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  • 02 Aug 19

Small Cap Feast

Freyherr International Group PLC the Medicinal Cannabis holding company established in 2016, is planning to list on the NEX exchange on the 13 August

Companies: NBI AIEA TWD PXS INSE APPS GOAL AUTG USG HUM

  • 27 Mar 19

Small Cap Feast

Network International Holdings—Pleading 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. Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%. 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.

Companies: INSE CPP GOAL SLN DEST CHRT BMV UKOG GTC GHT

  • 08 Mar 19

Small Cap Feast

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: ADL NAR KETL GOAL BBSN THR SEE ADES ORR LID

  • 25 Jan 19

Small Cap Feast

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. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb

Companies: RTC EDR CASP PTR GOAL DEST RGM LEK MOGP ELCO

  • 02 Oct 18

Morning Song

Burford Capital (BUR LN) 5% placing suggests bigger opportunities | Clinigen Group (CLIN LN) Two acquisitions create European platform | Goals Soccer Centres (GOAL LN) Powerleague woes | St Ives (SIV LN) Name change reflects strategy evolution

Companies: BUR CLIN GOAL KCT

  • 12 Sep 18

Morning Song

Advanced Medical Solutions (AMS LN) Interims mixed | Dunelm Group (DNLM LN) Positive strategic update and multi-channel progress report | Findel (FDL LN) Positive take-aways from Xmas press show | Goals Soccer Centres (GOAL LN) Overcoming H1 setbacks to start H2 strongly | Medica Group (MGP LN) Buying opportunity in structural growth market leader | ReNeuron Group (RENE LN) AGM update highlights development progress & licensing discussions | Ten Entertainment Group (TEG LN) Resilient H1 with positive current trading news

Companies: AMS DNLM STU GOAL MGP RENE TEG

  • 19 Jul 18

Morning Song

Be Heard (BHRD LN) H1 shows strong revenue growth, but profit shortfall | dotdigital Group (DOTD LN) Another year of strong growth & cash generation | EKF Diagnostics (EKF LN) Manufacturing agreement with Oragenics Inc | Goals Soccer Centres (GOAL LN) Profit warning | LiDCO Group (LID LN) UK distribution deal with Maicuff Technology | Nichols (NICL LN) Solid interims with a 3% PBT beat | Speedy Hire (SDY LN) In line Q1 update, with ROCE continuing to move forwards |

Companies: BHRD DOTD EKF GOAL LID NICL SDY

  • 10 May 18

Morning Song

Fulcrum Utility Services Limited (FCRM LN) Sector leading returns and earnings growth | Goals Soccer Centres (GOAL LN) Satisfactory AGM but weather impact higher than earlier guidance | Gresham Technologies (GHT LN) Positive AGM statement confirms Clareti momentum | Hill & Smith Holdings (HILS LN) Positive strategic US acquisition | Polypipe Group (PLP LN) Strategy update highlights growth opportunities | Rathbone Brothers (RAT LN) Q1 FuM -3.3%, flows remain modest in investment management

Companies: FCRM GOAL GHT HILS PLP RAT

  • 04 May 18

Most popular equity research this week | 30 Apr - 4 May

See what's trending this week...

Companies: BNOAVONCMHCHHRE/SCEMPACNICLARBBSIXHTONAPHMURAGYGOALEKTRTNCLIGMARSINLGDRCVSGTRXSCLPBAGCOSABDPOPMAVODNLOXBKOOVYGENABZANSFREDXEVGVALGTLYPHPAVCTMCLACRLGYMBURPLUSBOODPZMMX
  • 30 Apr 18

Key takeaways from the Consumer reporting season

With a busy reporting season behind us we use this note to take stock. Stepping back we pull out the key themes which emerged across the sub-sectors we actively follow in the consumer space. On balance there was more cause for optimism. This is supportive of our top-down view that there is scope for a better H2 for consumer related stocks as cost headwinds ease and pressure on disposable income moderates. We also take a close look at 7 stocks we actively research and which reported over March and April. For each we use charts to depict the key takeaways from an investment case perspective.

Companies: DOM BAG NICL CHH GOAL RTN GYM MARS CVSG

  • 23 Apr 18

Value screen refresh and 10 focus stocks

We have completed another refresh of our value style screen, first established as of 12 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 10 stocks to focus on. Since the last refresh, two days before the last general election, which resulted in a hung parliament, the screen has performed a little better than the small-cap index with our focus stocks outperforming by about 500bps. The weighting to UK consumer stocks noted last time detracted from performance, which came as little surprise given our cautious stance, much discussed in our other strategy work this year. One might have expected more consumer exposure in the refreshed screen given this year’s severe underperformance, but it appears forecasts have been similarly downgraded, keeping much of the sector outside our value criteria

Companies: AUG EHG GOAL MMH RTHM SDY TEF VANL

  • 13 Mar 18

Morning Song

Brady (BRY LN) Full year results in line with downgraded expectations | Brooks Macdonald Group (BRK LN) Underlying progress, but alongside an increase in legacy provision | Burford Capital (BUR LN) Argentina case sold for $107m cash, $94m profit | Futura Medical (FUM LN) Supportive PK data for MED2002 | Goals Soccer Centres (GOAL LN) Positive underlying momentum temporarily derailed by snow hit | Gresham Technologies (GHT LN) Clareti-growth driving strong performance | PROACTIS Holdings (PHD LN) Result of Hubwoo tender offer and new customer win announcement | PureTech (PRTC LN) Proposed placing to raise $100m to advance pipeline | Renold (RNO LN) Lag in passing on higher input prices | Restore (RST LN) Organic and acquisitive growth story continues | Surgical Innovations Group (SUN LN) Prelims as expected, outlook positive | Zotefoams (ZTF LN) A year of significant strategic progress

Companies: BRY BRK BUR FUM GOAL GHT PHD PRTC RNO RST SUN ZTF

  • 08 Feb 18

Positive CEO appointment

Management related newsflow from Goals this morning. The vacant CEO role has been filled with appointment of Andrew Anson who joins from 23rd April. This news removes an area of uncertainty and should be welcomed. He has a good track record with various consumer facing businesses, most notably at Kitbag (ex Findel business) where from 2011 he led a successful recovery in profits and eventual sale to Fanatics Inc. With most of the strategic heavy lifting done at Goals, he has the platform to execute a return to profitable growth and an improving ROCE profile of the business. Separately, the architect of the turnaround strategy announced c.18 months ago, Nick Basing, is handing over the role of Chairman to focus on being Chairman of the Group’s JV in the USA with City Football Group. Nick in our view has done an excellent job in laying the foundations for the Group to reverse a long period of underperformance. We are pleased he is staying on the Board as a Non-Executive Director whilst simultaneously working to extract value out of the US JV. The PLC Chairman role is being passed onto Michael Bolingbroke (SID) until a new Non-Exec Chairman is appointed. Whilst there are green-shoots of a turnaround emerging at Goals we want to have more confidence in the direction of forecast before turning more positive. We have a Hold recommendation but see today’s CEO appointment as a positive development.

Companies: Goals Soccer Centres
  • 08 Feb 18

Small Cap Lunch

TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer TBC, expected late Feb | Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb | Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC | 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. Offer raising £30m at 165p with mkt cap of £100m . Due 9 Feb.

Companies: ESCH ENET SCLP THR GOAL SEE LMS EPWN EKT DSG

  • 22 Jan 18

2017 falls short of expectations but turnaround green-shoots in evidence

Today’s update highlights that whilst 2017 was a year of significant strategic progress, the turnaround is taking longer than expected. Investors should take plenty of encouragement from the LFL metrics from the invested estate, but there remain a significant tail in the business which is underperforming. Management has a clear plan to address this part of the business in FY18 but for FY17 the financial performance has not lived up to expectations, with LFL sales of -0.5% vs our +2%. Accordingly we lower our FY17 PBT forecast by 13% and FY18/FY19 by 13%/7% respectively. There is an expectation that the turnaround will show better momentum in 2018. Turnaround stories rarely go in a linear line and Goals is proving this, but fundamentally we feel it now has the correct strategy to rebuild shareholder value. Failure to do so will once again raise balance sheet concerns given FY17 finished with only 3% covenant headroom and for FY18 we are projecting 20% headroom. For now until forecast confidence returns we stay at Hold with a revised price-target of 70p (from 90p).

Companies: Goals Soccer Centres

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Goals Soccer Centres. We currently have 59 research reports from 4 professional analysts.

Open
N/A
Range Today
N/A
52 Week
23.0/88.8p
Daily Volume
N/A
# Shares
75.2m
Daily Liquidity
(0%)
Pension Liability
£0m
Enterprise Value
£81.7m
Market Cap
£20.5m
Latest PE (hist)
14.08
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
29Aug19 08:32 RNS AMA Process
12Aug19 07:49 RNS Update
02Aug19 07:00 RNS Update
28Jun19 17:56 RNS Result of AGM
28Jun19 14:59 RNS Trading Update
21Jun19 11:43 RNS Response to Sports Direct International plc
19Jun19 13:01 RNS Response to Sports Direct International plc
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  • 02 Jul 19

Where’s the Value?

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

  • 27 Aug 19

Foreign buyers gorging on UK stocks

Like whales feasting on Krill, overseas firms are today stuffing themselves silly with choice fillets of corporate Britain. Why? Well look no further than geopolitical tensions and Brexit, which have disproportionately impacted UK equities and the £. Indeed the FTSE100 has lagged the S&P500 by a hefty 19% over the past 2 years, with Sterling dropping to 34 year lows vs US$ (see below). That said to us, based purely on fundamentals, this period of underperformance appears over-cooked, leaving many quality British companies vulnerable to predatory interest.

Companies: VOD AV/ AGK CHG CNA ITV BRBY SMIN CTEC SXS OXIG MGAM IMI WEIR WMH KMK EYE GATC ULS INS ALFA RDT TSTL ELCO MBH BLTG IHC 9537 CSRT NBI

  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

  • 30 Aug 19

WDAY wows, good for KNOS? Didi launches AVs; Voice activated Nike trainers

We highlight the strong Workday numbers overnight which provides cause for enthusiasm for growth equities, the SaaS software sector and most specifically within AIM, could augur well for Kainos, given their close partnership on consulting and implementation. Beyond the beat, most noteworthy comment was that management saw no impact from Brexit as yet nor the trade tensions in the US and China. With enviable growth rates of 32% in the quarter, we highlight few names in AIM such as CloudCall* offer such compelling opportunity.

Companies: 7DIG CALL TRAK ESYS FST KNOS PHD QTX SAG SEE TRCS

  • 05 Jul 19

Half time report

In this note and following the SMMT June data released yesterday, we look at the key dynamics of the sector during H1 2019 and how this is likely to impact the rest of the calendar year. The dealers have challenges on several different fronts, which could lead to some earnings pressure. However, we do believe valuations have reached a trough point, balance sheets remain strong, and FCF should start to steadily build as the capex cycle for most dealers has come to an end.

Companies: CAMB LOOK MMH VTU PDG

  • 24 Jul 19

AGM update

We believe Vertu continues to outperform in what remains a difficult market. The performance in aftersales and used cars continues to be robust, and we believe the Group continues to take market share here while maintaining margin discipline. The new car market remains difficult, albeit there is good evidence of margin discipline also being maintained here. We adjust our forecasts to reflect margin pressure in the used car segment, we now expect adjusted PBT for 2020E of £23.9m (vs. £25.7m previously).

Companies: Vertu Motors
  • 01 Aug 19

THE MONTHLY August 2019

The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SCE TRX TON SHED VAL VTA W7L

  • 05 Sep 19

Pre close trading update

We note the positive trading update released this morning by Vertu, highlighting a continuation of trends noted in the update provided on the 24 July. The group has confirmed that they expect to report results in line with current market expectations for the full year. We leave our forecasts unchanged following this update and continue to believe the long term value remains compelling at this level, with Net Tangible Asset (NTA) of 44.9p per share.

Companies: Vertu Motors
  • 09 Sep 19

LIBERUM: Air Partner* - Encouraging H1 pre-close update

H1 trading has been slightly better than anticipated since the last update. Management now expects the current year’s performance to be evenly weighted between H1 and H2, rather than the H2 weighting anticipated at the AGM update at the end of June.

Companies: Air Partner
  • 10 Sep 19

Cenkos: Arena Events Group Plc - H1/19A Interim Results

Arena's interim results showed strong revenue growth, driven primarily by acquisitions, along with modest LFL growth. We expect a strong performance in the Middle East to be offset by a more challenging environment in the UK and the US, leading us to revise our forecasts downwards.

Companies: Arena Events
  • 22 Jan 16

Good sports

JD’s P/E ratio appears reasonable relative to those of other UK retailers of young fashion with international ambitions. However, it is almost twice the level of rival Sports Direct’s (SPD). While there are justifications for a healthy premium, it is likely to act as a brake on the valuation, as will the low dividend yield.

Companies: JD Sports Fashion
  • 04 Dec 15

Continued strong trading drives 3.8% FY’16 upgrade

Continued strong trading so far in H2 has led JD to upgrade its full year PBT guidance to c£135m, leading us to upgrade our forecasts by 3.8% from £130m (cons £125m). JD’s prospects look favourable given the ongoing trend towards athletic apparel and footwear, suggesting there may yet be further upside risk to forecasts. However, limited disclosure at a time when divisional and geographic complexity is on the increase makes this difficult to be certain of. With the stock trading on a cal’16 P/E of 18x or 10x EV/EBITDA which now equates to a 10-15% premium versus Sports Direct. Hold

Companies: JD Sports Fashion
  • 29 Sep 16

N+1 Singer - Small-cap quantitative research - Consistent growth screen refresh + “11 with legs”

We have performed a second refresh of our consistent growth screen, first established with our research note of 17 December last year. As previously, the screen produces a basket of 25 stocks that exhibit not only good growth in EPS and sales, but also a consistency of growth in both measures each year. This basket, or style, has underperformed the small-cap benchmark by 9.1% since inception last December, and by 4.8% since the last refresh on 13 April. We highlight stocks leaving and joining the basket and take a closer look at 11 stocks “11 with legs” in the refreshed screen. We will continue to monitor performance of the basket and refresh it again in about 4 months’ time, but interestingly, consistent growth is beginning to look like consistent underperformance!

Companies: TRI IOM DOTD CAMB SFE TPFG TRCS INSE TAST MAB1 RWA

  • 22 Jan 18

UK Gambling

UK papers reporting over the weekend that newly appointed Secretary of State to the Department of Culture, Media and Sport (DCMS) is in favour of a £2 maximum stake on category B2 machines in betting shops.. Papers referencing “overwhelming response has persuaded them to reduce the maximum stake to £2.” The consultation on B2 stakes will conclude tomorrow 23 January 2018 and where we weren’t expecting a final decision on the matter for c. 6 – 8 weeks after the end of the consultation period. It is possible the final decision could be brought forward sooner after the conclusion of the consultation period tomorrow.

Companies: GVC LCL WMH PTEC FLTR

  • 21 Aug 18

Off to the races as NFL season draws closer

The US sports betting market has the potential to be significantly large. However, lack of federal level legislation, sluggish state by state legislative processes, and other limiting factors will cause a likely drag on the sport betting market’s full potential. The American Gaming Association estimates at least $150bn is wagered annually with offshore books, which implies a $10bn - $12bn revenue market. We estimate, onshore online sports revenue in 4 - 5 years of $6bn (table 6, p14) should be achievable across 25 States where Daily Fantasy Sports is legal in 22 states, if we include California, implies a market as large as $7.5bn in revenue. UK listed operators not necessarily only winners as US operators, Stockholm listed and some private companies make early inroads. Sports betting live in New Jersey, Mississippi, Delaware and Nevada, with West Virginia and Pennsylvania expected to follow soon.

Companies: GVC WMH FLTR PTEC SPO 888 GAN NKTN KAMBI GIG SGMS IGT