Hvivo Equity Research & Stock Reports

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10 Dec 19

hVIVO merger with Open Orphan 'gives it the chance to achieve profitability'

19 Sep 19

hVIVO PLC's 2020 pipeline 'looking strong' as it expands service offerings

11 Apr 19

Small Cap Feast

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. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC, expected late April. 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.

Companies: SML CYAN AFM ASO TWD DNL CTG RNO HVO NBI

18 Jun 18

Small Cap Breakfast

RA International is a leading provider of services to remote locations in Africa and the Middle East looking to join AIM raising £18.8m and 56p, market cap of £97.2m. Expected 29 June Cake Box Holdings—franchise retailer of cakes with a growing store base across the UK looking to join AIM, Offer tbc, expected late June Mind Gym. Behavioural science business that uses scalable proprietary products to deliver human capital and business improvement solutions to large corporations. Offer TBA. Due 28 June Anexo -specialist integrated credit hire and legal services group. Offer raising £25m at 100p, market cap £110m. Due 20 June. i-nexus—develops and provides strategy execution software to assist global enterprises in effective execution of their strategic plans and initiatives looking to jon AIM. Offer TBC, expected 19 June 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. Offer TBA. Tekmar— technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services—Offshore wind farms and Oil & Gas. Revenue of £21.9m and Adjusted EBITDA of £4.9m. £61.8m raised at 130p. Mkt cap c.£65m. Due 20 June. Knights Group— UK regional legal and professional services businesses. FYApr18 rev £34.9m and adjusted operating profit was £6.8m excluding Turner Parkinson (acquiring on IPO). Offer TBA, expected 29 June. TransGlobe Energy Corporation—an independent international upstream oil and gas company with headquarters in Calgary, Canada is looking to join AIM. No Capital to be raised, market cap of £131m. Expected 29 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.

Companies: ERIS PTSG KOOV OPTI WSBN VRS MPL ING HVO JAN

02 Sep 16

AIM Breakfast

Companies: CASP ECK ASC HVO SOU TRE LSAI

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Hvivo. We currently have 3 research reports from 1 professional analysts.

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Date	Source	Announcement
17Jan20 08:01	RNS	Rule 2.9 Announcement
17Jan20 07:00	RNS	Offer Wholly Unconditional
15Jan20 17:30	RNS	Open Orphan
15Jan20 08:01	RNS	Rule 2.9 Announcement
14Jan20 07:00	RNS	Second Closing of the Offer
13Jan20 16:31	RNS	Exercise of Share Options
13Jan20 13:39	RNS	Exercise of Share Options

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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

26 Mar 20

Ergomed - Resilient global pharma services specialist

We are initiating coverage on specialist pharmaceutical services provider Ergomed. We believe it should prove relatively resilient during the COVID-19 crisis and has the fundamentals in place to execute its growth strategy. Ergomed announced impressive audited numbers for FY19, with revenue up 26% to £68.3m and EBITDA up 5.5x to £12.5m. The FY19 announcement is effectively Ergomed’s fourth profit upgrade for FY19 and a small beat on recently reset FY19 expectations. Ergomed trades at a discounted EV/EBITDA of 10.1x vs the contract research outsourcing (CRO) sector average of 11.5x (FY20). We value Ergomed at £186m or 399p/share. Ergomed’s strong organic growth is benefiting from a clear strategic focus on high growth pharma sectors, margin control and order book growth (up 15% to £125m in FY19, giving 90% visibility to 2020).

Companies: Ergomed

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

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

26 Mar 20

MaxCyte: Allogene deal is validation for new CAR-T wave

MaxCyte’s (MXCT's) deal with clinical-stage industry leader Allogene Therapeutics (ALLO) is a clear endorsement of the features of its Flow Electroporation technology for enabling the production of the next generation of ‘off-the-shelf’ CAR-T therapies. Not only is this an impressive deal since ALL

Companies: MaxCyte

04 Mar 20

Growth catalysts on the horizon

Fundamentally, EKF is an attractive investment proposition but its shares have been range-bound for the last couple of years. This note previews the upcoming results and looks at a number of potential catalysts that could add materially to revenues over the next few years. Combined, they provide scope to lift top line organic growth towards mid-high single digits and lead to margins trending towards a viable target of 25% over time. Ultimately, this should lead to double-digit organic EPS growth. In addition, there is effectively a free carry on the Mt Sinai relationship, which offers further potentially material prospects for shareholder value creation.

Companies: EKF Diagnostics Holding

23 Mar 20

Cenkos: Creo Medical Group Plc -- Second FDA clearance

Creo Medical has announced that the FDA has cleared its HS1 haemostasis device, making it the second of Creo's devices to receive such clearance. We expect this significant milestone to be the first of a wave of regulatory clearances for Creo's pipeline of devices in both the US and EU. This news follows Creo's recent trading update in which the company discussed the impact of COVID-19 on its Clinical Education Programme and its current financials and cash position, which as of the end of February was £77.6m. We maintain our Buy recommendation.

Companies: Creo Medical Group

24 Mar 20

Hutchison China MediTech - From innovation to oncology commercialization

Hutchison China MediTech’s (HCM’s) investment case is focused on evolution into a global R&D and commercial-stage biopharma company with a marketed portfolio of innovation-led oncology drugs. 2020 is a golden year as HCM moves towards multiple domestic drug launches and is progressing key assets into registration studies globally. We expect surufatinib (NET) and savolitinib (exon 14 deletion NSCLC) China launches in 2020 and 2021, respectively, following in the footsteps of Elunate (thirdline CRC), which is establishing its presence by its inclusion on the National Reimbursement Drug List. HCM is investing in its oncology commercial presence in China and its global clinical and regulatory capabilities (in the US, Europe and Japan). 2022 and 2023 should benefit from global drug launches providing continued pipeline progression. We value HCM at $5.9bn.

Companies: Hutchison China Meditech

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

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

24 Mar 20

Evolva - Transformation continues

Evolva's FY19 results were above our expectations in terms of sales and EBITDA. Cash flow was also far better than expected as the company has materially reduced its cash burn. Nootkatone is on track for EPA registration and a new product, EVE-X157/Z4, is due to be launched later this year, for the Flavours and Fragrances and Health Ingredients segments. Management has reiterated its commitment to reach cash break-even by FY23 (previous guidance was FY21/23) and is evaluating options to finance future growth until cash break-even, including a capital increase. We have cut our sales and profit forecasts to reflect the guidance that the FY19 growth trajectory will be replicated in FY20 and our fair value is now CHF0.42/share.

Companies: Evolva Holding

25 Mar 20

Silence Therapeutics - Another major deal, this time with AstraZeneca

Silence Therapeutics announced on 25 March 2020 that it has signed a collaboration agreement with AstraZeneca to develop novel drugs for cardiovascular, renal, metabolic and respiratory diseases. The deal includes an upfront of $60m, $20m in equity investment, and for each of the planned targets $400m in milestones, and high single- to low double-digit royalties. Additionally, the company announced that it would elevate SLN360 to the status of lead asset and expects to file an IND later in 2020 and to have interim results in mid-2021.

Companies: Silence Therapeutics

26 Mar 20

Cenkos: Intelligent Ultrasound Group plc -- Preliminary FY19 results

Intelligent Ultrasound has announced its unaudited results for the year ended 31 December 2019. As expected in the January Trading Statement, the Group delivered revenues of £5.9m, while the adjusted EBITDA loss of £3.1m was slightly improved on the anticipated range £3.3m to £3.4m. Cash1 at year end was £7.3m, as expected. Strong progress was made through the year with significant agreements signed by both divisions. In light of the current COVID-19 uncertainty, we withdrew our forecasts yesterday and moved our recommendation to Under Review.

Companies: Intelligent Ultrasound Group PLC

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

07 Jan 20

UK market leader Holland & Barrett is now distributing SlimBiome

OptiBiotix ("OPTI") has announced that Holland & Barrett, a global nutritional food and supplement retailer, has launched a new product range under the SlimBiome brand. The weight management products, which contain OPTI's proprietary weight management formulation, will initially be available on the Holland & Barrett website and physical stores in the United Kingdom, Republic of Ireland, Netherlands, Belgium and Sweden. The deal marks the 22nd commercial partnership for SlimBiome and the first with a major retailer, further validating SlimBiome's potential in the c.$25bn dietary weight management market. We note the significance of the SlimBiome brand being marketed by a global market player, further enhancing brand awareness among both consumers and other potential partners.

Companies: Optibiotix Health