Consort Medical Equity Research & Stock Reports

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21 Oct 19

Quarterly Research Outlook Autumn 2019

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 CDM CSRT TIDE CYAN DTG 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 PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

21 Oct 19

Quarterly Research Outlook Autumn 2019

23 Jul 19

Quarterly Research Outlook - Summer 2019

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

23 Jul 19

Quarterly Research Outlook - Summer 2019

11 Apr 19

Quarterly Research Outlook

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 underlying economic data that could ultimately undermine the recent market gains. In this context, we look at what the lead indicators and the market are telling us about the industrial cycle and the stocks most exposed to various industrial trends. The Q4 derating in short cycle industrials and autos had been vicious and while these sectors have seen a more solid footing in 2019, with earnings downgrades being priced in, it will likely take a trough in lead indicators before short cycle stocks can start to perform again and re-rate relative to the market.

Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE DTG 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 MNO MANO MOD MKLW OXIG PCA PANR APP PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF

11 Apr 19

Quarterly Research Outlook

01 Feb 19

Most popular equity research this week | 28 Jan - 1 Feb

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Companies: MODWJAARSATYMALHVSAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMKLWOXIGAPPSCPARSWRNOSUSKCTTRIVTCIQEZTFDEMGEMRBLVNGRIRMMHDYSHGRKHJHDTRAKSOLGVNETDTGLAMZOOPMOCALLHURCAMLANXIOGPCARBGPKGHTWDPIERHAYDREDDFLO7DIGSPERORGTLYW7LJOGPRSMKEYSINDIIBPORBWABBYGENLFSTGEEC

01 Feb 19

Quarterly Research Outlook

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 direction. These stocks, in general, represent attractive and well-managed businesses or assets, with share price catalysts and where valuations or recent stock performance provide investors with a good entry point.

Companies: 7DIG ABBY AMS ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG 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 PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

31 Jan 19

Quarterly Research Outlook

03 Nov 18

Most popular equity research this week | 22 Oct - 2 Nov

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Companies: HMIARSATYMAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMKLWOXIGAPPSCPARSWRNOSUSTRIVTCZTFDISWMHAMERFPMDEMGEMRBLVNGRIRMMHDYCKTSHGSXXRKHJHDTRAKSOLGPHDVNETDTGLAMPDGCALLHURCAMLAREANXIOGPCARBGPKGHTWDPIERHAYDREDDCAKENAH7DIGRORGTLYW7LJOGMNOKEYSGYGINDIIBPORBWABBYFLTRGVCGENLSFEFSTGEEC

03 Nov 18

Quarterly Research Outlook

The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.

Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA APP CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

23 Oct 18

Quarterly Research Outlook

20 Jul 18

Most popular equity research this week | 16 - 20 July

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Companies: HMIAPCAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMPACMKLWOXIGAPPSNXSCPARSWRNOSUSKCTTRIVTCZTFFPMDEMGAMOEMRBLVNHDYBGOSHGRKHJHDTRAKDTGLAMPDGCALLHURIOGPCAEUSPCDMPIERLSAIHAYDFDMREDDCAKENAHSPERORGTLYECSCGETBFUTRINCEINDIIBPORBWABBYKETLJELGENLABCBGEEC

20 Jul 18

Quarterly Research Outlook

In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a risk going forward.

Companies: AMER EMR HMI JOG PDG ABBY AMS AVON BLVN PIER CGS CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO GTLY GENL INCE GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA APP CAKE PDG RBW REDD RSW RNO RKH ROR SUS SCPA SHG KCT TRAK TRI VTC ZTF

18 Jul 18

Quarterly Research Outlook

14 Jun 18

Morning Song

1Spatial (SPA LN) Capital markets day highlights growth potential | Abzena (ABZA LN) Monetising the Abzena Inside portfolio | Consort Medical (CSRT LN) Prelims in line – another setback with Mylan | Gym Group (GYM LN) Positive corporate and premium pricing newsflow | N Brown Group (BWNG LN) In line update but number of moving parts might leave investors cold | Rathbone Brothers (RAT LN) Acquisition of Speirs & Jeffrey, no EPS accretion until FY20e | RhythmOne (RTHM LN) FY18 results show execution, EBITDA to almost quadruple in FY19 | Speedy Hire (SDY LN) Recovery delivered; Returns improving

Companies: ABZA CSRT GYM BWNG RAT RTHM SDY SPA

14 Jun 18

Morning Song

Companies: ABZA CSRT GYM BWNG RAT RTHM SDY SPA

07 Mar 18

Structural growth in a complex landscape

Pharmaceutical Services is a vast and varied landscape, reflecting the complexities in the discovery, development, manufacturing and monitoring of drugs and devices, all within a stringent regulatory environment. The overall growth prospects are highly favourable: drug development activity globally is on the up, led by smaller companies, which is driving demand for outsourced services. In this report we provide a breakdown of the sector into its main activity segments, and identify biologics, increasing service specialisation and consolidation as important value drivers. Finally, we present 15 companies (9 of which are publicly listed) that, in our view, are well placed to benefit from the sector’s secular growth trends.

Companies: ABZA BQE CSRT INS UDG CLIN ABZA HZD ERGO OXB

07 Mar 18

Structural growth in a complex landscape

Companies: ABZA BQE CSRT INS UDG CLIN ABZA HZD ERGO OXB

05 Dec 17

N+1 Singer - Consort Medical - In line interims, still waiting for a catalyst

Interims are in line. Revenues +6.1% reported, PBT+7.7% but adj EPS was only up 3.2% and Net Debt is still high at £97.1m. There is no new news on Mylan contract for generic Advair and we do not expect to hear anything until mid-2018. A couple of small contracts have drifted away. We make only minor changes to our estimates and don’t see any catalysts in the short term. The shares now trading on 17.7x P/E to Apr-18, 12.4x EV/EBITDA - not obviously cheap without growth picking up but maybe there is enough promise on the Mylan contract to keep people interested for now. We move to Hold from Buy.

Companies: Consort Medical

05 Dec 17

N+1 Singer - Consort Medical - In line interims, still waiting for a catalyst

Companies: Consort Medical

20 Oct 17

N+1 Singer - Consort Medical - FY results in line with expectations; reiterate Buy

Today’s FY results are in line with our expectations, highlighting an improving operating performance at Aesica. The core Bespak delivered an in-line performance, impacted as expected by the termination of the supply agreement with Nicovations. We reiterate our Buy recommendation (upgraded from Hold in December 2016) and 1,125p target price.

Companies: Consort Medical

15 Jun 17

N+1 Singer - Consort Medical - FY results in line with expectations; reiterate Buy

Companies: Consort Medical

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Consort Medical. We currently have 62 research reports from 7 professional analysts.

Today1 dy
1 month1 mo
3 months3 mo
1 year1 yr
5 years5 yr

Open

N/A

Range Today

N/A

52 Week

710/1075p

Daily Volume

N/A

# Shares

49.4m

Daily Liquidity

(0.03%)

Pension Liability

£44.5m

Enterprise Value

£467.6m

Market Cap

£498.6m

Latest PE (hist)

11.82

Div Yield

2.85

Latest News/RNS

(more news)

Date	Source	Announcement
06Feb20 17:00	RNS	Notice of Cancellation of Listing
06Feb20 16:31	RNS	Director/PDMR Shareholding
06Feb20 13:30	RNS	Holding(s) in Company
05Feb20 17:30	RNS	Consort Medical
05Feb20 16:51	RNS	Holding(s) in Company
04Feb20 16:19	RNS	Offer declared Wholly Unconditional
03Feb20 12:00	RNS	Additional Listing

Frequency of research reports
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Consort Medical
Providers covering

Consort Medical

10 Feb 20

ReNeuron Group - Zero overhang

The last 16.42% of the former Woodford stake in ReNeuron has now been sold to Obotritia Capital. The rest of the former Woodford stake, 16.58%, is now managed by Schroders in an investment trust. Removing the 16.42% overhang should help the shares to stabilise and recover. Clinically, ReNeuron aims to present more retinitis pigmentosa eye data during 2020 adding to the strong initial data. Stroke data from the CTX PISCES III trial are expected around mid-2021. We value ReNeuron at £197m, unchanged.

Companies: Reneuron Group

06 Feb 20

Running the Slide Rule over SDI

SDI was selected in finnCap’s Slide Rule QVGM+ top 30 stocks in Q1 2020, reflecting the projected strong sales and EPS growth over the next two financial years of 30% and 31% respectively, buoyed by recent acquisitions but more importantly the rising ROCE. The prospect of sustainable organic growth is considered likely for this buy-and-build model given ongoing investment to support portfolio companies’ ambitions. These quality metrics are also seen in Judges Scientific (a larger buy-and build investment story), which despite three-year 9% EPS CAGR, trades on a FY 2020 P/E of c.25x and FCF yield of 4.2%. Given the successful acquisition and integration of 11 businesses over the past six years, and mindful of opportunities that still exist for SDI, we are raising our target price to 105p, which brings the valuation into line with Judges. This implies FY 2021 EV/EBIT and P/E multiples of 19.6x and 24.5x, respectively.

Companies: Scientific Digital Imaging

13 Feb 20

LIBERUM: Futura Medical* - Positive discussions with EU regulator and US timeline reiterated

Futura has published an update on its progress with the EU and US regulators today. Following positive conversations with an EU Notified body (regulator) it began formal proceedings yesterday to get MED3000 (control arm in FM57 study) approved as a medical device in Europe and is on-track to submit its technical file for approval in mid-2020.

Companies: Futura Medical

12 Feb 20

Sales momentum decelerates in Q4; margin to remain under pressure

Despite the pick-up in sales in the vaccines segment, GSK’s Q4 19 organic revenue growth decelerated to +2% due to a poor show in the pharmaceuticals segment – weighed down by generic and competitive pressure. Profitability was impacted by higher R&D spend and further pressure is on the cards as GSK tries to push new drugs into the market. The consumer healthcare JV restructuring programme should also be a short-term dampener, however, an IPO could help in unlocking value in the mid-term.

Companies: GlaxoSmithKline

03 Feb 20

Hardman & Co Monthly: February 2020

We recently published a paper, Share ownership: For the many, not the few, based on a statistical survey of share ownership, produced jointly with Argus Vickers, the share analysis service. The Office for National Statistics (ONS) has now issued its equivalent survey. This paper compares its results with ours. Although there are, inevitably, differences in the detail, the two surveys reach the same conclusions.

Companies: AVO AGY ARBB CLIG DNL FLTA GDR MCL NSF PCA PIN PXC PHP RECI RMDL STX SCE TON VTA

13 Feb 20

Trading update

A positive trading statement for the year to 31 January indicates a positive adjusted EBITDA compared with our forecast £0.2m loss, with adjusted PBT in line with expectations. Whilst ROW distributor sales, which can be lumpy, helped to offset lower than expected US revenues, LiDCO is gaining traction with the HUP offering. Whilst growth in the US was strong YoY, it was however somewhat below our expectations, due to the rate of HUP licence wins being slower than originally anticipated, rate-limited in part by the number of sales reps. Net cash at year-end was £1.4m (FC est. £1.2m) and is considered sufficient to execute on LiDCO’s strategic objectives. Despite FY 2021 revenue downgrade to reflect the lower exit of HUP adoption, we maintain our 11p target price. Rolling forward the multiples, the stock would trade on 3.0x FY 2021 EV/Sales.

Companies: Lidco Group

11 Feb 20

SP Angel Healthcare Conditions

Hemogenyx Pharma (HEMO.L): Approval of Hu-PHEC cell therapy patent | e-therapeutics (ETX.L): Board restructuring

Companies: Hemogenyx Pharmaceuticals e-Therapeutics

13 Jan 20

Cenkos: Diaceutics Plc -- Beat and raise

Revenue, earnings and cash are all ahead of forecast. 2019E was an excellent year for the business and the IPO proceeds are only just beginning to positively impact trading. We are upgrading our revenue forecast for 2020E. Nexus is on course for delivery later this year and we see this platform approach as key to fully productising the business and generating further shareholder value. Buy.

Companies: Diaceutics

09 Sep 19

Good progress, strong pipeline

The Totally AGM will be held at 15.00 today and the Chairman will state that Totally has made good progress since the acquisition of Greenbrook Healthcare in June 2019 and the integration of the acquisition, focussed on unplanned care, was proceeding satisfactorily. In addition, positive progress has also been achieved in planned care with new contracts being awarded as well as contract extensions and successful pilot schemes. With the half year shortly to be completed we remain comfortable with our forecasts and our view that fair value of 20p is achievable.

Companies: Totally

15 Oct 19

Interims – no change to forecasts

LiDCO reported interims to 31 July 2019, which contained no surprises in light of the 20 August trading update, although the revenue mix was slightly different to the anticipated figure. H1 performance continued to be influenced by the transition, particularly in the UK, from capital sales to SaaS licenced High Usage Programme (HUP) monitors, which typically results in destocking of older smartcard consumables ahead of the transition, as well as being able to recognise only part of the annual licence fee depending on timing. Despite this, LIDCO product revenues increased 10%, resulting in substantially reduced adjusted LBITDA and pre-tax loss of £0.2m (vs. -£0.8m) and £0.8m (vs. -£1.3m), respectively, demonstrating the operational leverage within the business. We remain confident that the pipeline of HUP interest, given the inherent economic benefits that HUP offers to high volume users, will convert to long-term licence revenue. We leave our adjusted pre-tax forecast unchanged and reiterate our 11p price target.

Companies: Lidco Group

16 Oct 19

FY 2019 results: new three-year financial plan

Full-year results were in line with July’s trading update. Revenues grew by 18% CER, with a stronger-than-expected UK performance (+9% vs +2% in FY 2018), driven in part by the launch of new products, supporting the continued expansion in international markets (+26%) that now account for 55% of group revenues. The expected response to Tristel’s pre-submission request to the FDA, expected in December, should help determine the next steps for US registration. We maintain our FY 2020 adjusted pre-tax profit forecasts (+16%) with changes to reflect IFRS16 and introduce FY 2021 forecasts for 10% and 7% revenue and EPS growth. These are towards the bottom of Tristel’s newly set three-year financial plan, which bodes well for potential upside given the strong delivery over the past three years. Our unchanged 325p target price implies a 4% FY 2020 FCF yield.

Companies: Tristel

08 Jan 20

Cenkos: Intelligent Ultrasound Group Plc -- Trading update

Intelligent Ultrasound has provided a trading update on 2019E, a significant year in the company's development, highlighted by the signing of a co-development agreement in July for its lead artificial intelligence (AI) product with a world leading ultrasound equipment manufacturer. While revenues for the year are expected to come in slightly below our expectations, the FUJIFILM SonoSite agreement (announced Oct-19), should support double-digit growth in FY20E. We maintain our Buy recommendation.

Companies: Medaphor Group

30 Jan 20

Cenkos: Creo Medical Group Plc -- Foundations for energising 2020

Creo Medical released a trading update for the year ending Dec-19, announcing trading in-line with expectations and confirming the year saw the company generate its first commercial Speedboat revenues. More significantly, Creo indicated excellent regulatory progress, continued the roll out of its Clinical Education Programme and initiated third-party manufacturing to meet the demand the company expects to see during 2020E. With an expectation of more trained users, regulatory approvals and increased commercial demand, 2020E is set to be an energising year for Creo Medical. We maintain our Buy recommendation.

Companies: Creo Medical Group

07 Feb 20

SP Angel Healthcare Conditions

Novacyt (NCYT.L): Update on novel coronavirus test

Companies: Novacyt

11 Feb 20

Good 2019, despite ‘relatively’ sluggish Q4

Roche ended 2019 on a subtle note, with erosion of key off-patent drugs capping gains from new high-potential drugs like Ocrevus, Hemlibra and Tecentriq. Nevertheless, full-year sales growth was 9% CER vs. early-2019 guidance of low-to-mid single-digit growth. While the group’s pipeline – especially in oncology, remains impressive, relatively muted 2020 guidance (vs. Novartis) is an indication of the biosimilar impact eventually gathering momentum.

Companies: Roche Holding

Equity Research, Broker Reports, and media content on Consort Medical

Latest Content

Quarterly Research Outlook Autumn 2019

Quarterly Research Outlook Autumn 2019

Quarterly Research Outlook - Summer 2019

Quarterly Research Outlook - Summer 2019

Quarterly Research Outlook

Quarterly Research Outlook

Most popular equity research this week | 28 Jan - 1 Feb

Most popular equity research this week | 28 Jan - 1 Feb

Quarterly Research Outlook

Quarterly Research Outlook

Most popular equity research this week | 22 Oct - 2 Nov

Most popular equity research this week | 22 Oct - 2 Nov

Quarterly Research Outlook

Quarterly Research Outlook

Most popular equity research this week | 16 - 20 July

Most popular equity research this week | 16 - 20 July

Quarterly Research Outlook

Quarterly Research Outlook

Morning Song

Morning Song

Structural growth in a complex landscape

Structural growth in a complex landscape

N+1 Singer - Consort Medical - In line interims, still waiting for a catalyst

N+1 Singer - Consort Medical - In line interims, still waiting for a catalyst

Most popular equity research this week | 16 - 20 Oct

Most popular equity research this week | 16 - 20 Oct

Most popular equity research this week | 7 - 11 Aug

Most popular equity research this week | 7 - 11 Aug

N+1 Singer - Consort Medical - FY results in line with expectations; reiterate Buy

N+1 Singer - Consort Medical - FY results in line with expectations; reiterate Buy

Research, Charts & Company Announcements

Latest News/RNS

Frequency of research reports

Research reports on

Consort Medical

Providers covering

Consort Medical

Research on related companies

ReNeuron Group - Zero overhang

Running the Slide Rule over SDI

LIBERUM: Futura Medical* - Positive discussions with EU regulator and US timeline reiterated

Sales momentum decelerates in Q4; margin to remain under pressure

Hardman & Co Monthly: February 2020

Trading update

SP Angel Healthcare Conditions

Cenkos: Diaceutics Plc -- Beat and raise

Good progress, strong pipeline

Interims – no change to forecasts

FY 2019 results: new three-year financial plan

Cenkos: Intelligent Ultrasound Group Plc -- Trading update

Cenkos: Creo Medical Group Plc -- Foundations for energising 2020

SP Angel Healthcare Conditions

Good 2019, despite ‘relatively’ sluggish Q4

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