
15 May 17
N+1 Singer - Victrex - Positive H1 underpins FY profit and special dividend expectations
Positive interims confirm a strong performance from the core business, which saw volume increase by 19%, more than offsetting the anticipated decline in consumer electronics demand. Volume and PBT increased by 5%, both representing 50% of our FY forecast. With further currency benefits to come and a normal H2 weighting, forecast upgrades might have been expected, but ongoing uncertainty over consumer electronics holds back this prospect for now. More positively, the special dividend (50p+ this year) now looks to be cemented and currency gains (£10m+ benefit o PBT) are also firming for FY18. The shares have passed our 2000p Target Price, and we are therefore at HOLD at this stage, but we remain strongly supportive of the medium term investment case.
09 May 17
A brilliant half
Treatt has delivered yet another strong set of results. The business continues to perform very well and the constant stream of upgrades demonstrates the strength of momentum as the company moves further up the value chain. The pipeline is looking increasingly strong and recent growth means capacity expansion costing $11-14m is required at Treatt USA and is independent of the UK site relocation. We upgrade our FY18 and FY19 earnings estimates by c 2% and c 4%, respectively.
16 May 17
Interim results, oil recovery and aerospace approvals bode well
Interim results for the six months to March put the company on track to achieve full-year expectations. Significant improvements have been seen in the level of demand from the oil & gas sector, currently its largest market. The group has gained pivotal approved supplier status with Airbus, but production contracts may take some time to come through. The group is well positioned ready for the uplift in hydrocarbon sector activity and in advance of expected aerospace contracts. As such the shares also remain extremely attractive as two major positives occur almost simultaneously.
12 Apr 17
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
Companies: PIM BYOT BHRD GFIN
15 May 17
N+1 Singer - Morning Song 15-05-2017
ECO Animal Health Group (EAH LN) 2017 significantly ahead of expectations | Midatech Pharma (MTPH LN) New take on valuation and direct sales strategy | RhythmOne (RTHM LN) Good results/momentum – delivering on execution | Victrex (VCT LN) Positive H1 underpins FY profit and special dividend expectations
Companies: VCT MTPH EAH RTHM
12 Dec 16
Small Cap Breakfast
ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.9m. Target date 14 Dec. Expected market cap £15m, with issue price of 167p. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Companies: PEG IOF ESR EMIS FCR ITM FXI HDD LTG MPH
13 Apr 17
Small Cap Afternoon Tea
Ten Entertainment Group—The UK's second largest ten-pin bowling operator with 40 sites announced the successful pricing of its initial public offering and the placing of 16,250,000 Shares at a price of 165 pence per Share. | Verditek— Schedule One. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Funding and admission date TBC. | Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. | ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. | Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Companies: DJI DAR STCM SCPA ONZ 7DIG SRT BRD MTEC GAL
22 May 17
In seventh heaven?
Clariant announced a merger of equals with US-based and listed chemicals company Huntsman. The combined company, HuntsmanClariant, will generate sales of USD13.2bn, adjusted EBITDA of USD2.3bn and a combined EV of c.USD20bn, on a pro forma basis. Closing of the merger is expected by the end of 2017.
Companies: CLARIANT AG-REG
28 Apr 17
Plastics Capital - Trading Update – Some Encouraging Signs
Plastics Capital has published a trading update for the financial year ended March 2017, ahead of full results expected at the start of July. We believe the statement confirms that company will report solid earnings growth y/o/y and strong progress in the overall business plan.
Companies: Plastics Capital