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NAGA reported strong FY23 prelims. Further, the company has announced already last year a planned business combination with Capex.com that is not yet reflected in our est, but expected synergy effects should bode well for the company
Companies: Naga Group AG
NuWays
NAGA finally reported its audited FY22 figures, which reflect a particularly challenging year for the company. While 2023 can be seen as a transition year, NAGA should return to growth from FY24e onwards.
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Edison
The NAGA Group is a fintech start-up in social trading with a flagship product (Naga Trader) and supplementary services. Headquartered in Hamburg, the company’s operating subsidiary, Naga Markets, is located in Limassol, Cyprus.
NAGA Group continues to benefit from retail investor activity and volatility in financial markets, further underpinned by its social trading functionalities (trade copy feature in particular). Consequently, after completing its restructuring in FY19, NAGA posted a positive EBITDA and a small net profit in FY20, with management now guiding to robust FY21 sales of €50–52m (€24.5m was already generated in H121) and EBITDA of €13–15m. Recently, it also secured further funding through convertible bon
NAGA recorded strong growth in sales and EBITDA in H120 as it benefited from high market volatility triggered by the COVID-19 pandemic. Management confirmed the full-year guidance it had released in late July 2020, which assumes sales of €22–24m (vs €6.2m in FY19) and EBITDA of €5.5–6.0m (vs a loss of €9.2m in FY19). In the coming months, NAGA aims to increase marketing to improve brand awareness and enter new countries (most notably Australia), which it plans to finance with €4.6m raised throug
NAGA recorded a heavy EBITDA loss in FY19, affected by adverse market conditions and a significant decline in revenues from services from Naga Development Association (NDAL). Preliminary Q120 figures show solid growth in sales and net income as the company benefited from high market volatility triggered by the COVID-19 pandemic and a lower operating cost base following the completion of group restructuring. The focus is now on expansion outside Europe, which it plans to finance with proceeds fro
NAGA Group has largely completed its restructuring (initiated in April 2019) aimed at cost savings and increased focus on its only profitable product, Naga Trader. Restructuring costs, coupled with market and regulatory headwinds, resulted in weak H119 results. Despite the above, NAGA has maintained its FY19 guidance and expects to see the benefits of its repositioning in FY20. Meanwhile, Fosun Group (NAGA’s major shareholder) has agreed to inject €5m new funding into the company.
NAGA Group initiated a restructuring process in April 2019 and will now focus on its only profitable product, Naga Trader. For FY19, the company guides to a substantial decrease in revenues from advisory services to Naga Development Association (NDAL). This is accompanied by a €1.8m value adjustment on receivables from NDAL in FY18. This is the result of weak market conditions (particularly in cryptocurrencies), according to the company. Consequently, the targeted expansion of a complete NAGA ec
NAGA Group continues to ramp up volumes on its NAGA Trader platform, while eliminating commission expenses through the acquisition of Hanseatic Brokerhouse (HBS). Recent developments in the NAGA ecosystem include the introduction of an AI-based robo-advisor, the launch of the beta version of NAGA Exchange (together with an analytical tool called NAGA Guard), as well as the introduction of NAGA Card. The business remains in its early stage with the majority of products (except NAGA Trader) yet to
NAGA Group (N4G) moved to positive EBITDA of €2.9m in FY17 on the back of higher brokerage fees and one-off ICO-related advisory fees. Management expects to double trading volumes in 2018. However, the business is still in its early stages, and future profitability will depend on the number and activity of brokerage clients, the success of recently launched products, as well as the sentiment towards cryptocurrencies in the aftermath of the recent market crash.
NAGA saw 90% growth in pro forma revenue to €3.7m from trading activities and a 74% increase in total sales to €4.3m in H117, compared with H216. In Q417, management is planning to launch its second product, SWITEX (in-game items trading), and issue NAGA Coins (a cryptocurrency) for up to $400m, with 55% of the total offered to the public by working with a third party. The proceeds from the initial token sale (ITS) and the remaining 45% of the tokens will not be consolidated into NAGA’s balance
The NAGA Group is a fintech start-up with two products launched before the end of 2017: SwipeStox (securities trading and robo-advisory) and SWITEX (in-game items trading), a joint venture with Deutsche Börse AG. Named after NAGA, the strongest chili in the world, the group’s intention is to be disruptive; it believes that the open API module underpinning SwipeStox can quickly be duplicated on p2pfx (P2P FX/CFD trading) and Trafex (trading of bitcoin and real currencies) before early 2018. The I
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Avacta has announced the successful completion of patient dosing in the first cohort of the two weekly dosing regimen in Arm 2 of the Phase 1a tolerability clinical study of AVA6000 with no adverse safety signals. Three patients have now been dosed in the second cohort. The company has also announced the initiation of a sub-study with SOFIE Biosciences (SOFIE) to better characterise the entire spread of cancer and related levels of FAP in selected patients with a view to identifying the target c
Companies: Avacta Group PLC
Capital Access Group
The increase of 22% in booked total transaction value (TTV) both in H124 and for this summer, driven by successful expansion into premium and long haul and backed by its pioneering perks, confirm On the Beach’s (OTB’s) progress in addressing a market it estimates to be 5x more valuable than its core Value (3*) business (now just 25% of bookings) as well as more dynamic. Another ‘very big deal’ for OTB is its new ‘transformational’ partnership with Ryanair, its most significant low-cost carrier,
Companies: On The Beach Group PLC
Avacta reported results for FY23 but more importantly announced the appointment of Christina Coughlin as CEO wef 1 May, replacing Alastair Smith who is stepping down today. FY23 results were better than consensus at the EPS level. Net cash ended the year at £16.6m, as previously disclosed, which has since been bolstered by the £31m gross equity raise enabling Avacta to fund the AVA6000 programme through Phase 2 clinical trials, as well as advancing other candidates in its pre|CISION™ and Affime
A resilient performance in FY24 by Braemar saw revenue maintained at £152.8m (FY23: £152.9m), a strong performance given the 51% increase in revenue the previous year. Overall fixtures were up 8% and the forward order book has increased by 47% to £65.3m ($82.6m). The focus on shipbroking and securities, having disposed of non-core activities and adding to shipbroking operations, is proving successful with increasingly diversified revenue across shipping segments. The initial objective of sustain
Companies: Braemar PLC
Cavendish
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
This year we have been running a series of articles looking at private assets and what they can offer in the midst of a surge of interest in them and inflows into funds investing in them. While there are lots of new assets coming into the mass market via investment trusts, there is a well-established private asset class which, judging by discounts, has fallen out of favour in recent years: commercial property. Below we highlight why we think this sector has a lot to offer for income, inflation p
Companies: PCTN BBOX BCPT
Kepler | Trust Intelligence
When a boy of the Algonquin people of Quebec reached puberty, they were taken to a secluded area and given a powerful and extremely hallucinogenic poison called Wysoccan, in the hope that this would purge their young minds of any memory of their childhood and leave them with a clean slate to face the years ahead. Some were so badly stricken by the drug that they would also lose the ability to speak and be unable to recognise members of their own family. Having spent most of the last fortnight
Companies: NBPE BUT BASC SHRS ESCT RKW CCJI BBH
25th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: JSE RTC GCM GDP ORR AEO I3E
Hybridan
20th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange
Companies: SDI UJO KGH HAYD CGNR LIKE CTA CORA
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.75 per share: Raising new equity to fund a high impact activity programme – ADX has raised A$13.5 mm of new equity priced at A$0.105 per share. One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026. The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at
Companies: PEN SEI OMV ADX GALP OMV AXL JSE CEQ TXP SHELL DELT TRIN I3E ZPHR CHAR LNGE SEPL CNE BWEFF PEN GTE GALP EGY
Auctus Advisors
Companies: NTQ CHAR CMCL
The clinical diagnosis of Alzheimer’s Disease (AD) continues to be a highly challenging endeavour and existing gold standard diagnostic techniques (PET scans, CSF analysis) are limited by their cost, lack of access and perceived invasiveness. As the therapeutic landscape of AD evolves so too are the tools being developed to diagnose and monitor AD in clinical practice and blood-based AD tests represent potentially more sustainable, scalable and economically viable approaches to future AD managem
Companies: Bioventix Plc
A positive FY24E update from Marlowe confirms it is trading in line with expectations (£403m revenue, £49m adj. EBITDA), with a better-than-expected year-end net debt position (£177m vs £180m forecast) owing to strong cash generation and working capital improvements. Marlowe also announces that it has now received all necessary regulatory approvals for its disposal of certain Governance, Risk and Compliance (GRC) assets to Inflexion Private Equity, with the transaction expected to complete on 31
Companies: Marlowe Plc
IXICO has announced it has signed a contract with the Global Alzheimer’s Platform (GAP) Foundation to support the foundation’s Bio-Hermes-2 trial. The contract is worth over £1m over a 48-month period; however, we believe the value to IXICO will be greater than this ‘headline’ amount due to the increased visibility and wider recognition of the company’s technology within the Alzheimer’s disease clinical development community. IXICO participated and presented data from the initial Bio-Hermes tria
Companies: IXICO Plc
In light of the Brexit vote, we reflect upon the implications for the NHS and the wider healthcare industry. We take a pragmatic approach to how the referendum result will affect staffing, recruitment, clinical trials, drug pricing and small company grant funding in the coming months and years.
Companies: RUA SNG TSTL CNSL SDI BVXP
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