Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Safestay. We currently have 34 research reports from 5 professional analysts.
African Export-Import Bank a supranational financial institution whose purpose is to facilitate, promote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE. DNEG Limited intends to apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019.
Companies: BMK IXI CER AUTG SCHO BRD ING SOS SSTY SUH
AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019. VAALCO Energy, Inc. (NYSE: EGY), an independent energy com pany focused on developm ent and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange ("LSE"), to complement its existing Listing on the New York Stock Exchange. Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services, announces today the expected publication of a registration document that has been submitted for approval to the FCA and its potential intention, subject to market conditions, to undertake an initial public offering .
Companies: YGEN SIS KWS SSTY ATQT OSI AFHP WHR HCM HAT
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 Argentex a UK-based forex service provider founded in 2011 by its current management team which operates as a Riskless Principal for nonspeculative and forward foreign exchange as structured financial derivatives is looking to join AIM. Offer TBC, expected 25 June
Companies: TEK EDL GWMO OBD TENG NWF SSTY HUW WATR ACSO
Renalytix AI—developer of artificial intelligence ("AI") decision support and clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease. incorporated in March 2018 as a subsidiary of EKF Diagnostics Holdings (AIM-EKF). Total fundraising in the range £21 - 25 m. Mkt cap - c. £67.5- £71.0m. Due 2 Nov. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, market cap TBC. Due Late October. Azalea Energy—oil and gas production and development company based in Louisiana, United States. Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. Due 29 Oct Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due late Oct Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
Companies: EMH CRA GYG ALBA FRR DFX EUZ SSTY APF INX
Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to create shareholder value. Offer TBC, market cap TBC expected 19 October Admission is being sought as a result of the proposed RTO of Cambian Group plc following completion of the acquisition by CareTech a leading provider of specialist social care services, supporting adults and children with a wide range of complex needs. No raise, market cap TBC expected 19 October. PetroTal (TAL.TO) - The exploration and production company focused on oil assets in Peru is seeking a secondary AIM quotation before the end of 2018. Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due early Oct Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due Mid October 2018. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
Companies: IMO CGNR CMCL CRC SSTY FOX ERIS VERS LIO NXR
Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due 28 Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments—an oil and gas company focused on the acquisition of production, or near production, oil and gas assets looking to join AIM. Offer TBC, expected early October 2018.
Companies: SSTY SDY SDI SYM WAND ORPH PTD TGL BOD TILS
City law firm Rosenblatt reported in the press to be considering a London listing. The commercial firm had a reported revenue of £16m in 2017 VR Education Holdings—a virtual reality software and technology company. Raising £6m at 10p, mkt cap £19.3. Due 12 March SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money. Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area. Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. Expected Mid March Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due Early March Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC
Companies: OPTI SSTY CMS DGOC CPT FIH AGM TERN GMAA
Hydrominer GmbH, An Austrian cryptocurrency miner, is considering an initial public offering (IPO) on the London Stock Exchange AIM during 2018 according to an article on Bloomberg. Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Offer raising £30m at 165p with market cap of £100m . Due 9 February.
Companies: SSTY BEM BXP FA/ CHRT YOU IXI WBI PXC AMYT
Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June. I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May. Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Prospectus and announcement of the price range due in mid-June 2017. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun. AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Companies: NGR TRAK BZT OPG ONC HZM SSTY TLOU DALR EUA
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission | Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May | Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June | Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 June | AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property | Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe | ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017 | Tufton Oceanic Assets– Extended to 9 May on specialist funds segment of Main Market to enable further due diligence | PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Companies: IDP CER RST MTL IXI SSTY CNS BIRD SHG CNR
Hostel operator saw losses fall to £500k, 1.5p/share
AppBox Media— Intention to Float— UK based developer of mobile applications and video games, considering LSE or NASDAQ listing in 2018 | Integumen— Intention to Float from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.25m at 5p. Expected market cap £8.25m. Admission expected 5 April. | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April. | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Companies: TRAF SSTY RED NSCI IOG ECO NUM ABA DHAP
Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’. Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.
Companies: BAGR PHE ACSO SSTY GWIK LSAI AMYT
BILLING SERVICES GROUP (BILL LN) | BRADY (BRY LN) | EKF DIAGNOSTICS HOLDINGS PLC (EKF LN) | GABLE HOLDINGS INC (GAH LN) | GATTACA PLC (MTEC LN) | REAL GOOD FOOD PLC (RGD LN) | RESTORE PLC (RST LN) | AFESTAY PLC (SSTY LN) | XCITE ENERGY LTD (XEL LN)
Companies: XEL BRY BILL GATC GAH EKF RST RGD SSTY GAN
Research Tree provides access to ongoing research coverage, media content and regulatory news on Safestay. We currently have 34 research reports from 5 professional analysts.
|22Nov19 07:00||RNS||Change of Adviser|
|11Nov19 12:03||RNS||Director Declaration|
|30Oct19 07:00||RNS||Completion of Acquisition|
|25Sep19 07:00||RNS||Half-year Report|
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 CDM CSRT TIDE CYAN DTG 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 ESRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF
Air Partner has acquired Redline Worldwide Ltd, a leading global aviation security solutions and training company. The total consideration is up to £10.0m (£8.0m initial/£2.0m deferred) and is being funded by existing cash and debt facilities and the issue of £600k worth of new shares to the operational management shareholders within Redline. The business generated revenue of £6.5m and adj. EBITDA of £0.8m in the year to 31st March 2019. The total consideration therefore represents an EV/EBITDA multiple of 12.5x. The acquisition is transformative for Air Partner’s Consulting & Training division, now re-named Air Partner Safety & Security, not least because of the proprietary software and elearning capabilities it adds. Based on Redline’s historic performance, post acquisition the Consulting & Training division will represent around 25% of revenue (from 15%) and 15% of operating profit (from 6%). This is in line with the Group’s strategy to diversify revenue and earnings towards this division.
Companies: Air Partner
The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.
Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN ESRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L
Disney+ hits 22m mobile users, SoftBank backed firm downsizes IPO, German mobile carrier selects Huawei
Companies: ENET 7DIG EVRH ZOO ZOO AMO BOOM MIRA MWE
Purplebricks interim results, in line with its 7 November update, reveal: Group revenue rose 1.9% to £64.8m on a pro forma basis (i.e. including acquisitions and excluding discontinued) split UK 73%, Canada 27%; UK Revenue fell 2.7% to £47.1m, with instructions down 15% to 32,850 and average revenue per instruction (ARPI) up 12% to £1,353; Canadian revenue rose 16.4% to £17.7m, with transactions down 4% to 20,486 and sellside ARPI up 15% to £728 and buyside ARPI up 19% to £3,595; Group gross profit was flat at £39.4m, with group gross margin 61%, down 130bps mostly due to the growth in buyside revenue in Canada; Adj Group EBITDA fell 48.8% to £4.3m with UK contributing £5.5m, Canada £0.1m and Homeday.de JV a loss of £1.3m; Net operating cash flow from continuing operations was £2.6m; Australia and the US closures going to plan, within £10-14m guidance; Cash at period end £41.6m fell £21.1m since 30 April 2019 (£62.8m) with £11.7m outflow relating to discontinued operations and £4.6m to investment in Homeday.de JV.
Companies: Purplebricks Group
Dixons Carphone (DC) has reported 1H results slightly above consensus at PBT £24m (consensus £8m 1H LY £60m) in the less significant first half (both numbers presented on a pre IFRS 16 basis). Pre -existing 2019/20 PBT guidance of PBT £210m has been re-iterated and guidance has been given on a flat dividend expectation. The overall shape of the Group’s strategic projects re credit, online, customer service and mobile are progressing in line with pervious guidance.
Companies: Dixons Carphone
DWF has released solid H1 results and appears to be making good progress on achieving its strategic objectives set out at IPO. The Group has also announced the acquisition of leading Spanish law firm RCD, its largest M&A transaction to date. Our underlying forecast assumptions are unchanged today, albeit with the UK Insurance business making up for the softness seen in Commercial Services. We will revise numbers to reflect the announced acquisition on completion of the deal but based on conservative assumptions expect it could add c.6% to FY21 EPS. On an FY1 PE of 11.0x and a prospective dividend yield of 6.3% we see current levels as an attractive entry point.
Companies: DWF Group
Bowling, alongside low-cost gyms, is the strongest sub-sector of Leisure at present. Its fortunes have been revived over the last 5 years through product diversification, investment and a more family focused offering which is resonating with consumers seeking value and experiential treats. The sector is well established accounting for 3% of the family leisure market. We are attracted by its positive growth dynamics and minimal exposure to rising costs. We explore 6 themes in this note and initiate coverage on Hollywood Bowl (Buy; 250p 12m TP) and Ten Entertainment (Buy; 315p 12m TP), albeit with current year EPS forecasts 4% below consensus, reflecting recent prolonged hot weather concerns. On a 1-3 year view both have plenty of scope to further enhance shareholder value through self-help and site expansion.
Companies: Hollywood Bowl Ten Entertainment Group
On numbers M&S has reported a weak 1H with Underlying PBT of £177m (HY 2018/19 £213m re-stated) down 17% as the company suffered weak sales in Clothing & Home (LFL – 5.5%) and invested revenue in repositioning both sides of its offer. We would expect that the updated guidance and the 1H performance are likely to result in full year 2019/20 market consensus estimates staying at around £450-470m pre-exceptional items, implying less of a reduction in 2H.
Companies: Marks And Spencer Group
Loungers continues to outperform, delivering the scarce trinity of LFL sales growth (5.4%), unit growth (10 openings) and margin growth (40bps). This drove a 22% increase in Revenues and 26% increase in EBITDA in the first half of FY20E.
At first glance, H1 sales growth appears more subdued than expected. This is because of a weak September, well flagged across the sector.
Companies: Joules Group
Accor is to sell about half of its holdings in Chinese hotel group Huazhu and will continue seeking opportunities to sell other non-strategic assets.
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. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. 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. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb
Companies: TENG DEST KMK PCA ABC EUA NUC AVCT SBIZ RBD
The global online gaming market generated c £40bn of gross gaming revenues (GGR) in 2018 and newly regulating markets (the US) are expected to contribute to 7% CAGR to 2023 (according to H2 Gambling Capital (H2GC)). However, while regulated markets have provided significant opportunities for operators to date, government intervention remains a constant threat and legislation is tightening. Some mature markets (notably the UK) have been raising taxes and implementing regulatory burdens, which increases the cost of business. In our view, success will depend on a combination of scale, diversification, proprietary technology and a strong balance sheet. Many of the 12 operators in this report should benefit from these dynamics and sector valuations remain attractive, at 12.6x P/E, 8.2x EV/EBITDA and 6.0% dividend yield for FY19.
Companies: 888 ACX BETSB ORPH GVC GYS OPAP PTEC RNK WMH
Boohoo Group has announced an upgrade to FY20 guidance on the back of continued strong trading momentum over its second quarter ended 31 August 2019. Strong revenue growth across the Group’s key brands (boohoo, boohooMAN, PrettyLittleThing and Nasty Gal) confirms the Group’s multibrand strategy is bearing fruit, with fears around potential cannibalisation firmly allayed. Top-line outperformance is driving operating leverage at Group level, enabling it to maintain full year EBITDA margin guidance at 10% despite the ongoing investment being made in the three brands acquired in the first half. Today’s announcement represents an impressive tenth consecutive upgrade in management guidance over the last three years, as the Group continues to outperform the market and consolidate its position as a leading multi-brand fashion ecommerce platform.