Paragon Entertainment (PEL): Corp Subscription
Companies: Paragon Entertainment
Paragon Entertainment (PEL): Corp Year-end trading update
Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late Aug. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
Companies: NQMI TSI MSYS C21 SRES RDT BIOM SML FIF PEL
Avast, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811 million, Adjusted Revenue was $780 million, Adjusted Cash EBITDA was $451 million. Seeking to raise $200m. Due in May | Fundamentum Supported Housing REIT. Raising £150m. Focussed on UK Social Housing assets. Due 2 May | Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No new Money. Pricing TBA | Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 03 May | Odyssean Investment Trust—Raising £100m at £1. Due 1 May. The Company will primarily invest in smaller company equities quoted on markets operated by the London Stock Exchange.
Companies: TAM SYS D4T4 PEL INFA ECHO BXP PAT HW/ DRV
D4T4 Solutions (D4T4): Corp Strong H2 lifts EPS forecast and quality of earnings | Lok'nStore (LOK): Corp Pipeline of new stores in an undersupplied market | Paragon Entertainment (PEL): Corp Trading update | Savannah Resources (SAV): Corp Mutamba mineral sands project update | Tax Systems (TAX): Corp Prelims on track | Tristel (TSTL): Corp EPA approval – on track to launch in 2019 | Utilitywise (UTW): Corp Legacy issues being dealt with | ZOO Digital (ZOO): Corp Further positive trading update
Companies: D4T4 LOK PEL SAV TAX TSTL UTW ZOO
Castleton Technology* (CTP): Strength evident in execution (CORP) | Paragon Entertainment* (PEL): Trading update (CORP) | Ideagen* (IDEA): Interim trading update (CORP) | Horizonte Minerals* (HZM): Araguaia mine plan submitted to National Mining Agency (CORP) | Nasstar* (NASA): Contract win (CORP) | Intercede* (IGP): Contract slippage (CORP)
Companies: CTP PEL IDEA HZM NASA IGP
WYG (WYG): Same race, slower start (BUY) | OptiBiotix* (OPTI): OPTI (Outlook Positive Trending Interims) (CORP) | Paragon Entertainment* (PEL): Good interim results (CORP) | M.P. Evans (MPE): Acquisition, forecast update (BUY)
Companies: WYG OPTI PEL MPE
See what equity research was trending this week...
Companies: ACSOTRILRMGATCSDXGMDPEL
AIM-listed firm saw revenue grow 70% and gross profit jump 91% to £3.76m
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April raising £122m. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Companies: BRH CLNR WGB MWG PEL AHCG REDX EBQ OTC
Trifast^ (TRI): Year-end trading update, ahead of expectations (BUY) | Shanta Gold (SHG): Q1 operating results (BUY) | Paragon Entertainment* (PEL): Strong final results (CORP) | Atalaya Mining (ATYM): Q1 operating results (BUY)
Companies: TRI SHG PEL ATYM
The group has reshaped its business over the past two years, strengthening management and operational infrastructure, increasing capacity and reviewing strategic emphasis. We anticipate a progressive revaluation given the potential growth profile in an addressable and fragmented international market. Our 2017 forecasts remain unchanged following the results which imply EBITDA growth of 26%, and we raise our target price to 6p, implying potential share price upside of 23%.
PEL has reshaped its business over the past two years, strengthening management and improving revenue visibility. Targeting revenue of £20m by 2020, revenue growth from £8.5m last year to £13.2m this year and £15.5m next suggests that at 15% growth this target may well be exceeded. Current Middle Eastern business leaves the group well-positioned to secure work for EXPO 2020 but with growing visibility the group is also confident that significant opportunities exist internationally. The scene is therefore set for a progressive revaluation of the group’s shares given the scope for PEL to expand in an addressable and fragmented international market identified by the group as worth £1bn pa. Our short-term TP is based on 7x EBITDA, equating to 5p per share in the first instance.
Trakm8* (TRAK): Taking a prudent road (CORP) |Hurricane Energy (HUR): Halifax rig option exercised (BUY) |Paragon Entertainment* (PEL): One to visit (CORP)
Companies: TRAK HUR PEL
RM2 International (RM2.L) | Avacta Group (AVCT.L) | Franchise Brands (FRAN.L) | Sprue Aegis (SPRP.L) | Firestone Diamonds (FDI.L) | Paragon Entertainment (PEL.L) | Amur Minerals Corp (AMC.L) | Edenville Energy (EDL.L) | Concurrent Technologies (CNC.L) | URU Metals (URU.L)
Companies: FRAN FA/ FDI AMC CNC PEL AVCT EDL URU RM2
Research Tree provides access to ongoing research coverage, media content and regulatory news on Paragon Entertainment. We currently have 14 research reports from 2 professional analysts.
Independent review launched: The Boohoo Group has announced the launch of an immediate independent review of its UK supply chain, intended to identify any areas of risk and non-compliance and to further strengthen the Group’s compliance procedures to ensure similar allegations will not recur in the future. The review is to be led by Alison Levitt QC, a highly experienced advocate who has previously reported on complex issues, including safeguarding enquiries. Boohoo has also announced an initial additional £10m investment in ensuring any supply chain malpractice is eradicated and is accelerating its independent third-party supply chain review with ethical audit and compliance specialists Verismo and Bureau Veritas.
Companies: Boohoo Group Plc
FY20 results – All Focus on Resuming Operations
Companies: Dart Group
Whilst Arena delivered FY20E results in line with our expectations, this has inevitably been overshadowed by the challenges posed by COVID-19 to the industry. Arena acted swiftly to cut costs and preserve cash, such that it currently has a c£23.5m cash balance. This is enough to see the company through into 2021, even if the global event market remains heavily disrupted for the rest of the year.
Companies: Arena Events
Air Partner has issued a further shareholder update, confirming PBT of at least £10m in the first five months of the year to June, an increase of £2.5m since the last update to May. The Group continues to deliver impressive results despite a challenging market backdrop. As has been the case throughout the COVID-19 crisis, performance has been driven by strong activity in the Freight and Group Charter divisions. Crisis driven activity is expected to reduce in H2, with an anticipated recovery in the Group’s core activities, where the update reports positive early indications across the Group’s divisions. The balance sheet is very well supported, with net cash at 30th June standing at £13m post the recent £7.5m fund raise. The Group continues to have access to total debt facilities of £14.5m. Whilst visibility for H2 remains limited, we believe the Group is well placed to deliver a strongly profitable FY21 result.
Companies: Air Partner
Today’s statement reveals incredibly robust Q1 trading across the Group’s brands and regions, with a positive outlook and guidance reinstated for the remainder of the financial year and beyond. In addition, the Group has announced the acquisitions of Oasis & Warehouse, bringing two well-recognised and complementary brands onto its platform. We believe the unprecedented disruption resulting from the COVID-19 pandemic has accelerated the channel shift to online where we see BOO as the clear winner, with an established and leading model positioned to consolidate the market.
DWF has issued a trading update showing positive momentum during the first two months of the new financial year. We are re-instating our financial forecasts assuming modest organic growth of 2% in 2021E.
Companies: DWF Group
Gaming Realms is a creator and licensor of innovative games for mobile, with operations in the UK, U.S. and Canada. Through its unique IP and brands, Gaming Realms brings together media, entertainment and gaming assets in new game formats.
Companies: Gaming Realms
The group has today announced the conclusion of a structured development and succession plan implemented by the Board over the past 2 years. CEO Phil Maudsley will be succeeded by Paul Kendrick at the end of the current financial year (March 2021). Phil leaves the group in excellent shape, having completed a major transformation of the group over the last 10 years, from a heavily indebted mini conglomerate to a digital-first value business with bright growth prospects. Studio Retail’s transformation from a small Christmas catalogue retailer to an agile online value retailer back by a strong integrated credit operation was clearly evidenced by the June update, highlighting the best growth rate in the listed retail space (+55% YTD). Phil will be involved over the remainder of the current year to ensure a smooth transition and handover to Paul who has made a significant contribution to recent strategic and operational enhancements, and who leads the business forward with a clear and exciting 5 year growth plan.
Companies: Studio Retail Group
We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.
Companies: BCA CLIN CLG CBP DNLM EAH STU FCRM FUTR GTLY INS GLE NICL SDL SPR TRI
Halfords 3Q IMS is in our view positive with PBT forecasts for FY 2020 held at £50-55m and good LFL in Retail cycles +5.9% and Autocentres +4.6% where most of new management development work has been focused. Retail Motoring products LFL -2.7% continues to show impacts of discretionary spend softness in our view. Management retains its caution about near term demand prospects overall and its development programme in Autocentres and key aspects of the business overall (notably new integrated website) moves up a notch in calendar 2020. This said PBT guidance for 2019/20 has been maintained and this trading shows promise in our view.
Companies: Halfords Group
AFC Energy is a global leader in the fuel cell sector. It has a proven fuel cell technology which it is commercialising through its H-Power™ product, an off-grid electric vehicle charging system which is run on hydrogen and produces no emissions. The company's core fuel cell technology is a liquid alkaline fuel cell called HydroX-Cell(L)™. The company is also developing a solid alkaline fuel cell called HydroX-Cell(S)™ , the critical component of which is a is a solid electrolyte which upon validation will be marketed under the AlkaMem™ trademark. We expect the AlkaMem™ product to have multiple electro-chemical applications outside of fuel cells. The purpose of this note is to compare AFC Energy's products, markets and business strategy against its listed peers Ceres Power and ITM Power. The note also assesses the state and outlook of the hydrogen market in addition to the proton exchange membrane market, which is relevant for AFC Energy's AlkaMem™ product. As a reminder, we believe AFC Energy has a fair value of 27p/sh.
Companies: AFC AFC AFC
We note this morning’s announcement from Boohoo Group strongly refuting several allegations made in a short-selling note published yesterday afternoon. In our opinion arguments made in the short selling note are flawed and do not disclose any new or unexpected information about the Group. The unprecedented market backdrop resulting from the COVID-19 crisis has only acted to highlight the strengths of Boohoo’s agile, pure play, e-commerce model and we see current share price weakness as offering an attractive entry point.
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 STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
What’s new. This morning Purplebricks UK has provided an “update regarding current trading and the potential impact of COVID-19 and Govt guidance on the UK housing market.” Key points are: 1. Purplebricks first priority is health of people and customers: its online business model includes “video valuations, virtual viewings, connecting customers with potential purchasers via Purplebricks online platform.” 2. Govt restrictions on movement are weakening vendor and purchaser activity; deferral of completions would have a further negative impact. 3. Immediate cost-saving measures will materially reduce cash burn including suspending TV and radio advertising, reducing online marketing, taking advantage of the Government Job Retention Scheme. 4. Purplebricks currently has net cash of £35m and no debt.
Companies: Purplebricks Group
Gaming Realms’ 2015 final results show a business that continues to build momentum, as revenues more than doubled to £21.2m (2014 pro forma: £9.8m). Growth is being driven by its real money and social gaming (including licensing) verticals, which were up 362% and 294%, respectively. Gaming Realms also recently announced that it has extended its licensing deal with Scientific Games to land-based gaming machines as part of its strategy of taking the Slingo brand into adjacent markets. 2015 adjusted EBITDA losses fell by 30% to £4.1m and the Q1 trading update (revenues up 100% y-o-y) supports our view that the company can break even at the EBITDA level this year.
