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For investors, the UK telecoms sector has presented immense challenges. Having boomed in the 1990s, mainly on the back of mobile telephony growth rates, telecom shares subsequently fell back sharply, as major debt concerns predominated. With Cable & Wireless (C & W) having exited, the UK sector now consists of little more than British Telecom (BT), privatised in 1984, and Vodafone, which was founded in the early 1980s.
Companies: ARBB BBGI CLIG FLTA OCI PCA PIN RECI SPO SCE VTA YEW
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Flutter reported strong Q1 21 trading numbers, with revenue growing 33% on a cc basis, attributable to a 42% uptick in online revenue driven by both sports betting (+41%) as well as gaming (+22%). Regionally, the US stood out with a 135% rise in revenue.
The firm offered no additional information about the potential IPO of FanDuel, which will be a key valuation trigger.
We will raise our estimates and target price to factor in the strong showing.
Companies: Flutter Entertainment Plc
HeiQ has reported its maiden annual results as a listed company, highlighting the significant growth achieved through the year. FY20A revenues grew 80% to $50.4m, EPS grew c500% and the company ended the year with a cash balance of $25.7m. We have upgraded our FY21E forecasts following these results and also introduce forecasts for FY22E, expecting revenue growth of 15% and EPS growth of c20%. HeiQ operates in multi-billion dollar markets with the opportunity to enter adjacent markets and now ha
Companies: HeiQ PLC
A century ago, following the end of the Spanish Flu pandemic and the first world war, a decade of significant cultural and economic development ensued, known as the ‘Roaring Twenties'. Today, many believe a similar phenomenon will shortly be unleashed, as the roll out of Covid-19 vaccines allows life to return to normal. As an established operator of a diverse portfolio of leisure assets across the UK (mini-golf, premium bars, and its namesake pier), Brighton Pier Group (BPG) is well placed to c
Companies: Brighton Pier Group Plc
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
Companies: SYM CGNR EKF KBT GGP VLS TMO ECK B90 MDZ
HeiQ has announced the acquisition of RAS AG, a materials innovation company with antimicrobial hygiene additives, antimicrobial coating systems and electrically conductive and IR reflecting coating materials. RAS AG generated revenues of €2.5m in 2020 and HeiQ will pay €5.1m upfront in cash and shares, indicating a valuation of 2.0x FY20E sales. The acquisition aligns with HeiQ's strategy of expanding its antimicrobial range and we expect the new business to be complementary to both HeiQ and th
With its cinemas set to reopen imminently, a new endorsement of the continuing appeal of the big screen is a topical boost for Everyman. Despite growing competitive forces such as streaming, cinema has been the most missed out-of-home entertainment activity during lockdown, according to a Film Distributors’ Association survey, with 76% planning a cinema visit within two months. Such pent-up demand, proven where markets have reopened, and a recovering mainstream film slate, driven by a backlog of
Companies: Everyman Media Group PLC
Lookers has performed resiliently and flexibly in Q1 2021. The national lockdown has not caused new and used volumes to drop as much as expected, leading to an improvement in our full year forecasts. We are starting to see the benefits of Lookers’ investment in technology and its process improvements. On a FY22E PE of 7.3x, the shares still present good value to investors. We reiterate our previous blue-sky scenario analysis which can justify a price target of over 100p and we see long-term upsi
Companies: Lookers plc
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
Alphawave IP Group is considering an IPO on the standard listing segment of the London Stock Exchange. Alphawave IP is a leading semiconductor IP company focusing on the hardest-to-solve connectivity challenges created by the exponential growth of data. Funds and accounts managed by BlackRock, and Janus Henderson, have each entered into cornerstone agreements with the Company to subscribe for, subject to certain conditions, in aggregate, c. USD 510m of Offer Shares at an offer price representing
Companies: ARE ERGO GDP EVG MIND SEE STAF ORCH IXI INHC
Vertu’s FY21E pre close update confirms that it expects to meet expectations that were upgraded on 4 February. We make no change to our forecasts, with FY21E adj. PBT broadly flat y-o-y, which we see as a very strong result, given lockdowns. Cash management has come in ahead of expectations – again. Vertu will host a teach-in on its market-leading omni-channel capabilities this Thursday. We think Vertu is well-positioned to consolidate the market and drive higher returns. Maintain 60p TP and Buy
Companies: Vertu Motors PLC
Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021. ActiveOps, a UK-based leader in Man
Companies: RRR CMET TOU YGEN TSG PFP AMTEX IOM JNEO BRD
The group has announced a broadening and strengthening of the board through two new appointments. We introduce an additional two years of forecast and raise our target price to £31.
Companies: Best of the Best plc
…as strong Q4 sees a further EBITDA upgrade
Companies: Gear4music (Holdings) PLC