enkos Securities plc has terminated coverage of Equals Group plc. Our previous recommendation (BUY) and forecasts can no longer be relied upon.
Please contact Cenkos of further information.
Companies: Equals Group Plc
Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51mm) will be used to fund
Companies: GOOD FIH SRT NFC RFX ARCM ACRL EQLS ORPH VRS
PensionBee, the online pensions provider, with a mission to make pensions simple, so that everyone can look forward to a happy retirement, considering an IPO on the High Growth Segment of the Main Market of the London Stock Exchange. PensionBee is a leading online pensions provider in the UK, with approximately 130,000 Active Customers and £1.5 billion of assets under administration , in each case as at 28 February 2020. Cornerstone FS to join AIM, an SME focused, cloud-based provider of inter
Companies: TMT OHG MDZ RMP LTHM ORPH BARK VEL MOS EQLS
Equals' brief trading update reads positively, disclosing revenue and adj EBITDA for FY20E comfortably ahead of our earlier forecasts. There has also been a notable beat on net cash, as operating cash break-even has been reached via the streamlining of costs over the year. December 2020 trading appears to have been particularly strong, giving good momentum into FY21E. We view the current outlook positively, given recent greater clarity over Brexit and a potential rebound in UK travel (affecting
Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC Due mid Jan.
HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the Unit
Companies: CCS SEE ROCK PGH SWG SLN ORPH EQLS TEK AVO
Today's trading update demonstrates Equals producing robust FY20E revenues, as it rebounds steadily from a COVID-19 affected Q2/20. Material progress has been made on rightsizing costs, the benefits of which should be felt in FY21E. While our newly reissued forecasts expect a weaker profit delivery in H2/20E, we expect strong YoY EBITDA growth thereafter, as the group returns to double-digit revenue growth with a rationalised cost base and geared profit growth. Should these forecasts be met, we
To achieve YoY revenue growth over H1/20A despite the challenges of Covid-19 and its impact on the travel sector is testament to Equals' resilience and increasing focus on B2B and International payments services. While weaker gross profit and EBITDA margins have impacted profitability in H1/20, we see potential for an earnings recovery in H2/20 given cost reduction measures currently being undertaken. This should lead Equals to cash breakeven in Q4/20 and FCF positive by early FY21.
AEX Gold (TSXV:AEV) is intending to admit its shares to AIM alongside a £45m placing. The Company, led by CEO Eldur Ólafsson, has established the largest land package of gold assets in Greenland with a current portfolio of licences covering 3,356 square kilometres, in the two known gold belts in Southern Greenland, the Nanortalik and Tartoq gold belts. Nalunaq is a highgrade gold asset with an updated Inferred Mineral Resource covering 422,770 tonnes at 18.5 grams per tonne of gold, or 250,970 o
Companies: SYM CBP GGP UKOG MTPH PGH XLM FEN EQLS DOTD
Equals has delivered flat H1/20E revenues, exhibiting trading resilience in view of headwinds brought about by Covid-19. While there was a slowdown across all segments over Q2/20, Equals' evolving B2B focus and strong International payments growth has supported trading. There are tentative signs of recovery in those areas of weaker performance, boding well for H2/20E. While the speed of that recovery is uncertain, we refrain from reissuing forecasts with our recommendation unchanged.
Equals' FY19A results confirm another year of strong, double-digit revenue and adj EBITDA growth. The move to a B2B focused offering continues to progress and looks well timed in view of Covid-19's impact on overseas travel. While the pandemic impacted Q2/20E trading early on, we note June KPI's indicate a positive rebound. Given the continued uncertainty as to Covid's full impact upon FY20E trading, we refrain from reissuing forecasts and thus leave our recommendation under review.
Today's update confirms Equals delivered another quarter of significant revenue growth YoY, delivered by organic and acquisitive means. Performance across the product range has varied unsurprisingly and we expect these trends to continue over Q2/20E. Given the great uncertainty over the duration and severity of COVID-19's impact on the group, we withdraw FY20-21E forecasts and place our recommendation Under review, awaiting further clarity. Equals is supported by a strong, debt-free, balance she
Today's update confirms Equals has delivered a second straight year of material revenue and profit growth, despite difficult market conditions, with a significant shift in the revenue profile towards more profitable B2B customers. Given profit delivery has been slightly lower than expected, we rebase our forecasts to take a more prudent view of trading in years FY21E and FY22E, but we are confident Equals has now assembled the products, infrastructure and management it needs for strong growth.
Plaid, the U.S. start-up, whose software helps link fintech apps with people's bank accounts, said on Thursday it was now rolling out its services in Ireland, France and Spain. According to consultancy firm EY's global fintech adoption index, Ireland's level of adoption stands at 71%, Spain's at 56% and France's at 35%. "Ireland is going to continue to grow and generate really fantastic companies," Plaid's chief said. Plaid is one of our top two Fintechs to watch. PayPal is making the biggest ac
Companies: BGO BOKU EQLS TRU NETW
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Ramsdens interim results highlight the resilience of the business model. Despite the prolonged UK lockdown and international travel restrictions materially impacting the business, we believe a pre-tax loss of only £0.1m was a great result. Moreover, the balance sheet remains strong with net assets up £0.5m HoH to £35.5m and net cash at £15m. While FY2021 has been tough due to COVID-19, management remain confident and are positioning the business for growth with a pipeline of six new stores, incl
Companies: Ramsdens Holdings PLC
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
Trident reports that Moxico Resources Plc has recently completed a US$73m equity financing. The proceeds will be used to fast-track development of the Mimbula copper mine in Zambia over which Trident holds a royalty. Mimbula is already producing copper and is in the ramp up stage, but the cash injection will allow Moxico to produce cathode copper onsite via the construction of a new SX-EW plant and Moxico anticipates a significant increase in copper production. As a royalty holder, Trident will
Companies: Trident Royalties Plc
NextEnergy Solar Fund’s full year results announcement shows a business continuing to outperform on development, output and pricing. The portfolio now stands at 814MW and the company has already reached its targeted subsidy free capacity of 150MW. A pipeline of international and battery storage opportunities gives NESF considerable diversification potential. With a target dividend of 7.16p for FY 22, NESF continues to offer a well-supported, RPI-linked income stream.
Companies: Nextenergy Solar Fund
What’s new: Full year results were ahead of our March 2021 forecasts, as set out in the 20 April trading update.
- AuM rose 35% over the year to £9.0bn on 31 March 2021;
- Net inflows added £755m, with 2H net inflows of £427m 30% higher than 1H net inflows of £328m; annualised growth rose from 10% to 11.4%;
- Revenue rose 9.3% to £23.35m (6% above Zeus estimate: £22.0m);
- Adj EBIT rose 25.6% to £11.4m (13% above Zeus estimate: £10.1m);
- Adj diluted EPS rose 22.8% to 14.7p (12% abov
Companies: Tatton Asset Management Plc
OCI hosted its annual Capital Markets (CM) day on 18 May 2021.With presentations from Oakley Capital and investee companies, as well as Q&A, including the OCI board, it gave a clear view of the prospects of the organisation. We have argued in previous notes that OCI’s outperformance (five-year CAGR NAV total return 16%) is driven by i) high-growth companies and sector champions enjoying structural tailwinds and often digital disruption benefits (2020 average 20% EBITDA growth), ii) repeatable an
Companies: Oakley Capital Investments
Trident Royalties Plc (AIM: TRR) has, this morning, noted progress at the Mimbula Copper Project, over which Trident holds a gross revenue royalty (GRR). Mimbula's owner and operator, Moxico Resources Plc, recently completed a US$73million equity financing which will be used to develop and build a standalone SX-EW plant. We have also updated our production assumptions for the Thacker Pass Lithium Royalty based on comments by Lithium Americas Corp. (NYSE/TSX:LAC) in their Q1 2021 results last mon
Augmentum Fintech’s (“AF”) disciplined approach and diversified portfolio has delivered value uplift. A number of follow-on rounds and a maiden exit (Dext) added 14p to the NAV – now standing at 130.4p; +12% yoy and 9% in H2 alone. £31m capital has been deployed since Mar-20, including 4 new investments. There is a significant pipeline of new opportunities (£924m) with £144m (across 24 deals) in active development. In order to pursue these, AF has announced that it is seeking to raise at least £
Companies: Augmentum Fintech
The repeal of the Berlin rent cap (the ‘Mietendeckel’), ruled unconstitutional, is a significant positive for Phoenix Spree Deutschland (PSD). It allows a resumption of its core reversionary rent strategy, providing greater flexibility in the extraction of the value embedded in the portfolio. With a continuing discount to net assets, the board has stepped up the share repurchase programme, aiming to ensure that the share price better reflects its view of intrinsic value and the improved outlook.
Companies: Phoenix Spree Deutschland Fund
Chrysalis Investments - Klarna funding round to add 8% to NAV
Seraphim Space Investment Trust - Intention to float
Companies: Chrysalis Investments Limited
Final results show impressive growth and strong operating margins; +5% ahead of our recently upgraded forecasts – with challenges posed by COVID navigated successfully. FuM is growing very strongly. Flows have recovered over the last 12m and continue to build, hitting £9.5bn post-period end already. Management has outlined an aspiration to reach £15bn FuM in 3 years. We leave headline forecasts unchanged, but see upside as FuM continues to grow. With scope to double the business in the medium te
AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. In its recent technical update, the company highlighted progress made over the past three months towards a ful
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
Forecast beating Final Results
Companies: Palace Capital plc
Companies: Gresham House plc
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN