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
Monreal PLC—AIM cash shell moving to NEX by taking advantage of opportunities to invest in the technology, media, and telecom (TMT) sector. Due 03 July
Ananda Developments— Company has been established to invest in the developing market for medicinal or therapeutic Cannabis derivatives, or related products. Raising £750k at 0.45p with market cap of £1.3m. Due 04 July
Companies: ANP ANP AOR BCA TND TLOU DKL VNET EUSP KAPE ODX
VR Education Holdings—a virtual reality software and technology company. Raising £6m, mkt cap c €22m. Due 12 March
SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money.
Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd
Stirling Industries—Acquisition vehicle focusing on industrials. Offer TBA. Due 5 March.
GRC International Group— holding company for a group of companies providing a range of products and services to address the IT governance, risk management and compliance requirements of organisations. Offer raising £5m at 70p with market cap of £40.2m, expected 5 Mar 2018
Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area. Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. Expected Mid March
Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due Early March
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
Companies: INQO NUOG TND MPAY SYN K3C ORR IQE CWR
GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m.
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, mini-series 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. Postponed.
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
Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: VLS BION EGIC FDEV UNG TND LTHM REDX CREO CTEA
RedstoneConnect (REDS.L) | Paysafe Group (PAYS.L) | 1Spatial (SPA.L) | MayAIR Group (MAYA.L) | Staffline (STAF.L) | Autins Group (AUTG.L) | Tandem group (TND.L) | Kromek (KMK.L) | CentralNic (CNIC.L) | Coinsilium (NEX:COIN)
Companies: PAYS MAYA STAF AUTG TND KMK CNIC COIN SMRT SPA
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tandem Group.
We currently have 5 research reports from 1
A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
Edison Investment Research is terminating coverage on ADMIE Holdings (ADMIE), AJ Lucas Group (AJL), Australis Capital (AUSA), Elbit Medical Technologies (EMTC), Focusrite (TUNE) and PPHE Hotel Group (PPH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Previously published reports can still be accessed via our website.
The pandemic concluded a disappointing year for Brand Architekts. However, trading in Q4 was slightly better than management had anticipated/highlighted in April and, at £18.0m, the net cash position has marginally improved since that time too. Online performance, including DTC, was especially strong. Given ongoing potential and richer margins from DTC development, this is encouraging. Crucially, the new and experienced leadership team is in place and, given clarity of direction, the board is confident in the group’s long term prospects. With a market cap of £19m and £18m of net cash, we look forward with anticipation to an update on strategy on 28 Sept (prelims).
Companies: Brand Architekts Group
Covid-19 could be the catalyst for build-to-rent (BTR) to “come of age” according to residential for rent developer and manager Watkin Jones. It was already ramping up BTR alongside its core of student accommodation, but we now believe demand for purpose-built private rental could be further boosted by people choosing to rent and by an institutional hunger to replenish dwindling sources of yield. The recent interims showed BTR overtaking student housing’s pipeline and we believe WJ’s low-risk, capital light model is tailormade to serve this burgeoning market.
Companies: Watkin Jones
Today’s year end update confirms that FY20 has concluded in line with current market expectations, with no surprises just three weeks on from the last update. As we have heard recently from other listed housebuilders, demand appears to be coming back strongly (net daily reservations now at 80% of pre-COVID levels) and build activity is steadily improving (currently at 60% of pre-COVID levels and expected to reach 80% by September). The most striking feature of Gleeson’s update is the ambition to resume previous site opening plans (25 new sites targeted for FY21) and, thereby, to fulfil the strategic plan of completing 2,000 homes p.a. in FY22.
Companies: MJ Gleeson
Much has been written about the effects of the virus on the world and on the stock market. Here is one analyst’s take on some of the likely impacts on the way we should look at companies. This article was originally produced as a blog, “10 Changes Post Virus”, which was published a few weeks ago.
Companies: AGY ARBB ARIX DNL GDR NSF PCA PIN PHNX PHP RE/ RECI STX SCE SIXH TRX SHED VTA
COVID-19 update: div. suspended, expect downturn in orders
Companies: Headlam Group
Portmeirion has provided an AGM trading update this morning effectively covering 20 weeks of H1. Online commentary is upbeat and export demand has sufficiently picked up for management to partially reopen the ceramics factory. Unsurprisingly the core retail demand in UK/USA remains subdued but we should stress Q2 (Apr-June) accounts for c25% of sales – 60% of sales and 80% of profits are made in H2. Investors should also take huge comfort around the balance sheet. Pro-active actions to minimise cash outflow means a significantly low cash burn of <£1m for the whole of Q2, whilst liquidity headroom of c£15m on our estimates is highly reassuring in the current climate. Management remain committed to reinstating the dividend once deemed prudent to do so. N+1 Singer currently has no formal forecasts in the market and will initiate coverage in due course. The stock has recovered from its 240p low in March and trades on a historic P/E of 7x and 4.5x EV/EBITDA with a >10% FCF yield and a NAV of 452p. Fundamentally the legacy brand portfolio is an attractive cash-cow with broad international appeal and significant brand equity. We feel this provides the foundation to support an exciting NPD/online/Wax Lyrical led strategy recently unveiled by the new CEO. The share price at the current depressed level presents an attractive entry point for investors looking for deep value, asset backed plays on a mid-term basis.
Companies: Portmeirion Group
GaaS and eSports a welcome boost; Buy
The ongoing pandemic only serves to underline business models that are robust, and those that aren’t. This morning’s trading update from UPGS puts them firmly in the winners’ category. As the company approaches the final weeks of FY2020, it not only reports “better than expected progress” against an uncertain business backdrop, but also that revenue and key profit measures for the year should be ahead of current market expectations. Furthermore, online as a portion of total business should record a fourth consecutive increase, providing additional flexibility and strength in the case of a second wave.
Companies: Up Global Sourcing
Churchill China has had another strong trading period and this is articulated in today’s H1 trading update. The business continued to sustain good export momentum, led by Europe, whilst UK Hospitality also moved forward despite Brexit uncertainty. We are lifting our 3 year EPS forecasts by 3.5%-4.0% this morning and see the risk on the upside as the year progresses. The shares currently trade on a 2019 P/E of 20x falling to 18x. On a 12m view we see fair value >1850p (22.5x FY20 P/E). Overall, today’s news further reinforces Churchill’s ongoing value creation and growth attributes. Non holders should take a close look at this high quality small-cap stock operating in an attractive global market with secular growth features.
Companies: Churchill China
Focusrite’s revenue has been driven by acquisitions against a period of tough comparatives for the core brands. Current trading looks more encouraging for the majority of the brands, which is leading to gross margin improvements and a better outlook for EBITDA margin. We upgrade EBITDA forecasts for FY20e and FY21e by c 7%, but a higher tax rate in FY21 limits EPS upgrades in that year. For FY20e, an EV/EBITDA of 15.4x and a P/E of 24.9x are above long-term averages.
Gleeson has issued an encouraging update on its recent site re-openings, construction activity and customer engagement. Sites are reopening as planned (62 out of 67 reopened) and customer demand is recovering well. Reservation levels are now at 70% of pre-COVID levels, up from 25% in recent months. The forward order book for sales in the next financial year stands at a very strong £135.2m on 940 plots (30th June 2019: £87.6m on 677 plots) and Gleeson is working to improve build rates within COVID-19 Secure protocols. The Group is in good financial shape after the recent placing and strategic growth plans are very much intact.
FY19 results: as expected with a robust outlook
Walker Greenbank has a tangible strategic impetus under its new management team with a clear business model migration plan. While COVID-19 related market effects are affecting near-term trading – and the decision not to pay an FY20 final dividend – they are also presenting opportunities. Our estimates remain suspended for now ahead of the AGM on 29 July when an update on trading and the financial position can be expected.
Companies: Walker Greenbank