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|24/10/2016 17:12:21||London Stock Exchange||Holding(s) in Company|
|20/10/2016 07:00:08||London Stock Exchange||Trading update for first four months|
|04/10/2016 15:31:42||London Stock Exchange||Holding(s) in Company|
|30/09/2016 07:00:06||London Stock Exchange||Total Voting Rights|
|29/09/2016 14:30:02||London Stock Exchange||Acquires US cyber security & payment consultancy|
|28/09/2016 16:51:57||London Stock Exchange||Holding(s) in Company|
|22/09/2016 16:56:43||London Stock Exchange||RESULTS OF THE 2016 ANNUAL GENERAL MEETING|
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N+1 Singer - IQE - Site visit confirms large growth opportunity
19 Oct 16
We visited IQE in Cardiff yesterday. The visit focused on the fast growing Photonics division as well as potential applications for the recently acquired cREO technology. We have come away further convinced of the large and diverse, near term opportunity for IP rich Photonics wafers, and believe IQE is uniquely placed to service this market. The group is also exposed to multiple potentially game-changing medium term opportunities, which the cREO technology will help address. We expect the higher value Photonics division to continue its rapid growth (+45% growth y-o-y reported in H1’16), underpinning our positive stance and Buy recommendation.
Strong prelims demonstrate strategic execution
18 Oct 16
Prelims delivered EBITDA of £8.0m (comfortably ahead of £7.6mE) from revenue of £26.9m (£27.5mE), with cash very strong at £17.3m (£15.3mE), as detailed at the July trading update. Consistently strong revenue growth included 21% in the established UK market (20% of 2H16 revenue) and 58% across the rest of the world (including 43% constant currency growth in the US). Geographical expansion, product innovation and strategic partnerships continue to be well executed, supported by a strong balance sheet that is also able to accommodate a growing dividend, and an FY16 special dividend given strong cash generation. With EBITDA and cash performance ahead of expectations and board confidence displayed in the dividend, forecasts remain primed for upgrade: target price 70p (55p).
A slower ramp for GOV.UK Verify
20 Oct 16
Underlying trading was solid in H116. However the new GOV.UK Verify service is behind plan and we are pairing back our revenue estimates to reflect a slower ramp. Outperformance and deferred investment elsewhere mitigates the earnings impact of this in FY16, but we reduce EPS forecasts by 5% in FY17 and FY18. The business remains very well placed, but we believe that a period of share price consolidation is likely ahead of the transition to the new CEO, Chris Clark (ex-Experian) in April 2017.
N+1 Singer - Morning Song 18-10-2016
18 Oct 16
1Spatial delivered a soft first half performance showing slower revenue development in its higher-margin Geospatial business, thereby impacting overall adjusted EBITDA. The group has a strong order book (of which the Geospatial component is up 30% y-o-y) and has built up a solid pipeline of opportunities which it expects to convert in the next six months. As such, the group is maintaining guidance for the year, albeit performance will be heavily H2-weighted. We believe the 1.1x EV/Sales and 6.2x EV/EBITDA Jan’17 rating does not reflect the potential of an IP-rich, productised business that is leveraging partnerships to scale growth – but recognise that stronger revenue traction is required to buoy confidence and drive the re-rating of the shares.
Upgrade on lower costs, pipeline strong
24 Oct 16
Fusionex’s year-end trading update indicates that revenues will be in line with market expectations (we estimate 16% revenue growth in FY16) and that a strong pipeline for GIANT 2016 should drive further momentum in FY17. The planned increase in sales, marketing and other investment to support adoption of GIANT has been more moderate than we forecast, meaning that EBITDA is expected to be significantly above consensus. We upgrade our FY16 EBITDA by MYR3.2m (83% but from a compressed level) to reflect this, while leaving our estimates for FY17 and FY18 unchanged.
N+1 Singer - Morning Song 19-10-2016
19 Oct 16
Sanderson has released a full year trading update indicating that revenue is slightly ahead (we estimate 5%) of expectations, and profits are in line with expectations. Revenue growth of 10%, strong order intake (+20% to £12.0m), a reassuring order book (£3.0m) and positive trading momentum within both Digital Retail and Enterprise gives us confidence in the outlook for the current year. We increase our headline revenue estimates to reflect the strength of the full year outturn, but leave our profit and earnings estimates unchanged on slightly lower margin expectations. We continue to believe that Sanderson offers the highly attractive combination of accelerating growth potential, healthy cash generation and growing dividends at an inexpensive valuation (FY 2016 EV/EBITDA of 8.0x).