Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Milestone Group. We currently have 17 research reports from 1 professional analysts.
implyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money. Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd Stirling Industries—Acquisition vehicle focusing on industrials. Offer TBA. Due 5 March. GRC International Group— holding company for a group of companies providing a range of products and services to address the IT governance, risk management and compliance requirements of organisations. Offer TBC, expected 5 Mar 2018 Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area. Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. Expected 21 Feb Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due Early March 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
Companies: SAR MSG ALB APC OCI XPD STX EZH ERIS ING
TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer TBC, expected late Feb Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb 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
Companies: AEG BMV PHD PRM CGNR MSG TPG MED STY SOS
LoopUp—The provider of conference calls and online meetings is seeking to join AIM. 2015 revs of £9.2m and EBITDA of £1.02m | Bacanora Lithium— To list on AIM around 28 Sep as holding company for TSX listed Bacanora Minerals at £100m market cap | Aura Energy—ASX listed uranium developer (ASX:AEE) expected to join AIM 6 September | Autins Group plc - The acoustic and thermal insulation specialist now looks to join AIM late August
Companies: MSG PEN EOG NASA THR UVEN AOR NAK EDL SRES
Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: IPX SAV SGM TPG PREM PGD MSG SLN FLO
GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m. Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. FFI Holdings— Specialist in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. Offer TBA. Expected 30 June. QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA Ethernity Networks—Schedule 1 from Israeli based specialist in data processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets. Expected late June. Offer TBA. Jangada Mines—Sch 1 advanced stage PGM exploration project containing what the Directors understand to be the largest PGM resource, and only pre-development PGM project, in South America. Offer TBA. Expected late June. Phoenix Global Mining— US Brown field copper play. Expected late June. Offer TBA Touchstone Exploration— Oil E&P company active in the Republic of Trinidad and Tobago. Interests of approximately 90k gross acres. Production c. 1.3k boepd. Raising £1.5m. Expected mkt cap £7.5m - 26 June. I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Postponed. Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. ScotGems—Admission due 26 June. Seeking £50-£100m. To investing in a diversified portfolio of Small Cap Companies listed on global stock markets DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale. AIB—Intention to float from AIB, Ireland's leading retail and commercial bank. The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Valuation range €10.6-€13.3bn. Admission end June. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: VLS GSH EGIC MSG FDEV UNG TND LTHM REDX CREO
Mineral & Financial (MAFL.L) | Redde (REDD.L) | UK Oil & Gas Investments (UKOG.L) | Swallowfield (SWL.L) | Avanti Comms (AVN.L) | M i l e S t o n e G r o u p * (MSG.L) | Actual Experience (ACT.L) | CyanConnode Hldgs (CYAN.L) | Capital for Colleagues (NEX:CFCP) | Sandal (NEX:SAND)
Companies: AVN MSG ACT MAFL REDD UKOG SWL CFP CYAN
Hutchison China Medi (HCM.L) | Petards Group* (PEG.L) | Milestone Group (MSG.L) | Limitless Earth (LME.L) | Range Resources (RRL.L) | European Metals Holdings (EMH.L) | Stellar Diamonds (STEL.L) | Plant Impact (PIM.L) | Proteome Sciences (PRM.L) | Premier African Minerals (PREM.L)
Companies: HCM PEG RRL PIM STEL PRM PREM MSG LME EMH
Physiomics* (PYC.L) | Milestone Group (MSG.L) | Inspired Energy (INSE . L) | Entu (ENTU.L) | BMR Group (BMR.L) | Independent Oil & Gas (IOG.L) | Northamber (NAR.L) | Mirada (MIRA.L) | Distil (DIS.L) | BNN Technology (BNN.L)
Companies: PYC ENTU BMR IOG NAR MIRA BNN DIS INSE MSG
Milestone Group (MSG.L) | Earthport (EPO.L) | Keyword Studios (KWS . L) | Defenx (DFX.L) | Eurasia Mining (EUA.L) | Egdon Resources (EDR.L) | Benchmark Holdings (BMK.L) | Mariana Resources (MARL.L) | Forbidden Technology (FBT.L)
Companies: EPO KWS DFX EUA EDR BMK DAL FBT MSG MARL
AMBRIAN PLC (AMBR LN) | BEOWULF MINING (BEM LN) | ELEGANT HOTELS GROUP PLC (EHG LN) | ERGOMED PLC (ERGO LN) | EU SUPPLY PLC (EUSP LN) | GRAFENIA PLC (GRA LN) | INLAND HOMES PLC (INL LN) | WEATHERLY INTERNATIONAL (WTI LN) | Milestone Group (MSG LN) | Inland Homes (INL LN)
Companies: ERGO EUSP BEM GRA WTI AMBR INL EHG LWRF MSG
DIAMONDCORP PLC (DCP LN) | IMPAX ASSET MANAGEMENT GROUP PLC (IPX LN) | PETARDS GROUP (PEG LN) | QUADRISE FUELS INTERNATIONAL (QFI LN) | STEPPE CEMENT (STCM LN) | TELFORD HOMES (TEF LN) | TLOU ENERGY (TOU AU) | WALKER GREENBANK (WGB LN)
Companies: PEG IPX QFI TLOU WGB DCP TEF STCM MSG
TMT Investments * (TMT.L) | Milestone Group * (MSG.L) | Venn Life Sciences* (VENN.L) | AB Dynamics (ABDP.L) | Vela Technologies (VELA.L) | Digital Globe Services (DGS.L) |Watkin Jones (WJG.L) | easyHotel (EZH.L) | Finn Aust Mining (FAM.L) | Volga Gas (VGAS.L)
Companies: TMT VENN ABDP DGS WJG EZH JAY VGAS VELA MSG
EDENVILLE ENERGY PLC (EDL LN) | EUROPA OIL & GAS(HLDGS) (EOG LN) | NASSTAR (NASA LN) | PENNANT INTERNATIONAL GROUP (PEN LN) | SUNRISE RESOURCES PLC (SRES LN) | THOR MINING (THR LN)
Companies: PEN EOG NASA SRES MSG UVEN AOR NAK EDL THR
7DIG Trading Update, ALSP* Loan Draw Down, AAU Placing, COG* Contract Win, CHAL New York Wheel, CBUY Contract Win, CGNR* New Gold Zones, DGS Trading Update, MSG* JV, NET Trading Update, OPTI* New Patent, SEE Trading Update, TPG Contract Win
Companies: 7DIG ALSP AAU COG CBUY DGS MSG NET OPTI SEE TPG CGNR
ABDP Interim Results, ALSP Interim Dividend*, CGNR Financing Update*, COG FDA Clearance*, CNIC World's First, ELA Placing, ITM Grant, LID Launch, LRM Trading Update, , MSG Contract and Agreement*, PLI New Data*, TPG Final Results, TRAK Trading Update, VLG Agreements, VENN Final Results*, VER Fundraise, VIP Results
Companies: ABDP ALSP COG CNIC ELA ITM LID LRM MSG PLI TPG TRAK VENN VLG VER VIP CGNR
Research Tree provides access to ongoing research coverage, media content and regulatory news on Milestone Group. We currently have 17 research reports from 1 professional analysts.
|28Feb18 16:00||GNW||Milestone Group PLC : Posting of Report and Accounts and Notice of Annual General Meeting and proposed change of name for the Company to Catenae Innovation Plc|
|28Feb18 15:07||GNW||Milestone Group PLC : Update Black Cactus Global Inc - Licence Agreement|
|22Feb18 07:00||GNW||Milestone Group PLC : Final Results|
|16Feb18 11:12||GNW||Milestone Group PLC : Update on Settlement Agreed for October 2016 Placing|
|12Feb18 07:00||GNW||Milestone Group PLC : Memorandum of Understanding Signed|
|22Jan18 07:00||GNW||Milestone Group PLC : Settlement Agreed for October 2016 Placing|
|12Jan18 16:59||GNW||Milestone Group PLC : Holding(s) in Company|
Interims show positive progress at revenue and EBITDA levels. However whilst most operations are trading well the Reef TV business has underperformed and has a soft outlook. The CEO of Reef has left. Looking forward we expect the new Zinc CEO, David Galan, to tackle head on the organisational and efficiency issues that the group has. Significant steps have already been taken to enhance the probability of winning commissions and extending the business into areas with greater visibility and value (essentially more broadcasters and more series) for the existing core TV operation. Reef should benefit from this approach being rigorously applied. The newly acquired Tern TV business is off to a fast start as recently flagged and with this business included Zinc now has four regional operations that can tap into the growing regional TV budgets domestically. This complements the focus on expanding activity with international broadcasters. While Reef has underperformed we see this as a blip in its record rather than something more fundamental. At this stage we suspend our out of date forecasts (we had been waiting for the interims) pending deeper analysis and the likely evolution of Reef.
Companies: Zinc Media Group
Taptica has taken advantage of investor demand following the recent positive trading update to raise $30m in an oversubscribed placing in order to reduce its debt. It has issued 4.85m new shares at 450p; approximately 7.7% dilution excluding dormant shares. Furthermore CEO Hagai Tal has sold 1.65m shares (a further $10m) to pay a CGT liability due on the reorganisation of his holding in 2016. Founder Ehud Levy has also taken the opportunity of strong institutional demand to reduce his exposure to the business through the sale of 2.0m shares. Although there will be some dilution, the placing will strengthen the balance sheet and better position the Taptica for prospective M&A opportunities.
Companies: Taptica International
4imprint has announced another set of strong results, accompanied by a supplementary dividend of $0.60 to be paid alongside the final. It has also outlined a programme to build a more substantial longer-term business through adding brand awareness campaigns to the existing marketing spend. Revenues have grown at a CAGR of 18.1% over the last six years. Guidance for the next five years is for double-digit growth to reach the $1bn level by FY22 and we have lifted our forecasts to reflect this. Profit growth is restrained in the near term by the additional marketing spend, but should move on faster in FY19, with EPS further boosted by a lower US tax charge.
Companies: 4Imprint Group
Crossrider Plc (LON:CROS) is a B2C software business focussed on security/privacy and performance solutions. The company operates three core brands: Reimage. Patented software delivering repairs for PC and Mac. DriverAgent. Searches and updates for outdated drivers on computers, tablets and mobiles. CyberGhost. Leading cyber security provider with a focus on Virtual Private Networks. The acquisition of CyberGhost, announced March 2017, has extended Crossrider’s presence in high growth end markets, and reinforces the company’s strategy of moving towards a Software-as-a-Service (SaaS) business model. A core intellectual asset underpinning all of three is the company’s proprietary distribution platform, which maximizes market reach and drives strong returns on customer acquisition spend.
When certain investor groups focus on ‘tech’ stocks it is easy to forget that Media forms part of the wider TMT sector. Media (mass communication) companies have a wide range of activities. But as the public consumes media through an ever broader choice of devices and channels, media and technology have become inextricably linked. This can be related to how we consume media, with innovative music streaming platforms from the likes of 7digital (7DIG), to how corporates monitor the efficacy of their marketing dollar with Big Data analytics platforms such as that provided by Ebiquity (EBQ).
Companies: CRE EBQ NFC FOUR MDZ SYS1 TLA GFIN MIRA PWS 7DIG BMY ELE HYNS TMT RTHM
We initiate coverage on Crossrider following a period of significant change for the Group which has brought new management and a new strategy. The Group remains well-funded with cash of U$70.2 million as at the end of June 2016. We suggest that investors take time to view the considerable changes at Crossrider and its focused strategy for organic and acquisitive growth. Recently, Crossrider announced the purchase of DriverAgent for U$1 million – a product already successfully promoted on Crossrider’s app distribution platform. This bolt-on acquisition is the first under the new management team with more such deals likely. Crossrider’s management have suggested that any subsequent large acquisitions will be of businesses which are generating profits. This, along with the recent H1 results, points the way to a clearly-defined, wellarticulated strategy that is already being delivered at a rapid pace.
Topic of the quarter: It’s alive! Infrastructure and assets in general have traditionally been built to provide a fixed service and are maintained and renovated to a fixed schedule – dead and dumb. Technology will completely change this. Sensors and wireless networks have the potential to allow assets to ‘talk’ to us. These living, smart assets will be able to tell us when they need maintenance, how efficient they are being and provide the data that will directly influence their construction, availability and use. The implications for construction costs through to operating costs and the ability to service changing user needs are very significant. The Support Services, Construction and Technology sectors need to work together to maximise this potential, recognise and harness the power of data, and invest in and embrace change. These are daunting challenges in highly competitive markets where politics play a role, different skill sets (that are currently in short supply) are needed and shareholders are looking over management's shoulders. However, the prize for those companies who get it right is significant, and the risk from not changing much greater. There are positive early signs with Crossrail providing tangible examples of Smart Infrastructure using innovative sensors.
Companies: FOUR DSCV BOOT CLL CNCT FCRM LOK PPH RNWH STAF UTW WATR VANL WYG
AudioBoom plc (BOOM.L, 3.325p/£30.9m) Pre-close update: Strong growth but some slippage into FY18 (18.12.17) | Gfinity (GFIN.L, 23.75p/£51.3m) Strengthened partnership with Microsoft (15.12.17); Fnatic joins Elite (18.12.17)
Companies: BOOM GFIN FBT
Taptica management has made rapid progress with its consolidation of the Tremor Video DSP business bought in August, completing it ahead of schedule. Strengthened management with new targets, budgets and controls have paid immediate dividends; achieving profitability in Q4 rather than FY 2018. Alongside continuing strong performance in the core Mobile Advertising business, this will see a significant uplift in margins, profit and cash flow for FY 2017. We therefore lift our FY 2017 earnings expectations and target price from 500p to 550p.
Companies: Taptica International
The mission’s year-end trading update indicates that its FY17 profits were a shade ahead of the market forecast, with the bonus of a strong working capital performance delivering a very good reduction in net debt to below £7.5m. A greater degree of back-office integration in FY18, building on collaboration initiatives already in place, should help margins to progress, further boosted by reduced interest rates triggered by the stronger balance sheet. The lengthening record of delivering on expectations and of growing earnings and dividends is inconsistent with the deeply discounted rating.
Companies: The Mission Marketing Group
Eutelsat released a rather reassuring set of first half results and confirmed its full-year and mid-term objectives. The results translate persisting top-line pressures, offset at cash level by lower opex and capex. Lastly, and maybe more importantly, the dividend policy has been maintained and implies a relatively safe 6.5% yield at current prices.
Companies: Eutelsat Communications
Pearson reported FY17 results globally in line with its recent January Trading statement guidance. FY18e guidance is unchanged for an adjusted OP up between 2% and +9.8% on a comparable basis (£510m in FY17) to £520-560m and an adjusted EPS at 49-53p. No major changes to our EPS18e and EPS19e, but a slight increase to our target price. Pearson is still under restructuring mode with improving signs anticipated from FY18e but likely to be more visible in FY19e.
The US cable operator Comcast announced yesterday that it was making a £12.50 per Sky share cash proposal (plus dividends), i.e. 16% above the ongoing 21st Century Fox bid (£10.75/share) and 13% above the previous share price close. Comcast specified that a 50% + 1 share minimum acceptance would be required to get approval from its shareholders. Such an acquisition would enable the US giant to diversify outside the US while securing its content supply. Note that a cash proposal “does not constitute an offer or impose any obligation on Comcast to make an offer”. Sky made a statement yesterday specifying that no firm offer had been made at this point, advising shareholders to take no action.
Reabold announced yesterday that it successfully raised £7.83m pre expenses via the issue of 1305.1m new shares at a placing price of 0.6p. This will allow Reabold to accelerate its low risk high return acquisition strategy. Reabold also announced today it has participated in a Corallian fundraise, which will enable Corallian to take larger stakes in Colter and Wick. We update our numbers and remain with our BUY recommendation ahead of at least a 4 well programme in 2018.
Companies: Reabold Resources
GlobalData's 2017 final results highlighted three important elements which inform our positive view of its prospects; organic growth, acquisition integration and visibility of its revenues (c75%). In combination, this allows for upgrades to our 2018 and 2019 forecasts. GlobalData's proprietary data and content, alongside its knowledge within each of its industries enables it to support clients. It has a large addressable market and is not limited by opportunity. Potentially adding further industries would further increase its footprint. We believe that the Group will make further progress in this regard during 2018. On valuation, our DCF model suggests a theoretical value more than 10.0% higher than the current level.