Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.
Companies: KOD NKTN SAE ROL JAY HAT BLOE STX TPG GHE
Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. £28m raised. Half primary, half shareholder sell down expected 29 May 2019. Mkt cap £72.6m. Issue price 151p. Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019
Companies: OBD RFX DX/ ALT PRES GAN AFHP COM NKTN BYOT
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: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LWRF LSAI NKTN PCF SNX TCN VRE W7L
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: JAN WJG NKTN GROW OPG ORR NTBR MOGP CORO SCH
We have seen a continuation of the rally evident so far this year. The factors are familiar with greater optimism regarding US-China trade talks. At home, the path to Brexit remains unclear as D-day looms. The possibility of a delay has increased. The company reporting season continues to highlight winners and losers with the majority of results in line. We have also seen an uptick in corporate M&A. Results set the morning agenda and Brexit votes the evening one. In Share News & Views we comment on AorTech International*, APC Technology*, DeepMatter*, Golden Ocean Group and P&O Ferries/DP World.
Companies: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN VRE W7L
Roses are red – markets are blue! The rally since the start of the year resumed this week, after a pull-back last week. The FTSE 100 has risen due to the weakness of sterling and the impact on its dollar-earning constituents. More domestically-oriented indices have also risen but lagged more recently. The latest Brexit twist is due later with a statement to Parliament on the negotiations. Company news continue to dominate the morning headlines and amendment votes the evening ones. In Share News & Views we comment on DCC, EU Supply* FireAngel*, Location Sciences*, Northbridge* and NWF.
We have seen a continuation of the rally seen since the start of the year, although some earlier momentum has been lost. The factors that influenced the market previously continue to dominate – US-China trade talks and the outlook for the global economy. The latest hurdles in the Brexit Withdrawal Bill are due later. Company updates dominate the morning headlines, late night votes dominate the evening ones. In Share News & Views we comment APC Technology*, Bonhill Group*, Braemar Shipping*, Escape Hunt*, FDM*, Haynes Publishing, Nucleus Financial, Porvair, VR*, Warpaint* and Wynnstay.
Companies: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN SNX TCN VRE W7L PCF
It may only be a fortnight into the new year but many of the factors that unnerved the market last month have continued to impact sentiment. The outcome of trade talks between the US and China, concerns about global economic growth and some poor trading statements, especially in the retail sector, have all featured. Above all, Brexit and the progress of the Withdrawal Bill have dominated with the latest “high noon” due later. Despite this, we have seen a good rally in the junior markets year to date. In Share News & Views we comment on Bloomsbury, DeepMatter*, James Fisher and Helios*.
Companies: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN W7L
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 late January 2019.
Companies: SKIN MTW PYC MED EYE AAOG MPAC NKTN RMP DDDD
The instruction to “Deck the halls with boughs of holly” may represent a grateful relief, given the prickly time we have seen in markets over the last month or so. An unhelpful combination of the deadlock surrounding the Brexit process, concerns over the outlook for the global economy and some poor company results have resulted in all markets falling further. The impact on our universe is clear from the table below with AIM taking the significant pain. In Share News & Views we comment on APC*, Clipper, Cohort, Goodwin*, Helios*, PCF Group*and Tricorn*. Merry Christmas to our readers!
Companies: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ NKTN PCF SNX TCN W7L LSAI
Market volatility persists with an agreement between the US & China to defer further tariff increases lifting major indices. However, the uncertainty surrounding the Brexit process continues to dominate in the UK. The impact on our universe is clear from the table below with AIM notably weaker. The reporting season runs on, though it should lighten, ahead of the festive season next week just as the progress of the Brexit deal reaches a crescendo. In Share News & Views we comment on AorTech*, Begbies, Bonhill*, FireAngel*, Golden Ocean, IG Design, Location Sciences*, Menzies, Nucleus & Synectics*.
Following the gyrationsin October, we have continued to see further volatility this month. While some of the factors that unnerved investors have receded, Brexit concerns dominate, with the eventual outcome still unclear. At home, the reporting season has proved variable with both notable ‘risers and fallers’. The flow of announcements continues, although things may quieten down, ahead of the festive season. Undoubtedly the progress of the Brexit deal is key. In Share News & Views we comment upon AdEPT, Burford Capital, Carrs, Codemasters, Cropper*, DCC, Marshall Motor, Norcros and Wincanton.
Global equity markets in October reverted to a pattern that seen in the past – sharp falls and increased volatility. The usual reasons of Brexit uncertainty, the impact of global trade tariffs and heightened geo-political worries and a raft of disappointing Q3 results in the US & UK punctured some of the market optimism. Both countries’ markets have now surrendered their progress year to date. The UK Budget helped things to stabilise here but continuing volatility seems likely. In Share News & View we comment upon Bloomsbury, Braemar*, Location Sciences*, Nektan*, PCF*, Tricorn* and Warpaint*.
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William Hill reported strong H1 20 numbers, with revenue and profits ahead of estimates. Revenue was down 32%, a significant improvement vs the 57% drop seen in the weeks immediately following the lockdowns. The adjusted EBIT came in at £11.8m, thanks to better-than-expected savings from cost control. The net debt/EBITDA ratio is down to 2.1x (vs 2.4x at FY19 end). Following the H1 performance, we will be raising our profit estimates to account for the impact of the recent cost controls.
Companies: William Hill Plc
Disney+ hits 22m mobile users, SoftBank backed firm downsizes IPO, German mobile carrier selects Huawei
Companies: ENET 7DIG MVR ZOO ZOO AMO BOOM MIRA MWE
New management has put in place a strategy which the February interim results revealed was returning the group to growth with very encouraging LFL statistics and attractive returns on refurbished outlets. In March, however, in response to COVID-19 and following UK Government guidelines, all venues had to be closed.
Management initiatives have materially reduced the cash burn while the group is unable to trade, and the group’s lender has been very supportive in significantly increasing the borrowing facility.
Management is now proposing an equity issue, the rationale for which is to strengthen the leverage ratio to create a more appropriate capital structure moving forward, to allow an immediate return to the estate refurbishment programme and to be able to potentially take advantage of strategic opportunities as they arise as the sector emerges from the COVID-19 crisis.
Companies: Revolution Bars Group Plc
The final results revealed adjusted PBT up 99% year-on-year, which was 10% better than forecast despite four upgrades during the financial year. This strong performance reflects the financial benefits that have accrued following the shift in the business model to online only, as well as management’s strategic decision to significantly increase marketing spend. A second special dividend for the 2020 financial year has also been announced, reflecting the strong cash flow characteristics of the business model. Our 2021 profit forecast implies continuing momentum and a year-on-year increase in PBT of 86%. We raise our target price to 1050p.
Companies: Best of the Best Plc
FY20 results – All Focus on Resuming Operations
Companies: Dart Group Plc
Vivendi and Amber Capital, the first and second largest shareholders of Lagardère, have decided to sign a pact and will seek a minority Supervisory Board representation. Speculation is continuing around the share.
Companies: Lagardère SCA
Government bans on new fossil fueled vehicles in many major economies are likely to drive significant growth in electric vehicles (“EVs”) over the next twenty years. This will create growth in electricity demand from EV charging. The volume of energy to be supplied creates opportunities for both supply companies and generators and the provision of charge points is already creating a new industry. However, the timing of this demand puts pressure on local distribution infrastructure. While smart charging and vehicle to grid technology offer solutions, we believe these will only be partial given likely charging behaviour and as a result there will be demand for additional grid capacity and for other solutions. These other solutions include charger located storage and distributed generation.
Companies: CNA NG/ YU/ DRX GOOD RED SMS IKA AFC
Despite the challenging market environment, Arena has delivered interim results that were broadly in line with our expectations (Adj EBITDA of £16.6m vs £17.0m forecasted). Cost saving initiatives are being implemented, which should support margins going forwards, whilst the company is expected to benefit from some significant contracts due for delivery in FY21E.
Companies: Arena Events Group Plc
Thanks to the recently-boosted cash reserves, easyJet will be able to ride out a 9-month shutdown under its worst-case scenario. The enhanced financial position and flexibility, as well as the viable strategic plans, appear to be sufficient to cope with the COVID-19-led macro and industry headwinds.
Companies: easyJet Plc
Despite the current macroeconomic environment caused by COVID-19 One Media is recommencing its dividend payments. This is testament to its cash generative recurring revenue model (c85%) and the resilience of the market it operates in. This resilience combined with One Media's seamless transition to working remotely has enabled the Group to trade in line with our full year forecasts at the interim stage. We expect the Group's financial performance to continue to outperform the wider market. Buy
Companies: One Media iP Group Plc
Cenkos Securities plc has terminated coverage of Angling Direct Plc. Our previous recommendation (BUY) and forecasts can no longer be relied upon.
For further information please contact Cenkos.
Companies: Angling Direct Plc
William Hill announced soft numbers for the 17-week period ending 28 April. Revenue was down 27%, driven by a 35% drop in retail revenue, which was hurt by the pandemic-induced shop closures, which added to headwinds from machine staking limits in the UK. However, the liquidity position improved substantially with covenants reset and cash burn reduced substantially. Following the latest update, we will be reducing our estimates. However, we do not expect any significant change to our recommendation.
Top line growth was 26.6% in FY20, despite a refocus away from unprofitable online regions (e.g. Russia) and a drag in Q4 from adverse weather/flooding. In highly fragmented UK/European markets, and potentially supported by accelerated structural change post CV19, there remains a significant growth opportunity both online and offline for the lead consolidator. Weak bottom line contribution highlights the benefit that changes being implemented under a strengthened management team should yield. These include improved stock management processes and a greater focus on gross margin and operating cashflows. With sufficient liquidity to navigate the crisis, a profitable/growing store estate and scope to realise scale economies online, ANG should be a long term winner.
Gear4music’s FY2020 results reflect the positive momentum of the company’s announcements so far this calendar year. The data re-confirm brisk sales growth but in our view improved profits and profitability is the salient story. Moreover, with an online distribution focus, a well sourced product range and clear evidence that its logistics are being run more efficiently, the company’s ability to deliver positive newsflow looks increasingly sustainable. FY2021 started on an exceptionally strong note.
Companies: Gear4music (Holdings) Plc
Studio’s online and value-based offer produced strong trading during lockdown, with 55% y-o-y product sales growth in the first 11 weeks, which compares very favourably with its online peers. It looks well placed, with tight stock management, as the high street re-commences trading, which is likely to be very competitive. Due to the ongoing uncertainty from COVID-19 and the timing of the Education sale, management is unable to provide guidance for FY21e.
Companies: Studio Retail Group Plc