Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INSTEM PLC. We currently have 42 research reports from 3 professional analysts.
|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|
|21Sep16 08:08||RNS||Issue of Equity|
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 - NCC Group - Further issues in Assurance
22 Feb 17
NCC released a trading update yesterday afternoon highlighting further issues in its Assurance division. Sales growth has been lower than expected in all regions, resulting in a significant reduction in full year expectations. We have reduced our EPS forecasts by 25% in FY’17 and 22%/25% in FY’18/’19 respectively. Escrow continues to perform in line with expectations. In response to these issues the Board has announced a strategic review into all of the Assurance businesses. The results of the strategic review are expected to be announced at the FY results in July. With an extended period of uncertainty on the horizon we believe it will be hard for investors to gain confidence in NCC in the short term. That said we see fundamental value in the stock. Escrow is unaffected by this warning and remains an extremely high quality business, which we value at £353m in our SOTP. At the current share price this leaves Assurance valued at c.5x cal’17 EBITDA. While this appears to be an attractive multiple for a rare cybersecurity asset, we would like further clarity on the underlying nature of the current issues, hence our Hold recommendation. Our 138p target price assumes a 12x EBITDA multiple for Assurance but we apply a 20% discount to the group to account for the current uncertainty.
27 Feb 17
accesso expects full year profitability to be ahead of expectations. We have upgraded our Adj. PBT by 7% to $14.7m. The performance was achieved despite accelerated investment in “product and infrastructure to support business and growth opportunities in geographies outside its traditional core markets”. We see clear blue sky opportunity in the Asia-Pacific Market. We increase our T/P from 1850p to 1900p and maintain our Outperform recommendation.
N+1 Singer - IDOX - Positive AGM statement
24 Feb 17
Idox issued a positive AGM statement, indicating a strong start to the year, building on the performance and organic and acquisitive growth of 2016. It recently secured significant contracts in healthcare and transport and is continuing to win across other segments. The order book and pipeline, combined with a stable outlook across all its markets, support our positive view on the stock. We make no changes to our estimates which were recently upgraded for FY’16 results and the accretive 6PM acquisition. We believe the current 11.2x cal’17 EV/EBITDA rating is undemanding given its scale, profitability and outlook.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.