Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Lightwaverf. We currently have 31 research reports from 4 professional analysts.
Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raising EUR135m with market cap on admission of EUR309.6m, expected 17 July 2019. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.
Companies: TYMN MNO LOGP AMO VLS LWRF CWR CGNR GMD ACC
When advisers first start looking at business relief (BR) products, there is much to take in: the rules governing such products; the investment strategies being used; and what the investment risk is. It is easy to lose sight of the fact that, for non-AIM products, the investment is being made directly into a company or partnership, rather than a fund. It is, therefore, essential that governance is part of the diligence process.
Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SIXH TRX TON SHED VAL VTA W7L
ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Com pany w ill focus on the acquisition, leasing and m anagement of prim arily widebody aircraft, w ith asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m· IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas w hich have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC
Companies: KMK RAI ECK GFIN GAN OKYO PRM LWRF RQIH WGB
Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019 Argentex a UK-based forex service provider founded in 2011 by its current management team which operates as a Riskless Principal for nonspeculative and forward foreign exchange as structured financial derivatives is looking to join AIM. Offer TBC, expected 25 June
Companies: SRB AVCT FCRM ADAM KAPE INSE SHG CTH LWRF LPA
How small- and mid-cap quoted companies make a substantial contribution to markets, employment and tax revenues.
Companies: OPM AVO AJB ARBB CMH CLIG DPP FLTA GTLY GDR HAYD KOOV LWRF MCL MUR OXB PCA PHP RE/ STX SIXH TRX TON VTA W7L
Although the focus of Hardman & Co is predominantly on companies in the smallto mid-sized market capitalisation range, when writing research reports, it is important to position them relative to the industry in which they operate. Apart from Japanese companies, all the major global pharmaceutical companies have reported full-year results for 2018 over the past few weeks; therefore, we have taken the opportunity to update our industry database and generate the first cut of global rankings for 2018. For an industry that requires a long investment cycle – it still takes, on average, 10 years from discovery to launch of a new drug – decisions made many years ago have important consequences on current financial results. Therefore, looking back at operational performance over 20 years reveals how different company strategies have panned out.
Companies: OPM AVO AJB AGY ARBB CMH CLIG CSH DNL GTLY HAYD KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX STX SCE SIXH TON VAL VTA W7L
Parliamentary and Brexit developments continue to hold centre stage, although the precise path forward remains as unclear as ever. The uncertainty over Brexit, worries over a possible slowdown in the US and the outlook for global economic growth generally have all contributed to the recent falls in markets. While the rally seen since the start of the year has petered out, most indices have still made progress. In Share News & Views we comment on Bloomsbury Publishing, Bonhill Group*, Braemar Shipping Services*, Burford, Clarkson, LightwaveRF*, Marshall Motor Holdings and Synectics*.
Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LWRF LSAI NKTN PCF SNX TCN VRE W7L
We view today’s news that LightwaveRF (LWRF) has signed a supply agreement with E.ON positively. The supply agreement is part of a collaboration between E.ON and Berkeley Group. LWRF will supply its smart hub, light switches and power sockets to Berkeley’s homebuyers. This, together with the recent partnership with Honeywell Home by Resideo, should enable LWRF to grow its B2B revenues in due course. We maintain our DCF-derived target price of 18p and a Buy recommendation from our recent initiation of coverage note.
Network International Holdings—Potential Intention to Float— leading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. 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. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.
Companies: LWRF GBP VELA ZIN GCM SYM OMG XLM PPS BPC
Against a market backdrop of strong growth in consumer adoption of smart home products, Lightwave’s next-generation products are seeing a combination of favourable reviews and accelerating sales. An almost three-fold increase in directto-consumer revenue to £1.24m in 2018, from £0.35m in 2017, was followed by an overall revenue growth run rate for the first two months of 2019 that was 25% higher than the 4Q’18 run rate. Led by an experienced new CEO, digital marketing and distribution initiatives are among the management team’s highest priorities. The £2.5m fundraising, due to be completed in March 2019, will allow the company to execute on these initiatives.
LightwaveRF (LWRF) has a market-leading Internet of Things (IoT) platform, alongside a range of smart home devices that can be controlled via the LWRF app. Since the appointment of a new CEO in July 2018, there has been an uplift in sales momentum. Q1 2019 sales increased 156% YoY to £1.15m. To build on this, LWRF is raising £3.0m (gross) via a placing and open offer, to develop its marketing and sales capabilities, its second-generation products and working capital. We initiate coverage with a DCF-derived 18p TP and a Buy rating.
PetroTal Corp is an oil and gas company whose shares are currently admitted to trading on the TSXV. The Company is focused on development of oil and gas assets in Peru and it currently has controlling interests in three onshore Peru license blocks. No new funds being raised. Due 21 Dec. Mkt cap c.£80m Litigation Capital Management—provider of litigation financing and ancillary services, moving from ASX (ASX:LCA) to AIM. Offer TBC. Due 18 Dec. Mkt Cap A$64m. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is due to start trading on AIM 14 December. Raising £2m at 290p. Mkt cap at issue price £13.6m. Manolete Partners—leading UK insolvency litigation financing business looking to join AIM raising £16.3m as a placing and £13.1 realised by the selling shareholder at 175p. Market cap £76.3m, expected 14 December Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected mid December.
Companies: DRV K3C VLX RAI POLX ZYT TSTL LWRF IXI ARIX
Kropz, 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, is looking to join AIM. Offer TBC, expected late Nov. Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer TBC, expected late November 2018.
Companies: TAM VRE LWRF DISH ACSO EVE BMV ACT LTG
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 in the range £21 - 25 m. Mkt cap - c. £67.5- £71.0m. Due 2 Nov. 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. Azalea Energy—oil and gas production and development company based in Louisiana, United States. Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. Due 29 Oct Path Investments— First acquisition 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 raise. Due late Oct 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.
Companies: CSH CGNR ICON TEG LWRF SAE NTOG EMR BIRD NSCI
Research Tree provides access to ongoing research coverage, media content and regulatory news on Lightwaverf. We currently have 31 research reports from 4 professional analysts.
|07Oct19 12:01||RNS||Result of Meeting and Total Voting Rights|
|30Sep19 10:22||RNS||Holding(s) in Company|
|24Sep19 16:03||RNS||Director's Disclosure|
|20Sep19 11:28||RNS||Posting of Circular and Notice of General Meeting|
|19Sep19 15:40||RNS||Director Dealing|
|10Sep19 14:55||RNS||Directors' Dealing|
|04Sep19 07:00||RNS||Inventory finance facility with ESCS|
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
Since their privatisation in 1989, the 10 water companies have faced a periodic review every five years; it is undertaken by Ofwat, and prescribes customer prices, along with the investment requirements. As part of the ongoing review, PR19, Ofwat will publish its Final Determination numbers on 11 December 2019; they will apply as from April 2020, although water companies do have the option to seek a reference to the CMA.
Companies: AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF PCA PIN PHP RE/ RECI RMDL STX SCE SIXH TON SHED VTA W7L
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
In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.
Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF
Warpaint’s exposure to UK headwinds was amplified by an over-reliance on small high street retailers. This and the demise of other customers is the main reason for downgrades over the last year. Management has drawn on its experience though and responded with a clear strategy to restore growth. Wider brand distribution to bigger retailers, especially in the UK, will be a key driver. We factor little in from the initiatives at this stage, but the TSR is still 55% at our 76p fair value estimate. This could rise to 160p in 2 years on good execution.
Companies: Warpaint London
We initiate coverage of Ubisoft, the main independent video game publisher in Europe, with a Buy recommendation and 35% upside.
Companies: Ubisoft Entertainment
LVMH has reported better than expected sales and maintained its pace of growth in Q3. Organically, group revenue increased by 11%, boosted by a 19% jump in fashion and leather goods. LVMH has confirmed once again its high growth and strong profile.
Companies: LVMH Moet Hennessy Louis Vuitton
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
Dwight Barkley PhD is a Professor of Mathematics at the University of Warwick. He studies waves in excitable media such as the Belousov-Zhabotinsky reaction, heart tissue and neurons. In 1997, Dr Barkley and Dr Laurette Tuckerman, a Paris-based mathematical physicist, developed ‘bifurcation analysis for time steppers’, which is a technique for modifying computer codes to perform bifurcation analysis. More lyrical, perhaps, Dwight is also known for formulating an equation to estimate how long it will be until a child in a car asks the question “are we there yet?” And, it is shown on the image on page 3 of this report. Herein, there are three factors which decide the timing of this wearisome question i.e. one plus the number of activities, divided by the number of children in the car squared. That figure is then added to the time it took the family to get into the car and set off on its journey. Crucial in putting off the first query as to the proximity of the destination are onboard activities for children i.e. no activities equals a question before leaving the driveway. Dr Barkley says: “Mathematics can help answer many of life’s questions”. If only the Brexit journey were that simple. It is not. We are all children now stuck in the back seat; and, maybe, we are still on the driveway with a dearth of on-board activities. Yes, three years on Brexit-resolution-fatigue is making itself felt across the board, including the UK Housebuilding Sector, where the fall in value in 2Q’19 was 7%. Berkeley said something similarin its final results, on 20 June, when it lamented an uncertain operating environment and “a lack of visibility in the political outlook”; and its PBT is expected to fall by a further third this fiscal year. The daily Sector value chart is also lurching from top-left to bottom-right (as is the British Pound versus the Euro). Yes, there were two palpable positives in 2Q from the NHBC and UK Finance about building activity and mortgages; plus, on the third day of 3Q, CBRE’s bid for Telford Homes. Nonetheless, prospective earnings growth for the Sector is now flat in both 2019 and 2020. This is about the journey.
Companies: MCS TW/ PSN BDEV ABBY CSP WJG BVS TEF INL GLV GLE CRST BWY BKG
Positive steps have been taken in the UK and US that will benefit Walker Greenbank in future periods and although the domestic market remains challenging, management’s full year expectations are unchanged. The upcoming strategic update may bring the prospects for re-building earnings and associated valuation metrics into sharper focus for investors.
Companies: Walker Greenbank
ECSC Group plc* (ECSC.L, 72.5p/£6.6m) Interims: Managed Serivces boosts margins; positive start to H2 (11.09.19) | The Character Group plc* (CCT.L, 360p/£77m) Pre-close update: Scandinavia disappoints (13.09.19) | MTI Wireless Edge Ltd* (MWE.L, 29.5p/£25.8m) Contract win: Scope for growth (16.09.19)
Companies: ECSC CCT MWE
Disappointing pre-close update for the year ended 31 August with PBT performance expected to be below the lower end of market expectations (ACLe: £124.6m in revenue and £13.5m adj. PBT). The main cause of the miss relates to the failure of the Scandinavian retail market to fully recover from the liquidation in January of Top Toy, historically the largest customer of OVG-Proxy where CCT has a 75% stake. This will result in Proxy making a loss for FY19. CCT has also suffered from the weakening of sterling against the dollar that has impacted gross margins in H2 and this is likely to continue in FY20. On the plus side, the current Peppa Pig licence has been extended by Entertainment One for a further six months to June 2021. Forecasts FY19 and FY20 reduced and we now expect adj. PBT to be essentially flat over the forecast period. We move our fair value to 430p/share (550p/share), equivalent to a 10x PER for FY19 and FY20. Management has committed to the final dividend suggesting an 7.6% FY19 yield.
Companies: Character Group
Full-year results were in line with the 2 July trading update, with revenues rising 20% to £12.9m, pre-tax profit up 110% to £1.4m, adjusted EPS up 134% to 7.0p and year-end cash of £2.0m. With FY 2020 to benefit from a full-year contribution from Skinny Tan in Boots as well as Prolong in the US and Australian markets, revenue visibility looks more assured. This is supported by new product developments and the announcement that a major new product launch, intended to disrupt a large new category, is targeted for H2 FY 2020. We make a number of changes to FY 2020 forecasts, increasing revenues by £0.5m and reducing EBITDA by £0.3m to reflect c.£0.6m additional marketing spend to support existing brands as well as the new category (c.£0.4m). Revenue forecasts exclude new category products, pending fuller category launch details. We maintain our target price of 200p, at which level the stock would trade on a calendar-adjusted 2020 P/E of 17.8x, EV/EBITDA of 12.0x and EV/Sales of 1.6x, underpinned by 2-year 33% EPS CAGR and rising ROCE.
For professional investors, volatility begets opportunity. In fact 2 days ago, the FTSE100 tumbled 3.2% on the back of indiscriminate selling from algos and programmatic traders, with only 2 companies closing in the green. So how do you take advantage of these wild swings? One approach is to keep a shopping list of premium, dividend paying stocks to ‘buy & hold’ for the long term. Take Watkin Jones, who yesterday announced a clutch of new property deals and pipeline updates, involving 2,532 PBSA beds, 431 BtR units and 88 residential appts (see below).
Companies: Watkin Jones
AVN Financing, BLU Timeline and Results, ECK Contract Wins, FITB Placing, Subscription and Convertible Loan Note, HRN Admission to AIM, MARL Estimate, MMH Interim Results, MXO Mexico Update, NET Contract Win, PLI Q2 Results and Highlights, SVR Contract Win, TRCS Trading Update, UNG Launch, VENN Trading Update
Companies: AVN BLU ECK HRN MMH MXO PLI SVR TRCS UNG ORPH NET MARL BIDS