Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Symphony Environmental Technologies. We currently have 22 research reports from 4 professional analysts.
Brickability - The br icks supplier , w hich a lso ha s a hea ting a nd plumbing business a s w ell a s a roofing division, expects to join the junior market at the end of this month with a market cap of circa £150m
Companies: SYM TEK TMT TLOU ALS SPDI RBD FOG SIM CLNR
Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. 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
Companies: SOLG SCLP SYM TRB ONC SOG JAY PTSG RAI VP/
SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 2019. 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 NEX Exchange Arbuthnot Banking Group plc, primarily involved in banking and financial services including commercial banking, private banking, wealth planning and investment management, is looking to joining the NEX Exchange Growth Market. Expected 17 May 2019
Companies: ITM SML MYSL NUM SYM SFOR VGAS RMM ITX DPP
Network International Holdings—Potential Intention to Float— leading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. 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. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.
Companies: LWRF GBP VELA ZIN GCM SYM OMG XLM PPS BPC
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. DueOct 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: FRR TOM ATYM YGEN SYM SML CAR HAYD KRS RRR
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
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 (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late Aug. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
Companies: IFP KETL EME BBB GWMO SYM FIH CRAW RBD SSY
Jadestone Energy (JSE.TO)—an independent oil and gas production and development company focused on the Asia-Pacific region. Pro-forma production of 13.9 mboe/d, 2P reserves of 45.3 MMboe, and a 2P NPV10 of US$563.7 million . Offer TBA. Current mkt cap C$135m. Due early August. Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
Companies: BMS EQT VCP SYM NET ARIX VAST MTR OXB
Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine ("South Crofty"), a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June. Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Offer TBC, expected late May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May Team17 Group -video games label and creative partner for independent developers. Since 2014, delivered a revenue CAGR of 69% (31 December 2015 to 31 December 2017), with revenues of £29.6m and Adjusted EBITDA of £12.9m. Offer TBA Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m at 15p. Due 18 May. Mkt cap £32.6m
Companies: NYR FOG SYM TPOP VLS TENG CAKE DNL MYX
Avast, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811 million, Adjusted Revenue was $780 million, Adjusted Cash EBITDA was $451 million. Seeking to raise $200m. Due in May | Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No new Money. Pricing TBA | Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 03 May.
Companies: ACP IXI EKT VANL DAL GLOO MTPH ERIS SYM LVCG
KRM22, a closed-ended investment company with a particular focus on risk management in capital markets, is looking to join AIM. Offer tbc, expected 30 April 2018 Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m. Offer TBA. Due mid May.
Companies: UOG ECR IRR SGM DIS SYM MOS KEFI ODX SDX
Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 12 April. Odyssean Investment Trust—Raising £100m at £1. Due 1 May. The Company will primarily invest in smaller company equities quoted on markets operated by the London Stock Exchange.
Companies: DCTA OMIP SYM CORA IME TPG NTOG SO4 FIPP
Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.25m. Expected 10 Jan 2018 | Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT | 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. Expected valuation £200m to £250m.
Companies: FUM WGB SYM CHH SPE ESRE CYAN SDX
AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Offer TBA. Due 6 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world . Novacyt S.A.—Sch1 from the international diagnostics group, generating revenues from the sale of clinical products used in oncology, microbiology, haematology and serology testing. Offer to raise £8.8m at 59.38p with a value of £22.4m. Expected 01 Nov. Footasylum Ltd—UK-based fashion retailer focusing on the branded footwear and apparel markets announced its intention to seek admission to AIM. Expected value between £130m and £150m. Due Nov 2017. Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. 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. Expected valuation £200m to £250m. Orogen plc, to be renamed Sosandar plc on Admission. Sosandar is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late October .
Companies: K3C PHO SYM DRV NSCI XPD ATQT KDR RENE
Research Tree provides access to ongoing research coverage, media content and regulatory news on Symphony Environmental Technologies. We currently have 22 research reports from 4 professional analysts.
|28Aug19 07:00||RNS||Appointment of joint broker|
|22Aug19 07:00||RNS||Grupo Bimbo - d2w biodegradable packaging program|
|19Jul19 09:23||RNS||Equity subscription and grant of warrants|
|14May19 16:40||RNS||Second Price Monitoring Extn|
|14May19 16:35||RNS||Price Monitoring Extension|
|10May19 07:00||RNS||ECHA update|
|03May19 14:52||RNS||Result of AGM|
Tech IPOs year to date have performed well. 8/13 venture-backed tech IPOs this year, including Slack's direct listing, are in profitable territory. If you'd put $1 million into each of them at the IPO price, your $13 million initial investment would be worth $21.7 million - a 67% gain compared to +20% performance in the S&P 500 YTD. As we’ve discussed earlier this month, investors’ appetite for technologies leveraging secular trends appears undiminished
Companies: TRAK CPX SEE QTX
Interim results worse than expectations with an 88% reduction in FD EPS yoy. We reduce our FY 2019 FD EPS estimate from 37.9p to 24.8p.
Companies: Staffline Group
Rosenblatt has announced the acquisition of Convex Capital Limited, a specialist corporate finance boutique, for total consideration of £22m. In line with the Group’s acquisition approach, most of the consideration (c.60%) is to be paid in shares, and we highlight these are to be issued at a premium to the current share price (first tranche at 120p). The high margin (>50% EBITDA) profile of Convex should prove immediately earnings enhancing, and the opportunity for cross-selling and diversified earnings supports the investment thesis on the shares. We make no changes to numbers this morning. Re-iterate Buy.
Companies: Rosenblatt Group
Interim results featured growth in indexed linked annually recurring revenue (ILARR), the main driver of value, to £85.9m, up of 14.1% to £85.9m. The weak performance of the shares in recent months has presented investors with an opportunity to invest at an underpinned valuation in our view, with the core value of SMS clearly residing in the scale of its growing meter and data portfolio and our FY19E forecast £92m ILARR. The current order book of 2m smart meters supports our forecast 4m installed by 2022, from which our DCF forecast implies a valuation of 911p, c108% ahead of the current level.
Companies: Smart Metering Systems
K3 Capital’s full-year results to 31 May 2019 showed that the group continues to build the business, further strengthening its unique position in the UK small and midcap M&A market. Group revenue split points to reduced sensitivity to the large-value, lower-volume M&A market, with an increasing share of revenue coming from the more stable low and mid-market M&A deals in KBS Corporate, where the group’s unique position and approach point to continued strong value creation. We note Q1 FY 2020 has already seen the Corporate Finance division exceed the £0.8m revenues achieved in the entirety of FY 2019.
Companies: K3 Capital Group
The combination of the strategic acquisition of Sapienza and robust organic growth has resulted in a strong set of H1/19A numbers. Revenue and the order book increased to £26.0m (+63% YoY) and £78.9m (+63% from FY18A year-end) respectively, with the latter now covering 94% of our FY19E revenue forecasts. We expect this momentum to continue and note that the Group is on track to meet our FY19E forecasts.
Companies: TP Group
Underlying operating profit (pre IFRS 16) of £8.3m is 11% ahead of the £7.5m reported in HY18 as margin improved 60bps to 5.9%. FY19 expectations of £20.1m are predicated on a £1.4m yoy improvement with the business having delivered £0.8m in H1. Further cost recovery, positive volume expectations and additional efficiency improvements in H2 mean that confidence in achieving FY19 estimates is increasing. Despite the UK RMI market remaining difficult, Epwin should continue to outperform in terms of market share and, having weathered material cost headwinds, has an opportunity to rebuild margin back towards the double digit achieved at the EBITDA level historically (pre IFRS 16). We leave forecasts unchanged but with increased confidence in achieving the FY19 estimates.
Companies: Epwin Group
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
Despite a challenging backdrop the group has delivered 6% growth in net fees (days adjusted) in 3Q19, with the contract business up an impressive 9% on the same basis, and FY19 expectations retained. This momentum reflects the group’s exposure to structural growth within STEM markets – a dynamic which we believe places it in a relatively strong position to not only outperform its peers during periods of macro uncertainty, but also capitalise on long term trends within the professional recruitment space.
Interim results confirm that the integration of Defaqto has and continues to progress well and the enlarged Group significantly increasing the scale of the Group. The Group now serves >6,000 intermediaries and >350 financial institutions. The statement notes that, including the 3-month contribution from Defaqto, there has been material P&L growth: Group revenues rose 20% 1H on 1H to £29.1m (1H18 revenue: £24.2m); Adj EBITDA grew 30% to £6.8m (1H18 adj EBITDA: £5.2m); Adj PBT rose 34% to £5.9m (1H18: £4.4m); Adj PAT rose 41% to £4.9m; Adj EPS was 5.23p and the Board declared an interim DPS of 1.41p. Group net debt was £30.1m at 30 June 2019. This is “in line with expectations, after scheduled payment of a £1.6m dividend in April” and after the capital raising and payments for the Defaqto acquisition in March.
Boku reported 39% year-on-year revenue growth in H1: 19% growth from the Payments business was boosted by the newly acquired Identity business. This translated to 69% growth in EBITDA and 64% growth in normalised operating profit, despite investment in the Identity business. Management expects a stronger H2 and is maintaining FY19 guidance. We have taken a more cautious approach to our Identity forecasts reflecting longer sales cycles; this reduces our FY19–21 forecasts, although we expect the company to meet FY19 guidance.
Half-year results came in broadly in line with our expectations, which we had lowered on the signalled poor weather in the US and lower European and Middle Eastern sales prior to the period-end. While the US is improving, the Middle East is not expected to make up its shortfall by the year-end and European demand is being watched closely. Guidance is for revenues in the range of $83-87m, broadly in line with expectations, with some potential H2 risks emerging. We therefore take a more prudent view and reduce EPS by 5.5% in 2019 and by 7.7% in 2020. As a result, we also reduce our PT from 420p to 380p, based on a fair value P/E of 13x.
Companies: Somero Enterprises
This morning, RA International announced interim results for the period to 30 June 2019. During the period RA secured over US$65m new contracts and further diversified its revenues geographically and by customer. The contracted order book is now over US$166m, up c40% since December 2018. As indicated in the trading statement on 24 June 2019, both revenue and profitability for FY19 will be H2/19 weighted. With RA seeing increasing numbers of Supply contracts as well as several longer-term contracts starting in H2/19, we remain confident in our FY19 forecast.
Companies: RA International
Ricardo has delivered a resilient set of FY19 results given the continued weakness in automotive with this being offset by all other businesses. Sales were in line and, although PBT missed consensus by 3%, this was driven by automotive and is not unexpected.
Ahead of its interim results next week Xaar has announced a significant strategic development for Xaar 3D Limited, its 3D Printer business. Xaar has entered into an agreement with Stratasys that, if approved by shareholders, will see Xaar’s holding in Xaar 3D reduce from 85% to 55% and the issue of a call option that would on exercise see Stratasys own 100% of Xaar 3D. The statement comments that ‘[the group] is pleased that this transaction will create good value for Xaar shareholders and [that it] unlocks the ability for more significant value in due course.’ The proposed transaction and proposed further investment is a Class 1 transaction and also a related party transaction that is subject to shareholder approval which is expected before the end of the year.