Blackbird plc* (BIRD.L, 38.0p/£128.1m) First OEM licensing deal (07.09.21) | CAP-XX Ltd* (CPX.L, 6.15p/£31.3m) Contract win: Selected for Spire's Health Tag (07.09.21) | Newmark Security plc* (NWT.L, 21.75p/£76.5m) Finals: Resilient performance; positive outlook (10.09.21)
Companies: BIRD CPX NWT
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What’s cooking in the IPO kitchen?
Petershill Partners, Expected Intention to Float on the London Stock Exchange. Petershill Partners, a leading investment group providing bespoke capital and strategic solutions to some of the world's best performing alternative asset management firms. Petershill Partners today comprises minority investments in 19 high-quality Partner-firms, previously held in private funds managed by Goldman Sachs Asset M
Companies: AREC BIRD CPX OMI POLB RAI SEMP SWG STA UOG
Dish of the day
East Star Resources plc, a company formed for the purpose of undertaking an acquisition or acquisitions of a majority interest in a company, business or asset has joined the Main Market (standard). The Company intends to focus on opportunities in the natural resources sector. In connection with Admission, the Company is expected to raise gross proceeds of £1.98m.
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Voyager Life, the health and wellness company e
Companies: ZPHR IIG KAT ITM FAB PTRO PAT NGHT CPX JLP
Blackbird plc* (BIRD.L, 32.25p/£108.7m) | Audioboom plc* (BOOM.L, 820p/£128.5m) | CAP-XX Ltd* (CPX.L, 7.65p/£33.8m) | Starcom plc* (STAR.L, 0.975p/£3.4m)
Companies: BIRD BOOM CPX STAR
MADE, a digitally native lifestyle brand in home has joined the Premium Segment of the LSE. MADE's mission is to make high-end designer furniture and homeware products accessible to everyone. Their gross sales, net revenue and Adjusted EBITDA were £109.5m, £82.4m and £1.8m, respectively, for the three months ended 31 March 2021 and £315m, £247m and (£5.1m), respectively, for the year ended 31 December 2020. AT 200p offer price Mkt cap is c. £775m. Total offer size £193.8m of which £100m is new m
Companies: CPX CORA TIDE FA/ JAN KIBO NSCI SAR ZPHR
Tern plc* (TERN.L, 23.75p/£78.5m) | CAP-XX Ltd* (CPX.L, 8.15p/£36.0m) | MTI Wireless Edge Ltd* (MWE.L, 64.5p/£57.1m) | Newmark Security plc* (NWT.L, 1.2p/£5.6m) | Blackbird plc* (BIRD.L, 32.0p/£107.9m)
Companies: TERN CPX MWE NWT BIRD
CAP-XX, the leading designer and manufacturer of supercapacitors and energy management systems, has announce an unaudited pre-close trading update for the year to 30 June 2021 which is in line with the expectations from our 10 May 2021 Initiation note.
Revenue for the year ending 30 June 2021 of A$4.1m to A$4.2m is up 15% YoY and in line with our forecast of A$4.1m. Unadjusted EBITDA loss of approximately A$2.1m to A$2.2m also in line with our forecast of A$2.1m. Importantly the company notes i
Companies: CAP-XX Limited
The FY pre-close update from CAP-XX Ltd (CPX.L), the leading designer and manufacturer of prismatic and cylindrical supercapacitors, indicates FY21 revenue at A$4.1m to A$4.2m, comfortably in line with our forecast, and EBITDA loss of A$2.1m to A$2.2m better than expected (ACLe: A$2.4m). Management reports further growth in the sales order book (+127%) from new and former Murata customers and there have been multiple contract announcements year to date. Meanwhile the capacity and yield of superc
What’s cooking in the IPO kitchen?
Orcadian Energy, the North Sea focused, oil and gas development company, announces its intention to seek admission to AIM. The Company's key asset is the 100% interest in the Pilot oilfield, with audited proven and probable reserves of 78.8m barrels (audited by Sproule BV). Orcadian plans to raise gross proceeds of c. £5m to progress its assets.
Itim Group Limited (to be renamed itim Group plc) is a software technology company, established in 1993. Itim adds
Companies: BEM CPX DEST EMH MRL SQZ SRC TRU
CAP-XX is a world leading developer and retailer of supercapacitors, an important electrical energy storage technology, that delivers high power densities not possible with batteries. The company, its technology and strong IP position are well proven with more than 62 million CAP-XX supercapacitors sold to-date by CAP-XX and its four licensees. As well as reaching EBITDA positive on an underlying basis for its H1/FY21, it has recently concluded a transformational deal which has seen it acquire t
Tern plc* (TERN.L, 14.9p/£49m) Portfolio update: Good commercial progress on multiple fronts (04.05.21) | CAP-XX Ltd* (CPX.L, 8.7p/£38.5m) Contract win: Windscreen damage detection application (04.05.21) | Mirada plc* (MIRA.L, 82.5p/£7.3m) FY pre-close: In line and growth in H2 (05.05.21)
Companies: TERN CPX MIRA
Audioboom plc* (BOOM.L, 690p/£108.2m) | Blackbird plc* (BIRD.L, 24.2p/£81.8m) | CAP-XX Ltd* (CPX.L, 9.54p/£42.2m)
Companies: BOOM BIRD CPX
Blackbird plc* (BIRD.L, 25.0p/£84.3m) | CAP-XX Ltd* (CPX.L, 7.85p/£34.7m) | Audioboom plc* (BOOM.L, 430p/£67.4m)
Companies: BIRD CPX BOOM
Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021. ActiveOps, a UK-based leader in Managem
Companies: INHC CPX JAY DUKE POW AGM ALS IXI ACT PIRI
MTI Wireless Edge Ltd* (MWE.L, 83p/£71.7m) Finals: Strength of diversified model (01.03.21) | CAP-XX Ltd* (CPX.L, 8.75p/£48.6m) Interims: Strong growth in order book and sales enquiries (25.02.21) | Audioboom plc* (BOOM.L, 430p/£67.4m) Update: Ranked 5th biggest US podcast publisher (26.02.21)
Companies: MWE CPX BOOM
Research Tree provides access to ongoing research coverage, media content and regulatory news on CAP-XX Limited.
We currently have 78 research reports from 6
Publication of international factory list: Today’s publication of the Group’s international factory list meets its pledge for full supply chain transparency within 12 months of the Independent Review into its supply chain, published by Alison Levitt QC in September 2020. The list details c.1,100 factories following an extensive mapping and audition exercise that was begun in 2020. The Group has also announced its intention to sign the International Accord for Health and Safety. This is a legally
Companies: boohoo group Plc
The publication of Boohoo Group’s Economic Impact Report, released yesterday, made clear its commitment to the UK, with plans to invest more than £500m over the next five years, creating 5,000 new UK jobs in the process. The report also detailed the Group’s material contribution to the UK economy, supporting more than 8,000 full time jobs and contributing more than £2bn to UK GDP since 2009. The investment signals both the quantum of the future growth opportunity and confidence in the Group’s pr
Companies: Made.com Group PLC
Games Workshop’s (GAW’s) trading update indicates sales growth for Q122 (three months to 29 August 2021) is in line with management expectations. Management has highlighted pressure on freight costs and currency exchange rates given GAW’s high international exposure. The declared dividend of 25p per share brings the year-to-date total to 65p. Our forecasts for FY22 and FY23 are unchanged. Our DCF-based valuation remains £129 per share.
Companies: Games Workshop Group PLC
The interim results are in line with expectations. The group’s three-year rebuild strategy appears on track reflected in strong trading in the UK & Ireland (UK & I) and the positive benefits of the broadening of the product range. Our full-year forecast remains unchanged.
Companies: Eve Sleep PLC
Reckitt Q2/H1 21 numbers missed estimates. Q2 sales declined 1%, hurt by slowing Hygiene growth (+7.8%) and weaknesses in Health (-5.6%) and Nutrition (-9.7%). H1 sales were up 1.5%, driven by Hygiene (+18.1%). The adjusted operating profit margin (-290bp to 21.6%) was hurt by steep rise in input prices.
FY 21 guidance (0-2% growth, 40-90bp margin contraction) was re-iterated (ex-IFCN China incremental margin offset by cost inflation). We will cut our estimates to factor in the soft growth/marg
Companies: Reckitt Benckiser Group plc
Better than expected results driven by the acceleration in emerging markets. Like its peers, Unilever argued about input cost inflation which pushed us to be slightly cautious on a margin improvement yoy.
Companies: Unilever PLC
Solid Q1 21 trading update
Chargeurs posted Q1 21 sales of EUR181m up 14.8% of which15.6% LFL, tracking 8% above our EUR168m (+7% LFLe). The upside to our forecasts was driven by acceleration at protective films and sustained activity at Healthcare Solutions.
Protective films and CHS driving the beat
Trends at protective films picked up to reach +10.9% LFL thanks to strong demand in construction end markets, the ramp up of the Italian production facility and growing contribution from the
Companies: Chargeurs (CRI:EPA)Chargeurs SA (CRI:PAR)
Although renewable energy has been gaining increasing traction over the past decade as the costs of renewable energy generation and perhaps more importantly, energy storage have fallen, 2020 was a seminal year for transitional energy investors driven by governments seeking to “build back better” after COVID-19. The US has committed US$2.25trn largely focused on the energy transition while the EU has committed US$0.54trn with companies around the world including China committing to net zero targe
Companies: LAM FSJ TGP PRES JMAT CRPR NEXS VLX
Q2 results were roughly in line with expectations. With little surprise, the FY21 margin outlook was cut given the price uncertainties of the raw materials. This is the first bad signal for the sector.
The H1 results (in line with expectations) were led by New Category growth (up by +50%) and the partial recovery from the pandemic impact. We see the outlook as good, with annual sales revised upwards and even though margins may be challenged by increased New Category investments. This is definitely good for the long term, but could be (unfairly) misinterpreted by the market at the moment.
Companies: British American Tobacco p.l.c.
Daimler’s management and board of directors have approved the spin-off of Daimler Truck as an independent company and will submit it to a vote to shareholders at an extraordinary shareholders meeting set for 1 October. The spin-off and listing is expected to take place before the end of 2021.
Companies: Daimler AG
Companies: Joules Group Plc
Tandem Group plc is a leading provider of sports, leisure and mobility products in the UK, with a valuable collection of licenses (eg Disney, Warner Bros and Mattel) and its own brands. The group is aligned with key structural growth trends such as rising demand for e-mobility products (e-bikes and e-scooters), boosted by a desire for less polluting forms of transport. Trading on a T+2 Adj P/E of only 6.8x, we believe Tandem is significantly undervalued, and see upside of c64% to the current sha
Companies: Tandem Group plc