Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CONCEPTA PLC. We currently have 6 research reports from 3 professional analysts.
|08Dec16 07:00||RNS||Appointment China Country Manager|
|08Nov16 07:09||RNS||New manufacturing facility in Doncaster|
|10Oct16 03:53||RNS||Issue of Equity|
|26Sep16 07:00||RNS||Chinese Manufacturing Agreement Signed|
|21Sep16 07:00||RNS||New Laboratory Opening|
Frequency of research reports
Research reports on
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.
27 Sep 16
"European markets this morning look set to celebrate a better than expected performance by Hillary Clinton at last night’s televised debate. When being watched live by some 100m Americans, simply tripping up on one or two well-timed soundbites can be enough to threaten opportunity for any presidential hopeful. As it happened, Donald neither manages to rile his opponent nor land a killer blow; Hillary, on the other hand, perhaps came across as better prepared and more knowledgeable. In fact, the markets finally appear to have sensed that Trump is now unlikely to end up securing control of Congress, which a good number of his radical policy would undoubtedly need to squeeze through but, without which, his Presidency would likely end up something of a damp squib. The most obvious confirmation of this was seen last night in the foreign exchange markets as the Mexican Peso surged from its record low during the debate; London on the other hand is seen as the first equity markets to provide a genuinely considered reaction, on the back of which the FTSE-100 looks set to rise 40 plus points in early trading. Europe is likely to follow suit, despite ECB President, Mario Draghi, leaving quite a clear message to investors yesterday that monetary policy has its limitations and that he was now looking to other policy makers to play their part too - which all means further interest rate cuts are now increasingly unlikely. Closing before the debate began, all principal US equity markets ended quite sharply down as the widespread sell-off in banking shares that began in Europe, with German Chancellor Merkel pointedly ruling out any idea of a State bail-out of distressed Deutsche Bank, hit sentiment. Asia similarly ended mostly down, but rallied somewhat in late trading in response to the debate, with the Nikkei regaining its composure after suffering badly from Yen strength early in the session while the Hang Seng moved positive after a flat opening. Traders in London will this morning be awaiting a WTO Trade Report and the CBI’s Monthly Distributive Trades Survey while, later on this afternoon, the US releases Consumer Confidence data. UK corporates reporting earnings or trading updates include AG Barr (BAG.L), boohoo.com (BOO.L), Close Brothers (CBG.L), Panmure Gordon (PMR.L), Thomas Cook (TCG.L), United Utilities (UU..L) and Wolseley (WOS.L). Market traders will also be keen to hear more on media reports that Disney is the latest to have cited interest in making an offer for Twitter." - Barry Gibb, Research Analyst
22 Sep 16
"No surprise there then! The Fed left short-term rates unchanged and concluded that, despite the Committee remaining riven by lack of consensus, the case for a rate increase has further strengthened. Fed Funds betting is still for one single 25bp move to take place before the year end, most likely in December. As unlikely as it seems right now, some decisive spike enough to push inflation close to the 2% goal, or for the unemployment rate to test the 4% level, looks to be needed before the FOMC can again achieve clear majority. Nevertheless, the broader economic picture painted by the Fed remains reasonably upbeat, with officials continuing to project two more hikes in 2017, taking the rate to between 1% and 1.25%, followed by three in each of 2018 and 2019, whereupon the discount rate could be as high as 2.75%. Celebrating the news that there is still three or so months before the first of these is actually delivered, all principal US equities markets put in good performances on reasonable volume, with the NADAQ recording its eight record close of the year. Riding on their coattails Asian markets did likewise, with Hong Kong and South Korea's Kospi both closing up more than 1% while other regional indices followed not far behind, leaving only Japan, closed for its Autumn Equinox holiday, to miss out on the party. That said, the strengthening of the Yen that immediately followed the Fed's decision is likely to sap the Nikkei's enthusiasm when it re-opens tomorrow. Market watchers will have a lot of macro information to chew over in Europe today, with the UK Financial Policy Committee due to make a press statement and the release of the CBI's Industrial Trends Survey, while BoE Governor Mark Carney is due to make a speech in Berlin. Elsewhere, publication of the ECB's economic bulletin and Eurozone consumer confidence data is also due this morning. UK corporates due to release earnings include Armadale Capital (ACP.L), Cambridge Cognition (COG.L), Crimson Tide (TIDE.L) and Fishing Republic (FISH.L), along with an AGM statement from Micro Focus International (MCRO.L). Traders will also be keeping an eye on crude prices which made reasonable gains during Asian trading following yesterday's US inventory data release which confirmed the third consecutive week on drawdown. The FTSE-100 is seen rising over 30 points during this morning's opening trade." - Barry Gibb, Research Analyst
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
Panmure Morning Note 02-12-16
02 Dec 16
We expect CareTech to report FY results to September on 8th December. A positive trading update in October indicated that performance for the year was in line with market expectations therefore we are focusing on the outlook. We expect a confident statement since the end of 2016 showed positive trends across fee rates, expansion in places and occupancy. We believe CareTech is well positioned for further expansion, and remains at an attractive valuation. We retain our BUY and 380p price target.
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
Panmure Morning Note 05-12-16
05 Dec 16
This week will see Chi-Med present data on both fruquintinib and epitinib at the 17th World Conference on Lung Cancer, concerning two proof-of-concept trials in non-small cell lung cancer (NSCLC). This morning, the poster presentation ‘A Phase I Study of Epitinib To Evaluate Efficacy And Safety In EGFR Mutation Positive (EGFRm+) NSCLC Patients With Brain Metastasis’ is available for investors to view on Chi-Med’s website.
Panmure Morning Note 01-12-16
01 Dec 16
Last month we highlighted the ongoing trajectory of Tuzistra sales, noting the impact of significant investment in the modified marketing strategy for Tuzistra, supported by the step up in sales personnel and increased marketing expenditure. This morning’s AGM statement and trading update gives some further colour on progress.
First patients enrolled in AML Phase II trial
06 Dec 16
Hybrigenics has started dosing the first patients in France and the US in a double-blind, placebo-controlled Phase II study in elderly or frail acute myeloid leukaemia (AML) patients. Data are expected in Q418 or H119. Additionally, an open-label Phase II study in patients with chronic myeloid leukaemia (CML) in combination with imatinib continues; an update will be provided by Q117. Hybrigenics has an R&D collaboration with Servier focused on oncology, from which it received a €1.5m milestone payment in H216. Our updated valuation is €146.1m or €4.1/share.