Chariot Oil & Gas (CHAR): Corp 2019 results – primed | Evgen Pharma (EVG.L): Corp Investigator-led study in COVID-19 | genedrive (GDR): Corp Conversion of $8m convertible bond | STM (STM): Corp Solid start to FY 2020 with trading in line | Zambeef (ZAM): Corp Inline despite macro headwinds
Companies: CHAR STM ZAM EVG GDR
Both the pensions administration industry and STM specifically should receive a boost of confidence as a result of today’s ruling that Carey Pensions as an administrator was not liable for performance of the high risk investment or the investment decisions that Mr Adams made in relation to his SIPP. The Carey rebrand to ‘Options for your tomorrow’ should now enable the group to put the case behind it and move on to the planned strategy of both organic and acquisitive growth in the UK Auto Enrolment (AE) and SIPP market.
Companies: STM Group
ANGLE (AGL): Corp Progress report since COVID-19 lockdown | NAHL (NAH): Corp Navigating change in difficult markets | Omega Diagnostics (ODX): Corp VISITECT CD4 supply agreement with CHAI | Proactis (PHD): Corp Reset of banking facility | STM (STM): Corp Transitioning into new markets from a robust base | Universe Group (UNG): Corp Strong FY19 trading update, strong FY20 order book
Companies: ODX PHD STM UNG AGL NAH
Full-year results to 31 December 2019 show the company making significant progress towards a more UK-focused business offering pension administration services in adjacent markets (such as auto enrolment). It is pleasing to see top-line reported revenue growth of 8.6%, proving the growth is there to be capitalised on once operational improvements begin to bed in. Reported PBT comes in at £3.9m, down 2.7% YoY as the group invests in Carey.
Independent Oil & Gas (IOG): Corp Harvey-Redwell update | STM (STM): Corp Trading update reiterated | Surface Transforms (SCE): Corp Interim results highlight progress Surface | Wameja (WJA): Corp Good Q4 update reinforces positive
Companies: WJA IOG STM SCE
Filtronic (FTC): Corp | iomart (IOM): Corp | STM (STM): Corp
Companies: IOM STM FTC
While one-off adjustments make the picture more confusing than many investors would like, the company is performing well and investing for the future, where we believe a scalable, reliable business has the potential to emerge. EBITDA comes in at 60% of our full-year number, while underlying PBT of £1.6m was 60%.
ANGLE (AGL): Corp Third-party breakthrough prostate cancer research | Destiny Pharma (DEST): Corp Research grant award | Omega Diagnostics (ODX): Corp £0.4m Chinese purchase order | STM (STM): Corp Reported EBITDA in line amidst investment for the future | Telit (TCM): Corp Telit enjoys strong growth in continuing business
Companies: ODX STM AGL DEST TCM
Avacta (AVCT): Corp Manufacturing partner for first therapeutic selected | Best of the Best (BOTB): Corp Resilient FY19; more upgrades | LPA Group (LPA): Corp Interim results – Initiation of coverage | Savannah Resources (SAV): Corp Completion of acquisition | STM (STM): Corp Momentum beginning to build in the UK
Companies: AVCT BOTB SAV STM LPA
Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.
Companies: SOLG SNX PGH PTRO VNET ALB DPP BOKU FEVR STM
LiDCO (LID): Corp FY 2019 results | Pelatro (PTRO): Corp FY 2018 was a year of profitable growth and expansion | Quartix (QTX): Corp The recovery in UK Fleet growth continues in Q1 | Quixant (QXT): Corp A record half and year despite market softening | STM (STM): Corp A strong, simple business; well-positioned and ambitious
Companies: LID QTX QXT STM PTRO
Strong results with revenue and PBT upgrades from existing acquisitions likely.
Anglo African Oil & Gas (AAOG): Corp Production plan for TLP-103C | STM (STM): Corp Uniquely positioned business, increasing UK focus
Companies: STM Group Anglo African Oil & Gas
Best of the Best (BOTB): Corp Strong H1 = Yet another positive profit surprise | Solid State (SOLI): Corp Positive trading update – 26% EPS upgrade | STM (STM): Corp Building blocks firmly in place after governance upgrade
Companies: BOTB SOLI STM
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A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
Equals' FY19A results confirm another year of strong, double-digit revenue and adj EBITDA growth. The move to a B2B focused offering continues to progress and looks well timed in view of Covid-19's impact on overseas travel. While the pandemic impacted Q2/20E trading early on, we note June KPI's indicate a positive rebound. Given the continued uncertainty as to Covid's full impact upon FY20E trading, we refrain from reissuing forecasts and thus leave our recommendation under review.
Companies: Equals Group
Accelerating activity in to FY21
Companies: Manolete Partners
Blackbird plc* (BIRD.L, 19.25p/£64.7m) | Mirada plc* (MIRA.L, 92.5p/£8.2m) | Tern plc* (TERN.L, 10.75p/£29.0m) | Checkit plc (CKT.L, 39.5p/£24.5m)
Companies: BIRD MIRA MIRA TERN CKT
Record delivered full year results matching expectations with assets under management equivalent (AUME) slightly ahead as positive inflows more than offset the impact of market moves and fee margins were broadly stable. The group also demonstrated its operational resilience and expertise to clients during the onset of COVID-19 and accompanying volatility. Looking ahead, the group has a fresh focus on growth and to support this is investing in a measured way in IT and its staff.
S4 Capital has announced the merger of Lens10, a leading Australian digital strategy & analytics consultancy, with MightyHive, its data & programmatic media practice. Founded in 2010, Lens10 provides a range of data services including digital strategy, digital analytics, optimisation and tag management. It is a certified Google Partner in Google Analytics, Google Cloud & Google Marketing Platform and is an Adobe Analytics partner. It has 25 data specialists in Melbourne and Sydney, and has a blue-chip client list including CottonOn, National Rugby League, Australian Ballet and ME Bank. Data analytics continues to grow in importance as marketers accelerate their digital transformation and S4 Capital indicates it has seen explosive demand for these services. No financial information has been disclosed, though we note the group reiterates its commitment not to compromise its balance sheet, which remains net cash. Separately, the group has announced that Miles Young, previously Chairman & CEO of Ogilvy, is joining the board. He has particular expertise in creative work and talent, new technologies and Asia Pacific developed over 35yrs at Ogilvy
Companies: S4 Capital
REACT Group plc (REACT) is exploiting a gap in the market for specialist deep cleaning services for customers in the public and private sectors, with revenues split 50/50 between reactive work and regular maintenance. The Covid-19 pandemic has led to a significant upturn in activity in certain sectors (such as healthcare and transport) but temporarily weaker demand from others (such as hospitality). While its Covid-related work is by no means its biggest revenue generator, the legacy of the pandemic is likely to have a profound impact on future levels of activity as all businesses and organisations become more aware of the importance of maintaining high standards of cleanliness and hygiene. With a new management team and strengthened balance sheet, we believe the outlook is positive, a view that has been supported by the Group’s interim results which have generated maiden profits.
Companies: React Group
Wirecard UK’s suspension by the FCA has been lifted, allowing U Account business through Shelby Holdings and Morses Club to resume as normal, permitting customers full access to cash, which was previously frozen, albeit ring-fenced in a safe Barclays UK account. Morses Club has offered its U Account customers free use of the previously affected U Account accounts in July as compensation for the issue, helping to mitigate any negative impact and ensuring the relationship with customers remains strong.
Companies: Morses Club
Companies: AGR CSH ESP DIGS IHR LXI PHP RESI SIR SUPR THRL SOHO BBOX SHED WHR
Hipgnosis Songs Fund (SONG LN) has today announced a trading update for the full year ending 31 March 2020. The unaudited NAV has risen 13% YoY to 116.7p, up 14.3% since the last published NAV of 102.2p as at 10 January 2020. This represents a like for like valuation uplift of 11.4%. All equity has been fully deployed and shareholder approval has been sought to increase net debt from 20% to 30%. Revenue is strong with £64.7m generating an EPS of 10.7p (more than 2x the annual 5p dividend target). NAV growth has been driven by revenue statements which were up 2%, and an increase in streaming growth rate assumptions by the independent valuers. The portfolio comprises 54 catalogues, with 13,291 individual songs, now valued at £757m which was acquired at purchase price of £697m on an acquisition multiple of 13.9x – now valued on 15.0x historical earnings.
Companies: Hipgnosis Songs Fund Ld
FY20 Interim results
Companies: Litigation Capital Management
The covid-19 pandemic has had a devastating effect on the share price of property companies, with 31% wiped off the value of their total market capitalisation during the first quarter of 2020.
Companies: AEWU CREI CSH BOOT INL HLCL THRL SUPR RESI RGL DIGS GR1T SOHO PHP BOXE ASLI UTG AGR UAI BLND UANC CAL SHED CWD WHR EPIC WKP GRI YEW HMSO PCA INTU NRR
A robust set of FY20E numbers and the absence of evidence of material bad debts increases, should reassure today and provide evidence 1pm's multi-product, sector diverse, hybrid model can deliver in tougher conditions. Given a NAV p/s of 62p (30p tangible), which now includes enhanced Covid-19 provisions, the material discount to book is clearly unwarranted.
FY20 results – increased firepower to acquire
Companies: First Property Group
Gore Street has moved a meaningful proportion of its 900MW pipeline into exclusivity with agreements covering a 81MW operating site and a 50MW project in development, both in the GB market. These add to the recent announcements of projects in Scotland and near London. Power storage continues to offer the opportunity to acquire projects that will deliver the fund’s target 10% IRR and we think there is plenty more to go for.
Companies: Gore Street Energy Storage Fund