Event in Progress:
Discover the latest content that has just been published on Research Tree
Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.
Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CSRT TIDE CYAN JET2 DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC HBR RBW RMM RBGP RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF REDD
In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.
Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN JET2 DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC HBR RBW RMM RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF REDD
We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underl
Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE JET2 DEMG EMR FPO FST GTLY GENL INCE GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF CRDL MANO MOD MKLW OXIG PCA PANR APP PXC PHC HBR RBW RMM RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF REDD
See what's trending this week...
The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium term market dir
Companies: 7DIG ABBY AMS ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE JET2 DEMG ELM EMR FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KCT KGH LAM MACF MOD MKLW OXIG PCA APP HBR RBW RMM RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF REDD
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 CRDL RBGP TWD 7DIG ABBY AMS AMER ANX ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE JET2 DEMG ELM EMR FPM FPO FST GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA APP CAKE PDG RBW RMM RSW RNO RKH ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZTF REDD
In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a ris
Companies: AMER EMR HMI JOG PDG ABBY AMS AVON BLVN PIER CGS CALL CSRT TIDE JET2 DEMG ELM FPM FPO GTLY GENL INCE GEEC HDY HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD LAM MACF MKLW NAH OXIG PCA APP CAKE RBW RSW RNO RKH ROR SUS SCPA SHG KCT TRAK TRI VTC ZTF REDD
1Spatial (SPA LN) Capital markets day highlights growth potential | Abzena (ABZA LN) Monetising the Abzena Inside portfolio | Consort Medical (CSRT LN) Prelims in line – another setback with Mylan | Gym Group (GYM LN) Positive corporate and premium pricing newsflow | N Brown Group (BWNG LN) In line update but number of moving parts might leave investors cold | Rathbone Brothers (RAT LN) Acquisition of Speirs & Jeffrey, no EPS accretion until FY20e | RhythmOne (RTHM LN) FY18 results show executio
Companies: ABZA CSRT GYM BWNG RAT RTHM SDY SPA
Pharmaceutical Services is a vast and varied landscape, reflecting the complexities in the discovery, development, manufacturing and monitoring of drugs and devices, all within a stringent regulatory environment. The overall growth prospects are highly favourable: drug development activity globally is on the up, led by smaller companies, which is driving demand for outsourced services. In this report we provide a breakdown of the sector into its main activity segments, and identify biologics, in
Companies: ABZA BQE CSRT INS UDG CLIN ERGO OXB
Interims are in line. Revenues +6.1% reported, PBT+7.7% but adj EPS was only up 3.2% and Net Debt is still high at £97.1m. There is no new news on Mylan contract for generic Advair and we do not expect to hear anything until mid-2018. A couple of small contracts have drifted away. We make only minor changes to our estimates and don’t see any catalysts in the short term. The shares now trading on 17.7x P/E to Apr-18, 12.4x EV/EBITDA - not obviously cheap without growth picking up but maybe there
Companies: Consort Medical
See what was trending this week...
Today’s FY results are in line with our expectations, highlighting an improving operating performance at Aesica. The core Bespak delivered an in-line performance, impacted as expected by the termination of the supply agreement with Nicovations. We reiterate our Buy recommendation (upgraded from Hold in December 2016) and 1,125p target price.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Consort Medical.
We currently have 57 research reports from 5
2021 was a tough year which saw the non-repeat of highly profitable hand sanitiser sales, almost no Chinese sales and the impact of input/cost inflation. However, it successfully integrated 2 acquisitions, which enhance the portfolio and earnings quality, and locked in the planned synergies. With new distribution agreements (inc to China), and mitigations in place to claw back lost margin, VLG looks set to return to profitable growth. The platform is highly scalable and trades on just 5x EV/EBIT
Companies: Venture Life Group Plc
MRx-4DP0004 is 4D Pharma’s oral, immunomodulatory, single strain Live Biotherapeutic product (LBP). The safety portion of this Phase 1/2 (Part A) met the primary endpoint of safety and tolerability, with five secondary endpoints qualitatively improved over the placebo arm. The data is being presented in poster session at the ATS meeting May 15-18, 2022.
Companies: 4d Pharma PLC
Companies: Futura Medical plc
4D Pharma is a pharmaceutical company developing Live Biotherapeutic Products (LBPs), a novel class of drug derived from the human gut microbiome. This differentiated approach focuses on leveraging the interactions of LBPs with host biology, underpinned by a proprietary MicroRx® platform. This has generated a strong clinical and preclinical pipeline of single strain LBPs targeting major diseases across multiple therapeutic area. A well flagged cash requirement overshadows the stock but the exper
Companies: SDI Group plc
Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Yourgene’s Capital Markets Day on 26/4 provided a strong illustration of the significant strategic progress the group has made in recent years. The pandemic was both a blessing and a curse for YGEN, delaying some opportunities, but catalysing others and leaving the group in a stronger net position than where it started. The building blocks are now in place and, as healthcare markets normalise globally, we believe Yourgene is poised for a period of extended growth, with multiple opportunities to
Companies: Yourgene Health Plc
Dish of the day
No Joiners Today.
No Leavers Today.
What’s cooking in the IPO kitchen?
Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa intends to join the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021. Due 18th May 2022.
EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specifi
Companies: EEE FARN FCAP HZM JLP NSCI SRE
Venture Life Group has reported its results for FY21A, with revenues and adjusted EBITDA coming in ahead of our forecasts. Revenues, supported by two acquisitions, grew 9% to £32.8m with the acquisitions more than offsetting lost FY20A COVID-related sales and significantly reduced shipments to China. The gross margin was also affected by these factors, though also supported by higher margin acquisitions. Adjusted EBITDA grew 8%. Management have provided a positive outlook for FY22E, based on tra
Companies: RUA Life Sciences Plc
Omega Diagnostics has raised £2.0m, with up to £2.0m possible via an Open Offer to provide a bridge to the sale of the CD4 business and enable it to focus on the growth opportunities within its core business, Health & Nutrition. Having sold its Alva site in March for £1m, with a transitionary agreement put in place with Accubio until December 2022 to ensure the continued production of CD4 lateral flow tests, Omega has elected to sell the CD4 business, which would cost c.£1.5m to relocate to Ely
Companies: Omega Diagnostics Group PLC
Dish of the day
Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa has joined the Access Segment of the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021.
No Leavers Today.
What’s cooking in the IPO kitchen?
Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business ne
Companies: CZA AXL AEE CORA D4T4 EKF ORPH PWM PPH SYM
FY21 results were well-trailed and contain no surprises. The company continues to execute in line or ahead of plan and, following a £10m fundraise post-period end, is funded through a number of key inflection points. Investors can look forward to a number of these in the near term, including commercial launch and first revenues from first product Tuteva later this year. Rolling forward our risk-adjusted DCF results in a further increase in our TP to 76p (from 65p). we reiterate our Buy recommend
Companies: Verici Dx Plc
Trinity Delta view: The deal with Cooper for the commercially important EU (including UK) markets is a critical milestone that could be transformative for Futura Medical. The depth of due diligence suggests a strong commitment from Cooper, that should be sustained in the longer term given contractual marketing spend. We currently value Futura Medical at £264m, equivalent to 92p per share but expect to review this as visibility on expected launch timings increases and also when the results of the
Belluscura announced in March that it had signed a Master Supply Agreement with InnoMax to manufacture the X-PLO2R portable oxygen concentrator family of products in China which provides a platform to expand distribution into Asian markets while also significantly increasing manufacturing capacity and reducing per unit manufacturing costs.
Companies: Belluscura PLC