Allenby Capital TMT Update - 26.05.20 (CPX.L, GFIN.L, MWE.L, NWT.L, MIRA.L)
CAP-XX Ltd* (CPX.L, 3.1p/£10.1m) | Gfinity plc* (GFIN.L, 1.675p/£12.0m) | MTI Wireless Edge Ltd* (MWE.L, 38.5p/£33.8m) | Newmark Security plc* (NWT.L, 1.05p/£4.9m) | Mirada plc* (MIRA.L, 95.0p/£8.5m)
CPX GFIN MWE NWT MIRA
26 May 20
Manufacturing expansion project on track
Interims from CAP-XX Ltd, the leading designer and manufacturer of thin, flat supercapacitors and energy management systems, were in line with management expectations with growth in revenue, improved gross margin and operating costs essentially flat resulting in reduced losses. The project to transfer the former Murata manufacturing assets remains on track. As set out in November’s note, this transaction provides access to established product designs, proven manufacturing assets and potential customers in its small form factor target markets. Management also continues to pursue its IP licensing/patent infringement strategy. Management reports strong sales pipelines for both prismatic and cylindrical can supercapacitors although some customers and suppliers are starting to report a negative Covid-19 impact with delivery dates extended and manufacturing constraints. Hence, we temper our revenue growth assumptions (50% to 41% in FY20). FY21 growth unchanged but off a lower base.
16 Mar 20
Allenby Capital TMT Update - 09.03.20 (TERN.L, CPX.L, MWE.L, STAR.L, BBSN.L)
Tern plc* (TERN.L, 7.75p/£20.9m) | CAP-XX Ltd* (CPX.L, 2.85p/£9.2m) | MTI Wireless Edge Ltd* (MWE.L, 34.5p/£30.3m) | Starcom plc* (STAR.L, 1.275p/£4.4m) | Brave Bison plc* (BBSN.L, 1.15p/£7.0m)
CPX TERN MWE STAR BBSN
09 Mar 20
Allenby Capital TMT Update - 06.01.20 (MBT.L, CPX.L)
Mobile Tornado Group plc* (MBT.L, 3.50p/£13.3m) FY trading update: Deployment delays impact FY19 performance (03.01.20) | CAP-XX Ltd* (CPX.L, 3.275p/£9.6m) Acquisition update: Offer to qualifying participants completed & GM approval (24.12.19 & 30.12.19)
Cap-XX Mobile Tornado Group
06 Jan 20
Game changing transaction
CAP-XX, the leading designer and manufacturer of prismatic and cylindrical can supercapacitors, has conditionally raised £2.75m and is looking to raise a further £0.75m via an open offer to fund the acquisition, relocation and recommissioning of certain manufacturing assets from Murata, a long-standing CAP-XX IP licensee. The proposed transaction represents a unique opportunity to transform CAP-XX’s profitability by increasing sales and gross margin at the product level for a minimal capital outlay and enable CAP-XX to fulfil the record level of sales enquiries. The deal provides access to established product designs, proven manufacturing assets and potential customers in CAP-XX’s target small form factor markets. It should also help with CAP-XX’s IP licensing strategy and accelerates its 3V roadmap. The acquisition will impact CAP-XX’s royalty revenues in the short-term and group gross margin but gross profit growth should accelerate and more than compensate. This should hasten CAP-XX’s move to profit.
29 Nov 19
Small Cap Feast
The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer TBA. MJ Hudson Group PLC, the financial services support provider to Alternatives fund managers and asset owners, is planning an AIM IPO. Deal details TBC but expected admission date mid-December.
CPX TSL EDL AXM WBI AURA QFI AMS WTG BIRD
29 Nov 19
Smartglasses are coming; Chinese auto startup raises US$400m
Big Tech is working on some form of smart glasses or headset that will change how we view the world around us. If glasses replace common gadgets like our phones or computer screens, it will mean big business to the company that comes out on top. We agree – we are enthused by the take-up of AR/VR over the long-term.
CPX MVR TEK IMMO TERN TRAK SEE TCM TCM TRCS QTX
13 Nov 19
Shore Capital Technology Bytes
SPIRENT^ (SPT, NR, CNP) – Trading update – in line with expectations… for 6% revenue growth in FY2019. | CAP-XX^ (CPX, NR, CNP) – FY2019 Results. More jam tomorrow... | ALFA FINANCIAL SOFTWARE^ (ALFA, NR, CNP) – New customer wins. Nice to have but doesn’t move the needle…
CPX SPT ALFA
08 Nov 19
Uber targets 2021 profitability, Comcast launches new TV Ads, US-Sino tensions expected to continue
Uber announced earnings Monday that beat analyst estimates on the top and bottom lines for its third quarter of 2019. But the stock fell as much about 5% after the company reported over $1 billion in net losses, topping its $986 million loss during the same quarter last year. The loss includes $401 million in stock-based compensation. Following the results, in an interview with CNBC’s Deirdre Bosa on Monday, Khosrowshahi (CEO) said the company is targeting adjusted EBITDA profitability in 2021. We believe Mobility companies will continue to struggle to convince the capital markets until investors see the model proven.
CPX TRAK AMO IQE MIRI QTX SEE TCM TRCS TRMR
05 Nov 19
Mastercard & Visa abandon Libra, Uber acquires grocery delivery business, Softbank reassess Vision Fund 2
Facebook Inc's ambitious efforts to establish a global digital currency called Libra suffered severe setbacks on Friday, as major payment companies including Mastercard and Visa Inc quit the group behind the project. The latest exodus leaves the Libra Association without any remaining major payments companies as members, meaning it can no longer count on a global player to help consumers turn their currency into Libra and facilitate transactions. Uber is buying a majority ownership stake of Cornershop, an online grocery delivery business serving Latin America in the latest step to diversify its revenue stream. The deal is expected to close in early 2020, according to a press release, with the current leadership at Cornershop continuing to lead the business and reporting to a board with majority Uber representation. Cornershop currently operates in Chile, Mexico, Peru and Toronto, according to the release. SoftBank CEO Masayoshi Son is considering changing his Vision Fund investment strategy to concentrate on companies with clearer pathways to profitability and public offerings, according to people familiar with the matter. Son plans to slow the pace of investment for Vision Fund 2 compared with his first $100 billion Vision Fund, which has deployed about $80 billion in less than three years.
CPX TRAK ARB MMX QTX SEE TECH TEK TCM TRCS TRCS
14 Oct 19
SAP founder/CEO steps down, Boeing partners with Porsche, Ford launches in-car VR
Bill McDermott stood down on Friday after a decade building up SAP as the world's leading enterprise software company, handing the task of completing its transition to cloud computing to new co-CEOs Jennifer Morgan and Christian Klein. SAP announced the management overhaul, with immediate effect, after rushing out third-quarter results that showed it gaining traction in its drive to offer a more streamlined range of services and boost profitability. The company’s stock has climbed 21% this year. It’s up 75% in the past five years, topping rival Oracle, which is up 46%, and the S&P 500′s 54% gain.
CPX MVR TRAK CALL ECK IMMO LOOP NET SEE TCM TRCS QTX VRE
11 Oct 19
Tech IPOs outperform, Uber’s great freight hope, New Huawei technology
Tech IPOs year to date have performed well. 8/13 venture-backed tech IPOs this year, including Slack's direct listing, are in profitable territory. If you'd put $1 million into each of them at the IPO price, your $13 million initial investment would be worth $21.7 million - a 67% gain compared to +20% performance in the S&P 500 YTD. As we’ve discussed earlier this month, investors’ appetite for technologies leveraging secular trends appears undiminished
CPX TRAK SEE QTX
16 Sep 19
US to test mirrorless & camera-based Autos, Qualcomm targets Wi-Fi market, BBC to launch digital voice assistant
The US National Highway Traffic Safety Administration plans to test how drivers could use cameras to replace traditional rear-view mirrors in automobiles, a technology already allowed in other countries, the agency said on Tuesday.
CPX SEE TCM TRCS QTX
28 Aug 19
Nexon abandons $16bn sell, Google’s tests free Wi-Fi & music in car, Virgin Galactic plans IPO
Nexon Co-founder Jungju Kim has abandoned plans to sell a controlling stake in its parent NXC, two sources with direct knowledge of the matter said, scuppering a potentially $16 billion deal that would have been the gaming sector's biggest. Kim had been looking to sell the 98.6% stake he and his wife hold in NXC, which in turn owns 48% of Tokyo-listed Nexon. Waymo is rolling out amenities to entice riders to use its self-driving taxis, creating a potential route to profitability in a money-losing industry. The Alphabet subsidiary is testing complimentary Wi-Fi in its robo-taxis in greater Phoenix, where hundreds of the company’s identical, driverless minivans have been carrying paying riders since December. British billionaire Richard Branson's space tourism unit Virgin Galactic plans to go public, the Wall Street Journal reported on Tuesday. The firm will list its shares as part of a deal with Social Capital Hedosophia Holdings, a special-purpose acquisition company created by venture capitalist Chamath Palihapitiya, the newspaper reported, citing people familiar with the matter
CPX BIDS CDM GFIN FDEV KWS SUMO TM17 TRAK SEE TCM TRCS QTX
09 Jul 19
Allenby Capital TMT Update 08.07.19 (CPX.L, MIRA.L, BIRD.L, BOOM.L)
CAP-XX Ltd* (CPX.L, 4.5p/£14.9m) Court action settlement and licence agreement (02.07.19) | Mirada plc* (MIRA.L, 0.9p/£7.8m) Successful disposal of non-core business (05.07.19) | Blackbird plc* (BIRD.L, 7.375p/£21.8m) Contract win: Global Rapid Rugby highlights (03.07.19) | Audioboom plc* (BOOM.L, 242.5p/£34.0m) Notice of results (04.07.19)
CPX BIRD BOOM MIRA
08 Jul 19
Huawei granted temporary reprieve, Self-driving cars have 2 big challenges, Applied Material bets on memory chips
Huawei was granted a temporary reprieve as part of a broader accord between the Trump administration and the Chinese central government at a much-anticipated meeting between the countries’ leaders. The autonomous vehicle industry has two big challenges it needs to overcome before self-driving cars become widespread - technology and business models that can make money, according to Michelle Avary, head of autonomous mobility at the World Economic Forum. US chip gear maker Applied Materials on Monday agreed to buy Japanese peer Kokusai Electric for $2.2 billion from KKR & Co Inc, as it bets on rising demand for memory chips used in data centres, 5G phones and AI-powered devices.
CPX AMO IQE TRAK SEE TCM TRCS QTX
02 Jul 19
Medium-term outlook remains positive
The recent FY19 trading update from CAP-XX, the leading supercapacitor designer and manufacturer, reported that while EBIT and EBITDA are expected to be in line with forecasts, revenue will be light. This shortfall reflects slower than expected conversion of new business opportunities into sales and the lack of new orders from Spire. Management reports that it continues to receive record interest in its expanded range of supercapacitors, remains in active discussions with a small group of potential licensees and hopes to make further progress this calendar year. There are also several earlier stage discussions. The 3V thin prismatic product family is on track for release later this year and this opens up a potentially huge market as supercapacitors can address many of the coin cell shortcomings. As a result, the medium-term outlook remains positive. But given the uncertainty around the timing of projects moving to mass production, we are placing our FY20 forecasts under temporary review.
13 Jun 19
TMT Update 23.04.19 (ECSC.L, MPAY.L, STAR.L, MBT.L, CPX.L)
ECSC Group plc* (ECSC.L, 92.5p/£8.4m) Contract wins: Further Managed Service success (16.04.19) | Mi-Pay Group plc* (MPAY.L, 11.75p/£5.4m) Contract extension: Largest customer extended (18.04.19) | Starcom plc* (STAR.L, 1.275p/£3.7m) Placing (18.04.19) | Mobile Tornado Group plc* (MBT.L, 5.25p/£18.3m) Finals: Success of new Capex model (17.04.19) | CAP-XX Ltd* (CPX.L, 4.35p/£14.1m) Trading update: Progress on numerous fronts (16.04.19)
CPX ECSC MPAY STAR MBT
23 Apr 19
TMT Update 11.03.19 (CPX.L, BBSN.L, FBT.L)
CAP-XX Ltd* (CPX.L, 6.1p/£19.8m) - Interims: Medium-term potential remains; short-term cloudy (06.03.19) | Brave Bison plc* (BBSN.L, 3.3p/£19.0m) - Contract renewal and expansion with the PGA TOUR (08.03.19) | Forbidden Technologies plc* (FBT.L, 7.75p/£22.9m) - Contract renewal and expansion with IMG (05.03.19)
CPX BBSN BIRD
11 Mar 19
Medium-term potential remains; short-term cloudy
Interim results from CAP-XX, the leading supercapacitor designer and manufacturer, saw revenue increase 4% to A$1.6m, a 500bps improvement in gross margin following the realisation of previously announced manufacturing initiatives and a 5% reduction in overheads. As a result, adj. loss reduced 29% to A$1.0m. Period end cash was A$4.6m including the proceeds of November’s placing (£1.75m) and an R&D tax rebate of A$1.6m. The sales pipeline for prismatic and cylindrical can supercapacitors is reported to be at historically high levels and licensing negotiations are ongoing with a number of parties worldwide. H1 included the first licence revenue from TDK that was signed in October 2018. The 3V thin prismatic product family, due for launch later in 2019, opens a potentially huge market as supercapacitors can address many of the shortcomings of Li-ion coin cell batteries. Although the medium-term outlook is positive, the current uncertain global economic outlook and the likely impact on the timing of projects moving to mass production means we believe it is prudent to reduce our H2 revenue growth assumptions. This rolls through to lower profit forecasts.
06 Mar 19
TMT Update 26.11.18 (BOOM.L, TERN.L, CPX.L)
Audioboom plc* (BOOM.L, 1.05p/£12.3m) Trading update: Growth in Audioboom Original Network portfolio (26.11.18) | Tern plc* (TERN.L, 15.25p/£36.1m) Portfolio update (22.11.18) | CAP-XX Ltd* (CPX.L, 8.55p/£27.7m) AGM statement: record levels of enquiries (20.11.18)
CPX TERN BOOM
26 Nov 18
TMT Update 05.11.18 (CPX.L, BBSN.L, SYS1.L)
CAP-XX plc* (CPX.L, 9.25p/£28.0m) Additional funds provides increased flexibility (05.11.18) | Brave Bison plc* (BBSN.L, 1.6p/£9.8m) Snapchat agreement: extends content distribution (30.10.18) | System1 Group plc* (SYS1.L, 195p/£24.5m) Interims: Ad Ratings offers potential for growth (02.11.18)
CPX BBSN SYS1
05 Nov 18
Small Cap Feast
Wentworth Resources— oil and gas exploration and production company, with assets in the onshore Rovuma Basin of East Africa. Introduction only. Mkt Cap c £50m . Due today Renalytix AI—developer of artificial intelligence ("AI") decision support and clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease. incorporated in March 2018 as a subsidiary of EKF Diagnostics Holdings (AIM-EKF). Total fundraising £22.25m.. Mkt cap - c. £67.5- £71.0m. Due 6 Nov. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, market cap TBC. Due Late October. Path Investments— First acquisition of a 50%. participating interest in the producing Alfeld-Elze II gas field in Germany. Seeking £10m raise. Transaction aborted. Was RTO. PATH to seek lifting of suspension. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
CPX MDZ SXX XSG TRIN MYSQ ANGS DSG LPA RBD
05 Nov 18
TMT Update 22.10.18 (GFIN.L, CPX.L, CCT.L, NET.L)
Gfinity plc* (GFIN.L, 8.15p/£23.5m) Proposed placing and trading update: further strong growth | CAP-XX plc* (CPX.L, 11.15p/£33.5m) Finals: Positive outlook for licensing and own product sales | The Character Group plc* (CCT.L, 508p/£107.4m) Investment extends European reach | Netcall plc* (NET.L, 61p/£87.2m) Prelims - Low-code investment programme |
CPX GFIN CCT NET
22 Oct 18
Positive outlook for licensing and own product sales
FY18 results from CAP-XX, the leading supercapacitor designer and manufacturer, were in line June’s trading update with revenue +18% to A$4.9m and adj. LBITDA increasing A$0.4m to A$1.6m. There was a notable improvement in the top and bottom line during H2 and FY19 has started well with October’s TDK licence agreement. Management has reported total enquiries, if converted to orders, would amount to annualised revenue of $20m, including >$2m of design wins covering >70 projects (cylindrical and automotive; small IoT and Thinline; and the new 3V supercapacitors). The 3V product family, due for launch mid-2019, opens a potentially huge market as supercapacitors can address the shortcomings of Li-ion coin cell batteries. Licensing negotiations are ongoing with numerous parties for applications in multiple sectors. These are complex in nature and hence difficult to predict but the recent TDK agreement is encouraging. Year-end net cash of A$1.9m should benefit from the receipt of the A$1.6m R&D tax rebate in H1. Forecasts reflect a more conservative view on the timing of licences partly offset by further growth in own Product volumes.
17 Oct 18
TMT Update 08.10.18 (CPX.L, GFIN.L, BOOM.L, NWT.L)
CAP-XX plc* (CPX.L, 12.4p/£34.6m) Licence agreement with TDK | Gfinity plc* (GFIN.L, 11.25p/£33.1m) Appointed tournament operator for inaugural ePremier League | Audioboom plc* (BOOM.L, 1.4p/£16.4m) 9m trading update - FY to be below expectations
CPX GFIN NWT BOOM
08 Oct 18
TMT Update 01.10.18 (MBT.L, MPAY.L, CPX.L, MIRA.L, OSI.L)
Mobile Tornado Group plc* (MBT.L, 4.40p/£15.4m) Interims: Gathering sales momentum (27.09.18) | Mi-Pay Group plc* (MPAY.L, 10.0p/£4.6m) Interims - New revenue stream added (25.09.18) | CAP-XX plc* (CPX.L, 10.85p/£32.6m) Spire Health Tags stocked at Apple stores (25.09.18) | Mirada plc* (MIRA.L, 0.725p/£2.1m) Prelims: Accelerated roll out by izzi and imminent ATNi deployment (28.09.18) | Osirium Technologies plc* (OSI.L, 145p/£19.6m) Interims: Good financial and operational progress (25.09.18)
CPX MBT MPAY OSI MIRA
01 Oct 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 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 raising £10m at 79p, market cap of £23.36m, expected 21 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. 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.
CPX CKT SXX BOTB MPM GDR RED 9537 MERC DEMG
20 Jun 18
TMT Update 12.03.18 (CPX.L, MIRA.L, NET.L)
CAP-XX plc* (CPX.L, 9p/£26.8m) Note published: Interims: Steady growth in H1 (06.03.18) | Mirada plc* (MIRA.L, 0.8p/£1.1m) Interim funding: Further working capital to support deployments (07.03.18) | Netcall plc (NET.L, 43.3p/£61.8m) Interims: MatsSoft showing promise (07.08.18)
CPX NET MIRA
12 Mar 18
Steady progress in H1
CAP-XX has made further progress in H1 with its first volume Thinline design win, the roll out of the cylindrical can product range and first volume shipment, expansion of the sales pipeline and the addition of manufacturing capacity. Royalty revenue increased 43% to A$0.4m (with Murata +145%), product sales +9% and total revenue +15% to A$1.5m. Licensing negotiations with numerous parties across multiple sectors (including wearable, health, building management, automotive, security, metering and energy harvesting) are ongoing. While there have been some delays in finalising these agreements, management remains confident of securing licences in the next six months. Cost expansion was limited to product and business development and the EBITDA loss reduced A$0.2m to A$1.7m. Cash at H1 of A$1.5m was supplemented by the receipt of the A$1.6m R&D tax rebate in February. The company remains well funded to capitalise on the significant global growth opportunity as more industries embrace supercapacitors as a complement or replacement for batteries. Forecasts remain unchanged.
07 Mar 18
Small Cap Brunch
VR Education Holdings—a virtual reality software and technology company. Raising £6m, mkt cap c €22m. Due 12 March SimplyBiz, 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 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 Mid March 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
CPX VIP BEG IQG BOIL OSI APGN MPAC PPIX HCM
06 Mar 18
TMT Update 27.11.17
Gfinity plc (GFIN.L, 27.25p/£59.5m) Prelims (22.11.17) and board appointments (23.11.17): Transformational year | CAP-XX Limited (CPX.L, 11.625p/£34.6m) AGM statement: Substantial growth in order book (23.11.17) | Newmark Security (NWT.L, 1.2p/£5.6m) Contract win: Further progress with terminal sales (27.11.17) | Access Intelligence (ACC.L, 3.625p/£12.6m) Trading update: Positive Vuelio growth metrics (20.11.17) | Netcall Plc (NET.L, 47p/£67.8m) AGM statement: First MatsSoft cross sell (23.11.17) | Eckoh plc (ECK.L, 51p/£128.5m) Interims: US driving business (22.11.17)
CPX GFIN NWT NET ACC
27 Nov 17
TMT UPDATE - 20.11.17
CAP-XX Limited (CPX.L, 12.75p/£38m) Spire launches Thinline enabled wearable | Tekcapital (TEK.L, 30p/£12.8m) Belluscura Intention to Float announced | AdEPT Telecom Plc (ADT.L, 290p/£65.3m) Interims: Significant transition to Managed Services Castleton Technology plc (CTP.L, 63.5p/£50.0m) Interims: Farming the base
CPX TEK ADT CTP
20 Nov 17
TMT Update 16.10.17 (CCT.L, CPX.L, OSI.L, SPA.L) RM
The Character Group plc (CCT.L, 404p/£85.4m) Trading update: Toys R Us casts a long shadow (11.10.17) | CAP-XX plc (CPX.L, 12.3p/£36.7m) Finals: Buoyant outlook (09.10.17) | Osirium Technologies plc (OSI.L, 159p/£16.5m) Contract renewals: Reassuring proof points (09.10.17) | 1Spatial plc (SPA.L, 3.55p/£25.3m) Interims: Signs of improvement (10.10.17)
CPX CCT OSI SPA
16 Oct 17
CAP-XX has made significant strides during 2017 in the commercialisation of its unique supercapacitor technology and the outlook is buoyant. The existing licences have performed well with sharp growth in royalty payments. Meanwhile numerous new licensing deals are under negotiation and the board expects at least one of these will close during FY18. These would represent high margin upside to our current forecasts. Sales enquiries for prismatic supercapacitors, including Thinline, are at record levels and the company won its first volume order in August for an Internet of Things (IoT) application and other design wins have been secured. IoT and Automotive represent the key target markets and three large automotive opportunities are currently under development with new custom designed automotive systems out for evaluation. Meanwhile CAP-XX’s range of cylindrical cell supercapacitors have been well received. FY17 results were in line with forecasts and the guidance provided in June. The company is well funded to capitalise on the significant global growth opportunity as more industries embrace supercapacitors as a complement or replacement for batteries.
10 Oct 17
Small Cap Breakfast
Totally (TLY) - Sch 1 for £11m RTO of Vocare, a provider of integrated urgent care services to the NHS throughout the UK. £76.8 million rev in the year ended 31 March 2017. Totally to address Care Quality Commission concerns. Due 24 Oct. Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. Alpha Financial Markets Consulting— Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017. Offer TBA. Due 11 Oct. Springfield Properties—Scottish housebuilder. “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” Expected Mid October. Offer TBA. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. Glenveagh Properties— Dual Dublin and London IPO. Irish homebuilder with a principal focus on the Greater Dublin Area. The Group will combine an attractive land bank with a Gross Development Value of c.€1.1 billion. Seeking to raise gross proceeds of up to €550 million. Due 10 Oct Russia’s En+, owned by Russian aluminium tycoon Oleg Deripaska, has assets in metals and energy, including hydropower. reported to be seeking dual London and Moscow listing raising $1.5bn TMF Group , which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m. People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance. ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London listing.
CPX UJO PIM KOD PPC EPO DX/ MOGP JOG BEM
09 Oct 17
Small Cap Breakfast
Ergomed ( ERGO. L ) | PipeHawk (PIP.L) | CAP-XX (CPX.L) | Focusrite (TUNE.L) | Maintel Holdings (MAI.L) | Learning Technologies Group (LTG.L) | SalvaRx Group (SALV.L) | Tiso Blackstar Group (TBGR.L) | Photonstar LED Group (PSL.L) | Michelmersh Brick Holdings (MBH.L)
CPX ERGO PIP TUNE MAI LTG SALV BOU MBH TBGR
20 Mar 17
Small Cap Breakfast
Origin Enterprises (OGN.L) | Vipera (VIP.L) | China Africa Resources (CAF.L) | Oxford Biodynamics (OBD.L) | W Resources (WRES.L) | Tlou Energy (TLOU.L) | CAP-XX (CPX.L) | Nautilus Marine Services (NAUT.L) | STM Group (STM.L) | EQTEC (EQT.L)
CPX OGN VIP PERE OBD WRES TLOU NUS STM
09 Mar 17
Small Cap Breakfast
Impact healthcare REIT— Intends to float on the main market. Seeks to raise £160m to acquire a portfolio of up to 58 care homes. Expected Admission 7 March. 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.
CPX NFC RST AAU MAI FA/ AERO FEVR CFX EMR
24 Jan 17
Small Cap Breakfast
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
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07 Dec 16
Interesting addition to the energy storage portfolio
CAP-XX’s supercapacitor technology is at a very interesting point in its progress to large scale commercialisation of these extremely useful energy storage devices. Consultants have forecast twelve-fold growth in the supercapacitor market to c.US$6.5bn by 2024, driven by adoption in applications where they enable more efficient and economical usage of batteries and transient energy. The most exciting applications are in the automotive industry and in small scale wearables and connected devices for the Internet of Things (IoT). Whilst the valuation may be somewhat forward looking, one decent order could easily transition the company to profitability and make the upside in the shares more obvious, in our view.
10 Aug 15