Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Ergomed. We currently have 92 research reports from 3 professional analysts.
Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. Offer TBC, expected 29 May 2019. Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019
Companies: SAR MYSL SEE BLV LID IND ERGO DDDD AEO
Ergomed’s strategy is to become a global leader by 2020 in Pharmacovigilance and Services for orphan drug development. The reliance on the risk/reward profile of development deals is being dissipated by improvements seen in the Services businesses and better cost controls. Following this period of transition, a better, more forecastable, cash-generating story will support the valuation expectations for the company. Our valuation is upgraded to 242p / share for the Services businesses, with a further 120p for the Development portion of Ergomed.
Ergomed (ERGO LN) Oversold post interims: Buy | Findel (FDL LN) Positive H1 trading update. Well positioned for FY growth | First Derivatives (FDP LN) Material OEM contract win for Kx in Industrial Internet of Things | Oxford Metrics (OMG LN) FY in line: Vicon leading the way | Rathbone Brothers (RAT LN) FuM benefits from S&J acquisition, core IM stable at 2.6% annualised
Companies: ERGO FDL FDP OMG RAT
accesso Technology (ACSO LN) Positive first half, full year expected to be in line | Cello Health (CLL LN) Health driving performance | Eckoh (ECK LN) A good start to the year | EKF Diagnostics (EKF LN) Interims slightly ahead, outlook positive | Elektron Technology (EKT LN) H1 19 in line with recently upgraded forecasts | Ergomed (ERGO LN) H1 results: in line with June trading update | Futura Medical (FUM LN) Business update highlights increased focus on MED2002 | ReNeuron Group (RENE LN) Exclusive hPRC discussions stopped: talks renewed with other parties | Yu Group (YU LN) Continuing strong, sustainable growth and cash generation
Companies: ACSO CLL ECK EKF EKT ERGO FUM RENE YU/
Ergomed’s strategy is to become a global leader in pharmacovigilance and orphan drug development services by 2020. This refocusing of the business, communicated earlier in the year, moves Ergomed away from its reliance on the risk/reward profile of development deals and will ultimately result in a much better, more visible, and cash-generating story.
Abzena (ABZA LN) Telix Pharma deals highlight an increasingly integrated offering | Best Ideas 2018 - H1 Review 9% outperformance for our picks YTD | Carclo (CAR LN) Non-binding proposal from consort | ECO Animal Health Group (EAH LN) Another good year: EBITDA and dividend ahead of estimates | Ergomed (ERGO LN) CFO appointed | First Derivatives (FDP LN) Acquisition of remaining minority stake in Kx Systems | Sigma Capital Group (SGM LN) Site delays could impact short term, 6% reduction to FY18e PBT | St Ives (SIV LN) Change complete – focus moves to growth | StatPro Group (SOG LN) Acquisition of regulatory risk services bureau | The PRS REIT (PRSR LN) Hits target yield, sees some construction delays
Companies: ABZA CAR EAH ERGO FDP SGM KCT SOG
Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa Immotion Group - aims to become the market leader in "out of home" Immersive Entertainment Experiences. Offer TBA. Due 12 July Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply contract for up to $170m. Due Early July. Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.
Companies: ALSP BKY ABZA HUM PLUS KMK ERGO ZOO LION AVO
This morning’s trading update highlights continued strong demand for Ergomed’s service offering, across its Clinical Research Services (CRS) and Drug Safety and Medical Information (DS&MI) divisions. However, revenue is now expected to fall 5% short of 2018 consensus (c. £57m) mainly due to start-up delays, with the impact on profit exacerbated by increased investment. Although we have downgraded forecasts to reflect this morning’s update, we continue to believe that Ergomed’s service offering is well positioned for strong medium-term growth. Our revised intrinsic value stands at 282p/share (from 360p).
Adept4 (AD4 LN) Satisfactory progress against key objectives for 2018 | Ergomed (ERGO LN) TU disappoints but medium-term outlook bright | Redde (REDD LN) In line FY update, no change to forecasts | Small-cap quantitative research Momentum screen refresh + 7 highlighted stocks | Summit Therapeutics (SUMM LN) PhaseOut DMD misses endpoint: ezutromid development terminated
Companies: AD4 ERGO REDD SUMM
Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June. Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 June. Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June. Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Cloud based automated management data system. Raising £6m at 15p. Mkt Cap £12m. Due 30 May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May
Companies: GROW ERGO ECHO EUSP HUW NAK HAYD HYDG MTPH
Ergomed’s new strategy is to become a global leader in pharmacovigilance and orphan drug development services by 2020. This refocusing of the business moves Ergomed away from its reliance on the risk/reward profile of development deals, towards repeatable and sticky contracts across various geographies and therapy areas. This offers a much better, more visible, cashgenerating story. Our headline valuation has been revised to centre on the Services businesses only, giving a fair value of 266-292p. The Development and Haemostatix businesses add a further 120p to that range.
BCA Marketplace (BCA LN) Motoring ahead – H2 trading beats market expectations | Ergomed (ERGO LN) FY results show impressive pharmacovigilance growth | Liontrust Asset Management (LIO LN) HOLD tight: more to come as flows continue | Oxford Instruments (OXIG LN) Year end trading in line | Severfield (SFR LN) Positive conclusion to FY’18; Medium term targets reiterated
Companies: BCA ERGO LIO OXIG SFR
Pharmaceutical Services is a vast and varied landscape, reflecting the complexities in the discovery, development, manufacturing and monitoring of drugs and devices, all within a stringent regulatory environment. The overall growth prospects are highly favourable: drug development activity globally is on the up, led by smaller companies, which is driving demand for outsourced services. In this report we provide a breakdown of the sector into its main activity segments, and identify biologics, increasing service specialisation and consolidation as important value drivers. Finally, we present 15 companies (9 of which are publicly listed) that, in our view, are well placed to benefit from the sector’s secular growth trends.
Companies: ABZA BQE CSRT INS UDG CLIN ABZA HZD ERGO OXB
ECO Animal Health Group (EAH LN) Marketing authorisations for Aivlosin® in Argentina | Ergomed (ERGO LN) FY trading update: revised EBITDA guidance | Microsaic Systems (MSYS LN) Challenges in traditional markets but new strategy progressing well | MySale Group (MYSL LN) Record interims, a sixth successive half of T/O and margin gains | St Ives (SIV LN) A great step forward
Companies: EAH ERGO MSYS MYSL KCT
Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Offer raising £30m at 165p with mkt cap of £100m . Due 9 Feb.
Companies: PVG SPSY IDE JAY VLTY COM STR RHL ERGO ABAL
Research Tree provides access to ongoing research coverage, media content and regulatory news on Ergomed. We currently have 92 research reports from 3 professional analysts.
|10Jul19 07:00||RNS||Board Appointment|
|01Jul19 07:00||RNS||Total Voting Rights & Block Listing Return|
|25Jun19 07:00||RNS||Director/PDMR Shareholding|
|19Jun19 07:00||RNS||Share Options|
|18Jun19 15:04||RNS||Board Appointment|
|18Jun19 14:59||RNS||Result of AGM|
|13Jun19 07:00||RNS||Director/PDMR Shareholding|
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
Given the S&P500 is within a whisker of all-time highs, it is virtually impossible to find undervalued, high quality, growth stocks - especially those possessing ‘disruptive’ technology and addressing $bn end-markets. However we think Kromek, a leading next generation radiation detection business, is one. Today it posted FY19 turnover up 22.6% LFL to £14.5m (vs £11.8m LY), alongside a 4-fold increase in EBITDA (pre SBPs) to £2.0m (£0.5m). Better still momentum accelerated throughout the period, with H2’19 EBITDA coming in at £2.5m (margin 23.3%) on sales of £10.8m (£7.0m LY).
Companies: Kromek Group
When advisers first start looking at business relief (BR) products, there is much to take in: the rules governing such products; the investment strategies being used; and what the investment risk is. It is easy to lose sight of the fact that, for non-AIM products, the investment is being made directly into a company or partnership, rather than a fund. It is, therefore, essential that governance is part of the diligence process.
Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SIXH TRX TON SHED VAL VTA W7L
Collagen Solutions has reported its FY19 results to March 2019. As announced in April, revenues for the period were £4.15m delivering 18% growth, supported by the on-going strength of the development business. FY19 was a strong year for the company, securing a number of new customers, establishing the tissue business in New Zealand and consolidating collagen manufacture in Glasgow. The number of customers developing products with Collagen Solutions provides us with strong confidence for the future growth of the business. We maintain our Buy recommendation.
Companies: Collagen Solutions
EKF has issued a positive H1 trading update, continuing the recent pattern of raising and beating expectations. Revenues were in line but EBITDA ahead on good cost control. Cash generation was again strong and the outlook for H2 is described as encouraging. Including the RenalytixAI stake (which is up 172% since IPO last year), cash and marketable securities exceeded £20m, prompting the intention to declare a maiden dividend this year. We prudently make no changes to our estimates at this stage and will revisit these at the interims in September. The shares continue to look attractive and we see fair value of 43p.
Companies: EKF Diagnostics Holding
Today’s FY results, slightly ahead of expectations as a result of good operating cost control, highlight a busy period for the company, culminating in a ground-breaking licensing deal with Fosun Pharma for the Chinese market in April. The company’s lead stem cell therapy programmes (CTX for stroke disability and hRPC for ophthalmic disorders) remain on track, with top-line data on all 12 patients in the Phase IIa trial of hRPC in Retinitis Pigmentosa (RP) expected in October. We look forward to further updates with interest, and reiterate our positive stance.
Companies: Reneuron Group
We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underlying economic data that could ultimately undermine the recent market gains. In this context, we look at what the lead indicators and the market are telling us about the industrial cycle and the stocks most exposed to various industrial trends. The Q4 derating in short cycle industrials and autos had been vicious and while these sectors have seen a more solid footing in 2019, with earnings downgrades being priced in, it will likely take a trough in lead indicators before short cycle stocks can start to perform again and re-rate relative to the market.
Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE DTG DEMG EMR FPO FST GTLY GENL GOR GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF MNO MANO MOD MKLW OXIG PCA PANR PARK PGM PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF
The Nuvista Pharma acquisition is now consolidated and contributing to double-digit growth in the domestic market.Strong export growth continues, with the agreement to buy 8 new ANDAs from Sandoz doubling the Company’s US product portfolio.
Companies: Beximco Pharmaceuticals
The positive interim results from the Validation Study indicate that KidneyIntelX™ can provide a substantial improvement over standard of care in terms of predicting both Rapid Kidney Function Decline (RKFD) and progression to kidney failure (within 5 years) in patients with Type II diabetes. Although the available data is limited at this point so as not to prejudice ongoing regulatory discussions (under an accelerated pathway), the interim results are highly encouraging and confirm our belief in KidneyIntelX™ as the ultimate new standard of care for early detection of fast-progressing chronic kidney disease (CKD), a condition affecting 40m patients in the US alone. We reiterate our highly positive stance on Renalytix AI.
Companies: Renalytix AI
Revenue momentum in H1E has been strong, driven by Diaceutics servicing a rising number of brands and spend per brand increasing. New name customers are being signed and new territories in Asia are beginning to open-up to the company. The stock is trading at a small discount to its peer group and offers exposure to a premium growth market. Buy.
Collagen Solutions (COS.L) Final Results | Renalytix AI (RENX.L): Interim Results for KidneyIntelX™ Validation Study
Companies: Collagen Solutions Renalytix AI
Further to the trading update on 15 May in which the company stated that it expected revenues for the year to 30 April to be in excess of £17.0m with net debt of less than £1.7m, the company has indicated that it now expects revenues of £17.4m, an increase of 20%. This will result in adjusted pre-tax profits of not less than £2.9m and stated pre-tax profits of not less than £2.0m. Net debt at 30 April was c.£1.6m. We have made changes to FY 2019 forecasts to reflect the trading statement but have left FY 2020 forecasts unchanged, pending preliminary results on 18 July. With four acquisitions having completed in January-April period, we forecast adjusted pre-tax profits and EPS growth of 40% and 30% in FY 2020. For now, we leave our target price unchanged, which implies a FY 2020 EV/EBITDA of 10.3x but will re-assess once we have reflected on the breakdown of FY 2019 growth at the time of its next results.
Companies: Scientific Digital Imaging
ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m· IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas which have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raise TBC, expected mid-July 2019
Companies: SRT CHH VELA CREO ASH MIRA ECO AQX ARCM DRV
And then worst of all, you never get approval when you say you will. There is nothing that causes investor whiplash more than a sudden announcement of an unsuccessful clinical trial. Whether you are the onedrug wonder on AIM or the multi-drug portfolio NASDAQ darling, the market never takes too kindly to unsavoury news from the FDA on clinical results. But should investors lambast these two scenarios similarly based on poor trial results? The variables are endless but in this example the clear answer is no. Investors who invest in one-drug companies edging ever closer to FDA decision day do not have much cause for complaint as they are rolling the dice. But what of the company with many drug candidates in the clinic? Surely the usual knee-jerk reaction of a mass selloff is not rational when a company has a singular failure amongst a well-developed and advanced portfolio?
Companies: AZN BTG CYAD CIR ETX GSK GTCL GWP INDV SHP VER VRP
We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.
Companies: BCA CLIN CLG CBP DNLM EAH FDL FCRM FUTR GTLY INS GLE NICL SDL SPR TRI