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Research Tree provides access to ongoing research coverage, media content and regulatory news on NEW EQUITY VENTURE INTERNATI. We currently have 0 research reports from 0 professional analysts.
Research Tree provides access to ongoing research coverage, media content and regulatory news on NEW EQUITY VENTURE INTERNATI. We currently have 0 research reports from 0 professional analysts.
Abzena (ABZA LN) Licence agreement for Abzena’s PSMA antibodies | Clinigen Group (CLIN LN) Fully year update reassuringly in line | dotdigital Group (DOTD LN) Accelerating growth in H2 with strong cash generation | Midatech Pharma (MTPH LN) H1 trading update in line with expectations | NCC Group (NCC LN) Evolution rather than revolution | Scapa Group (SCPA LN) Q1 trading in line | Vernalis (VER LN) Trading update highlights increasing Tuzistra® XR prescriptions
Companies: VER SCPA DOTD SFE CLIN ABZA NCC MTPH
Since its inception in 2010, the Panmure Gordon Conviction List has outperformed the market, returning 284% against a Small Companies index that would have returned 221% over the same period.
Companies: ALD AVON CTH GKN HVN HCM INF NOG OTB POLY SNR SQS STJ
Strong Q1 growth (RASK +3.4%) and summer forward bookings leaves FY profit guided towards the top end of the range. Consensus is already there, but conservative H2 yield guidance leaves some upside risk. We see Iain Wetherall’s appointment as CFO as reassuring. Conference call 9am
Companies: Wizz Air
Quiz—Sch 1 from the omni-channel and international own brand in the women's value fast fashion sector. Offer TBA. Expected late July. Last year Quiz posted sales of £87.4m while pre-tax profits grew by 17pc to £5.7m | Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July. | Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. | NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 | Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: EOG MERC EHP DTG FLK AGQ HAYD PROX ADT OPP
Today we publish our H1 review of our Best Ideas for 2017 – the document in which we also outlined our key top down and bottom up investment themes for the year. Our 12 top picks in January were Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield which have collectively outperformed the wider market by 13% YTD. At the half way stage we retire Cineworld and Hill & Smith from the portfolio (both were moved from Buy to Hold in May after outperformance), to be replaced by CVS Group and Renold. We also give a brief update on the rationale for our picks.
Companies: IQE RNO SDL CVSG ELM REDD RENE MYSL SERV HRI SFR RTHM CINE HILS
Young’s trading update ahead of today’s AGM reveals a blistering start to the year, with LFLs accelerating to 8.6% in Q1 and double digit growth in June. The good weather has undoubtedly helped, but so has ongoing estate investment: we are confident that Young’s premium locations/offering will remain resilient in this tough consumer environment, sustaining industry outperformance. Our forecasts are unchanged at this early stage of the year, with modest upside risk in the event that strong current trading holds through summer. Reiterate BUY and 1450p TP.
Companies: Young & Co.'S Brewery
As we approach 3rd January 2018 and the coming into force of the MiFID II legislation which changes the landscape for research, we are beginning to see some of the practical implications and complications. Brokers are in the early stages of working out how to structure charging for research, asset managers have already begun cutting their brokers’ lists and a model code of conduct for Research Payment Accounts for institutions has been published.
Companies: ABZA AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG MCL MUR NSF ODX OXB PPH NIPT PHP PURP RE/ SCLP SPH VAL
Today’s trading statement confirms the difficult market conditions commented on at the Group’s AGM statement in May, with FENSA data showing market volume decline of more than 10% in the first five months of the year. Despite this backdrop, Safestyle has continued to grow its order intake, up 2% YOY, an encouraging performance that implies significant market share growth. We trim our forecasts for the first time since the Group came to market in December 2013 with modest revisions that reflect Safestyle’s continued outperformance. Our FY17 revenue and PBT forecasts move -4.9% and -6.4% respectively to reflect the weak market backdrop and management’s more cautious outlook for the second half. We maintain our dividend expectations, reflecting the Group’s strong cash flow generation and solid balance sheet with £16.2m net cash forecast in FY17. A dividend of 11.8p gives an attractive 4.6% prospective yield for a well-run business that is solidifying its market leadership thanks to its differentiated proposition.
Companies: Safestyle Uk
A six month reporting gap leaves scope for macro concerns to fill the news vacuum. June, traditionally the weakest month for travel sector equities, has seen OTB shares level off following a stellar 40% YTD run. We would view any summer share price drift ahead of prelims (30 November) as an opportunity to buy into this structural growth story. We remain sanguine for the following reasons: 1) robust passenger data, 2) post-terrorism normalisation, 3) c70% pre-booked peak trading, and 4) benign H2 marketing comp.
Companies: On The Beach Group
Best of the Best* (BOTB): Prelims comfortably ahead, 6.5p special div (CORP) | Sopheon* (SPE): Positive AGM statement (CORP) | SCISYS* (SSY): Very positive AGM trading update (CORP)
Companies: BOTB SPE SSY
On balance, most concluded he had been slightly more dovish than expected. ECB President, Mario Draghi, certainly did a good job in keeping the markets guessing during his Central Bank's Monetary Policy Statement and press conference yesterday afternoon. But in saying "We were unanimous in setting no precise date for when to discuss changes in the future," and going on to point out "In other words, our discussions should take place in the Fall, or in the Autumn, since we are in Europe", he appears to have ruled out the opportunity for next month's Jackson Hole Symposium to be his platform for the big announcement. Whilst he is simply putting off the inevitable, Draghi's insistence that "Inflation is not where we want it to be or where it should be", while also voicing commitment to bolster the bond buying programme should it be necessary, the 'can' now appears to have been kicked down the road to either the September or October meetings. This all left the US in a rather anticlimactic mood, having already received mixed macro news inputs as the Labor Department reported a fall in weekly first-time unemployment claims, while the Federal Reserve Bank of Philadelphia released a report showing that regional manufacturing activity grew at a notably slower rate in July and the Conference Board said its index of leading indicators rose by more than expected for the month of June. With a Bloomberg report suggesting the investigation into association between Trump's Campaign and Russia was also to be extended into his business dealings, the three major averages drifted downward shortly after the opening on profit taking, going on to traded fractionally either side of unchanged for the remainder of the session. Reporting majors Travelers and American Express both weighed on the Dow Jones after releasing dull second quarterlies, while Best Buy and Home Depot were hit after Sears said it would start selling its Kenmore line of refrigerators and stoves on Amazon.com; Trucking, Railroad, Telecom, and Steels also all met modest selling. Post-close, Microsoft firmed 0.9% in after-hours trading, on reporting that its quarterly profits had more than doubled, boosted by strong demand in its cloud operations plus tax benefits. So far, the Wall Street's Q2'2017 earnings have tended to surpass consensus expectations, which presently appears to be the principal bull support for equity indices which remain at or close to their record highs. Treasuries found demand as the ECB deflated some concerns over an early shift toward reducing monetary stimulus. The yield on the benchmark ten-year note fell as low as 2.239%, before settling virtually unchanged at 2.266%. Crude prices rose to a seven-week high Thursday, with the international benchmark Brent touching the $50/barrel level for the first time in more than a month during US hours, although this succumbed to profit taking late in the session and crude went on to decline fractionally during Asian trading. Traders eyeing the recent decline in US stockpiles, will be sensitive to this evening's weekly US Oil Rig Count data and Monday's meeting of OPEC delegates to review an extension to existing production cuts and discuss now also including Libya and Nigeria into the agreement. Following recent strength coming from Bank of America Merrill Lynch's bullish stance on Asia-Pacific equities, the region's markets appear to have somewhat run out of steam this morning. Just ahead of their close, most had made just fractional moves with only the S&P/ASX-200 showing a reasonable decline with its export plays being pressurised by the AUS$'s recent strengthening against the US$, while weak Energy stocks also kept the Nikkei pointing downward. European shares started on a positive note yesterday, following new record highs amongst the principal US indices on Wednesday and a firm closing of Asian trading first thing Thursday morning. This was further bolstered by strong earnings reports from media heavyweight Publicis and consumer giant, Unilever (ULVR.L). The STOXX 600 peaked almost 0.5% higher immediately before the ECB president spoke, but then collapsed into the red where it remained following the US's lacklustre opening. The Euro dipped slightly during this morning's Asian session, having extended recent gains to hit its highest level against the US$ since August 2015 yesterday. The IMF Board this morning has reportedly accepted Greece's latest bailout plans 'In Principle', while an earthquake in the county resulted in 2 deaths and multiple casualties. By comparison, the FTSE-100 opened in the positive yesterday, going on to rise further on receipt of better than expected June retail sales data and then just blipped modestly on the ECB statement, to close with a good 0.77% gain on the day. The highly international index benefitted from a further sharp fall in Sterling as the EU's Chief Brexit Negotiator, Michel Barnier, highlighted continuing "fundamental" differences over the issue of citizen rights and willingness to recognise obligation to pay exit bill that remained. Amongst individual stocks, Sports Direct (SPD.L) rallied as full year profits highlighted the damage Sterling's devaluation had inflicted to its full year profits, while easyJet (EZJ.L) led a round of profit taking amongst European airlines. There are limited macro releases due today. The UK details just its Public Sector Net Borrowing for June, while nothing is due form the EU and the US provides its Baker Hughes US oil Rig Count. UK corporates due to provide earnings or trading updates include Vodafone (VOD.L), Homeserve (HSV.L), Close Brothers (CBG.L), AO World (AO..L), Acacia Mining (ACA.L), Record (REC.L), Beazley (BEZ.L) and Capital & Counties Properties (CAPC.L). Majors reporting in the US later today include General Electric and Honeywell. Lacklustre overnight markets bode for a similar European opening this morning, with the FTSE-100 seen trading between 0 to 10 points down in early business.
Companies: EZJ HWDN UKOG ULVR
US equities remained in a positive mood yesterday following more dovish comments from Janet Yellen on the second day of her Testimony, this time before the Senate Banking Committee. During a quieter session, however, some traders sought excuses for not to take major new positions, pointing instead to new key macroeconomic data due for release later today, including reports on retail sales, consumer prices and industrial production. Thursday’s Labor Department report, however, confirmed a slight decrease in Initial Jobless plus a modest 0.1% uptick in US producer prices for the month of June, both of which remained consistent with the Fed Chair’s expected move to normalize the size of its US$4.5tr balance sheet later this year, which she bases on continuation of a strong labour market and firming economic activity. All three major averages nevertheless put on fractional gains sufficient to see the Dow Jones set its 24th record high of the year, while the Nasdaq rose for its fifth straight session, its longest run in six weeks. With second quarter earnings reports kicking-off today, including key releases from three of Wall Street’s biggest banks: Citigroup, JP Morgan and Wells Fargo, S&P Financials were the strongest performer of the 11 major sectors yesterday, with a rise of 1.1%. Techs were also in demand, but Oils became relatively becalmed following recent volatile sessions, despite crude prices moving lower on Thursday as the IEA reported global crude supplies in June lifting by 720k bbl to 97.5 million/day, as a result of higher output from both OPEC and non-OPEC producers including the U.S. Elsewhere gold stocks came under pressure, with the ARCA Bugs index falling 1.52%, as the precious metal pulled back after three rising sessions. The yield on benchmark 10-year U.S. Treasuries settled at 2.348%, up 2.3bp, ending three days of rising prices as gossip circulated that Central Banks will soon tighten the easy money policies that have supported asset prices for the past decade; focussing this was news that Mario Draghi, President of the ECB, is scheduled to speak at August’s Jackson Hole Economic Policy Symposium for the first time in three years, during which he could signal a shift to reduce the Eurozone’s dependence on monetary stimulus. While most Asian markets moved gently higher on Friday morning, with the Fed having bolstered risk appetite across the region, Chinese equities chose not to participate. This was despite the country’s fiscal spending surging 19.1% in June from a year earlier, or more than twice May's 9.2% expansion, according to data released by the Ministry of Finance on Friday. Instead, the Shanghai Composite was trading 0.2% down shortly ahead of the close, while the Hang Seng remained roughly flat as traders voiced concerns that new regulation or lending limits might be proposed during the forthcoming National Financial Work Conference, in order to restrict some highly geared activity and funding offered through Chinese financial groups. Elsewhere in the region, the KOSPI gained on tech demand, the S&P/ASX 200 was boosted by buying across its mining groups, while the Nikkei rose modestly as the Yen gave back a little of its recent strength. Riding on the backs of the US and Asian market closes, continental European equites remained in the positive throughout Thursday. The STOXX 600 ended up 0.32% with the IBEX 35 the strongest amongst local markets that all closed in the positive. Amongst features, Daimler recovered from an early plunge following media reports it had cheated on emission tests, while Telecom Italia was boosted by a credit rating upgrade. In London, however, equities spent the day bouncing either side of unchanged to end fractionally down. The FTSE-100 was undermined by hawkish comments from BoE policy maker Ian McCafferty as he called for an early ending of the Central Bank’s QE programme, whilst an already soft US$ also firmed Sterling. Meanwhile, the British Chambers of Commerce’s Quarterly Economic Survey confirmed the economy grew at a subdued rate in the second quarter of 2017, with domestic services in particular showing weakness. Miners were firm early on after strong Chinese data confirmed a jump in June imports, although this had mostly been given back by the close. Elsewhere, gains were led by BT Group, while media reports suggesting AstraZeneca’s CEO had resigned to join Israeli generics firm, TEVA, sent the shares tumbling. There is no UK macro data due for release today, although the EU provides its May Trade balance. The US, however, has a significant batch of number due for release, including June Retail Sales, Consumer Prices, Capacity utilisation and Industrial production, as well as the Michigan Consumer Sentiment Index. FOMC Member, Robert Kaplan is also due to make a speech. UK corporates due to release earnings or trading updates include DCC (DCC.L), Ashmore Group (ASHM.L), Hays (HAS.L), and Workspace Group (WKP.L). Tracking sentiment from the overnight markets, Europe is expected to rise modestly from the opening although the FTSE-100, which is likely to remain subdued relative to its continental neighbours, is seen up between 5 and 10 points in early trading.
Companies: Sunrise Resources ASOS
888 have announced that full year trading will be at the top end of analyst's expectations following a strong second half (Bloomberg EBITDA forecasts range $78m to $74m). Following today's update we upgrade our FY2015 forecasts by c10% with our forecasts at the low end of the consensus range. Following our upgrade 888 trades on a 2016E EV/EBITDA ratio of 10.3x. We increase our target price to 160p (from 150p) and retain our Hold recommendation.
Companies: 888 Holdings Public Limited Company
The jump in online sales mix from around 56% a year ago to 63% in FY17 is significant in showing Express Gifts’ rapid progress towards becoming a pure-play online business. New management confirms the strategy and meanwhile has drawn a line under legacy issues, while the balance sheet is adequate to deal with these and the operation’s development needs. We are materially raising our valuation to 324p and believe that, as Findel moves more fully online, there will be further upside to its revenue growth and, consequently, share price.
Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.
Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO