Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Bidstack Group. We currently have 36 research reports from 2 professional analysts.
In-game spending should be regulated by gambling laws and so-called loot boxes banned entirely for children, MPs say. The industry's UK trade body responded it would "review these recommendations with utmost seriousness". Free video games often encourage players to buy virtual loot boxes, which contain an unspecified number of items to improve further game-play. This could have an impact on mobile game economics.
Companies: CDM FDEV KWS SUMO TM17 ARB BIDS GFIN MMX TECH TEK
Cloudflare, a California-based digital content delivery and Internet security company, raised its IPO price range this morning from a prior $10 to $12 interval to $12 to $14 per share. At its new prices, Cloudflare would be valued between $3.5 billion and $4.1 billion. Cloudflare's maximum IPO fund raise is now $563.5 million. Investors’ appetite for cloud offerings appears to remain robust. Ex- Oculus founder, Palmer Luckey’s new business, Anduril Industries, is building a virtual wall on the southern border of the US. His new venture is being valued at more than $1 billion in a new fundraising round, according to sources. Anduril describes itself as a company that "Invents and builds technology to secure America and its interests.". Virtual border controls feel like a natural evolution of physical barriers for a digital era. The Tokyo Game Show, Japan’s video gaming mega-conference, opened on Thursday with enthusiasts testing how ultra-high-speed 5G mobile data networks will impact the gaming experience ahead of the technology's commercial rollout in Japan in 2020. Game makers, related network developers, and esports promoters cite expect to benefit from nextgeneration wireless networks that are expected to allow players of increasingly popular online games to utilize faster downloads and smoother connections. 5G’s influence is only beginning to rise as coverage is rolled out.
Companies: CDM FDEV KAPE KWS SUMO TM17 AVST BIDS CNS DFX ECSC FLX GFIN IGP NCC OSI SOPH
The Apple Card is now available to all U.S. customers, the company said Tuesday. iPhone users can now apply for the card through the Wallet app "In minutes" and "Start using it right away with Apple Pay in stores, in apps and on websites" if they are approved, according to the blog posts. Apple, which is counting on recurring fees to boost revenue as iPhone sales slow, has been making a broader push to expand its services business via its 1.4 billion active devices.
Companies: BIDS CDM GFIN FDEV KWS SUMO TM17
Tencent shares slumped as much as 3.88% on Thursday after the Chinese technology giant missed analyst expectations, despite beating forecast on earnings. Revenue rose 21% year-on-year to 88.82 billion yuan. Profit attributable to shareholders beat analyst forecasts, rising 35% year-on-year to 24.14 billion yuan. The company's gaming division returned to growth, posting revenue of 27.3 billion yuan, up 8% year-on-year, with mobile games performing particularly well.
Companies: KAPE AVST BIDS CDM CNS DFX ECSC FLX FDEV GFIN IGP KWS NCC OSI SOPH SUMO TM17
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: BRH UPR PMP ELA TSG BIDS ALBA BILB ASH GOOD
Capital One announced on Monday that a data breach identified earlier this month exposed personal information of its customers, including social security details and bank account numbers. The Virginia-headquartered bank said in a news release that about 140,000 Social Security numbers of its credit card customers and around 80,000 linked bank account numbers were compromised. In total, Capital One said, "This event affected approximately 100 million individuals in the United States and approximately 6 million in Canada." Qualcomm and Tencent said on Monday they will cooperate on projects that could include making the Chinese company's videogames play better on devices with Qualcomm chips, and create a 5G version of a Tencent-backed gaming phone. Microsoft yesterday announced the acquisition of BlueTalon, a start-up whose software can prevent people from accessing certain high-value data that companies keep. Over time, the acquisition could help Microsoft's campaign to get companies feeling more comfortable with the idea of keeping sensitive data in its Azure public cloud, which competes with Amazon and other companies.
Companies: KAPE AVST CNS DFX ECSC FLX IGP NCC OSI SWG SOPH BIDS CDM GFIN FDEV KWS SUMO TM17
Apple is in advanced talks to buy assets from Intel's modem chip business, potentially acquiring patents and staff valued at $1 billion or more, the Wall Street Journal reported on Monday. Intel currently provides LTE modem chips for Apple's latest generation of iPhones. Qualcomm, the leading smartphone modem maker, dropped over 2% following the news, whilst Apple shares remained flat. Microsoft is investing $1 billion in Elon Musk's OpenAI to build artificial intelligence that can tackle more complex tasks, the companies announced Monday. Through the partnership, the companies will build new Azure AI supercomputing technologies and Microsoft will become OpenAI's exclusive cloud provider, according to the announcements. Antstream Arcade, a London start-up that makes a streaming platform for retro games, said it received a round of funding led by Chinese gaming and social giant Tencent. Antstream Arcade offers a monthly subscription service to more than 2,000 retro video games.
Companies: BIDS CDM FDEV GFIN TM17 SUMO
Nexon Co-founder Jungju Kim has abandoned plans to sell a controlling stake in its parent NXC, two sources with direct knowledge of the matter said, scuppering a potentially $16 billion deal that would have been the gaming sector's biggest. Kim had been looking to sell the 98.6% stake he and his wife hold in NXC, which in turn owns 48% of Tokyo-listed Nexon. Waymo is rolling out amenities to entice riders to use its self-driving taxis, creating a potential route to profitability in a money-losing industry. The Alphabet subsidiary is testing complimentary Wi-Fi in its robo-taxis in greater Phoenix, where hundreds of the company’s identical, driverless minivans have been carrying paying riders since December. British billionaire Richard Branson's space tourism unit Virgin Galactic plans to go public, the Wall Street Journal reported on Tuesday. The firm will list its shares as part of a deal with Social Capital Hedosophia Holdings, a special-purpose acquisition company created by venture capitalist Chamath Palihapitiya, the newspaper reported, citing people familiar with the matter
Companies: BIDS CDM GFIN FDEV KWS SUMO TM17 TRAK CPX SEE TCM TRCS QTX
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: SAR RFX FFI VRE TND TSI JSG BIDS MMH TRCS
Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb.
Companies: STOB NFC BKY TSG TMT BIDS MSYS GEO SPE LGT
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: ESG EUSP MOS MRS BIDS SOU ECO OMIP RTN DERR
Coverage of the equity securities of the following companies has been discontinued. Investors should no longer rely upon our previously published reports, valuation theses or estimates.
Companies: CGNR BIDS ONEV
Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | FFI Holdings— specialist in the provision of completion contracts to the entertainment industry for films, television, miniseries and streaming product. Offer TBA. Expected 30 June. | QUIZ— omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | Ethernity Networks—Schedule 1 from Israeli based specialist in data processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets . Expected late June. Offer TBA. | Jangada Mines—Sch 1 advanced stage PGM exploration project containing what the Directors understand to be the largest PGM resource, and only pre-development PGM project, in South America. Offer TBA. Expected late June. | Phoenix Global Mining— US Brown field copper play. Expected late June. Offer TBA | Touchstone Exploration— Oil E&P company active in the Republic of Trinidad and Tobago. Interests of approximately 90k gross acres. Production c. 1.3k boepd. Raising £1.5m. Expected mkt cap £7.5m - 26 June. | I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | ScotGems—Admission due 26 June. Seeking £50-£100m. To investing in a diversified portfolio of Small Cap Companies listed on global stock markets | DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale. | AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Valuation range €10.6-€13.3bn. Admission end June. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Companies: INQO SCE CNMI AUK MCL AAU TLOU SHG BIDS HALO
Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. 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. Schedule One from Lakehouse – an asset and energy support services group that constructs, improves, maintains and provides services to homes, schools, public and commercial buildings. Admission expected 11 May. Expected market cap £74m. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Companies: DFX VATN THRU ZIN OPM GROW KOD IME BIDS
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. | Integumen— Intention to Float from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.25m at 5p. Expected market cap £8.25m. Admission expected 5 April. | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April. | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Companies: STX TPG 1008 HYDG EME TRAK FLO SAT TLOU BIDS
Research Tree provides access to ongoing research coverage, media content and regulatory news on Bidstack Group. We currently have 36 research reports from 2 professional analysts.
|17Sep19 12:13||RNS||Notice of Results|
|30Aug19 11:03||RNS||Total Voting Rights|
|29Aug19 16:01||RNS||New contract with The Trade Desk|
|22Aug19 14:35||RNS||Change of Broker|
|19Aug19 11:45||RNS||Collaboration with Epic Games' Unreal Engine|
|13Aug19 14:06||RNS||Second Price Monitoring Extn|
|13Aug19 14:00||RNS||Price Monitoring Extension|
Despite macroeconomic headwinds, in its closing update Focusrite has confirmed consensus beating FY19 revenue (c £84m vs our forecast £79.8m) and EBITDA, reflecting the success of its global growth strategy and strength of the brands. The launch of the third-generation Scarlett product ranges in July has been well received, with further significant releases anticipated in H1 FY20. After including the recent £16.2m acquisition of ADAM Audio, net cash stood at £14.9m (FY18: £22.8m). We raise our FY19 and FY20 PBT forecasts by 4% and 3% respectively.
MJ Gleeson has announced 11% growth in PBT, 1% better than we expected. Homes operating profit grew 15%, lagging Homes volume growth of 25%, due to a well flagged and expected drop in margin as it becomes more expensive to build at faster rates in support of strong demand.
Companies: MJ Gleeson
ECSC Group plc* (ECSC.L, 72.5p/£6.6m) Interims: Managed Serivces boosts margins; positive start to H2 (11.09.19) | The Character Group plc* (CCT.L, 360p/£77m) Pre-close update: Scandinavia disappoints (13.09.19) | MTI Wireless Edge Ltd* (MWE.L, 29.5p/£25.8m) Contract win: Scope for growth (16.09.19)
Companies: ECSC CCT MWE
Facebook has been working to develop augmented reality glasses out of its Facebook Reality Labs in Redmond, Washington, for the past couple of years, but struggles with the development of the project have led the company to seek help. Now, Facebook is hoping a partnership with RayBan parent company Luxottica will get them completed and ready for consumers between 2023 and 2025, according to people familiar. Needless to say, we highlight a potentially substantial threat to Snap Inc, and a potentially huge opportunity for developers within the Facebook ecosystem.
Companies: EVRH ESYS BGO BOKU EQLS IMMO SMRT TECH VRE
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
Gleeson’s prelims confirm a strong conclusion to FY19 with PBT and EPS coming in 2% ahead of our expectations. Market fundamentals remain highly supportive of the Gleeson model and it is reassuring to see that the business has not missed a beat since the high profile leadership change in June. Gleeson Homes remains well on track for the current year and for the 2022 target for 2,000+ homes (vs. 1,529 completions in FY19). Gleeson Strategic Land is well positioned to continue to deliver consistent profits and cashflows and the decision has been taken to retain the business within the Group. We are long term supporters of the Gleeson model, which in our view remains compelling in the current environment.
Companies: MJ Gleeson
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
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 (henceforth UK gaming). Our stock-picking bias is towards companies with strong growth, profitability and cash conversion, consistent with our Arden Technology Thematic Framework. Considering company-level fundamentals we believe exposure to varying growth themes will produce dispersion, creating opportunities to identify relative winners. On this basis, we believe Codemasters (CDM LN), Sumo Group (SUMO LN) and Team17 (TM17 LN) are best positioned, and we are initiating coverage with Buy ratings, with Frontier Developments (FDEV LN) and Keywords Studios (KWS LN) on Neutral ratings.
Companies: CDM FDEV KWS SUMO TM17
Cairn Homes hits a point of maturity with these results; trading is good and the land bank is long (c15 years), but in addition, it is announcing its inaugural and progressive biannual dividend payment, and embarking on a €25m share buy-back plan. We retain our buy rating and set a Target Price of 160€c.
Companies: Cairn Homes
MTI Wireless Edge Ltd* (MWE.L, 22.2p/£19.4m) | Blackbird plc* (BIRD.L, 10.8p/£31.2m) | Mi-Pay Group plc* (MPAY.L, 8p/£3.7m) | Starcom plc* (STAR.L, 1.25p/£4.3m) | Character Group (The) plc* (CCT.L, 425p/£90.8m) |
Companies: MWE BIRD MPAY STAR CCT
Team17 reported a robust set of results this morning with HY revenues growing by 97% and adjusted EBITDA by nearly 145%. The continued strong performance from the groups back catalogue (100+ games), coupled with the launch of several new releases in the first half ensured revenue profile across FY19 was more H1 weighted than previous years (59% of our YE estimates). Management remain comfortable with consensus.
Solid H1 performance from The Character Group (CCT.L), the largest independent UKbased toy company, with good sell-through during Xmas 2018 against a difficult retail backdrop and the company has started 2019 with stocks well under control and a positive outlook. H1 FY19 included an initial contribution from OVG-PROXY. UK sales saw further growth whilst international sales, excluding the US, remained steady. CCT’s US business has yet to recover from the disruption caused by the failure of Toys R Us (TRU). Organic revenue growth was 4.2% as CCT continues to benefit from its balanced portfolio that combines a spine of core brands (Peppa Pig, Little Live Pets, and Stretch) and trend lines e.g. Soft ‘n Slo Squishies, Cra.Z.Slimy and MightyBeanz. CCT continues to add to its portfolio with own-developed, in-house ranges and via collaboration and distribution agreements, e.g. Goo Jitsu and Stretch variants. Forecasts unchanged but we increase our fair value to 640p from 596p, equivalent to a FY20 PER of 11.6x and 4.8% yield. The CCT investment case remains underpinned by the balance sheet with net cash of £19.8m and £33.5m of net assets.
Companies: Character Group
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
FDEV’s record FY19 results are ahead of our forecast, highlighting their strength as a leading videogame developer and publisher, with an estimated £65m+ of sales from licensed Jurassic World Evolution. Own-IP games continued to benefit from player engagement and there is a pipeline of releases, third party publishing and partner discussions running out to at least FY22.
Companies: Frontier Developments