Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MIDATECH PHARMA PLC. We currently have 54 research reports from 4 professional analysts.
|22Nov16 07:00||RNS||Midatech receives upfront on Emergex vaccine deal|
|15Nov16 07:00||RNS||Midatech selects MTR104 for liver cancer treatment|
|02Nov16 12:57||RNS||Holding(s) in Company|
|02Nov16 09:51||RNS||Holding(s) in Company|
|28Oct16 11:12||RNS||Result of GM, Open Offer & Issue of Equity|
|11Oct16 02:59||RNS||Results of Placing to raise £16.0 million|
|11Oct16 11:18||RNS||Proposed Placing and Open Offer|
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MIDATECH PHARMA PLC
MIDATECH PHARMA PLC
Panmure Morning Note 22-11-2016
22 Nov 16
Midatech’s previously-announced programme (04 January 2016) in conjunction with Emergex (infectious disease) has today crystallised an upfront technology access fee and option payment of £450,000 to Midatech. We think today’s news represents a strong validating point within the relationship between the two companies and consider the programme sits in a highly complementary manner alongside Midatech’s programmes in immunotherapy, auto-immune disease and immuno-oncology. We remain Buyers and repeat our 297p target price.
Panmure Morning Note 15-11-2016
15 Nov 16
While Midatech’s liver cancer programme has been perhaps overshadowed by the strength of news flow generated by other areas within its development portfolio (e.g. recent progress with Q-Octreotide MTD201, OpsiSporin and MTX110/MTX111 for the treatment of DIPG), this morning’s announcement of the selection of a wholly-owned candidate compound MTR104 sees the liver programme continue on track with previously announced timelines. This should see MTR104 taken into a formal IND-enabling programme during 2017, followed by human studies planned for 2018. An area of significant unmet clinical need, we consider this another key programme with Midatech’s development stable. We repeat our Buy recommendation.
A Quarterly look at UK Healthcare
02 Nov 16
Today we publish PG:GP (Panmure Gordon: Growth Prospects), our first quarterly take on the healthcare sector. We see current macro volatility providing a strong backdrop for the more naturally defensive healthcare stocks which are underpinned by solid fundamental drivers. The run-up to the US Presidential election has repeatedly reminded us that pharmaceutical pricing is one of Hilary Clinton’s main targets, and whatever the result, we see a see greater emphasis on outcomes-based pricing and reimbursement as a major influence for the future. In the UK, concerns voiced by the pharma majors over use of new drugs in the UK post Brexit may encourage adoption of some of the recommendations published last week in the UK Government’s final report on the Accelerated Access Review.
N+1 Singer - Midatech Pharma - Forecast update post capital raise
31 Oct 16
We have updated forecasts following Midatech’s £16.67m Placing and Open Offer at 110p, which was approved at its GM on Friday 28th October. The capital raise will allow Midatech to accelerate development of its key programmes. We continue to expect data from a gold nanoparticle (GNP) enabled Phase I diabetes vaccine trial in 2017, followed by the start of clinical trials in brain and liver cancer by early 2018. In addition, Q-Octreotide in our view represents a significant near-term licensing opportunity. We reiterate our Buy recommendation.
31 Oct 16
On Friday last week, Midatech Pharma announced the passing of Resolutions at its General Meeting with respect to the placing and open offer previously announced on 11 October 2016. A total of 14.5m new placing shares and 0.6m open offer shares were issued at 110p to raise gross proceeds of £16.7m, or £15.7m net of expenses. The additional resources provide a strong foundation for Midatech’s development plans, underpinning key opportunities within its pipeline in addition to investing in its manufacturing and commercial platform. We had previously moved our recommendation to Under Review for regulatory purposes: following shareholder approval we re-introduce our Buy recommendation and adjust our target price to 297p (380p) to reflect our SOTP valuation and the net impact of the new issued shares (representing 31.1% of the enlarged share capital).
N+1 Singer - Morning Song 31-10-2016
31 Oct 16
An eight-year journey to reposition this business as the provider of a next generation, cloud-based performance measurement and risk analytics platform is nearing its conclusion as far as the investment phase is concerned. Investors have been frustrated by revenue stagnation and margin suppression over this period but we strongly believe a growth inflection point is approaching, and that this will ultimately deliver significantly enhanced earnings. We expect further rating gains to be driven by increasing investor appreciation of the highly attractive combination of strongly growing cloud revenues (from new sales, upsells and migration of existing non-cloud revenues), improving KPIs and healthy growth in orders. Our 158p target price is based on what could prove to be highly conservative growth assumptions. Buy.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
Exponential growth now in sight
07 Dec 16
The best things in life are worth waiting for, or at least that seems to be the case with Kromek, a pioneering radiation detection expert. Since listing on AIM at 51p back in October 2013, the company has not only been busily refining and field testing its next generation CZT (cadmium zinc telluride) technology, but importantly also securing a raft of new orders.
N+1 Singer - Morning Song 09-12-2016
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.