Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INSTEM PLC. We currently have 41 research reports from 3 professional analysts.
|07Mar17 07:00||RNS||Notice of Results|
|16Jan17 07:00||RNS||Trading Statement|
|20Dec16 17:23||RNS||Holding(s) in Company|
|19Dec16 16:58||RNS||Holding(s) in Company|
|15Dec16 07:00||RNS||Revised Earn Out Settlement|
|21Nov16 07:00||RNS||Trading Statement|
|22Sep16 07:00||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
2016 outturn as expected; SEND on track
16 Jan 17
Instem has published a short trading update for the year to December 2016. The outcome was in line with (and in some areas slightly ahead of) our expectations. The year was impacted by the slowdown in early phase Clinical, and a number of contracts being delayed into 2017, but strong performance in particular came from the SEND submit product range. We make no changes to our 2017 forecasts which should benefit both from the signing of the delayed contracts, and the ongoing (and growing) boost from adoption of the SEND standard.
Small Cap Breakfast
16 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
Clinical slowdown offsets strength elsewhere
20 Dec 16
Instem recently confirmed that its Instem Clinical business continues to be impacted by a slowdown in the early-phase clinical market and, despite other areas of Instem performing well, that this shortfall will impact group financial performance for 2016. Management is addressing the challenging clinical market conditions, and continues to expect revenue growth and a return to profitability for the Clinical business unit in FY 2017E. The group has also announced a renegotiation of the earn out arrangements. We reduce FY 2016E forecasts, but leave FY 2017E unchanged.
N+1 Singer - Instem - Contract delays a temporary setback
21 Nov 16
Instem has indicated that a number of contracts in Clinical are likely to slip into FY17 and that FY16 results will be behind expectations. There is also some uncertainty over the timing of other licence sales and, as such, a range of outcomes is possible. Our revised forecasts effectively assume the worst case scenario. Importantly, we see these issues as short term timing issues, with the medium term outlook unchanged.
N+1 Singer - Morning Song 21-11-2016
21 Nov 16
Avon Rubber (AVON LN) PBT forecasts increased by 4% for FY17, 2% for FY18 | Carador Income Fund (CIFU LN) NAV reduced by 1.3% in October, discount widens to 6.4% | Earthport (EPO LN) Agreement to provide outbound cross-border payments in India | Fenner (FENR LN) Forecasts upgraded | Ground Rents Income Fund (GRIO LN) New debt facility & £7.8m acquisition | Instem (INS LN) Contract delays a temporary setback
N+1 Singer - Instem - Interims again show strong growth
19 Sep 16
The momentum experienced in H2 last year continued into H1, with further strong top line growth in the period YoY. The core pre-clinical market remains supportive and momentum continues to build around the SEND initiative, where Instem has maintained its market leading position. Two acquisitions have now been completed following the £5.0m placing in February, strengthening Instem’s strategic position and adding materially to our growth forecasts. The valuation remains undemanding on an FY17 EV/EBITDA of 10.6x and an EV/Sales of 1.8x. We see fair value of 323-341p based on a composite EV/Sales analysis and a DCF.
N+1 Singer - IQE - Upgrade cycle set to continue
24 Mar 17
IQE’s FY’16 results showed good growth in all key segments and came in c.4% ahead of our recently upgraded forecasts. We have upgraded our forecasts today by 5% and 3% in FY’17 and FY’18 respectively, but expect the upgrade cycle to continue. The increase in capex in FY’16 looks to us a strong indication of future volume increases, and we see scope for significant upgrades through the course of our forecast horizon. We highlight three opportunities in this note, each of which could materially move the needle in its own right. IQE is one of our key picks for 2017 and has performed strongly YTD (+48%), but we believe there is more to go for. We increase our target price to 76p and retain our Buy recommendation.
Photonics the star of the show
21 Mar 17
IQE’s diversification strategy delivered a 17% jump in adjusted profit before tax during FY16. Strong growth in photonics revenues was a key element of this improvement. This was boosted by a return to growth, albeit modest, in the wireless sector and weak sterling. We revise our FY17 estimates upwards to reflect the progress made on customer qualifications for photonics applications, and we introduce FY18 estimates.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
Foundations for growth
21 Mar 17
accesso have released strong FY2016 Results which are marginally ahead of our expectations, this also follows the recent trading update at which it upgraded profitability figures. This is an impressive performance considering that 2016 has been a year of investment, not to mention the challenging trading conditions experienced in key summer months. This places accesso well for continued expansion in a significant and expanding global market.
Stronger and stronger
23 Mar 17
Sopheon has reported strong prelims in line with the January trading update which had demonstrated that revenue delivery had been achieved on cost underspend, leading to EBITDA (+7% vs FY16E) and adjusted PBT (+22%) outperformance. Strong licence sales, high levels of recurring revenue retention (94% by value), and ever upgrading product portfolio in terms of functionality delivered revenue strength. Gartner recognition illustrates the transition from a product which needed to be described then sold, to a solution set sought by customers to deal with the increasingly acknowledged enterprise problem of efficient product lifecycle management. Sopheon is well positioned for future growth, and board confidence for future growth leads to planned increase in investment, yet still delivering $5.6m ($5.3m pre FX) EBITDA. Having smashed through our FY16 forecasts and target price, we restore FY17 forecasts and lift the 12-month target from 360p to 620p.
N+1 Singer - IQE - FY’16 results prompt further upgrades
21 Mar 17
IQE’s FY’16 results are c.4% ahead of our expectations, which were upgraded in December. Group revenue grew 16% to £132.7m (N+1Se: 130.8m), with adj. PBT rising 17% to £20.6m (N+1Se: £20.4m) and adj. EPS up 15% to 3.0p (N+1Se: 2.9p). The key Wireless and Photonics markets grew strongly (up 15% and 43% respectively), while licence income outperformed expectations at £6.7m (N+1Se: £5.0m). We expect the positive momentum to continue, prompting c.5-10% EPS upgrades, although we see scope for more material upgrades over the course of our forecast horizon. IQE is one of our key picks for the year. The shares have risen 45% YTD but with today’s results triggering upgrades and further positive newsflow expected, we believe there is more to go for. Buy.