Tern has announced an update on its portfolio of investee companies, following the August release that accompanied the FundamentalVR fundraise. Given the relatively short time between these updates, most of the news is operational from the various investees, each of which appears to be making good progress.
Companies: Tern PLC
Significant progress from all portfolio companies
CloudCoCo Group plc* (CLCO.L, 1.35p/£9.5m) Initiation: Challenging the incumbent UK IT providers (24.08.21) | Blackbird plc* (BIRD.L, 33.75p/£113.8m) Contract win: CBS Sports Digital secured (23.08.21) | Starcom plc* (STAR.L, 0.825p/£2.9m) Interims: Resilient performance, more positive outlook (27.08.21) | Tern plc* (TERN.L, 21.75p/£76.5m) Wyld Networks debt financing (25.08.21)
Companies: CLCO BIRD STAR TERN
Tern reports on the continued progress made by its portfolio companies over the past few months, including a further £530,000 investment by Tern in FundamentalVR as part of a £1.16m funding. Tern notes strong business momentum across all its portfolio companies, which management expects to continue. In our view, the update highlights the benefits of Tern’s focus on IoT businesses whose solutions have seen an accelerated adoption in the current market environment. We look forward to further posit
Tern has successfully raised £4m gross proceeds through an issue of 21.2m shares at 18.8p per share, a 15.5% discount to the last closing price. Retail and other investors were able to participate via PrimaryBid, reducing the dilutive impact for investors. The retail offer was oversubscribed and raised gross proceeds of £1.99m. The net proceeds are intended to bolster Tern’s commercial position by supporting further investment in its current portfolio companies and accommodate new value-enhancin
Tern plc* (TERN.L, 23.75p/£78.5m) | CAP-XX Ltd* (CPX.L, 8.15p/£36.0m) | MTI Wireless Edge Ltd* (MWE.L, 64.5p/£57.1m) | Newmark Security plc* (NWT.L, 1.2p/£5.6m) | Blackbird plc* (BIRD.L, 32.0p/£107.9m)
Companies: TERN CPX MWE NWT BIRD
Tern has announced the proposed IPO and admission to the NASDAQ First North Growth Market in Stockholm of its portfolio company Wyld Networks (Wyld), with a likely market capitalisation of £8m. The announcement demonstrates the success of the Group’s investment strategy, delivering value from the portfolio even with the backdrop of COVID-19. At the current offering price, there is a small uplift to Tern’s book valuation of Wyld. The IPO allows Wyld to remain a core part of Tern’s portfolio whils
Tern plc* (TERN.L, 14.9p/£49m) Portfolio update: Good commercial progress on multiple fronts (04.05.21) | CAP-XX Ltd* (CPX.L, 8.7p/£38.5m) Contract win: Windscreen damage detection application (04.05.21) | Mirada plc* (MIRA.L, 82.5p/£7.3m) FY pre-close: In line and growth in H2 (05.05.21)
Companies: TERN CPX MIRA
Tern has provided a summary of the progress made by its principal portfolio companies in recent months that will be included in the Chairman’s statement at its AGM later today, which will be followed by an online presentation and Q&A session for shareholders. Recent highlights at each of Tern’s principal portfolio companies are summarised below. The AGM statement also emphasises Tern’s strong focus on generating value for its own shareholders from the investments it has made in this broad portfo
Tern plc* (TERN.L, 8.85p/£29.2m) | Mobile Tornado plc* (MBT.L, 4.45p/£16.9m)
Companies: Tern PLC (TERN:LON)Mobile Tornado Group Plc (MBT:LON)
Portfolio value increased from £17.9m to £21.9m
Blackbird plc* (BIRD.L, 22.5p/£76m) | Tern plc* (TERN.L, 8.4p/£27.7m)
Companies: Blackbird PLC (BIRD:LON)Tern PLC (TERN:LON)
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to ta
Companies: ADME NFC CHAR WHR MKA IXI MOS D4T4 ALS TERN
Tern plc* (TERN.L, 8.9p/£29.4m) | Filtronic (FTC.L, 7.9p/£16.9m)
Companies: Tern PLC (TERN:LON)Filtronic plc (FTC:LON)
Tern plc* (TERN.L, 8.0p/£26.4m) Portfolio update: Material increase in Wyld Networks' NAV (28.01.21) | MTI Wireless Edge Ltd* (MWE.L, 78.5p/£69.5m) Mottech contract renewal (27.01.21) | Mobile Tornado plc* (MBT.L, 4.75p/£18.0m) FY update: Recurring revenue stable, more positive outlook (25.01.21) | Parity Group plc (PTY.L, 9.25p/£9.4m) FY update & contract win: Expect return to profit and revenue growth in FY21 (28.01.21)
Companies: TERN MWE MBT PTY
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The market (and FDEV) is projecting an ambitious step-change in financial performance in FY 22 and FY23. Investors however may recall that Elite Odyssey updates have been delayed. For a variety of reasons, we believe there is some residual risk of disappointment here. Hence, we prefer to sit on the side-lines. Buy
Companies: Frontier Developments Plc
Mixed feelings following the Q3 results: the maintained FY margin guidance reassured in the current inflationary environment, but the Q3 volume decline raises questions about the trade-off between pricing and volumes.
Companies: Unilever PLC
Reckitt reported estimate-beating Q3 21 sales, registering growth of 3.3% on a lfl basis (vs -0.3% consensus). The nutrition segment was finally back to growth following the disposal of IFCN China (completed on 9 September). Importantly, e-commerce sales (+23%) built on the momentum seen in 2020, with 2-year growth at 86% (vs 2019).
The firm now expects FY21 growth of 1-3% (vs 0-2% earlier). We will upgrade our estimates to factor in the strong Q3 as well as upgraded outlook.
Companies: Reckitt Benckiser Group plc
Zytronic’s pre-close update confirms a considerable turnaround in performance in H2. Whilst partially flagged in the September update, the full year outturn is better than expected, driven by a significant improvement in sales (+44% H2 versus H1) and careful cost control. Operating profit of £0.5m is comfortably ahead of our break-even forecast and net cash of £9.2m is £1m ahead. Although mindful of industry supply chain issues, we consider the recent run rate a sensible guide for FY22 and intro
Companies: Zytronic plc
Companies: MJ Gleeson PLC
Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m.
Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
Companies: SOLI RBD ALU ATQT BBI CWR DRV ORCP WATR
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What’s cooking in the IPO kitchen?
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
Companies: ZYT CIC DMTR GILD LMS MMAG PYC SMRT SBI
Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a robust update covering the six-month period to 30 September 2021, with the Willow and Active Silicon acquisitions performing ahead of management expectations. The order book as at the end of September stood at a record level of £61.5m, an increase of 48% since the beginning of the financial year and leading to the Board's confide
Companies: Solid State plc
Companies: IG Design Group plc
The group has announced an encouraging half-year update, with a strong increase in revenues profits and order book seen. Unsurprisingly, there have been some supply chain challenges, although these have also resulted in customers placing longer-term orders thus giving the group better visibility as well as necessitating higher levels of stocking. Management indicates it is confident of achieving market FY expectations, with the potential for some upside in H2 dependant on component supply chain
Reckitt Q2/H1 21 numbers missed estimates. Q2 sales declined 1%, hurt by slowing Hygiene growth (+7.8%) and weaknesses in Health (-5.6%) and Nutrition (-9.7%). H1 sales were up 1.5%, driven by Hygiene (+18.1%). The adjusted operating profit margin (-290bp to 21.6%) was hurt by steep rise in input prices.
FY 21 guidance (0-2% growth, 40-90bp margin contraction) was re-iterated (ex-IFCN China incremental margin offset by cost inflation). We will cut our estimates to factor in the soft growth/marg
CAP-XX Ltd* (CPX.L, 5.8p/£29.5m) Finals: Sales order book up more than 160% (29.09.21) | MTI Wireless Edge Ltd* (MWE.L, 70p/£62.0m) Contract win: MTI Summit secures multi-year customer agreement (30.09.21) | Mirada plc* (MIRA.L, 65p/£5.8m) Finals: Considerable pipeline of sales opportunities (29.09.21)
Companies: CPX MWE MIRA MBT
Hermès published consensus-beating results. All business lines and all geographical regions experienced a better-than-expected quarter. Unlike its industry peer, which recorded softer growth in Asia due to the COVID-19-related restrictions, Hermès reached 29% of sales growth in Asia, mainly driven by China.
While we had been worried that the Chinese government’s ambition for wealth redistribution would hold back luxury spending, Hermès has proved with solid figures that, even though the growth
Companies: Hermes International SCA (RMS:EPA)Hermes International SCA (RMS:PAR)