Lower numbers of new issues has raised standard of companies coming to AIM
Clinigen Group (CLIN.L) | iEnergizer (IBPO.L) | Range Resources (RRL.L) | Aquatic Foods (AFG.L) | Global Invacom group (GINV.L) | Goldstone Resources (GRL.L) | Stratex International (STI.L) | Bacanora Minerals (BCN.L) | Gloo Networks (GLOO.L)
Companies: CLIN IBPO RRL AFG RAD ORR GLOO BCN
AQUATIC FOODS GROUP PLC (AFG LN) | FAROE PETROLEUM PLC (FPM LN) | GLI FINANCE LTD (GLIF LN) | HARGREAVES SERVICES (HSP LN) | HIGHLAND GOLD MINING (HGM LN) | MOTIF BIO PLC (MTFB LN) | OPTIBIOTIX HEALTH PLC (OPTI LN) | STM GROUP PLC (STM LN) | UTILITYWISE PLC (UTW LN)
Companies: OPTI HGM UTW STM AFG MTFB HSP GLIF FPM
Going into 2015, AIM had monumental expectations. 2014 was a record breaking year for London’s junior market with IPOs across the year raising £2.4bn (the largest since AIM’s inception). AIM’s 20th year made for a perfect battle ground between the bull and bear camps once more. The bulls, hailing the success of the world’s most successful growth market referencing Big Yellow, IP Group, Domino’s Pizza and of course ASOS. The bears, swiftly retorting back sending shudders down the spines of investors everywhere with the sounds of Quindell, Globo, Adgorithms, and of course where would they be without the mention of a handful of China frauds.
Companies: MTFB BILB STR PTSG CBP TECH AFG ALB IRR TILS TEK PPG NFC WAND WTI CERP SMRT
The Hybridan Small Cap Wrap is a weekly review of some of the most interesting small cap stories of the past week. Our review will usually be of those companies whose market capitalisations are less than £50m although we may occasionally cover larger companies.
Companies: ABDP AFG CVR FDP FLOW HUW HDT INFA INSP MTR MSMN TEK WSG TPG SOLO BIDS
Research Tree provides access to ongoing research coverage, media content and regulatory news on Aquatic Foods Group.
We currently have 4 research reports from 1
Despite Covid-19 materially impacting the Foodservice business, Finsbury traded profitably throughout Q4, and was able to report FY20A Adj EBITDA (pre-IFRS 16) only c4% lower YoY at £24.4m, whilst strong free cash flow (c19% historic FCF yield) reduced net leverage by 0.3x YoY to 1.1x (net debt lower by £9.1m YoY). Demand has been recovering MoM since April, with group revenues now approaching their prior year levels. Notwithstanding the steady improvement seen, due to continued uncertainty caused by Covid- 19, including the potential effects of a second wave of infections, we are not reinstating forecasts at this stage, and maintain our Under Review recommendation.
Companies: Finsbury Food Group Plc
A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.
Companies: BCA CLIN CLG CBP DNLM EAH STU FCRM FUTR GTLY INS GLE NICL SDL SPR TRI
FY20 top and bottom line missed expectations and Diageo didn’t provide guidance for next year. Improvements expected in the coming months thanks to lockdown restrictions easing, though the margin should still be under pressure for the next six months.
Companies: Diageo Plc
Performance nutrition is an attractive category given its high growth rate. The sector is fragmented but this is an advantage for Glanbia as it is the only global player and hence it can seize the opportunity to cement its leadership both organically and through acquisition, which should give the company a lasting competitive advantage.
Companies: Glanbia Plc
In the investment world, before MiFID II, essentially every institution talked to every broker, and the whole, professional market could see every research note and the forecasts in detail. This was the ‘Age of Consensus’. Everyone had the same information (well, everyone except retail investors), and this transparency helped share price formation and liquidity
Companies: OPM AVO AJB AGY ARBB AVCT CMH CSH DNL GTLY GDR KOOV MCL OXB RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L
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
A brief year-end trading update with not a huge amount of details. The main point is that post the July 2019 profit warning, the PBT performance through a combination of mix and cost savings has come in towards top-end of market expectations, implying c18% y/y decline. So a c3% beat vs our £36.5m. Revenue decline at -9% however was worse than our -7%. This reflects ongoing challenges with the Rubicon and Rockstar barns and lower Irn-Bru volume due to price realignment. Net, the company had a better H2 than H1 and from our understanding, exits Q4 with good momentum. Looking ahead to 2020, the comps are easier and the company is expected to get back into growth mode (albeit 3% at the PBT level). The main cloud on the horizon is the Deposit Return Scheme for Scotland, and we understand the Scottish Parliament will provide an update on plans in the next few weeks. We view this as short-term negative for AG Barr and hence have a y/y profit decline for FY22. Post today’s update we nudge our current year PBT up by 2% and FY21 by 2% also. There will be some investor relief this morning but given the anaemic growth outlook and ongoing headwinds we feel an FY21 P/E looks full. We stay at Hold.
Companies: A.G. BARR Plc
Cake Box’s FY2020 trading statement released today confirmed that, ahead of the impact of the COVID-19 measures, the company was enjoying brisk growth – both in terms of overall and like-for-like sales revenue. Moreover, in the current period of uncertainty the company’s finances are underpinned by its strong balance sheet and franchised business model.Cake Box’s FY2020 trading statement released today confirmed that, ahead of the impact of the COVID-19 measures, the company was enjoying brisk growth – both in terms of overall and like-for-like sales revenue. Moreover, in the current period of uncertainty the company’s finances are underpinned by its strong balance sheet and franchised business model.
Companies: Cake Box Holdings Plc
As flagged in January, Carr’s Group’s UK agricultural activities have been adversely affected by the mild winter. In addition, the Engineering division had a slow start to the year because of contract phasing. Both the group’s divisions appear relatively unaffected by the COVID-19 pandemic, so we leave our estimates unchanged for now following the downwards revision we made last month reflecting a delay in major engineering orders and unrelated to the coronavirus outbreak.
Companies: Carr's Group Plc
Cake Box’s preliminary FY2020 results, released today, reconfirmed strong sales growth in FY2020 with scope for an expanded distribution footprint to deliver further sales revenue expansion in FY2021. While the Covid19 lockdown clearly disrupted franchisees’ in-store sales, Cake Box appears well placed to spring back both quickly and with a positive growth trajectory.
Carr’s Group’s trading update for the 19 weeks ended 11 July 2020 notes that the company continues to trade in line with management expectations for FY20. The board is combining the two interim dividend payments this year into a single interim payment of 2.25p/share, equivalent to the two interim payments made in FY19. We leave our FY20 estimates unchanged but reduce our FY21 EPS estimate by 12% to reflect lower cattle prices in the US and weaker demand from the oil and gas industry, both related to the coronavirus pandemic.
Cake Box has started FY2021 positively with strong same store sales growth, new store openings and an excellent online performance. The company is not only able to repay its furlough monies, but also reward shareholders with a special dividend. Cake Box released a trading statement as such this morning.
Initiating with a Buy rating – We initiate our coverage on Dekel Agri-Vision with a BUY rating and a target price of 7.6p, equating to a market capitalisation of £32.2m. We believe Dekel Agri-Vision's agri-commodity diversification strategy, complementing its existing palm oil processing operations with a new cashew nut processing project (in which the company currently has a 43.8% interest, and an option to acquire a further 17%), provides a solid platform to enhance margins and drive step changes in profitability in the coming years.
Companies: Dekel Agri-Vision Plc