Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry. It make
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Dish of the day
Bould Capital readmitted to AIM changing name to Cizzle Biotechnology Holdings (CIZ.L). Cizzle Biotechnology is in the early stages of developing a blood test for the early detection of a majority of the different forms of lung cancer. Its proof-of-concept prototype test is based on the ability to detect a stable plasma biomarker, a variant of C1Z1 known as CIZ1B. C1Z1 is a naturally occurring cell nuclear protein involved in DNA replication, and the targeted C1Z1B variant is hi
Companies: ASTO CNIC ETX GHE HUW MYX IOG PYC SRES VEL
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
Over the last few months, Helios has transformed itself. Having raised £64m, and acquired over £10m of additional capacity, it has greatly increased its ability to add to its exposure to its desired Lloyds syndicates. It can do this through continuing to acquire new vehicles, increasing its retention by reducing its quota share arrangement, or obtaining tenancy agreements with existing syndicates. The timing for doing this looks ideal: after several years of losses, premium rates have been incre
Companies: Helios Underwriting PLC
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
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
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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Helios has raised a further £54.8m of new equity, as announced in March 2021, shortly after raising £18.5m in November 2020. This transformational fundraise roughly doubles Helios’ market cap. New capital will accelerate: (i) Helios’ strategy of consolidating private capital at Lloyd’s, (ii) capacity portfolio growth and (iii) retention of underwriting risk. In our view, Helios is increasing capacity retention and accelerating LLV acquisition momentum at just the right time with the next three y
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 issue new forecasts on Helios to reflect a £20m capital raise concluded in late November 2020 and use of proceeds. Adjusted NAV for 2020F is now estimated at 161p, better than the 155p the company had guided. The outlook is confident amidst hard market conditions at Lloyd’s. The fundraise has enabled Helios to execute its strategy of consolidating private capital at Lloyd’s, which we see the company as uniquely positioned to do and for which we see the window of opportunity as limited. The fu
We highlighted last month the (first) Santa Rally arrived early (unlike some other festive gifts). The second Claus(e) relief rally was prompted by the agreement between the European Commission and the UK on its future cooperation with the EU. Markets also reacted positively to the $900bn stimulus package agreed in the US. While the FTSE 100 and FTSE 250 indices rose by 1.6% and 1.7% respectively on the first trading day after the holiday and the FTSE 100 has recovered 28% from its low point in
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We issue new forecasts on Helios to reflect recent movement in syndicate mid-point forecasts, the continued improvement in the premium rates and the potential to grow capacity through pre-emptions. Adjusted NAV/share rises +15% to 209p in 2020F and +18% to 218p in 2021F within our base case. In the context of the growth opportunity and hard market at Lloyd’s, Helios trades at an anomalous 45% discount to our forecast adjusted NAV. Helios announced the exploration of new growth initiatives on 10
Companies: SAVE MPE GAN HUW HUR GTLY AFS IMM
We issue new forecasts on Helios to reflect the July fundraise, acquisitions and H1 2019 results. Adjusted NAV/share: 2019F -10% to 180p and 2020F -12% to 182p. The capacity portfolio is now at £55.7m following £11.6m of net growth in 2018 and £3.1m acquired YTD in 2019. Having replenished its financial resources, Helios can look to convert an attractive acquisition pipeline and continue its explicit Nameco consolidation strategy. Shares trade at a c.30% discount to forward adjusted NAV/share, w
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
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Research Tree provides access to ongoing research coverage, media content and regulatory news on Helios Underwriting PLC.
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Revolution Beauty is a multi-brand, multi-category, multi-channel, mass beauty innovator with proven global scale. Since launch in 2014, the Group has grown rapidly (FY14 – FY19 CAGR of 99%) generating revenue of £137.5m in the 12m to 31 December 2020. Revolution has an established retail footprint of c.11,000 doors across leading retail chains in the UK, USA and internationally, driving global brand recognition. This is complemented by a fast-growing digital business (+81% in 2020) including it
Companies: Revolution Beauty Group plc
Companies: Aquis Exchange Plc
Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
Oversubscription of Gore Street’s PrimaryBid offer is helpful although given the attractions of the energy storage market perhaps not surprising. The larger placing remains open with results announced at the end of the month. Together the c.£70m raise will provide the fund with ammunition to pursue its strong pipeline of storage opportunities.
Companies: Gore Street Energy Storage Fund PLC
Companies: Real Estate Investors plc
Following the successful completion of the Hawthorn disposal, towards the top-end of our £180-230m range, and the transformation to a pure retail property group we update forecasts and briefly set out our investment thesis ahead of the Group’s CMD. We estimate FFO for FY22F, FY23F and FY24F of 7.2p, 8.3p and 9.4p per share respectively; a 3-year CAGR of c35% over the 3.8p generated in FY21A. Post-Hawthorn, balance sheet metrics have markedly improved, flexibility enhanced, and refinancing risk r
Companies: NewRiver REIT plc
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Today's in-line results illustrate the financial impact from restrictions upon face-to-face Insurance sales over the past 15 months. However, they heavily mask the strategic momentum underway across the Group. Since the lifting of restrictions from June, Insurance is exhibiting a strong and accelerating rebound in demand, which should mark an inflection point for policyholder numbers and restore premium income to pre-pandemic levels over the medium-term. We expect the Group's other product lines
Companies: Personal Group Holdings Plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Plutus Powergen has left AIM.
What’s cooking in the IPO kitchen?
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European
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What’s cooking in the IPO kitchen?
Poolbeg, Proposed AIM listing and demerger from Open Orphan (ORPH.L). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBA
Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange as s
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Belvoir’s H1 2021 results are exceptionally strong, with adj. EPS up +50%. They were, of course, aided by a very buoyant housing market, but this does not detract from the strategic progress the group continues to make. The group’s growth strategy has supported 24 years of unbroken profit growth and, while 2022 will likely see cooler market conditions, there are increasing signs it will be a gradual return to more normal conditions. The acquisition of Nicholas Humphreys in H1 and The Nottingham
Companies: Belvoir Group PLC
In-line interim results to 30 June 2021 show revenues up 93% to £8.5m, EBITDA up 118% to £2.4m and AUM up 15% to £1.1bn compared with the FTSE All Share, which grew 11.1%. DFM assets outperformed the All Share by almost 4x, increasing 40% to £606m. Recent acquisitions are all performing as initially expected, with the full opportunities that can be realised as a result of the network effects and joined up approach, likely yet to come. While EBITDA is performing very well, reaching 54% of our 202
Companies: Frenkel Topping Group plc
AfriTin* (ATM LN) – Conditional credit approval for Uis mine expansion
Altus Strategies* (ALS LN) - BUY – 125p – Numerous artisanal gold workings discovered on new licenses in Egypt
Botswana Diamonds (BOD LN) – Drilling results link two kimberlite ‘blows' at Thorny River
Caerus Mineral Resources (CMRS LN) – Raising £1.5m in placing and subscription
GoldStone Resources* (GRL LN) – Extension of Gold Loan
Rio Tinto (RIO LN) – Battery storage facility to be installed at Queensland mine
Companies: ATM ALS BOD CMRS GRL RIO
Big Technologies (BIG) provides market leading electronic monitoring (EM) systems on a SaaS (Software as a Service) basis primarily to criminal justice systems around the world. EM involves utilising location technologies to remotely monitor and manage people within correctional systems.
Companies: Big Technologies PLC