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Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Webis. We currently have 1 research reports from 1 professional analysts.

Open
1.90p
Volume
0.3m
Range Today
1.81/1.90p
52 Week
0.78/7.68p
Market Cap
£7.47m
Enterprise Value
£-3.36m
Pension Liability
£0m
# Shares
393.2m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
30Nov18 08:43 RNS WatchandWager renews key California ADW License
28Nov18 07:00 RNS Final Results and Notice of AGM
19Oct18 09:05 RNS Second Price Monitoring Extn
19Oct18 09:00 RNS Price Monitoring Extension
19Oct18 07:00 RNS Update on USA trading and licensed gaming strategy
25Jun18 11:00 RNS Price Monitoring Extension
25May18 16:40 RNS Second Price Monitoring Extn
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  • Frequency of research reports

     

  • Research reports on

    Webis

  • Providers covering

    Webis

  • 11 Dec 18

Significant disruption during peak Q2 trading period due to GST changes in Oz

The changes to the general sales tax (GST) in Australia from 1st July, that removed the exemption for low value e-commerce direct imports with a value below A$1,000, has had a severe impact on MySale’s recent trading (GST is 10%). Although plans were in place and trading during Q1 was in line, several factors have combined during the peak Q2 period that will have a significant impact on forecasts, with a small loss expected in the first half to December. Accelerating planned cost reductions, as well as changes in product strategy alongside efficiency gains due to prior investment in technology over the last several years should mean profitability will return in the second half.

Companies: Mysale Group
  • 04 Dec 18

Share & share alike

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*.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN W7L

  • 05 Dec 18

LIBERUM: Joules* - Another outstanding performance

Joules has delivered a very strong H1 trading update with total sales growth of +17.6%, meaning that management now expects underlying H1 PBT to be slightly ahead of its expectations and is confident of delivering on its full year expectations. This result is in stark contrast to much of the wider sector.

Companies: Joules Group
  • 12 Dec 18

2019 interims - LfL growth, net debt reduction

Against a back-drop of the casual dining sector being under intense pressure, The Fulham Shore Plc (“FUL”) has issued a solid set of interims for the six-month period to the end of September 2018. Revenues of £33.0m and underlying EBITDA of £4.6m were up 19.8% and 1.4% year on year respectively. Margins remain under pressure but cash generation continues with net debt at £8.9m at period end, down from £9.7m a year earlier and down from £12.0m at the end of March 2018. Current trading remains upbeat and the Company now expects to open more restaurants in the year to March 2020 than the forecast four openings in the current financial year to March 2019. We have increased our March 2019 revenue forecast (+6.2%) but our 2019 underlying EBITDA forecast remains essentially unchanged at £7.5m.

Companies: Fulham Shore
  • 15 Oct 18

Set-back creates buying opportunity

Quiz’s warning came as a shock, particularly so soon after a positive AGM update. Our post mortem reveals the revenue shortfall is almost entirely due to the erratic demand dynamics of its 3rd party online web partners. Each key partner appears to have experienced unrelated drops in growth beyond the unseasonal transition from summer to autumn. Rather than being Quiz led, whose own performance online and in-store has remained strong, these were factors outside its control. Downgrades of c35% now strip out all growth from these partners but we would not be surprised to see growth reappear if/when partners address the issues. Buy on this set-back.

Companies: Quiz Plc
  • 23 Oct 18

Quarterly Research Outlook

The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.

Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA PARK CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

  • 07 Dec 18

Initiation of coverage - Follow the cash

Inchcape PLC is a unique global distributor operating in 32 markets globally across the automotive value chain. The group has a long track record in effective capital allocation, delivering shareholder value through share buybacks, an attractive dividend and a disciplined M&A strategy. The share price is currently at 2013 levels, which, in our view, ignores the track record of delivery on several fronts, representing a good entry point for investors.

Companies: Inchcape
  • 10 Dec 18

Cake Box Holdings - Plain vanilla

What is rare about Cake Box’s investment case is that it is a unique concept which is also low-tech. The simplicity of the retail offer and of the franchise formula, management’s track record, the ungeared balance sheet, as well as continuing current like-for-like growth despite depressed consumer sentiment and macro uncertainty, all argue for lower execution risk in the straight-line growth proposition.

Companies: Cake Box Holdings
  • 30 Nov 18

Needing additional capital to cure heatstroke

Thomas cook has issued its third profit warning. FY 18 underlying EBIT has declined to £250m, which was £30m lower than the previous downgraded guidance and £58m lower than last year’s on a lfl basis. The annual loss after tax was £163m, which is £154m lower than last year’s on a lfl basis. Management has decided to suspend the FY 18 dividend.

Companies: Thomas Cook Group
  • 10 Dec 18

On the right trajectory; early positive signs; much more to come

Having averted a near fatal liquidity crisis earlier in 2018, MTC is in the foothills of an accelerated radical transformation programme funded by the comprehensive equity/debt refinancing completed in July. The pace of change has been accelerated to keep up with the consumer, competition and turbulent economic backdrop. Weak UK LFL sales and gross profit margin trends since Sept 2017 point to problems with MTC’s overall customer value proposition. The immediate focus is on the basics, simplifying the business, and digital. Significant progress has been made on store estate rationalisation (CVA), cost reduction, and creating a new organisational structure to execute the accelerated transformation strategy –all underpinned by rigorous capital/cash discipline. There is significant upside potential on unheroic assumptions if MTC executes well. Turnaround traction gives strategic optionality around the UK business. Initiate with a 23p TP.

Companies: Mothercare
  • 04 Dec 15

Continued strong trading drives 3.8% FY’16 upgrade

Continued strong trading so far in H2 has led JD to upgrade its full year PBT guidance to c£135m, leading us to upgrade our forecasts by 3.8% from £130m (cons £125m). JD’s prospects look favourable given the ongoing trend towards athletic apparel and footwear, suggesting there may yet be further upside risk to forecasts. However, limited disclosure at a time when divisional and geographic complexity is on the increase makes this difficult to be certain of. With the stock trading on a cal’16 P/E of 18x or 10x EV/EBITDA which now equates to a 10-15% premium versus Sports Direct. Hold

Companies: JD Sports Fashion
  • 29 Sep 16

N+1 Singer - Small-cap quantitative research - Consistent growth screen refresh + “11 with legs”

We have performed a second refresh of our consistent growth screen, first established with our research note of 17 December last year. As previously, the screen produces a basket of 25 stocks that exhibit not only good growth in EPS and sales, but also a consistency of growth in both measures each year. This basket, or style, has underperformed the small-cap benchmark by 9.1% since inception last December, and by 4.8% since the last refresh on 13 April. We highlight stocks leaving and joining the basket and take a closer look at 11 stocks “11 with legs” in the refreshed screen. We will continue to monitor performance of the basket and refresh it again in about 4 months’ time, but interestingly, consistent growth is beginning to look like consistent underperformance!

Companies: TRI IOM DOTD CAMB SFE TPFG TRCS INSE TAST MAB1 RWA

  • 29 Nov 17

Interim results

Motorpoint has this morning released a solid set of interim results achieving adjusted PBT for the first half of £10.5m, in line with our forecasts, which we updated following a positive trading update in October. We leave our forecasts unchanged for the full year and expect adj. PBT of £20.3m in FY18E. The company has also announced this morning a £10m share buyback programme, signaling confidence in the future prospects of the business. While Motorpoint continues to trade at a premium to the franchised dealers, the company has a robust balance sheet, good underlying cash generation and confidence in the near-term earnings.

Companies: Motorpoint Group
  • 20 Mar 18

LIBERUM: DP Eurasia* - Maiden prelims ahead of expectations

Strong LFLs, record openings, online growth and commanding market shares have underpinned a very strong set of prelim results. Momentum from FY17A has carried into 2018E with strong current trading.

Companies: DP Eurasia
  • 23 Apr 18

Value screen refresh and 10 focus stocks

We have completed another refresh of our value style screen, first established as of 12 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 10 stocks to focus on. Since the last refresh, two days before the last general election, which resulted in a hung parliament, the screen has performed a little better than the small-cap index with our focus stocks outperforming by about 500bps. The weighting to UK consumer stocks noted last time detracted from performance, which came as little surprise given our cautious stance, much discussed in our other strategy work this year. One might have expected more consumer exposure in the refreshed screen given this year’s severe underperformance, but it appears forecasts have been similarly downgraded, keeping much of the sector outside our value criteria

Companies: AUG EHG GOAL MMH RTHM SDY TEF VANL