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 SRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L
Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn. Expected Oct 2019.
Companies: SAR ANIC ORPH CCS SAG NTOG DRV FIPP MUR GAN
Since their privatisation in 1989, the 10 water companies have faced a periodic review every five years; it is undertaken by Ofwat, and prescribes customer prices, along with the investment requirements. As part of the ongoing review, PR19, Ofwat will publish its Final Determination numbers on 11 December 2019; they will apply as from April 2020, although water companies do have the option to seek a reference to the CMA.
Companies: AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF PCA PIN PHP RE/ RECI RMDL STX SCE SIXH TON SHED VTA W7L
Murgitroyd has reported a good start to FY20, building on significant strategic progress in FY19. Chapman IP has been integrated successfully, Brexit is stimulating activity and recent trading has benefited from a large customer win. We leave our forecasts unchanged at this stage but see potential upside as FY20 progresses, notwithstanding macroeconomic uncertainties. Recent S/P weakness looks wholly misplaced and the shares inexpensive (FY20 P/E 12.5x, 4.7% yield).
Companies: Murgitroyd Group
The challenges associated with value creation drive all investors. Any investment professional is eager to make their mark by picking organisations that are able to deliver superior returns. Increasingly investors look into how organisations are governed and how effective the top decision-making bodies of organisations really are. In this white paper, we shed light on research findings and reveal the seven hallmarks of effective boards. The seven hallmarks are proven to create more effective boa
Companies: AVO AJB AGY CLIG DNL DPP FLTA GTLY GDR KOOV MUR NSF OXB PCA PHP RE/ RMDL STX SCE TRX TON SHED VTA W7L
The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.
Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SCE TRX TON SHED VTA W7L VAL
When advisers first start looking at business relief (BR) products, there is much to take in: the rules governing such products; the investment strategies being used; and what the investment risk is. It is easy to lose sight of the fact that, for non-AIM products, the investment is being made directly into a company or partnership, rather than a fund. It is, therefore, essential that governance is part of the diligence process.
Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SIXH TRX TON SHED VTA W7L VAL
Companies: AZN AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR HAYD KOOV MCL MUR PCA PHP RE/ REDX STX SIXH TON SHED VTA W7L VAL
How small- and mid-cap quoted companies make a substantial contribution to markets, employment and tax revenues.
Companies: TIME AVO AJB ARBB CMH CLIG DPP FLTA GTLY GDR HAYD KOOV LWRF MCL MUR OXB PCA PHP RE/ STX SIXH TRX TON VTA W7L
Although the focus of Hardman & Co is predominantly on companies in the smallto mid-sized market capitalisation range, when writing research reports, it is important to position them relative to the industry in which they operate. Apart from Japanese companies, all the major global pharmaceutical companies have reported full-year results for 2018 over the past few weeks; therefore, we have taken the opportunity to update our industry database and generate the first cut of global rankings for 201
Companies: TIME AVO AJB AGY ARBB CMH CLIG CSH DNL GTLY HAYD KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX STX SCE SIXH TON VTA W7L VAL
Murgitroyd’s interims confirm a period of good underlying progress and two significant corporate developments. Revenue increased by 5%, in line with the long term growth trend, and PBT by 2% to £1.7m. This was the result of further strong growth in support services revenue and, regionally, from US clients. Alongside the results, Murgitroyd has announced the earnings enhancing acquisition of Chapman IP for up to £6.6m and the restructuring of the Board, including the promotion of Edward Murgitroy
This Investment Research Paper addresses the issue of renewable power generation in the UK and in mainland Europe, which – after the deep-seated financial crisis of 2008/09 and the ensuing recession – now has better prospects of achieving critical mass. It also considers investment perspectives.
Companies: TIME AVO AJB AGY ARBB AVCT DISH BUR CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PCA RE/ REDX STX SCE SIXH TRX TON VTA W7L VAL
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. 2018 was a difficult year; however, the index still outperformed its comparative London indices, falling 10.0% to 393.2, compared with -13.0% and - 18.2% for the Allshare index and the AIM index, respectively. Furthermore, several (17) companies in our index increased their capital base – 15 of our 50 constituents raised new funds
Companies: TIME AVO AGY APH ARBB AVCT BUR CLIG DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PCA PHP REDX SCE SIXH TRX TON VTA VAL
The UK legal service sector looks intrinsically attractive to investors, with its inherent high added-value, resilient growth through all but the very worst of economic times and fragmented nature. Five companies representing about 1% of the huge UK legal sector are all we have seen so far on the UK stock market and this is clearly going to grow, as listed law firms drive home their advantages and expand. Their UK domestic focus has brought share prices under pressure which looks wrong given the
Companies: GTLY BUR DRV MUR INCE KEYS RBGP
Murgitroyd is one of the largest firms of European Patent and Trade Mark Attorneys. It has an excellent track record of revenue growth since IPO and we expect this to continue over the forecast period. Brexit inevitably creates some uncertainty, not least over F/X (50% of sales US$ denominated) but this is a well managed business, which has invested in technology and systems to broaden its offering and global reach. In our view, recent share price weakness is significantly overdone.
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Volex has issued a positive AGM trading update highlighting that it expects to deliver underlying operating profits for FY22E slightly ahead of current market expectations. It notes that the levels of customer demand it experienced in H2 FY21 has continued in Q1 FY22E. Cash generation remains robust and management continue to advance acquisition opportunities, which we expect to deliver future accretion. We have upgraded our adjusted operating profit estimates by c.5% and see Volex as well place
Companies: Volex plc
Ince has reported resilient results for FY21 considering the COVID pandemic with revenue growth YoY driven by International offices. With the cost base and financial position now stabilised, good earnings growth from FY22 onwards should be achievable. We reinstate forecasts to reflect a robust platform for progress at the Group and set our new target price at 100p which we think appropriately reflects the Group's near-term trough earnings and medium term earnings power based on current assumptio
Companies: Ince Group plc
Powerhouse’s AGM statement has set revised timing for the completion of its first project at the Protos site with a 2023 completion now expected. With the company adding key resources the new timetable is being de-risked in our view and the loan from the company to the project has already reduced supply chain risk on key equipment lead times. While we will review our forecasts for the new timing, we think the company is making real progress towards establishing its technology and we see the addi
Companies: Powerhouse Energy Group PLC
Directa announced a significant contract win yesterday, its second major contract with OMV Petrom for waste treatment services using Grafysorber. The four year contract has a total value of €3.2m (c.€0.8m per annum from August 2021). This provides underpinning for current forecasts and builds on recent contract momentum. Meanwhile, there has been further success at the Olympics for cyclists wearing jerseys printed with Directa’s graphene (the Planar Thermal Circuit). The medal haul so far is fiv
Companies: Directa Plus Plc
Simec Atlantis (SAE) have confirmed that their largest shareholder, SIMEC UK Energy Holdings Limited are no longer in receivership.
Companies: SIMEC Atlantis Energy Ltd.
Plant Health Care has released a trading update for the first half with a trajectory of demand which suggests a good second half to come, traditionally the seasonally stronger part of the year. The Board expects FY trading to be in line with management expectations so we believe our forecasts are well underpinned with considerable upgrade potential given the current market trends. Buy
Companies: Plant Health Care PLC
Epwin seems to exist under the radar screen. The stock trades at some of the lowest valuation multiples in the sector (FY22F PER = 11.2x, DY = 4.4%) and, for the second time in 3 months, we have significantly upgraded our earnings forecasts due to continued strength in RMI (Repair/ Maintenance/ Improvement) demand and robust margin development. House Stock.
Companies: Epwin Group PLC
Mpac has announced that Mpac Lambert has signed a contract with FREYR Battery to supply casting and unit cell assembly equipment for the battery cell production line at FREYR’s Customer Qualification Plant in Mo i Rana, Norway.
Companies: Mpac Group PLC
ADX Energy (ADX AU) C: Target of A$0.040 per share: High impact newsflow in 2H21 - 2H21 will be very important for the company with significant upcoming newsflow. In our view, the most meaningful eventis the drilling of the Anshoff well in Austria. We were previously anticipating that the company would need a farm-in partner to fund the well. However, in the context of the current high oil price, >A$4 mm in cash at the end of June and
Companies: XOM XOM SOU NOG SEPL LUPE RDSA TETY TETY ADX CE1 DNO DNO ENI ENI EQNR EQNR GENL IHC OMV OMV PEN PEN PHAR REP REP SNM TTE
At its recent capital markets day, Checkit outlined the opportunity to supply its intelligent operations management software to the deskless worker market, a currently underserved market for productivity software. The product development roadmap features supporting iOS devices, increasing integration with other systems and enhancing the platform’s data analytics capabilities. Management is focused on driving adoption of its end-to-end solution in Europe and increasingly in the US.
Companies: Checkit plc
FY21A results are in-line with earlier guidance and imply a stronger second half from a COVID-19 challenged year. Fulcrum is reverting back to a classic contractor model, now focused on margin and cash generation within its core markets, which are benefitting from long-term growth drivers related to the UK's transition to net-zero. A recent strong pick-up in larger contract wins, on top of an order book of £56m in near-term jobs, sets the company up for a financial rebound from FY21A. We see thi
Companies: Fulcrum Utility Services Ltd
Companies: Babcock International Group PLC
Plant Health Care has announced that it has signed a distribution agreement with leading distributor Agrii in the UK for exclusive access to the biostimulant Harpin αβ in all crops in the UK. In the UK Harpin αβ has been sold on a small scale for 14 years, under the brand name ProAct®. It has shown to have exceptional grower benefits particularly in the amenity (turf) market and potatoes and Plant Health Care has been working with Agrii for several years to establish the grower benefits of Harpi
Confirmation of a strong year in tough circumstances
Ince has achieved a significant result in FY21, with revenue breaching £100m, new offices having been opened in Cyprus and Abu Dhabi, the fee-earning team having expanded materially, and its proprietary practice management system having been rolled out across most of this large global group.
COVID has clearly had an impact on some aspects of its financial performance, but we believe it has been navigated well, and Ince is now positioned
Since Epwin reintroduced guidance back into the market in September 2020 demand has consistently exceeded expectations. This has continued in H1 FY21 with today’s statement indicating that profit before tax for the current will be materially ahead of current expectations. The strength of trading in the first seven months of the year lead to an 11% upgrade in revenue and a 17% increase in profitability to £12.9m (prev. £11.0m). Raw material and cost input pressures lead to more conservative incre