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    SCHIFFFAHRTSGES DES VIERWALD

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    SCHIFFFAHRTSGES DES VIERWALD

  • 07 Apr 20
Decent Q1 20, well-placed to weather the COVID-19 storm

GVC reported decent Q1 20 numbers, with total NGR growing by 2%, on a cc basis. More importantly, the firm now expects COVID-19 related EBITDA headwinds to halve to £50m/month, following the mitigation measures put in place. The firm has suspended the second interim dividend for FY19, in order to preserve liquidity. In spite of the mitigation measures put in place, we will be trimming our estimates, given the extended length of closures (we expect a minimum of six weeks).

Companies: GVC
  • 31 Mar 20
LIBERUM: The AA* - In line results and more resilient to COVID than most

FY results in line with expectations, but the final DPS has been suspended. Free cash flow improved significantly and was also in line with guidance. There is good liquidity and ample covenant head-room. The cash costs of the pension have been reduced.

Companies: AA Plc
  • 19 Mar 20
Dart Group*

Industry volatility – FY20 guidance withdrawn

Companies: Dart Group
  • 24 Mar 20
LIBERUM: Vertu Motors - COVID-19 - early action taken

Vertu has announced the temporary closure of all of its dealerships. Management had started taking pre-emptive action on costs and capex earlier in March and we expect banks and OEMs to provide support over the coming months. The company still plans to issue FY20E (to Feb) results on 6 May and we will review our estimates then. The start point is a strong, asset backed balance sheet and operational excellence. We expect Vertu to weather the storm better than many peers. CY21E PE 3.1x, £209m of freehold/long leasehold NBV. Maintain Buy.

Companies: Vertu Motors
  • 01 Apr 20
COVID-19 update is reassuring

Air Partner has issued a further COVID-19 update. The Group has had a strong start to FY21, with both February and March delivering profits well ahead of both budget and the prior year. The current indication is that the Group has delivered around £2.4m of underlying PBT in these months. Management’s expectation is that business will now slow as the pandemic continues to restrict aviation activity globally, though the order book for April is encouraging. In response, management has implemented a series of temporary cost management initiatives and made use of the available government grants and benefits to significantly reduce the cost base for the coming months. At the end of March, adj. net debt stood at £5.0m. The Group has access to a total debt facility of £14.5m, comprising of a £1.5m overdraft and a £13m RCF. We are reassured by today’s update and management has reiterated its confidence that Air Partner is effectively positioned to cope with the challenges and uncertainty posed by COVID-19.

Companies: Air Partner
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

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  • 13 Mar 20
COVID-19 impact on Adevinta

Online classifieds proven quite resilient in previous recession Adevinta still benefits from rising online penetration Adevinta’s peers now more mature – more cyclical than perception? We view Adevinta’s sites in Spain and Italy at most risk from COVID-19

Companies: Adevinta ASA
  • 25 Mar 20
LIBERUM: GAN* - SaaS resilience as outlook confirmed

GAN has provided an update today on the Italian and US real-money internet sports betting outlook, as well as the momentum they are seeing in their core Simulated Gaming operation. Management have confirmed current guidance, which underscores the high underlying growth and the diversified resilience of their SaaS model. The company is on-track for a NASDAQ listing, hopefully in Q2. No material change to forecasts or our Target Price of 200p

Companies: GAN Plc
  • 01 Oct 19
STATE OF CHARGE - INVESTMENT OPPORTUNITIES IN EV CHARGING

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

  • 17 Oct 19
Big Move

The proposed acquisition of the US Marshall Retail Group indicates that the Travel business here is moving into a much different position with accelerated global aspirations. Sight unseen it also clearly increases the risk profile of the group at a time of a change of senior management. We would imagine that the timing of the deal has been driven by availability and as such is not entirely as WHS would have wanted. This said one of the constraints on the scale of the international part of WHS’s Travel business has been the rate of organic growth available through bidding for individual or groups of travel concessions.

Companies: WH Smith
  • 14 Jan 20
A record Christmas drives upgrades

Boohoo Group has delivered a stellar performance over the key Christmas trading period resulting in a further upgrade to FY20 guidance, its third since 5 th September. Strong growth has been seen across all brands in all key geographical regions. We note the excellent performance seen at the Group’s most mature brand boohoo, where sales in the four months to December are up 42%, an acceleration on the 27% YOY growth posted in Q1 and a continuation of the exceptional 41% growth seen in Q2 of this year. Revised EBITDA margin guidance of 10.0% to 10.2% (previously c.10.0%) is after accounting for investment in three brands acquired in the year and implies strong underlying trading in the Group’s more established brands (boohoo.com PLT and Nasty Gal). The Group continues to deliver an impressive cash performance, with £245m net cash at 31 December.

Companies: Boohoo.Com
  • 11 Feb 20
LIBERUM: The AA* - Membership returns to growth in H2

The trading statement guides to in line suggesting that The AA is on track to deliver EBITDA growth in FY20. Cash generation has been sound in the FY with approximately £80m of expected free cash flow for equity.

Companies: AA Plc
  • 19 Mar 20
LIBERUM: Joules* - Guidance withdrawn amid Covid-19 uncertainty

We are placing our recommendation, target price and recommendation U/R. The company has withdrawn guidance, which is understandable in our view.

Companies: Joules Group
  • 30 Mar 20
Price Data Trading Update

Franchise Brands has provided a trading update addressing the uncertainty posed by COVID-19. The majority of services provided by Metro Rod, Metro Plumb and Willow Pumps have been designated by the Government as essential services to ensure the smooth running of public utilities and other key businesses. The Group has legal flexibility to remain open across these businesses and will reduce overheads in line with any expected revenue reduction. The B2C division has experienced a recent contraction in demand and management are taking cost saving initiatives to keep the division at a cash break-even level during the crisis. The Group's B2C and B2B divisions intend to make use of the Government's Coronavirus Job Retention Scheme. Franchise Brands expects to remain profitable for the year but at lower levels than originally anticipated, we leave our forecasts unchanged but expect a fuller update at the time of FRAN's AGM on 28 April 2020

Companies: Franchise Brands
  • 03 Apr 20
Leboncoin CEO: “Large drop in activity”

Interview with Leboncoin CEO in local media, confirming activity drop We expect Spain and Italy, and secondly France, to be hardest hit COVID-19 prospects should already be reflected in current valuation Solid long-term prospects, and M&A optionality give downside support

Companies: Adevinta ASA