The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
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PensionBee, the online pensions provider, with a mission to make pensions simple, so that everyone can look forward to a happy retirement, considering an IPO on the High Growth Segment of the Main Market of the London Stock Exchange. PensionBee is a leading online pensions provider in the UK, with approximately 130,000 Active Customers and £1.5 billion of assets under administration , in each case as at 28 February 2020. Cornerstone FS to join AIM, an SME focused, cloud-based provider of inter
Companies: ADME AQX BLCC ANR HSP BPC TON FOX FDBK ALNOV
In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have
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We think Titon’s results will be taken well by investors and note that current trading has picked up sharply in the UK. Furthermore, Titon’s joint venture is showing some signs of recovery. We again highlight the strong valuation case for Titon. It now has net cash of £5.6m (FY2020A) versus a market cap of £12m and trades at a P/BV multiple of 0.76x and a P/TBV of 0.80x (both FY2020A). House Stock.
Companies: Titon Holdings Plc
We see Titon as a deep value investment proposition. The shares trade at a significant discount to tangible book value and circa half of its market cap is accounted for by net cash of £4.5m (FY2020F). We re-instate our forecasts which show underlying EPS recovering from a Covid inspired loss of 1.4p in FY2020F to a profit of 9.2p in FY2022F. House Stock.
Titon published its 2020 interim results yesterday (14 May) which reflected challenging trading conditions in certain markets. There were five key reasons for the 22% year-onyear decline in revenues, each of which we think is reversible in the medium term. We continue to be impressed by the group’s positive cashflow (2020 H1 net cashflow =£0.5m) and strength of balance sheet (2020 H1 net cash = £3.7m). We think Titon is a deep value investment proposition with low trailing asset multiples - P/BV
There has been much comment on the fact that equity markets in the US and Europe have been shrinking for some years now, certainly in terms of the number of quoted companies, if not in total market capitalisation (MCap). This paper has been written with the assistance of the Quoted Companies Alliance (QCA) and focuses on the evidence for such in the London market and, in particular, that for smaller and midcap companies. It assesses that evidence and considers explanations. Finally, we ask why i
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Caribbean Investment Holdings. Incorporated in Belize . CIHL primarily operates financial services businesses through its subsidiaries The Belize Bank Limited and Belize Bank International Limited, both located in Belize and international corporate services through Belize Corporate Services Limited. CIHL shares are also traded on the Bermuda Stock Exchange. Lord Ashcroft holds 75%. No capital raise. Due 28 April. £36m . 2019 net profit US$ 10.7m
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Initiation of our coverage was 16 March 2016 at 101.5p. In February 2018, the price was 215p and it stayed north of £2 for another year. In fiscal 2019, though, Titon weathered a perfect storm most notably in its largest profit earner, South Korea. Titon’s PBT dropped by a fifth and, now, early in fiscal 2020, a profit warning. Titon is a veteran with branded products and core financial strength. It is battening down the hatches and cutting costs (including Hardman & Co). It will prevail.
Titon is experiencing challenging trading conditions in some of its key markets. Following yesterday’s trading statement, we reduce our FY2020-FY2022 EPS forecasts by, on average, 38%. Current trading pressures are primarily cyclical, although we acknowledge there is now an increased level of competition in UK trickle vents. Titon shares now trade at a significant discount to tangible book value, despite net cash of c£4m (equal to c40% of current market cap) and with retained earnings expected t
We recently published a paper, Share ownership: For the many, not the few, based on a statistical survey of share ownership, produced jointly with Argus Vickers, the share analysis service. The Office for National Statistics (ONS) has now issued its equivalent survey. This paper compares its results with ours. Although there are, inevitably, differences in the detail, the two surveys reach the same conclusions.
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‘Tis rare that a company reports on the same day as a general election. Okay, Titon’s gestation was the longer ‒ but the conclusions are the same. “It’s over and yet it has only just begun”. For Boris Johnson, this means actually ‘getting Brexit done’ and running the country. For Titon, it has just reported its full year in which it coped manfully with a number of travails; and now has to do the same in the next one and ‘win the peace’. Boris’s skill-set to deal with in-coming remains the subjec
Titon published its 12-month results to September 2019 on Thursday 12 December, which were circa 3.5% below our expectations at both the revenue and EPS line. Critically, management has announced a strategic change in the South Korea segment (31% of FY2019A group revenues) to address the market’s demand for more sophisticated ventilation products. Consequently, we have downgraded our EPS forecasts by 30% in FY2020 and by 24% in FY2021. FY2019A cash flows exceeded our forecast, with net cash risi
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.
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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.
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Research Tree provides access to ongoing research coverage, media content and regulatory news on Titon Holdings Plc.
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The group has released a positive trading update with strong trading seen recently in the US along with signs of recovery in Europe and Australia. It is quite unusual for this conservative company to boost its guidance at this fairly early stage in the year, with raised guidance for FY21 leading us to increase our adjusted EPS by 15%. The shares trade on a discount to peers and offer a premium yield. We lift our price target from 435p to 520p, up 20% and offering decent upside to current levels.
Companies: Somero Enterprises, Inc.
AFC Energy hosted a virtual Capital Markets Event yesterday attended by over 750 participants.
The company re-emphasised its key technological advantage, namely, AFC Energy's technology can successfully run on a range of cheaper hydrogen sources including hydrogen ‘cracked' from green ammonia. Based on AFC Energy's market analysis, it stated that on an energy equivalent basis ammonia costs less than one quarter of the cost of hydrogen. Ammonia is a liquid under normal conditions, making it a d
Companies: AFC Energy plc
The AGM trading update quantifies the current order book position which, at a fully committed £472m, has put on another 3.5% since the end of January. In itself that may look a modest sum but YoY the increase is 23.5% and is a critical aspect of the trajectory towards its medium-term target of £500m revenue (pre-COVID 2019 was £335m). Allied to strong levels of outstanding tenders and pipeline bid opportunities, management's target revenue is becoming more credible and with it the underpinning o
Companies: TClarke plc
AFC Energy hosted its maiden Capital Markets Event yesterday, giving an excellent summary of its progress in the last year and its prospects. The company is making good progress in commercialising its EV charging product alongside ABB and should be ready for market in 2022. We believe the long-term prospects for the company remain exciting.
For investors, the UK telecoms sector has presented immense challenges. Having boomed in the 1990s, mainly on the back of mobile telephony growth rates, telecom shares subsequently fell back sharply, as major debt concerns predominated. With Cable & Wireless (C & W) having exited, the UK sector now consists of little more than British Telecom (BT), privatised in 1984, and Vodafone, which was founded in the early 1980s.
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Oil rose this month with a slew of positive economic data and signs of a budding fuel consumption revival in key economies offsetting a worsening coronavirus crisis elsewhere.
Futures in New York rose this week, extending its monthly gain to 7.5%. The near-certain likelihood of higher fuel consumption in the US, China and the UK has brightened the overall demand outlook, even as a resurgent pandemic in countries such as India, Brazil and Japan cloud those prospects. OPEC and its allies see wo
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CRU has announced the sale of its Haydock property which it had retained following the sale of Coral Mouldings. It needs to spend £650k replacing the roof and the property will then be sold for £3.5m which should generate a book profit of £350k. The proceeds should be received by the end of 3Q 2021. We forecast cash balances as at April 2022 will be c.£12m, or £8m net of lease liabilities and other borrowings. NAV should be c.17.5p.
Companies: Coral Products plc
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
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Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
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Alphawave IP Group is considering an IPO on the standard listing segment of the London Stock Exchange. Alphawave IP is a leading semiconductor IP company focusing on the hardest-to-solve connectivity challenges created by the exponential growth of data. Funds and accounts managed by BlackRock, and Janus Henderson, have each entered into cornerstone agreements with the Company to subscribe for, subject to certain conditions, in aggregate, c. USD 510m of Offer Shares at an offer price representing
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CRH has reported +3% lfl growth in Q1, which was largely driven by the Building Materials segment. We expect the full year to be supported by favourable organic growth against a strong macro-economic backdrop (particularly in the US), backed by active M&A with a possibility of a big acquisition given CRH’s firepower.
Companies: CRH Plc
Microsaic’s business model is evolving, and whilst results today reflect a financial performance that has been severally tempered by COVID-19, there are encouraging early signs of a turnaround now funding has been secured. Microsaic is transitioning its business beyond the capital sale of its novel miniaturised mass spectrometry (MS) instruments, consumables and support services, to a business model that uses its technology and instruments to deliver complex solutions for end users. There are a
Companies: Microsaic Systems plc
Amid growing interest from governments around the world in smart technologies, CyanConnode is establishing its presence as a leading global vendor of intelligent communications and metering technologies that capture information and facilitate the flow of data for analysis. Its Omnimesh platform, developed at a total cost of over $50m, has proven scalability and is being widely deployed in large-scale utility smart meter rollouts in countries such as India and Thailand, but can be applied to stre
Companies: CyanConnode Holdings plc
Today's news & views, plus announcements from CRDA, SKG, CCL, SONG, ITV, PTEC, BBOX, BOO, INL, RYA, SHI
Companies: SIG plc