Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Image Scan. We currently have 9 research reports from 1 professional analysts.
United Oil & Gas (UOG.L) an oil and gas exploration and developm ent com pany brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 1 March 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. Polemos, to be renam ed Digitalbox plc, has agreed to acquire Digitalbox Publishing Holdings Lim ited for c.£10m through a share for share exchange. The acquisition constitutes a RTO. Polemos has also agreed to acquire the entire issued share capital of Mashed Productions Limited. a digital media business which owns the online satirical news website "The Daily Mash", for a maximum total consideration of up to £1.2m. Market cap on admission £12.4m, expected 28 February
Companies: ROCK VAST AVG REDD PGD IGE NTOG JAY TRS BKS
Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due 28 Sep. EBITDA Profitable. Offer TBA 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. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m. Offer TBA. Due Mid September Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
Companies: RM2 CAS MRS IOG CCT SXX IGE FDEV SO4
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 | 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 raising £5m at 70p with market cap of £40.2m, 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 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
Companies: OPM PHC TRAF EQT VRS PCIP GDR IGE TIDE JWNG
Startup Giants is a UK-based investment vehicle, which will invest in technology start-ups at the concept stage. Raising £752,700 at £1. Market cap £1m. Due 1st November. Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20 million in the year ended 31 August 2015 to £33 million in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer and date TBA. AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Offer TBA. Due 6 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world . Novacyt S.A.—Sch1 from the international diagnostics group, generating revenues from the sale of clinical products used in oncology, microbiology, haematology and serology testing. Offer to raise £8.8m at 59.38p with a value of £22.4m. Expected 01 Nov. Footasylum Ltd—UK-based fashion retailer focusing on the branded footwear and apparel markets announced its intention to seek admission to AIM. Expected value between £130m and £150m. Due Nov 2017. 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. 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. Orogen plc, to be renamed Sosandar plc on Admission. Sosandar is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late October .
Companies: IGE CNS MNC CER EZH VLG SML LWRF ANG THR
appScatter Group—Sch1 from the B2BSaaS platform that allows its paying users to distribute their apps to, and manage their apps on, multiple app stores Following admission, appScatter intends to launch the public version of the platform, at which point the platform will be available to all app developers and publishers worldwide. Offer TBC, expected early Sept 2017 | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Raising up to £150m. | Destiny Pharma—A clinical stage biotechnology company - lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals. Offer TBA. Due early September. | Avingtrans (AVG.L) Sch1 on its Reverse Takeover of Hayward Tyler (HAYT). Combined market cap of c.£75m. Expected 01 September 2017 | 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.| Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017
Companies: OMI BST JAY OMI HUM IGE MPE MIRA
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Companies: DOTD ARTA IGE ARBB UTW AIEA GHE GLIF OTC
SyndicateRoom explores which AIM companies investors should be watching
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
Companies: PPIX WATR MYSQ MORE ONC SAR IGE BKY GAL HCM
AB DYNAMICS PLC (ABDP LN) | ANGLO ASIAN MINING PLC (AAZ LN) | ELECOSOFT PLC (ELCO LN) | LOK'N STORE GROUP (LOK LN) | MORTICE LTD (MORT LN) | OMEGA DIAGNOSTICS GROUP PLC (ODX LN) | SAREUM HLDGS PLC (SAR LN)
Companies: SAR ELCO MORT AAZ LOK ODX ABDP MRL IGE GWMO
FastForward Innovations (FFWD.L) | Elegant Hotels (EHG.L) | Nektan (NKTN.L) | Scancell Holdings (SCLP.L) | 4D Pharma (DDDD.L) | Safeland (SAF.L) | Palace Capital (PCA.L) | Image Scan Holdings (IGE.L) | MBL Group (MUBL.L) | 365Agile Group (365.L)
Companies: FFWD EHG NKTN SCLP DDDD SAF PCA 365 MUBL IGE
Research Tree provides access to ongoing research coverage, media content and regulatory news on Image Scan. We currently have 9 research reports from 1 professional analysts.
|21Oct19 07:00||RNS||Pre-Close Trading Update|
|18Sep19 07:00||RNS||Contract Win and Further Trading Update|
|26Jun19 07:00||RNS||Trading Update|
|24May19 13:35||RNS||Holding(s) in Company|
|25Apr19 07:00||RNS||Interim Results|
|27Feb19 14:01||RNS||Result of AGM|
|27Feb19 07:00||RNS||Trading Update|
Following the 1H 19 results, we trim our earnings by ~2%/3% for FY19/20e to account for a more synchronised global slowdown. At a PE of ~8x on our FY20e estimates, we believe current levels are now pricing in a ~35% peak-to-trough volume cut vs. the ~70% cut seen during 2007-10). While this may warrant investor interest, we retain our Neutral stance (but lower our PT from 275p to 200p) as we see heightened earnings risks, and importantly note an absence of positive catalysts. Recap on H1 interims. H1’s results came as a mild surprise with revenues outside North America falling ~19% y/y. We note that volumes across the product suite fell 16.5% y/y, mildly offset by a +3.8% y/y gain in average pricing.
Companies: Somero Enterprises
Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.
Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR PARK ESRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF
Augean has issued an update that highlights a strong Group trading performance in the third quarter. As a result, management expects adjusted profit before tax to be materially ahead of the current consensus forecast of £16.5m for the year to 31st December 2019. The Group notes that it has benefitted from a 20% increase in landfill volumes across all waste types, a further 20% improvement in landfill pricing, increased radioactive waste profit and a good performance by both the treatment and North Sea businesses. We have upgraded EPS forecasts for FY2019E by 17%, including the benefit of our revised expectation of a sustainable 19% tax charge compared to 23% previously. Outer year forecasts rise further as we adjust to factor in established trends and remove now undue levels of conservatism.
At a time where UK public market valuations remain subdued, especially given GBP weakness, it seems reasonable to assume the potential for opportunistic private bids may increase. We have long argued the merits of certain business services companies with exposure to the legal sector, and we believe recent private interest in the space supports this. In our view, the demonstrable private intrigue may provide a floor to valuations, leaving significant upside risk; if the public market does not correct this mispricing, private equity or M&A may do.
Companies: ANX GTLY INCE NAH REDD
Augean has reorganised its business and now enjoys a strong competitive position in its key markets, allowing it to capture underlying market growth and significantly improve profitability. The H119 results and recent trading update suggest this trend is set to continue. Augean’s market rating, even allowing for the outstanding tax liability with HMRC, appears very modest for a company with significant growth potential.
Capital Drilling (LSE: CAPD) this morning provided its Q3/2019 trading update. The key ARPOR (average monthly revenue per operating rig) metric (see fig 1.) is below our forecasts but revenue is slightly ahead (due to non-drill revenue from other businesses including MSA labs). There are also new contract wins starting in Q4 which has led us to slightly upgrade our FY/2019 revenue forecasts to US$115.5 million.
Companies: Capital Drilling
Augean has announced that it has secured an option to purchase 90 acres of land adjacent to its Peterborough landfill. With appropriate planning and permitting consent the optioned land extension would prolong the life of the site to the mid-2040s. This is an important development that aligns with a national need for hazardous landfill and soil treatment in the South of England and would re-enforce Augean’s leading position in the UK hazardous landfill market.
24% revenue growth in H1 and we introduce an H1 EPS estimate, giving a 42% H1 weighting. We increase FY revenues by 5% with no change to the H2 assumptions.
Companies: Mind Gym
Renishaw (RSW LN, £2.6bn) Q1 20 (30/09) trading statement – group revenues & metrology revenues both down 19% y/y due to large orders from the APAC region in Q1 19 and “reduced demand for our products as a result of the challenging global macro environment”; adj. PBT down 87% y/y; trading conditions expected to remain challenging through FY20 | Vesuvius (VSVS LN, £1.1bn) Q3 19 (30/09) trading update expects FY19 EBITDA of £180-190m; challenging market environment continued into 2H 19 with further weakening in EMEA | Good Energy (GOOD LN, £24m) awarded Green Economy Classification & Mark by London Stock Exchange
Companies: OXIG GHH VSVS GOOD
discoverIE has announced the acquisition of Sens-Tech for an initial cash consideration of £58m, partially funded by a £33m placing at 415p per share. Sens-Tech designs and manufactures specialist sensing technology and fits with discoverIE’s strategy to buy businesses supplying niche, highly customised products for critical applications. The business increases the group’s international revenues and boosts its presence in target markets such as transportation and healthcare. This is discoverIE’s largest acquisition since Noratel in FY15; we estimate the deal is immediately earnings enhancing (FY20e EPS +2%, FY21e +5%).
Companies: Discoverie Group
The company has announced its pre-close trading update for the six months to September. The earlier reported weakness in underlying markets has continued into Q2 of FY 2020, with weakness across a number of markets, particularly automotive. As a result the Board reduces its guidance, with FY 2020 underlying PBT now expected to be about £22m. We downgrade to an adjusted PBT of £20.3m, which implies a 16.4% reduction on our previous forecast. We also reduce our price target from 270p to 200p. This update is hardly surprising given market circumstances, but will nevertheless result in a further reduction in the shares.
Dame Agatha Christie (née Miller) published more than 80 books and plays; and the Guinness Book of World Records lists her as the best-selling novelist of all time with roughly two billion copies sold. ‘And then there were none’ was originally published in 1939, with an un-politically correct title; and it is still the world’s best-selling mystery (with more than 100 million sold). It is also number six on the list of best-selling books of all-time.
Companies: ABBY CSP WJG TW/ BWY PSN GLV BDEV RDW BKG BVS GFRD CRN GLE SPR
This is the first full year of the new AWS platform and sales progress has been excellent. Through its growing channels, PCIP has signed new contracts worldwide (notably in N. America) with a Total Contract Value (TCV) of £5.7m, up 223% on FY 2018. Moreover, the recurring Annual Contract Value (ACV) has quadrupled to £1.9m (2018: £0.5m) an extremely impressive performance that highlights the demand in the market, the quality of the channel partners and the ease of the AWS sale and global deployment. IFRS15 adoption will see the revenue booking spread over multiple periods, but the higher margins have delivered losses lower than expected at this early stage. The funding concerns have been addressed by a new £2.8m facility to be drawn as required.
Companies: PCI Pal
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.
Companies: EVRH TRAK CPX CALL ECK IMMO LOOP NET SEE TCM TRCS QTX VRE
1Spatial’s interim results highlight the continuing progress the group is making with its refocussed strategy. The group has narrowed its focus to the core sectors of Government, Utilities and Transport and is transitioning to a term licencing model, significantly improving revenue quality and visibility. Group revenue and adj. EBITDA in the period of £10.9m and £1.7m respectively leave the group well placed to meet our full year expectations. The outlook is positive with a strong pipeline and significant order backlog and we continue to see significant additional opportunities for profitable growth on the horizon.