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Trinity Delta view: Data presented at ESMO 2024 provide further proof of concept, confirming that AVA6000 works as designed at both Q3W and more frequent Q2W dosing, with selective targeted release of the drug warhead (doxorubicin) in the TME, resulting in lower toxicities than standard doxorubicin and preliminary efficacy in cancers that over-express FAP and are doxorubicin sensitive. These data should guide dose and indication selection for the planned expansion cohorts in H224. Excitingly, PK
Companies: Avacta Group PLC
Trinity Delta
Fintel’s interims to 30 June 2024 reflect good underlying trading and benefits from four acquisitions in 2023 and four acquisitions year-to-date. We update our forecasts to reflect the acquisition of ThreeSixty and further investment in Plannr.
Companies: Fintel PLC
Zeus Capital
All the metrics at Ricardo are now moving in the right direction but share price performance remains sluggish. We think part of the reason is that FY24A was somewhat turbulent, with restructuring, integration of acquisitions and uncertainty around the performance of the Automotive & Industrial businesses. FY25E should see a calmer focus; on organic growth, delivery against a record orderbook and further efficiencies to lift the operating margin. Automotive & Industrial activity has steadied. To
Companies: Ricardo plc
We revisit the investment case for Northcoders, a leading technology-driven platform delivering adult technology training and teams of technologists to corporate clients through its Counter business. The interim results, announced today, show strong demand for its flagship training business, which is backed by government funding, and positive signs from the three corporate trials of Counter. Zeus forecasts show a strong rebound in adjusted EBITDA from £0.1m in FY23 to £0.9m in FY24 and further g
Companies: Northcoders Group PLC
Companies: BILN CRU AGY JNEO
Cavendish
Franchise Brands has reported strong H1 growth with EBITDA up +45% to £17.8m driven by a full 6m contribution from Pirtek and, despite challenging market condition, expects FY EBITDA to be within the range of expectations.
Companies: Franchise Brands plc
Dowgate Capital
Coral Products reported FY April 2024 results in-line with our forecasts at the revenue and adj. EBITDA levels. The company also announced a further property disposal after the period-end in addition to the Runcorn sale and leaseback announced in July, and these deals create additional headroom in the balance sheet. Our FY25E forecasts reflect conservative assumptions about the macro environment. The company reports positive results from operational enhancement initiatives, but a continuation of
Companies: Coral Products plc
The UK industrial sector continues to show promising signs of recovery, with manufacturing PMI reaching a 26-month high of 52.5 in August as all survey indicators but one expanded. Economic data has also been encouraging, with UK pay growth cooling to a two-year low and inflation rising only slightly in July – supporting the case for further interest rate cuts this year by the BoE.
Companies: TAND AVON BMTO CGS GHH PEN SCE RCDO SOLI TRI SYM IGE JDG PEG CSSG ABDP PODP KETL LIFS SPSY
Companies: Litigation Capital Management Ltd
Canaccord Genuity
The last six months has seen the Group achieve further progress across the key franchise brands of Pirtek Europe, Metro Rod/Metro Plumb and Filta. This has been achieved despite a temporary softening in some of the markets being addressed by Pitek and to a lesser extent Metro Rod. While there are some early signs of an improvement in market conditions, we are prudently pulling back earnings forecasts for FY24 and FY25 to account for the continuing macro uncertainty.
Allenby Capital
PPHC’s interim results show continued growth and progress despite some market uncertainty caused by elections. The Group has affirmed market expectations for the full year, so Zeus P&L estimates are unchanged. We believe that PPHC is materially undervalued given its strong financial characteristics, including good revenue growth, high operating margins, sustainable dividend, and high free cash flow yield (13% FY24). Our DCF-based valuation estimate is 236p, implying 80% upside.
Companies: Public Policy Holding Co., Inc.
Companies: Braemar PLC
The AGM statement confirms that the current year has started well and expresses confidence regarding delivery of market forecasts. Implementation of a consistent strategy over the last decade has tripled the size of business revenues and achieved a six-fold increase in adjusted PBT, contributions coming from both acquisitions and organic investment. Parallel growth in underlying cash flows has enabled the group to repay debt drawn to fund investment and simultaneously built earnings and enabled
Companies: Begbies Traynor Group plc
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