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  • 23 Mar 20
LIBERUM: Genus* - A resilient business model

There are four key reasons we expect Genus to be relatively resilient as the world battles with COVID-19. 1) Farming and food-supply is a critical industry for governments to keep operational; 2) Genus's geographic diversity: For example Chinese demand is now recovering, helping to offset challenges elsewhere; 3) Around 60% of Genus's profits stem from a resilient royalty revenue stream in porcine; 4) Genus's strong balance sheet and cash flow.

Companies: Genus
  • 28 Feb 20
LIBERUM: CEO & CFO Video: Stephen Wilson and Alison Henriksen, Genus*

In these five videos Genus's CEO, Stephen Wilson, gives an update on the drivers behind the 25% PBT growth reported in its latest 1H results and its confidence for future growth. Genus’s new CFO, Alison Henriksen, also discusses why she joined the company and her first impressions.

Companies: Genus
  • 27 Feb 20
LIBERUM: Genus* - Better than expected 1H results with broad based growth

1H EPS 2020 rose 22% (20% ahead of our forecast) as Genus reported strong growth across its divisions and regions. In particular, Asian porcine profits leapt 300% as Chinese pig producers started rebuilding the industry in the wake of African Swine Fever (ASF).

Companies: Genus
  • 28 Nov 19
LIBERUM: Genus* - Helping China rebuild its pork industry

We lift our target price to 3450p and maintain a Buy rating. Short-term valuation metrics are clearly high but we think the risk to estimates is positive, driven by demand in China for genetics as it rebuilds its pork industry. In addition, we see four other key drivers that should sustain double digit EBIT CAGR for the foreseeable future.

Companies: Genus
  • 20 Nov 19
LIBERUM: Genus* - CFO Appointment

Alison Henriksen has been appointed as Genus's new CFO with effect from 13th January 2020. Alison is currently the CFO of V.

Companies: Genus
  • 14 Nov 19
LIBERUM: Genus* - Positive trading update with recovery underway in China

Genus has reported a positive trading update for the first four months of its year with good profit growth across the business and recovery evident in PIC China. The company is not signalling consensus estimate changes at this stage but we believe the risk is more likely positive with key profit drivers being: 1) PIC China, as Genus helps the Chinese pork industry rebuild; 2) reacceleration of growth in PIC N. America with the launch of Mollevang-influenced genetics; 3) rapid growth of Sexcel; and 4) the LT potential from PRRSv-resistant pigs.

Companies: Genus
  • 18 Oct 19
LIBERUM: Genus* - Key takeaways from ABS site visit

We are just back from a two-day visit to Genus's bovine business, ABS, in Madison, Wisconsin. We met with all the key ABS leadership team, Genus's new global head of R&D and visited a dairy customer.

Companies: Genus
  • 10 Sep 19
LIBERUM: Genus* - Litigation set back

Genus has received a disappointing judgement in its latest litigation in the US against Sexing Technologies (ST). The courts have ruled that ST's patent '987 is valid and hence Genus will have to continue paying a $1.25/straw royalty.

Companies: Genus
  • 09 Sep 19
LIBERUM: CEO Video: Stephen Wilson, Genus*

In these five videos Genus's CEO designate, Stephen Wilson, gives an update on African Swine Fever in China and how it's affecting Genus’s business, how the gene-editing R&D programme is progressing, what drove the 42% sexed semen volume growth in FY2019 and can it continue and what are his priorities for his first twelve months as CEO.

Companies: Genus
  • 05 Sep 19
LIBERUM: Genus* - Robust FY2019 results, nudging TP up to 2800p

FY2019 adj. PBT growth of 4% to £61m is robust and in line with our forecasts. The growth comes despite a £5m hit in China from the outbreak of African Swine Fever (ASF) and an £8m rise in R&D costs.

Companies: Genus
  • 16 May 19
LIBERUM: Genus* - PRRSv-resistance for China

Genus has announced a collaboration with Beijing Capital Agribusiness (BCA) to commercialise PRRSv-resistant pigs in China. BCA will bear full development and regulatory costs and will pay Genus $20m upon milestones.

Companies: Genus
  • 25 Mar 19
LIBERUM: Genus* - CEO to step down in September

Genus has announced that its CEO of eight years, Karim Bitar, will step down from the Board as of 16th September 2019 in order to take up a position as CEO of the UK medical device company, ConvaTec. Under his leadership, Genus has significantly enhanced its position as a global leader in animal genetics, growing earnings with a CAGR of 8% and driving a re-rating of its shares from a PER of c.20x to c.30x.

Companies: Genus
  • 05 Mar 19
LIBERUM: Genus* - Beefing up the growth outlook

The risk to Genus’s long-term estimates appears on the upside. This is despite African Swine Fever (ASF) in China keeping a lid on ST forecasts.

Companies: Genus
  • 28 Feb 19
LIBERUM: Genus* - Solid 1H19 despite ASF disease headwinds

Adj. group EBIT flat yoy is impressive given PIC Asian profits fell 40% (£3m) due to African Swine Fever in China. Had it not been for ASF, adj. operating profit would have risen 12% driven by soaring growth of sexed semen and beef genetics in ABS and market share gains in PIC Europe & Latin America.

Companies: Genus
  • 07 Dec 18
LIBERUM: Genus* - 5% equity placing to enhance balance sheet flexibility

Genus has announced it has raised £68m through a placing of 5% of its issued share capital. The company was robustly financed (1.4x net debt / EBITDA as of June 2018) and we had forecast this ratio rising closer to 2.0x during FY19 following the Mollevang acquisition and planned uplift in capex.

Companies: Genus

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Genus. We currently have 142 research reports from 4 professional analysts.

Open
3264p
Range Today
3203/3264p
52 Week
2190/3644p
Daily Volume
1.3k
# Shares
65.1m
Daily Liquidity
(0.00%)
Pension Liability
£40.9m
Enterprise Value
£1,988m
Market Cap
£2,111m
Latest PE (hist)
40.08
Div Yield
0.94

Latest News/RNS

(more news)
Date Source Announcement
01Apr20 17:52 RNS Total Voting Rights
27Feb20 07:00 RNS Interim Results
26Feb20 12:44 RNS NOTIFICATION OF MAJOR HOLDINGS
17Feb20 17:27 RNS Notification of Major Holdings
07Feb20 09:03 RNS Notification of Major Holdings
03Feb20 10:51 RNS Block listing Interim Review
23Jan20 15:52 RNS Notification of Major Holdings
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  • 30 Mar 20
Interims – pre-COVID growth

Bioventix delivered a strong set of interims, with revenues up 21%. Given the 9% decline in operating expenses, this resulted in a 31% increase in adjusted EBITDA, with adjusted pre-tax profit also rising 31% to £4.4m (52% of full-year forecasts) and adjusted EPS up 29% to 69.4p. An interim dividend of 36p was declared (+20%) with net cash at period end of £5.5m. Growth was driven by both Vitamin D antibody sales/royalties (+c.25%), its portfolio of other antibodies (+c.12%) and a more meaningful contribution from troponin. Given the inevitable disruption that COVID-19 will have to some testing volumes (although tests such as NTproBNP are likely to benefit from high risk COVID patients), we leave forecasts unchanged, confident that the strong H1 and weaker sterling in H2 should offset any potential H2 trading shortfall. We leave our forecasts unchanged and reiterate our 3750p target price. At this level, the stock would trade on a 30x FY 2020 P/E with a free cashflow yield of 3.1x

Companies: Bioventix
  • 01 Apr 20
LIBERUM: Futura Medical* - Approval timelines and cash runway remain on-track

Futura has released its 2019 preliminary results this morning, updating the market after a very busy 12 months with its all important FM57 study delivering exciting and commercially relevant data in December. On this front management is hosting a webcast presentation that will be available on the company website later this morning to provide more colour on the study.

Companies: Futura Medical
  • 02 Apr 20
Subscription raising £2m

Avacta announced that it is raising £2m by way of a subscription for 11.1m ordinary shares at 18p (follows £9m raise in October 2019 at 15p per share), subject to a general meeting. Given the current economic uncertainty and disruption caused by the coronavirus outbreak, we think this is prudent as it extends the cash runway further into 2021. Not only does this create a cash buffer for any unseen disruption, but it also provides additional time to advance its immunotherapy pipeline with partners (fully funded by the partners), as well as delivering further commercial progress for both therapeutics and diagnostics. Avacta confirmed that it will file a CTA application as soon as possible, seeking the UK regulator’s permission to commence a Phase I safety study for its lead drug candidate (AVA6000 – pro-doxorubicin). This is on track to start in late 2020, having made good progress in manufacturing drug product. We retain a target price of 76p.

Companies: Avacta Group
  • 01 Apr 20
THE MONTHLY April 2020


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  • 30 Mar 20
SP Angel Healthcare Conditions

Novacyt S.A* (NCYT.L): COVID-19 test update | Redx Pharma (REDX.L): Short term loan agreement

Companies: Novacyt Redx Pharma

  • 06 Feb 20
Running the Slide Rule over SDI

SDI was selected in finnCap’s Slide Rule QVGM+ top 30 stocks in Q1 2020, reflecting the projected strong sales and EPS growth over the next two financial years of 30% and 31% respectively, buoyed by recent acquisitions but more importantly the rising ROCE. The prospect of sustainable organic growth is considered likely for this buy-and-build model given ongoing investment to support portfolio companies’ ambitions. These quality metrics are also seen in Judges Scientific (a larger buy-and build investment story), which despite three-year 9% EPS CAGR, trades on a FY 2020 P/E of c.25x and FCF yield of 4.2%. Given the successful acquisition and integration of 11 businesses over the past six years, and mindful of opportunities that still exist for SDI, we are raising our target price to 105p, which brings the valuation into line with Judges. This implies FY 2021 EV/EBIT and P/E multiples of 19.6x and 24.5x, respectively.

Companies: Scientific Digital Imaging
  • 02 Mar 20
THE MONTHLY March 2020

Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.

Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMDL STX SCE SIXH TRX SHED VTA

  • 31 Mar 20
FY19 prelims & Covid-19 update

Revenue growth of 10% in H2 brought FY results in line and the company was looking well set for strong progress in FY20. However, Covid-19 presents a significant short term challenge, given SUN’s focus on elective surgeries. The Board has moved quickly to enact cash preserving and cost saving measures, whilst continuing to supply essential products. Cash on the balance sheet and support from the group’s bankers provides short term liquidity and other indications of financial support are being actively considered.

Companies: Surgical Innovations Group
  • 01 Apr 20
PTAN number a step closer to Medicare coverage

In an important step for Medicare coverage determination, Renalytix has been granted a Medicare Provider Transaction Access Number (PTAN) for its Salt Lake City Utah clinical laboratory. This effectively means Renalytix is now qualified as a billable provider and can initiate a ‘Local Coverage Determination’ process to establish US national Medicare coverage and reimbursement for KidneyIntelX testing. Medicare and Medicaid insurance programmes are estimated to represent 50-60% of chronic kidney disease patients likely to benefit from KidneyIntelX. Medicare coverage determination expected by calendar H1 2021 is not presently reflected in our current forecasts and remains a substantial value creation event if achieved. Over the last week we also saw impressive healthcare economic data published by Boston Healthcare supporting KidneyIntelX use in large healthcare systems, and Renalytix AI also featured in N+1 Singer’s Stocks in Unprecedented Times – Part 2 handbook.

Companies: Renalytix AI
  • 26 Mar 20
£14m placing to fund COVID-19 activities

Synairgen has raised £14.0m to fund a Phase II trial for SNG001 in COVID-19 disease, which is due to commence enrolment imminently after gaining rapid permissions for the UK’s MHRA and HRA. This is a significant breakthrough for the company and the global fight against COVID-19, having achieved these permissions ahead of the expected rapid increase in number of hospitalised COVID-19 patients. A successful outcome from the pilot phase will have substantial commercial value. The risk/reward profile, given earlier evidence that SNG001 has a beneficial in vitro effect in MERS and SARS coronaviruses and has been shown to be safe and well tolerated in asthma/COPD patients, is skewed significantly to the upside, particularly given the potential for first revenues in 2020. Not only would a positive trial help to address the current COVID-19 crisis but it could enable governments to stockpile a broad-spectrum antiviral product for future pandemics. We introduce a 120p target with potential further upside.

Companies: Synairgen
  • 02 Apr 20
China approval and trading update

Omega Diagnostics provided a trading update for FY 2020 that is broadly in line with expectations, confirming also that it had received Chinese approval for the laboratory version of the Food Detective Test that we had expected in January. Under the current circumstances of an almost global lockdown due to coronavirus, we consider this to be a positive outcome. First shipments of VISITECT CD4 (both 350 and Advanced Disease tests) were also confirmed (albeit lower than forecast due to delays in Nigeria and as a result of the coronavirus outbreak), but are expected to be deferred into FY 2021. We have made minor forecasts changes to FY 2020 but leave FY 2021 and our target price unchanged.

Companies: Omega Diagnostics Group
  • 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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  • 04 Dec 19
Cenkos: IXICO Plc -- Revenues growing and profitable

IXICO has reported a strong financial performance for FY19A built on continued commercial focus and a strengthened organisation. Revenues of £7.6m were up 40% and gross margin was up 600bps versus FY18A and the company delivered its first year of profitability since IPO. EBITDA of £0.5m was strongly ahead of our forecast (+£0.1m) and delivered an EBITDA margin of 6%. We have maintained our revenue growth expectations of 20% for FY20E and FY21E but have upgraded our profit expectations given the strong reported performance. We maintain our Buy recommendation.

Companies: IXICO
  • 27 Jan 20
Product launches indicate growing momentum for year ahead

OptiBiotix ("OPTI") has had a strong start to 2020, with partners Agropur (US), Holland & Barrett (UK) and most recently Alfasigma (Italy) launching new products containing the company's microbiome-modulating functional ingredients. As an increasing number of products move to market, we remain positive as to the commercial potential of OPTI's functional ingredients as consumer awareness grows. The recent launches indicate growing momentum into 2020, when we expect existing agreements to start delivering substantial revenue streams and further demand for OPTI's products. We reiterate both our OUTPERFORM recommendation and 97p target price, based on our view that OPTI is at the beginning of a long-term revenue growth cycle.

Companies: Optibiotix Health
  • 24 Mar 20
Robust model proving its mettle

With the moratorium on publishing audited preliminary results in place, EKF has instead provided a comprehensive trading update with headline FY19 financials and an update on the outlook, including regarding the potential impact of Covid-19. In short, no impact has been seen to date and, whilst ordering patterns may experience some short term disruption, the testing of vulnerable groups such as Diabetes and Anaemia patients is more important than ever. Added to that, EKF has recently entered into a contract manufacturing agreement to produce sample collection tubes for Covid-19 testing in the US, with initial orders of $1m expected to grow significantly in the coming weeks. At the very least, this should compensate for any short term hiatus in ordering patterns in the core business. Net cash of £14.3m gives a substantial financial buffer and news the board still intends to pay a maiden dividend of 1p (>5% yield) is a strong signal of confidence. In short, we remain extremely confident in EKF’s business model and prospects.

Companies: EKF Diagnostics Holding