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Disney+ hits 22m mobile users, SoftBank backed firm downsizes IPO, German mobile carrier selects Huawei
Companies: ENET 7DIG MVR ZOO ZOO AMO BOOM MIRA MWE
William Hill reported strong H1 20 numbers, with revenue and profits ahead of estimates. Revenue was down 32%, a significant improvement vs the 57% drop seen in the weeks immediately following the lockdowns. The adjusted EBIT came in at £11.8m, thanks to better-than-expected savings from cost control. The net debt/EBITDA ratio is down to 2.1x (vs 2.4x at FY19 end). Following the H1 performance, we will be raising our profit estimates to account for the impact of the recent cost controls.
Companies: William Hill Plc
Vivendi and Amber Capital, the first and second largest shareholders of Lagardère, have decided to sign a pact and will seek a minority Supervisory Board representation. Speculation is continuing around the share.
Companies: Lagardère SCA
Upgrades look extremely likely today, as hoped, driven by a vastly improved Q1 trading performance. While soft comps and seasonal clearance formed part of the 9.3% LFL growth, underlying growth looks to be c3% with certain initiatives still building e.g. online range extension from WS. This Q1 has already banked >2% to the FY LFL number, so these dynamics suggest consensus of +1.5% LFL could be woefully pessimistic. We also highlight the scope for cost ratios to be enhanced as a function of scale economies, leverage and mix. We expect today’s CMD event in Stoke to more clearly articulate the growth strategy than has been the case to date and other positive operating dynamics. Upgrades and a very undemanding rating means the buy case remains very much intact.
Companies: Dunelm Group Plc
Government bans on new fossil fueled vehicles in many major economies are likely to drive significant growth in electric vehicles (“EVs”) over the next twenty years. This will create growth in electricity demand from EV charging. The volume of energy to be supplied creates opportunities for both supply companies and generators and the provision of charge points is already creating a new industry. However, the timing of this demand puts pressure on local distribution infrastructure. While smart charging and vehicle to grid technology offer solutions, we believe these will only be partial given likely charging behaviour and as a result there will be demand for additional grid capacity and for other solutions. These other solutions include charger located storage and distributed generation.
Companies: CNA NG/ YU/ DRX GOOD RED SMS IKA AFC
Despite the challenging market environment, Arena has delivered interim results that were broadly in line with our expectations (Adj EBITDA of £16.6m vs £17.0m forecasted). Cost saving initiatives are being implemented, which should support margins going forwards, whilst the company is expected to benefit from some significant contracts due for delivery in FY21E.
Companies: Arena Events Group Plc
Thanks to the recently-boosted cash reserves, easyJet will be able to ride out a 9-month shutdown under its worst-case scenario. The enhanced financial position and flexibility, as well as the viable strategic plans, appear to be sufficient to cope with the COVID-19-led macro and industry headwinds.
Companies: easyJet Plc
Despite the current macroeconomic environment caused by COVID-19 One Media is recommencing its dividend payments. This is testament to its cash generative recurring revenue model (c85%) and the resilience of the market it operates in. This resilience combined with One Media's seamless transition to working remotely has enabled the Group to trade in line with our full year forecasts at the interim stage. We expect the Group's financial performance to continue to outperform the wider market. Buy
Companies: One Media iP Group Plc
Cenkos Securities plc has terminated coverage of Angling Direct Plc. Our previous recommendation (BUY) and forecasts can no longer be relied upon. For further information please contact Cenkos.
Companies: Angling Direct Plc
William Hill announced soft numbers for the 17-week period ending 28 April. Revenue was down 27%, driven by a 35% drop in retail revenue, which was hurt by the pandemic-induced shop closures, which added to headwinds from machine staking limits in the UK. However, the liquidity position improved substantially with covenants reset and cash burn reduced substantially. Following the latest update, we will be reducing our estimates. However, we do not expect any significant change to our recommendation.
Top line growth was 26.6% in FY20, despite a refocus away from unprofitable online regions (e.g. Russia) and a drag in Q4 from adverse weather/flooding. In highly fragmented UK/European markets, and potentially supported by accelerated structural change post CV19, there remains a significant growth opportunity both online and offline for the lead consolidator. Weak bottom line contribution highlights the benefit that changes being implemented under a strengthened management team should yield. These include improved stock management processes and a greater focus on gross margin and operating cashflows. With sufficient liquidity to navigate the crisis, a profitable/growing store estate and scope to realise scale economies online, ANG should be a long term winner.
New management has put in place a strategy which the February interim results revealed was returning the group to growth with very encouraging LFL statistics and attractive returns on refurbished outlets. In March, however, in response to COVID-19 and following UK Government guidelines, all venues had to be closed. Management initiatives have materially reduced the cash burn while the group is unable to trade, and the group’s lender has been very supportive in significantly increasing the borrowing facility. Management is now proposing an equity issue, the rationale for which is to strengthen the leverage ratio to create a more appropriate capital structure moving forward, to allow an immediate return to the estate refurbishment programme and to be able to potentially take advantage of strategic opportunities as they arise as the sector emerges from the COVID-19 crisis.
Companies: Revolution Bars 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
Gear4music’s FY2020 results reflect the positive momentum of the company’s announcements so far this calendar year. The data re-confirm brisk sales growth but in our view improved profits and profitability is the salient story. Moreover, with an online distribution focus, a well sourced product range and clear evidence that its logistics are being run more efficiently, the company’s ability to deliver positive newsflow looks increasingly sustainable. FY2021 started on an exceptionally strong note.
Companies: Gear4music (Holdings) Plc
FY20 results – All Focus on Resuming Operations
Companies: Dart Group Plc
