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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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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/SCEMPACNICLARBBSIXHTONAPHMURAGYGOALCKTRTNCLIGMARSINLGDRCVSGTRXSCLPBAGCOSABDPOPMAVODNLOXBKOOVYGENABZANSFREDXEVGVALGTLYPHPAVCTMCLACRLGYMBURPLUSBOODPZMMX
  • 04 May 18
Most popular equity research this week | 30 Apr - 4 May

See what's trending this week...

Companies: BNOAVONCMHCHHRE/SCEMPACNICLARBBSIXHTONAPHMURAGYGOALCKTRTNCLIGMARSINLGDRCVSGTRXSCLPBAGCOSABDPOPMAVODNLOXBKOOVYGENABZANSFREDXEVGVALGTLYPHPAVCTMCLACRLGYMBURPLUSBOODPZMMX
  • 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

  • 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

  • 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

  • 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
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 CKT DSG

  • 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 CKT 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
  • 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
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Range Today
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52 Week
68.0/115p
Daily Volume
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# Shares
0m
Daily Liquidity
0.0%
Pension Liability
£0m
Enterprise Value
£81.7m
Market Cap
£54.5m
Latest PE (hist)
14.08
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
26Sep19 12:00 RNS Circular to shareholders re Rule 2.11
23Sep19 10:45 RNS Response re possible offer
23Sep19 07:00 RNS Possible Cash Offer for Goals Soccer Centres plc
29Aug19 08:32 RNS AMA Process
12Aug19 07:49 RNS Update
02Aug19 07:00 RNS Update
28Jun19 17:56 RNS Result of AGM
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  • 11 Feb 20
Cenkos: Arena Events Group Plc -- Interim results

Despite the challenging market environment, Arena has delivered interim results that were broadly in line with our expectations (Adj EBITDA of £16.6m vs £17.0m forecasted). Cost saving initiatives are being implemented, which should support margins going forwards, whilst the company is expected to benefit from some significant contracts due for delivery in FY21E.

Companies: Arena Events
  • 13 Feb 20
Forecasts reduced but prospects brighter in FY21

We have updated our forecasts following the 22nd January trading update, reducing our PBT forecasts by 22%/13% in FY20/FY21. Whilst the reduction in expectations is disappointing, the Board remains confident in FY21 prospects, suggesting that the slower trading in Q4 represents only a short term setback. Sizeable business wins in the Charter division for delivery in H1’21 and good order coverage for the Safety & Security division support the FY21 outlook. Safety & Security also stands to benefit from the first full year of the Redline acquisition. We see significant recovery potential in Air Partner as the refreshed Board executes its strategy.

Companies: Air Partner
  • 03 Feb 20
LIBERUM: GAN* - Trading update confirms US real-money momentum

Friday's trading statement confirmed over 100% revenue growth in FY19, driven by US real-money (as states regulate online gambling), and EBITDA margins ahead of our forecast. Importantly, the company has also filed for a NASDAQ listing which could see it move to the US from AIM in the next 6 months.

Companies: GAN Plc
  • 11 Feb 20
LIBERUM: The AA* - Membership returns to growth in H2

The trading statement guides to in line suggesting that The AA is on track to deliver EBITDA growth in FY20. Cash generation has been sound in the FY with approximately £80m of expected free cash flow for equity.

Companies: AA Plc
  • 22 Nov 19
A strong US drives performance

William hill announced better-then-expected numbers in its trading update for the 17-week period ending 29 October. Revenue growth came in at 1%, driven by online and the US, and was offset by the expected weakness in retail. The company also closed c.700 shops in the period, in response to the £2 stake limit imposed on FOBT machines in the UK. Following the latest update, we will be tweaking our estimates. However, we do not expect any significant change to our recommendation.

Companies: William Hill
  • 07 Feb 20
An excellent all round H1 outcome

A very pleasing H1 trading update from CVS this morning, illustrating that the positive momentum seen at the AGM stage continued for the remainder of the period. This resulted in a very impressive 8.4% LFL outcome vs a 4% comp. Margin and employment cost commentary is equally reassuring, and debt requirements lowered going forward as cash generation accelerates from focusing primarily on organic growth. Overall, sales in the period are reported to be up 15% and we estimate this flowed through to a material 28% uplift in EBITDA. CVS enters H2 with good momentum, albeit the LFL sales comp is a much stiffer 6.4%. Given this and an in line H1 update, we make no forecast changes at this stage. The shares are up 9% YTD and trade on a cal’20 P/E of 23x and 15x EV/EBITDA with a 4% FCF yield. The premium is warranted on quality, growth, market leadership and positive forecast momentum considerations.

Companies: CVS Group
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 03 Feb 20
LIBERUM: The AA* - Completion of exchange offer reduces equity risk

On Friday The AA closed its exchange offer and there was strong demand. We expect further active management of the debt, which should reduce the risk of the equity.

Companies: AA Plc
  • 06 Feb 20
Lookers - Signs of progress despite challenges

With the new car market still challenging, the appointment of a new CEO does not automatically solve Lookers’ problems but does provide some encouragement. Mark Raban has credentials in the automotive retail sector and already appears to have been setting about resolving issues on the financial front. The better-than-expected year-end net debt position provides a reference. In 2020 we expect more efforts to improve the portfolio as he seeks to reset the strategy, optimise performance and driver Lookers forward.

Companies: Lookers
  • 18 Jul 18
Quarterly Research Outlook

In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a risk going forward.

Companies: AMER EMR HMI JOG PDG ABBY AMS AVON BLVN PIER CGS CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO GTLY GENL INCE GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA APP CAKE PDG RBW REDD RSW RNO RKH ROR SUS SCPA SHG KCT TRAK TRI VTC ZTF

  • 01 Oct 19
STATE OF CHARGE - INVESTMENT OPPORTUNITIES IN EV CHARGING

Government bans on new fossil fueled vehicles in many major economies are likely to drive significant growth in electric vehicles (“EVs”) over the next twenty years. This will create growth in electricity demand from EV charging. The volume of energy to be supplied creates opportunities for both supply companies and generators and the provision of charge points is already creating a new industry. However, the timing of this demand puts pressure on local distribution infrastructure. While smart charging and vehicle to grid technology offer solutions, we believe these will only be partial given likely charging behaviour and as a result there will be demand for additional grid capacity and for other solutions. These other solutions include charger located storage and distributed generation.

Companies: CNA NG/ YU/ DRX GOOD RED SMS IKA AFC

  • 06 Nov 19
Finding the floor

We update our forecasts following Lookers announcement on the 1st November that trading has continued to deteriorate and the now expects adj. PBT in 2019E of £16m (vs ZC forecast of £39.0m previously) equating to a c.60% EPS downgrade, and a c.50% downgrade in 2021E. The group has experienced continued headwinds across new and used cars highlighted by recent SMMT data for October. The balance sheet remains robust with significant facilities available, 2019E net tangible asset value per share of 34p backed with freehold and long leasehold of 80p per share net debt/EBITDA at the end of 2019E of 1.2x, based on our new forecasts. There is clear longterm earnings recovery potential based on previous peak EPS of 15.8p in 2016A, albeit increased regulatory costs across the sector make reaching this peak unlikely in the near term.

Companies: Lookers
  • 15 Jan 20
Price Data Accelerating growth

Franchise Brands has released a very encouraging trading update that confirms the Group's revenue and profits for FY2019 to be at least in line with consensus market expectations. This strong performance was driven by excellent growth in System Sales by the Metro Rod franchisees. Willow Pumps, which was acquired in October 2019, is trading in line with the Board's expectations and the integration of the business into the Group is progressing well.

Companies: Franchise Brands
  • 27 Jan 20
Cenkos: Rotala Plc -- Trading in line with expectations

Rotala has released a positive trading update for FY19E, confirming that trading was in-line with market expectations, and that FY20E had started well. With increased government focus on infrastructure spend in the West Midlands and the North West (which accounts for approximately two thirds of Rotala's revenue), including expected upgrades to the bus network, we see opportunities for Rotala to benefit in the years ahead.

Companies: Rotala
  • 11 Feb 20
Strong summer trading expected despite continued impact from 737Max

TUI Group was under pressure in Q1 due to the grounded 737Max and unfavourable FX. Now the group sees a very supportive summer trading, despite 737Max’s prolonged grounding, benefiting from the bankruptcy of Thomas Cook and the boosted demand for travel in Europe following the coronavirus outbreak in Asia.

Companies: Tui