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Research Tree provides access to ongoing research coverage, media content and regulatory news on Webis. We currently have 0 research reports from 0 professional analysts.

Open
1.05p
Volume
0.0m
Range
1.05/1.05p
Market Cap
£4.13m
52 Week
0.78/1.55p
Pension Liability
£0m

Latest News/RNS

(more news)
Date Source Announcement
27Feb18 07:00 RNS Interim Report and Financial Statements
20Dec17 11:57 RNS Result of AGM
21Nov17 07:00 RNS Final Results and Notice of AGM
06Jun17 10:48 RNS WatchandWager - New York State license approved
28Feb17 07:00 RNS Interim Report and Financial Statements
24Feb17 07:00 RNS Term Loan for USA Bonds ("Loan") agreed
29Dec16 18:00 RNS Result of AGM
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  • 17 Apr 18

LIBERUM: Majestic Wine* - Naked Wines – accelerating growth

Naked Wines is accelerating growth in order to gain market share. The quality of earnings and customers is best shown by its sector leading KPI’s.

Companies: Majestic Wine
  • 17 Apr 18

PBT growth at upper end of expectations for FY18

Findel has already issued 2 good statements this year. Today’s year end trading update confirms encouraging group trading has continued in the last 10 weeks. As a result PBT is expected to be at the upper end of expectations, with c20% YoY growth. Net bank debt was also slightly better than expected (at c£79m adjusting for timing differences). With the customer redress payments progressing to plan, the group is well on track to return to positive free cash flow from FY20. We expect this update to be well received by the market noting that, despite outperforming over 3 and 6 months, the 9x P/E still offers plenty of scope for re-rating. Rolling forward a year, our SoTP based estimate of fair value increases by 15% to 318p.

Companies: Findel
  • 09 Nov 17

The Joy of Techs

This quarter we use finnCap’s Slide Rule to provide both top-down and bottom-up analysis of the UK’s Technology and Telecoms sectors. Our findings are very reassuring: the Tech sector scores the best (across all sectors) when considering Growth and Quality – Taptica*, Frontier Developments* and dotDigital* in particular stand out on these metrics. Given these attractive characteristics and growth prospects, the Tech sector is unsurprisingly one of the most expensive – currently trading at 17.2x FY1 EV/EBIT and 23.8x FY1 P/E, versus 15.0x and 18.5x respectively for the wider market. Despite valuations appearing high, we believe there are value opportunities. For example, Proactis* features in finnCap’s QVGM+ portfolio (ranked 17/462) – the company offers attractive organic and inorganic growth, with earnings forecast to grow by 26% CAGR over the next two years, but despite this, only trades on 15x FY1 earnings and offers 8% FCF yield in FY2.

Companies: 7DIG ALT AMO ARTA BOTB BLTG CTP CITY D4T4 DTC DOTD ELCO ESG FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SSY SEE SIM SPE SRT STR TAP TAX TEP TPOP TRAK UNG VIP ZOO CYAN ONEV

  • 12 Apr 18

Robust Q3 trading should restore sentiment vs valuation anomaly

Dunelm has reported positive Q3 trading today. LFL growth of 4.6% included 1.2% in-store and 35.7% online. While this included a small Easter timing gain (of c0.5%), this performance is considerably better than the market had feared/been pricing in. The group’s store/service strategy and step-change in online capability means strong share gains are being made as it further distances itself from the discounters and independents in what remains a highly fragmented market. As expected margin was slightly down and guidance for an uplift in Q4 (and H2 overall) remains intact, with prior end-of-season now mostly dealt with and spr/sum 18 seasonal stock under control. As a result expectations for the full year are unchanged versus expectations that were previously downgraded by c4% at the interims 8 weeks ago.

Companies: Dunelm Group
  • 18 Apr 18

LIBERUM: GAN plc* - Positive contract news in Italy and the USA

This week GAN has announced further market share gains in Italy and a key extension with Paddy Power Betfair in New Jersey. Both of these deals support forecasts.

Companies: GAN Plc
  • 10 Apr 18

Hard Work

We look at Directory/Online relative under-performance in the UK online clothing market and consider the implications for future recruitment behaviour. Next continues to run this business to maximise returns from existing customers. With its Retail business going backwards rapidly and an already-high EBIT margin in ND/NO Next needs to change its behaviour in terms of growing its sales base more rapidly online in our opinion. We are not sure this will happen. We retain our sell rating.

Companies: NEXT
  • 11 Apr 18

HSE Court Case Update

As previously reported at Final Results (22nd March) Safestyle has faced investigation by the Health & Safety Executive (HSE) regarding two incidents involving injuries sustained whilst working at height. An update released yesterday confirmed Safestyle has received a fine of £850k in relation to one of these accidents in which a contractor sustained a knee injury. The fine imposed falls at the lower end of the previously indicated range of £550k to £2.9m and reflects Safestyle’s full co-operation with the investigation and the guilty plea entered by the Group. The second incident remains under investigation with a further update to be issued in due course. The exceptional nature of this fine means our underlying profit forecasts remain unchanged. We have adjusted our cash flow and balance sheet to reflect the payment of the fine, which will be funded from existing cash resources, resulting in a £0.9m decline in forecasted net cash for FY18 and FY19. The shares trade on an FY18 PE ratio of 7.0x falling to 6.3x in FY19 and currently yield 13.9%.

Companies: Safestyle UK
  • 11 Apr 18

Under-promise and over-deliver

New enlarged GVC is a business with substantial depth and breadth by product, channel and geography, with its own proprietary technology to boot. We estimate the new business will generate c. £3.5bn of revenue and c. £900m of EBITDA in FY19E. Our forecasts include guidance from management on staged synergies (£7m, £33m, £56m and £100m year four). We think this is a case of under-promise and over-deliver as management has a track record of integrating businesses (Sportingbet & Bwin.Party), firstly ahead of schedule and secondly with enhanced synergies.

Companies: GVC
  • 12 Apr 18

Going vertical

PTEC announces the proposed acquisition of Snaitech S.p.A a leading gaming and betting operator in the Italian market for a consideration of €846m funded by existing cash and debt. The deal appears profit enhancing on first take at 6.2x EBITDA (c. 5.8x post €10m synergies), PTEC on c. 7x FY18 EBITDA. Two stage deal: initial acquisition (70.6%) expected to complete in the 3Q18 and final transaction (29.4%) to complete in the 4Q18.

Companies: Playtech
  • 17 Apr 18

LIBERUM: The AA* - In line FY earnings although cash a little disappointing

FY 18 FD EPS 5% ahead of expectations helped by a lower tax charge. FY 2018 net debt worse than expected partly due to cash exceptionals, but 94% cash conversion and last week the S&P re-affirmed The AA’s credit rating.

Companies: AA
  • 20 Feb 18

Initiating coverage with a Buy rating and 111% upside (base)

7digital is a B2B music streaming business. We believe a combination of an extensive music catalogue, limited competition and a well capitalised balance sheet uniquely positions 7digital to exploit the fastgrowing voice assistant market and accelerate the penetration of music streaming. However, our analysis shows the shares currently price an overly bearish mid-term scenario (zero growth and margins -200bps). We initiate coverage of 7digital with a Buy rating and a DCF-driven PT of 9.5p, implying +111% upside potential. In our view, the shares could reach 15p (233% upside) as the market’s confidence in execution grows.

Companies: 7Digital Group
  • 22 Mar 18

LIBERUM: Safestyle* - FY results as expected and estimates unchanged

FY results are in line with lowered expectations. PBT fell 28% on flat sales and a 250bp hit to gross margin. 2018 brings challenges from a weak market and the competitive actions of an aggressive new entrant, which has taken a sizeable number of Safestyle’s lead generators.

Companies: Safestyle UK
  • 26 Mar 18

Strategic investment & update

Purplebricks’ trading update, prior to its year end 30 April, confirms that adverse weather in February and March will result in Group revenues being c 5% below consensus and reveals a £125m strategic investment by Alex Springer.

Companies: Purplebricks Group
  • 11 Apr 18

Sales jump and operating profit shrinks

Asos has reported sales growth in the low range of guidance in H1 and its operating margin was slightly down. Sales increased by 25% at CER and the operating profit edged up 9.6%. Guidance is maintained unchanged for sales and the operating margin, but upgraded for capex.

Companies: ASOS
  • 20 Apr 18

Not going bust, management now has time

Having sat on the fence as Debenhams has struggled through a very difficult Autumn/Winter sector-wide we now believe there are grounds for a more positive view.

Companies: Debenhams