Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CONCEPTA PLC. We currently have 9 research reports from 3 professional analysts.
|28Mar17 07:00||RNS||Directorate Changes|
|14Feb17 13:45||RNS||Change of Registered Office|
|09Jan17 07:00||RNS||Concepta achieves ISO13485 accreditation|
|08Nov16 07:09||RNS||New manufacturing facility in Doncaster|
|10Oct16 15:53||RNS||Issue of Equity|
|26Sep16 07:00||RNS||Chinese Manufacturing Agreement Signed|
|27Jul16 16:11||RNS||TR-1: Notification of major interest in shares|
Frequency of research reports
Research reports on
08 Feb 17
"The US Dollar rallied yesterday following a three-day losing streak. The WSJ Dollar Index, which measures it against a basket of 16 currencies, rose in response to the Fed’s Patrick Harker pointing to that March’s FOMC meeting as the likely one for the next rate hike. Being the principal barometer of confidence in the new administration, this spurred the Dow Jones and Nasdaq Composite to record levels at the open on Tuesday, while the S&P 500 was less than five points away from hitting another all-time high, before all three indices gave some of their gains back by the close. Crude prices sold off for the second day, weighed down by concerns of rising US shale production offsetting cuts by other major producing territories, while gold prices hovered close to a three-month high, as France’s leader of the far right National Front and Frexit campaigner, Marine Le Pen, was predicted to lead the first round of Presidential voting in April, ahead of an expected run-off in May. Indeed, survival of the Eurozone looks set to become investors new preoccupation in coming weeks, following Le Pen’s ‘Trumpian’ rendition of ‘presidential commitments’, which include reintroduction of the national currency, while the IMF yesterday warned that Greece once again risks ejection from the Euro amid stalled bailout talks, in the process sending a clear signal that it cannot be relied on to once again offer support for Europe’s failing states. Picking up the signal from the US equities, Asian markets also closed firmer across the board, with the Nikkei enjoying early weakness against the US$ while financials rallied to lift the ASX; the Shanghai Composite also recovered early losses, generated by news that China’s foreign exchange reserves had fallen below US$3tr for the first time in six years, in to end firmer. No significant macro releases are expected from the UK or Europe this morning, while the US is only due to provide MBA mortgage applications. Corporates expected to publish earnings or trading updates include Dunelm (DNLM.L), GlaxoSmithKline (GSK.L), Rio Tinto (RIO.L), Redrow (RDW.L) and Smurfit Kappa (SKG.L). With little new to divert investors at this morning’s London opening and no fireworks anticipated at today’s second Brexit bill vote, the FTSE-100 is expected to simply emulate the overnight markets, rising 5 to 10 points in early trading. " - Barry Gibb, Research Analyst
10 Jan 17
"The time for talking is almost over. In just ten days, having been handed the keys to the White House, Donald Trump instead has to start delivering. Reality will strike when he faces the fact that economic and political cycles always move at remarkably different speeds. Should he recognise this fact by toning down his more extreme remarks and adopting a more realistic stance regarding what and when he can deliver, many world leaders will heave a sigh of relief although it will also cool expectations of some presently over-excited markets, particularly in US equities and the Dollar. Such cautionary thoughts appeared to pervade the overnight markets, most of which ended mixed to modestly down, with the Nikkei being the principal casualty as the US$ slide from Monday's highs against the Yen gathered pace and local commentators speculated over the chances of the coming administration voicing concerns regarding the problem of supporting exceptional Dollar strength. Weakness in energy shares following the slump in oil prices also pressured the principal US equity indices, with only the tech-heavy NASDAQ remaining in positive territory. In Asia, the ASX follow suit while Chinese shares closed mixed with the more international Hang Seng finishing in the positive as the Shanghai Composite ended modestly down having received mixed inflationary signals of marginally slowing consumer prices for December while the Producer Price Index spiked sharply up to 5.5% from an annualised 3.3% in November. Having raised expectations of the UK heading to a 'Hard Brexit', Theresa May's weekend comments saw Sterling dive to below US$1.22 yesterday, which boosted the FTSE100 with its quoted Dollar earners the principal beneficiary. Some of this looks to be given back this morning, however, following a letter from John Vickers, a former Bank of England Chief Economist who was responsible for steering the 2011 Independent Commission on Banking. His note pointed out the fact that low market-to-book values might well be highlighting a problem with underlying asset quality, something that cannot be ignored when trying to stress test the system. These background noises will likely contrive a marginally weaker opening for London equities this morning, with the FTSE-100 seen down around 5 points in early trading. Little else of significance is due from the UK on the macro front today, having already seen release of the BRC Shop Price Index first thing, although later this afternoon the US publishes its Redbook Index and releases Wholesale Inventories for November. UK corporates scheduled to provide earnings or trading updates include Big Yellow (BYG.L), boohoo.com (BOO.L), Gocompare (GOCO.L), Just Eat (JE..L), Majestic Wine (WINE.L), Morrison Supermarkets (MRW.L), Nichols (NICL.L), Robert Walters (RWA.L) and Topps Tiles (TPT.L)." - Barry Gibb, Research Analyst
09 Dec 16
"The ECB surprised market traders yesterday by tapering its huge bond-buying program from next April. Extending asset purchases, that were due to end in March 2017, out to December but cutting from €80bn down to €60bn each month while leaving benchmark rates unchanged, met a mixed reaction from investors. Any reduction in asset buying must be seen to risk the Eurozone's own 'taper tantrum' that was witnessed in the US back in 2013. ECB members nevertheless clearly remain sensitive to potential economic and political instability across its 19-nations following Italian voter's recent rejection of constitutional reforms and key elections that are looming in 2017. As these various outcomes becomes more predictable, the ECB will likely provide greater guidance regarding the prospective duration and trajectory of its QE, which suggests the next round of tapering will likely be seen either at the September or December meetings next year. The immediate outcome of the action, however, was for the Euro to spike upward hitting a 1-month high against the US$, although it quickly gave most of these gains back, while bond yields pushed higher, with Italy and Spain not surprisingly leading the sell off, although long-dated German bund yields also reached their highest level in almost 12 months. Much of this background noise went virtually unnoticed in the US, where the Dollar continued its unabated rise, Treasuries fell and equities gained, albeit modestly, across all principal indices, with traders now taking a hike in short-term rates at next week's FOMC meeting virtually for granted. The Nikkei was the principal mover in Asia, rising more than 1% as asset managers celebrated the ECB's decision to extend its asset purchases along with relative Yen weakness; equity markets elsewhere in the region put on minor gains, despite Chinese consumer inflation figures reportedly rising for a third straight month in November, leaving only the Hang Seng falling back into the red, primarily due to a sharp sell-off of casino and gambling-related shares after the South China Post reported a prospective halving of ATM withdrawal limits in Macau for Unionpay bank card holders, presumably as part of the mainland's effort to rein-in this run-away activity in its provinces. The UK this morning is expected to release its Trade Balance figures and Construction Output data along with the Bank of England's Attitudes Survey, while this afternoon the US releases Consumer Sentiment and Wholesale Trade numbers. UK corporates expected to release earnings or trading updates include Abbey (ABBY.L), John Laing (JLG.L), Photo-Me (PHTM.L), Plant Impact (PIM.L) and SThree (STHR.L). Mixed sentiment accordingly pervades London equities this morning, with the FTSE-100 seen opening just fractionally firmer with a rise of perhaps 5 points in early trade." - Barry Gibb, Research Analyst
09 Nov 16
"Take a deep breath and weigh up the consequences. At the time of writing, Trump appears poised to capture the ultimate protest vote in a most divisive race that has exposed the deep divides across the States by class, race and gender. Just about every significant domino fell his way with even the Senate looking like it has been captured, which now leaves investors to ponder the pace at which he will attempt to fulfil his multitude of campaign pledges. While US equities closed overnight on a nervous, but still upbeat tone with all principal indices rising, only the Asian markets remained open as the results actually trickled in. Plunging amid wild volatility, the Nikkei was seen almost in panic as the Yen/US$ spiked sharply, with the ASX and Hang Seng also falling significantly while the Shanghai Composite held up surprisingly well despite Trump’s anti-free-trade rhetoric being pointed very much at the emerging markets. Treasuries, normally the best place to park money during times of turmoil are lurching lower as investors price in a less predictable occupant of the White House, along with expectations that Janet Yellen, who he accused of being Democratic stooge, is now unlikely to be given a second term as expectation of a Feb December rate hike also dives to below 50% from a peak of 84% in October. Europe will rue the likely collapse of TTIP while environmental campaigners also foresee Trump abandoning Obama’s Clean Power Plan. With S&P futures slumping as much as 5%, markets in Europe are predicted to suffer similar losses with the FTSE-100 seen down over 200 points in this morning’s opening trade. Largely irrelevant against this background, the UK will today will release trade data while also awaiting OECD leading indicators, although a scheduled speech from the Fed’s Kashkari this afternoon could throw up some significant points. A large number of UK corporates, including Burberry (BRBY.L), esure (ESUR.L), Experian (EXPN.L), Flybe (FLYB.L), Sainsbury’s (SBRY.L), SSE (SSE.L) and Tullow Oil (TLW.L). Today markets worldwide, that had been comfortably positioned for a ‘business as normal’ Clinton victory, will be subject to quite rampant volatility as they try to reposition themselves and seek out international safe havens, including gold. For the brave, this will throw up some quite exceptional buying opportunities as traders seek out the likely sectorial winners which seem to include Financials, Defence and Healthcare. " - Barry Gibb, Research Analyst
European partnership to lead to added value
26 Oct 16
Concepta is a small UK-based company that focuses on the development and commercialization of its medical diagnostic device MyLotus. The device, a consumer good, has been developed to improve the probability of conception for women with unexplained infertility (not pregnant after 12+ months trying). The development phase of the product has been completed and the company has already obtained commercialization approval in China. We expect first sales in China to be realized in 4Q16. The company will also file its product for approval to the UK regulatory agency for the marketing and commercialization of the product in the UK and in the EU as a whole. We expect regulatory approval before the UK leaves the EU. Concepta has one commercialization agreement with a distributor in China who focuses on marketing the device to both hospitals as well as to consumers directly through online sales. The company wants to expand and collaborate with other distributors in China in order to increase its reach. We believe the company will look for a partner for the commercialization of its product in the EU. Here, the device will be sold to consumers directly through online sales. We believe that the EU represents the most valuable market opportunity for Concepta. We think that the recently appointed and experienced CEO Mr. Henau will lead the company to break-even as soon as next year. In addition, we believe he will close a commercial partnership deal on the company’s device in the EU. This clearly is a very exciting time for Concepta. The company will soon commercialize its first set of products in China and later in the EU. Our main assumption, namely a commercialization partnership for Concepta’s device in the EU, justifies our estimated fair share price of 23.85p. This represents a premium of almost 20% on top of the current share price.
20 Apr 17
Although the last two months have seen a broadly neutral performance from the UK healthcare sector compared to a significantly more volatile 6 months prior, we continue to expect macro-events and increased geo-political risk to result in an overall neutral performance from the sector over the next period. However, company specific news is likely to drive a strong outperformance from selected mid-market companies. We retain our neutral sector stance whilst highlighting those we expect to outperform.
Positive top-line results in first iclaprim phase III clinical trial (REVIVE-1)
18 Apr 17
Motif Bio (LSE: MTFB, NASDAQ: MTFB), a late clinical stage antibiotic development company, announced positive results this morning in the first of its two iclaprim phase III clinical trials, REVIVE-1, comparing iclaprim to vancomycin in the treatment of acute bacterial skin and skin structure infections (ABSSSI). Iclaprim, a next-generation antibiotic targeting an underutilised mechanism of action which causes rapid killing of bacteria, is being developed for the treatment of serious and life threatening bacterial infections. On the key primary endpoint in the study, early clinical response at 48-72 hours after drug treatment began, 80.9% of patients on iclaprim achieved a positive response compared to 81.0% of patients on vancomycin, well within the 10% non-inferiority margin required by the FDA. Iclaprim was also shown to be safe and well-tolerated compared to vancomycin. With these positive results from REVIVE-1 we have increased the probability of success for the iclaprim development program from 65% to 75% raising our risk-adjusted NPV for Motif Bio to almost £240m or 122p per share (previously £210m and 107p per share).
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Sinclair Pharma - EBITDA upgrade for 2017, but lower TP due to warranty claim and costs
19 Apr 17
We have updated product-level forecasts and included the £10m SVB debt facility and £5m warranty claim settlement with Alliance Pharma in our forecasts. The 6.3% upgrade to our FY2017 sales estimate (from £46.0m to £48.9m) brings expected EBITDA profitability forward by one year (to FY2017 from FY2018). We remain positive on the ongoing rollout of Silhouette Instalift® in particular and retain our Buy recommendation. However, higher expected sales & marketing costs and the warranty claim weigh on our valuation: we downgrade our target price from 42p to 37p.
Positive REVIVE-1 Phase III study data
18 Apr 17
Motif Bio (MTFB) has announced positive top-line results from REVIVE-1, its global Phase III study comparing iclaprim to vancomycin in patients with acute bacterial skin and skin structure infections (ABSSSI). Iclaprim achieved the primary endpoint of non inferiority when compared to vancomycin, in both the early time point and test of cure endpoint. Iclaprim offers clinical advantages over existing hospital antibiotics that include the avoidance of renal toxicity, fixed dosage regimen and early response indications. With data from REVIVE-2 due out in H2 2017 we maintain our 125p price target and Buy recommendation.