Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn
Companies: PEG AGFX CCS STCM IGP TPG CEPS RFX TLY GDR
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
Companies: NXR FIH IKA STCM STU PHE bmn PEG PTAL
Ten Entertainment Group—The UK's second largest ten-pin bowling operator with 40 sites announced the successful pricing of its initial public offering and the placing of 16,250,000 Shares at a price of 165 pence per Share. | Verditek— Schedule One. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Funding and admission date TBC. | Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. | ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore
and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. | Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Companies: BNN ESC STCM SCPA ONZ 7DIG SRT GATC GAL BRD
Logicor—Report in City A.M. that Blackstone is aiming to list warehouse business Logicor, which is valued at around €13bn (£11bn), on the London Stock Exchange in 2017.
Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise.
Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
Companies: AAU COS EGIC MANX STCM IOF 88E ZZZ
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 CTEA
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A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
Full-year results were at a record level and slightly ahead of expectations by £0.2m at the adjusted PBT level, or 2.8% better at the EPS level. Cash generation was also stronger than expected, resulting in net cash of £3.2m. The dividend was maintained – a sign of confidence. Good strategic progress was made, helped by the integration synergies of Pacer and new product development programmes. Our forecast and price target remain under review given COVID-19-related uncertainties.
Companies: Solid State
discoverIE has reported a strong performance in FY20 despite Q4 being affected by COVID-19. Sales were up +8% at constant exchange rates and adj. EPS up by +11% (ahead of our +1% forecast) as margins improved by 100bps to 8.0% and tax reduced. Looking forward, Q1 sales are down -10%, evidencing relatively resilient customer demand, and the order book remains strong at £159m (+13% CER). Coupled with strong cash flow reducing net debt/EBITDA to 1.25x, the group is very well placed to trade through the current uncertainties and then resume its proven strategic growth path. We make no changes to our forecasts.
Companies: Discoverie Group
Blackbird plc* (BIRD.L, 19.25p/£64.7m) | Mirada plc* (MIRA.L, 92.5p/£8.2m) | Tern plc* (TERN.L, 10.75p/£29.0m) | Checkit plc (CKT.L, 39.5p/£24.5m)
Companies: BIRD MIRA MIRA TERN CKT
The Group has delivered an FY2020 adjusted operating profit performance that is modestly ahead of our expectation and strong cash generation, with net cash of $32m, excluding $10.9m of IFRS16 lease liabilities. The business has benefited from its diverse customer base, products and operating geographies, and exposure to medical devices, EV charge cables and high speed datacentre products. Good progress has also been made with operational efficiencies, lowering product costs and with selective acquisitions. Whilst revenues in the 4 months to May 2020 are up 4% to $126.2m on the comparable period, the Group is seeing weakness, primarily in medical equipment installations and delays in the EV sector. With a broader range of potential outturns in FY2021E, the Group has withdrawn financial guidance. We have recast our forecasts to reflect an expectation of broadly flat revenues with a recovery into FY2022E as customer stock levels normalise and impacts from Covid-19 diminish.
Successful K3 Capital placing to raise £30.45m (gross) at 150p to fund the £9.3m acquisition of Randd UK Ltd, an R&D tax credit specialist with an LTM EBITDA of c.£2.0m, with a margin of c.50% and revenues typically contracted for 5 tax years with many recurring thereafter, followed by future potential deals in SME exposed markets. K3 has established itself as an innovative company that is able to effectively gather, generate and mine large quantities of data in order to scale up M&A services to SMEs. Transferring these lead generation capabilities to adjacent SME markets can allow rapid growth from proven models, at scale.
Companies: K3 Capital Group
Further Profitable Growth to Come
FY results were in line with forecasts, showing strong sales growth and commercial traction for IHT, with RF held back by ongoing market challenges. Recently acquired SCL is integrating well without any surprises. Trading has been resilient through lockdown, though there may be some short-term impact on the timing of revenues and order intake. Forecasts increase on gross margin and tax credit gains, resulting in an EPS upgrade of 27% to 4.4p in 2020 and 22% to 7.2p in 2021.
Companies: Trackwise Designs
discoverIE reported FY20 results ahead of our forecasts for underlying operating profit and EPS. Looking through short-term COVID-19-related disruption, the company has set new strategic targets for the next five years. These are a continuation of the strategy to grow the Design & Manufacturing business organically and via acquisition and include the target to increase the group operating margin from 8.5% (pro forma) to 12.5%. We maintain our normalised operating profit and EPS forecasts.
The Smart Zones customer base is expected to reopen, to a large extent, this weekend. The reopening of pubs will bring forward a revised billing profile and markedly improve the Smart Zones revenue base. Smart Machines continues to operate profitably and the group's Business Interruption Loan should buttress the balance sheet through this year. While our forecasts remain withdrawn we can see an encouraging pathway to normalised trading next year.
Companies: Vianet Group
The covid-19 pandemic has had a devastating effect on the share price of property companies, with 31% wiped off the value of their total market capitalisation during the first quarter of 2020.
Companies: AEWU CREI CSH BOOT INL HLCL THRL SUPR RESI RGL DIGS GR1T SOHO PHP BOXE ASLI UTG AGR UAI BLND UANC CAL SHED CWD WHR EPIC WKP GRI YEW HMSO PCA INTU NRR
The Group has strengthened its liquidity position through the placing of 2,000 non-convertible debentures, raising gross proceeds of c£21.2m. The entire proceeds have been utilised to finance the prepayment of term loan principals out to June 2022, improving the Group's flexibility to manage cash flows in the short- to medium-term.
Companies: OPG Power Ventures
Growth, Income and Resilience – Reiterate Buy
The Vaccine Group (TVG; a 17% holding for Frontier IP) has announced positive progress for its novel animal Covid-19 vaccines. Two vaccine candidates of the four in development are now progressing after just eight weeks into animal testing after demonstrating in vitro expression of antigens belonging to the SARS-CoV-2 virus. Additionally, TVG also disclosed it is exploring the potential use of its vaccines in humans in an intriguing development for pan-species vaccinations. Even if the current outbreak is managed, it is highly likely that animals will remain a reservoir for human reinfection or future coronavirus strains, highlighting the need for animal reservoir vaccination programme. After the substantial progress made by TVG in the last 3 months alone, it’s not surprising Frontier IP indicated a ‘material’ valuation upgrade in its holding of TVG at the reporting of FY’20 results later this year.
Companies: Frontier IP Group
Marlowe has raised £40m in new equity to finance the acquisition of Elogbooks (£7.3m cash upfront and up to £6.8m contingent deferred) and accelerate consolidation of their markets. We update our forecasts to reflect this transaction and COVID-19 trading conditions (FY21E Adj EBITDA unchanged at £24m).