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HeiQ is a materials innovation technology company, marketing products that increase the functionality of technical, medical and consumer textiles. The company's core products are at the leading edge of innovating the c$25bn textile chemicals market, while the recently launched antimicrobial technology, HeiQ Viroblock, enables the forward integration into the c$10bn antimicrobial textile market and OTC textile medical devices. The company is grounded on three strategic success factors, materials innovation, mass manufacturing and ingredient brand marketing, which will support the company's ambition to grow its revenues from $30m to $300m in the medium term. HeiQ has listed on London's Main Market via a reverse takeover, raising £20m in new equity. We initiate coverage with a BUY.
Companies: HeiQ PLC
We were bullish about the ongoing effects of strategic/operational initiatives at G4M, seeing forecast upside risk. It has not disappointed. Q3 sales and margin outperformance drive a 30% upgrade, and a shift into net cash. Extensive planning and systems/delivery changes have helped it after Brexit too, with trading stronger than expected so far in Jan. Valuation looks undemanding given upgrade momentum and the discount to lower margin peers.
Companies: Gear4music (Holdings) PLC
…..drive further forecast upgrade
Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the "Fundraising") to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb. Moonpig, the digital greeting card company, is planning an IPO with a potential valuation of £1bln, according to multiple media reports. Further details expected to be announced over the next two weeks.
Companies: ZPHR PANR PRSM SENS CYAN G4M ITX CRCL FEN ZIN
G4M has reported a substantial uplift in profitability, notably EBITDA margin >11% from <3%. While conditions in Q1 contributed through abnormally rich margin and marketing efficiency, results underline what G4M is capable of on higher volumes. We prudently upgrade by another 15% but note that it is well prepared for Brexit, has a continuing focus on higher margin products, is taking market share through digital innovation, and has ongoing software development at the core of its growth strategy. Valuation is extremely undemanding.
MGM resorts international (MGMRI), Entain’s JV partner in the US, has offered to take over the British bookie for ~£8bn ($11bn), with a possible partial cash alternative also on the cards. Following the news, Entain’s stock popped up 30% before closing the year’s first trading session 25% higher.
Companies: Entain PLC
N Brown is taking crucial steps in its transition to being a pure-play online retailer (currently 77% of sales) and to strengthen its leading position in the under-serviced market for fashionable plus-size apparel. While strategic updates may be on hold until a new CEO is appointed, the company closed the loss-making portfolio of high-street stores in H119 and further brand consolidation seems inevitable. The shares trade on a low FY19e P/E of 5.5x and yield 7.2%.
Companies: N Brown Group plc
The final results revealed adjusted PBT up 99% year-on-year, which was 10% better than forecast despite four upgrades during the financial year. This strong performance reflects the financial benefits that have accrued following the shift in the business model to online only, as well as management’s strategic decision to significantly increase marketing spend. A second special dividend for the 2020 financial year has also been announced, reflecting the strong cash flow characteristics of the business model. Our 2021 profit forecast implies continuing momentum and a year-on-year increase in PBT of 86%. We raise our target price to 1050p.
Companies: Best of the Best plc
Kingfisher continued to register strong sales growth in Q4 FY20/21, buoyed by the higher DIY spend by consumers since the onset of the pandemic. Management continues to refrain from providing full-year revenue guidance, citing the pandemic-related uncertainties and the impact of lockdown restrictions. We maintain a positive outlook on the stock.
Companies: Kingfisher Plc
Today's news & views, plus announcements from FERG, AHT, KAZ, LMP GLO, ERM, MCS, STU, SEIT, SOLG, INCE, AEXG, BEG
Companies: AEX GLO SEIT SOLG STU INCE
The global online gaming market generated c £40bn of gross gaming revenues (GGR) in 2018 and newly regulating markets (the US) are expected to contribute to 7% CAGR to 2023 (according to H2 Gambling Capital (H2GC)). However, while regulated markets have provided significant opportunities for operators to date, government intervention remains a constant threat and legislation is tightening. Some mature markets (notably the UK) have been raising taxes and implementing regulatory burdens, which increases the cost of business. In our view, success will depend on a combination of scale, diversification, proprietary technology and a strong balance sheet. Many of the 12 operators in this report should benefit from these dynamics and sector valuations remain attractive, at 12.6x P/E, 8.2x EV/EBITDA and 6.0% dividend yield for FY19.
Companies: 888 ACX ORPH ENT GYS OPAP PTEC RNK WMH
Guild Esports is positioned to become the leading global esports brand based in the UK. With strong support from David Beckham, the company plans to pioneer the UK Premier League academy model in esports, attract leading sponsors, build a loyal fan base and establish a premium line of merchandise. Within 12 months of the IPO, Guild plans to contract 19 esports staff, register 1m fans and generate £5m sponsorship revenue, £1m merchandise revenue and £0.6m media revenue. Today, Guild announced a £3.6m three-year sponsorship deal with a new European fintech company and appears well positioned to meet its sponsorship revenue target.
Companies: Guild Esports PLC
The Group continues to gain momentum as it delivers its ambitious growth strategy. Testament to strategic acquisitions and strong organic growth, Group revenue increased 14% YoY to £4.0m whilst EBITDA margin expansion (+430bps) drove a c30% YoY increase to £1.4m. Additionally, the strategic decision to incorporate TCAT as a new subsidiary should expediate its commercialisation and expansion. We believe One Media offers value to investors whilst it trades at a discount relative to its peer group, our fair value per share analysis and DCF valuation. Buy
Companies: One Media iP Group PLC
Gear4music (G4M) has delivered an outstanding set of interim results figures, based on its position as a beneficiary from the Covid restrictions across Europe. The previously disclosed 42% sales increase included new customer numbers jumping 52% over last year to just over 400,000, who will bring benefits over the medium- and longer-term. Performance increases and profit margins were leveraged going down the profit & loss account, with PBT of £4.9m delivered against last year’s small loss of £0.1m. With November seeing a continuation of strong trading patterns, G4M expects FY21E results to be ahead of recently upgraded market forecasts. We have consequently increased our EBITDA forecast by £1.1m (+9%) to £13.5m.
Studio Retail’s share price is the same as in mid-Feb, before the market sell-off due to the pandemic. This feels anomalous to 1) its clear online position & value orientation, where there has been a notable shift post covid, 2) capacity withdrawal + scope for share gains in its addressable markets, and 3) rating expansion among its peers. Interims next week are likely to act as a catalyst for re-rating, where there is a lot of headroom vs a c8x P/E currently.
Companies: Studio Retail Group plc