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Brighton Pier Group (BPG) has released very positive interim results, with group revenue up 33% on H1/19A (ie pre-Covid) to £22.8m (+178% YoY), Adj EBITDA of £7.9m (H1/20A £2.0m), and a £4.9m reduction in net debt over the six months. All divisions traded well, as the group capitalised on the rise in UK staycations and pent-up demand for leisure activities. Positive momentum has continued into H2/22E, meaning that BPG is trading ahead of expectations for the full year. Following our 85% upgrade
Companies: Brighton Pier Group Plc
Brighton Pier Group (BPG) has released an encouraging H1/22E trading update, with group revenue of £22.7m representing a 177% YoY increase, and up 31% versus the same (pre-Covid) period in 2019. All divisions traded well, including the Bars division (LFL revenue +27% vs 2019) which, despite current restrictions having an impact in December, had a robust finish to the year. The group continues to be solidly cash generative, enabling management to repay an expected £7.7m of bank debt by FY22E. Th
Despite the extremely challenging operating environment caused by the pandemic, Brighton Pier Group PLC (BPG) delivered a solid set of results for FY21A, with Adj EBITDA of £5.1m was largely in line with our recently upgraded forecasts (FY21E £5.2m). This was helped, in particular, by £5m BPG received in insurance proceeds, as well as robust trading for the Golf sites and Pier once they were allowed to open. BPG acquired Lightwater Valley theme park during the year for a highly attractive valuat
Brighton Pier Group Plc (BPG) has traded remarkably well during the first 13 weeks of its financial year, with net sales up 44% versus the same period (pre-Covid) in 2019. BPG also successfully settled its business interruption insurance claims in full, meaning it will now receive £2m more in FY21E than we had forecasted (£5m in total). We update our FY21E forecasts to account for this, as well as materially upgrading our FY22E projections (Adj EPS raised 85% to 11.9p) to reflect the very positi
Brighton Pier Group (BPG) has announced a highly complementary acquisition of Lightwater Valley Attractions Ltd (‘Lightwater'), which owns and operates a leading family theme park in North Yorkshire, for up to £5.0m (c5x normalised EBITDA). We upgrade our forecasts to reflect this earnings enhancing deal (FY22E Adj EPS increased by 14% to 6.4p). With outlook appearing very positive for the group, and the shares trading on an undemanding FY22E Adj P/E of only 9.0x, we reaffirm our Buy rating.
A century ago, following the end of the Spanish Flu pandemic and the first world war, a decade of significant cultural and economic development ensued, known as the ‘Roaring Twenties'. Today, many believe a similar phenomenon will shortly be unleashed, as the roll out of Covid-19 vaccines allows life to return to normal. As an established operator of a diverse portfolio of leisure assets across the UK (mini-golf, premium bars, and its namesake pier), Brighton Pier Group (BPG) is well placed to c
Brighton Pier Group (BPG) looks to be rather more than a clear play on the expected UK staycation boom, attractive as that is. With a focus on popular low-ticket leisure, driven by the group’s fabled eponymous key asset, entrepreneurial management sees longer-term growth opportunities as a consolidator accelerated by fallout from the pandemic. For now, it is confident that buoyancy in the Pier and Golf after spring 2020 lockdown (sales in Q3 almost at 2019 levels) can be repeated on imminent pha
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 CSRT TIDE CYAN JET2 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 HBR RBW RMM RBGP RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF REDD
Brighton Pier final results for FY19A came in line with our expectations. Revenues were £32.0m (est. £32.1m), Adjusted PBT was £3.2m (est. £3.2m), and Adj EPS was 7.2p (est 7.1p). We take this opportunity to push through slight model updates for FY20E (net impact; 2% increase to Adj EPS. of 9.2p) and release FY21E forecasts of £35.8m sales, £4.6m Adj PBT, and 10.2p Adj EPS. At 5.5x FY19E earnings, we believe the asset-backed shares remain materially undervalued. We re-iterate our PT of 95p.
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 JET2 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 HBR RBW RMM RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF REDD
We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underl
Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE JET2 DEMG EMR FPO FST GTLY GENL INCE GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF CRDL MANO MOD MKLW OXIG PCA PANR APP PXC PHC HBR RBW RMM RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF REDD
Interim results for Brighton Pier offer no surprises following a January trading update, and confirm the Group is on track to meet expectations for FY19E. Revenues of £16.5m are £0.5m ahead of H1’17, despite railway works impeding access to Brighton from London, and the reopening of Fez being delayed. We expect FY19E revenues of £32.1m, with Adj. PBT of £3.2m and EPS of 7.1p, rising to 9.0p in FY20E. At just 5.0x FY20E p/e and with a FCF yield of 11.7% we suggest the heavily-asset backed shares
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The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium term market dir
Companies: 7DIG ABBY AMS ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE JET2 DEMG ELM EMR FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KCT KGH LAM MACF MOD MKLW OXIG PCA APP HBR RBW RMM RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF REDD
The Group released a trading update this morning for the six months to 31 December, with renewed guidance given for the financial year ended 30 June 2019. Golf continues to trade in line with expectation, with a 7th site due to open in April 2019, with an 8th site due for opening in FY20.
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Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Companies: Best of the Best plc
Dish of the day
No Joiners Today.
No leavers Today.
What’s cooking in the IPO kitchen?
EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more
Companies: XTR XLM VRS SUP ROCK SLE SEMP OHG HDD FIH
Companies: Marks and Spencer Group plc
Dish of the day
Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa has joined the Access Segment of the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021.
No Leavers Today.
What’s cooking in the IPO kitchen?
Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business ne
Companies: CZA AXL AEE CORA D4T4 EKF ORPH PWM PPH SYM
Despite the various challenges (Covid restrictions, Brexit, supply chain disruption), FY’22 results were slightly ahead of upgraded expectations. The angling market is not immune to the well-documented headwinds but, with numerous strategic initiatives strengthening its capabilities, including the recent launch of its EU DC, Angling Direct is cautiously optimistic about the scope to deliver market share gains and begin a new growth phase in Europe. Forecasts have been maintained and valuation is
Companies: Angling Direct Plc
Companies: Tortilla Mexican Grill Ltd.
easyJet’s H1 update looked good with in-line results (preliminary figures were communicated earlier), strong pricing power and improved hedging positions. No financial guidance was provided as this is a highly uncertain exercise in the current economic context. We however expect an increase in the consensus.
Companies: easyJet plc
Ajax Resources (AJAX.L) a special purpose acquisition company established to deliver shareholder value through the acquisition of businesses or production and development assets in the energy and natural resources sector, joins the Main Market. Raising gross proceeds of £1,342,000 at a price of £0.04p per IPO Share, of which the Board of Directors has invested an aggregated amount of £130k.
No leavers today.
What’s cooking in the IPO kitchen?
Financials Acquisition Corp, a spec
Companies: SEMP ACC BLU CAML IPX MAST MKA SDX AFC BOKU
M&B’s H1 FY21/22 performance was below our expectations. Although the Q2 lfl sales remained healthy, profitability suffered due to inflationary cost headwinds. The volume decline was more than offset by premiumisation and an increased spend per person. While M&B’s market outperformance is likely to continue, we expect the margin pressure to increase further, especially in the near-term. We will trim our financial estimates but maintain our positive stance based on the stock’s valuation.
Companies: Mitchells & Butlers plc
CVS Health entered 2022 with solid momentum and had a great first quarter. The company increased revenue by over 11% to $76.8 billion and adjusted operating income by nearly 7% to $4.5 billion. They increased memberships whereas the medical costs are in line with projections despite inflationary pressures. These results reflect their diverse product portfolio, in-depth knowledge of consumer health needs, and superior customer service. During the first quarter of 2022, CVS Health distributed over
Companies: CVS Health (CVS:NYSE)CVS Health Corporation (CVS:NYS)
Guild Esports appears positioned to accelerate audience growth and sponsorship revenues as its teams gain momentum and David Beckham increases promotional activity.
Guild released results for the year ended 30 September 2020, which was pre-revenue and before IPO funding. Post period end, the company signed a three-year £3.6m sponsorship deal and a smaller two-year sponsorship deal.
Companies: Guild Esports PLC
The veteran senior management Stephen Hester will succeed John Barton as easyJet’s new chair in December and the market applauds his arrival due to his experienced skills in corporate turnarounds. The share is up by 2%.
REACT Group plc (REACT), a leader in the specialist cleaning, decontamination and hygiene sector, has reported full year results to September 2021 which shows strong year-on-year growth, generated from both the core REACT business and the earnings enhancing acquisition of Fidelis. In line with its strategic focus, the majority of Group revenues are now under multi-year contracts providing good revenues visibility and this focus is expected to continue both organically and from targeted earnings
Companies: REACT Group Plc
Netflix had a mediocre quarter with 8.3 million subscriber additions, around 200k below the market expectations which resulted in a heavy correction in the stock price. The management forecasts 2.5 million paid net adds in Q1 along healthy retention with churn down, increased viewing time, and engagement. User acquisition has been growing a little slower than pre-COVID levels and the company is releasing many new originals with the objective of creating more and more global phenomena like ‘Squid
Companies: NETFLIX (NFLX:NYSE)Netflix, Inc. (NFLX:NAS)