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  • 27 Aug 19

Foreign buyers gorging on UK stocks

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

  • 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

  • 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 PARK PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF

  • 01 Feb 19

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

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Companies: ESGMODARSATYMALHVSAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMKLWOXIGPARKSCPARSWRNOSUSKCTTRIVTCIQEZTFDEMGEMRBLVNGRIRMMHDYSHGRKHJHDTRAKSOLGVNETDTGLAMZOOPMOCALLHURCAMLANXIOGPCARBGPKGHTWDPIERHAYDREDDFLO7DIGSPERORGTLYW7LJOGPRSMKEYSINDIIBPORBWABBYGENLFSTGEEC
  • 31 Jan 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 PARK PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

  • 03 Nov 18

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

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Companies: HMIARSATYMAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMKLWOXIGPARKSCPARSWRNOSUSTRIVTCZTFDISWMHAMERFPMDEMGEMRBLVNGRIRMMHDYEKTSHGSXXRKHJHDTRAKSOLGPHDVNETDTGLAMPDGCALLHURCAMLAREANXIOGPCARBGPKGHTWDPIERHAYDREDDCAKENAH7DIGRORGTLYW7LJOGMNOKEYSGYGINDIIBPORBWABBYFLTRGVCGENLSFEFSTGEEC
  • 23 Oct 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 PARK CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

  • 20 Jul 18

Most popular equity research this week | 16 - 20 July

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Companies: HMIAPCAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMPACMKLWOXIGPARKSNXSCPARSWRNOSUSKCTTRIVTCZTFFPMDEMGAMOEMRBLVNHDYBGOSHGRKHJHDTRAKDTGLAMPDGCALLHURIOGPCAEUSPCDMPIERLSAIHAYDFDMREDDCAKENAHSPERORGTLYECSCGETBFUTRINCEINDIIBPORBWABBYKETLJELGENLABCBGEEC
  • 18 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 PARK CAKE PDG RBW REDD RSW RNO RKH ROR SUS SCPA SHG KCT TRAK TRI VTC ZTF

  • 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

  • 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

  • 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
  • 20 Oct 17

Most popular equity research this week | 16 - 20 Oct

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Companies: ESGSEEPLIFARNCSRTBTGAMSPHTMSYMDPHLGTEKFANCRRGDIMMVECAGYTSTLCTHBOTBDOTDVERBVXPSCLPABCFULDNLVLGHZDSHOECAKEC4XDSCSMTPHIDPRBGFISHHOTCJOULHCMMXCT
  • 10 Aug 17

Most popular equity research this week | 7 - 11 Aug

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Companies: PLISQSFARNCSRTBTGCTOAMSLGENSNXSUSDPHFA/EKFANCRIMMAGYCTHVERSPHRSCLPABCCNEKWSEVRHDNLBBSNEUSPVLGHZDFDMC4XDMTPHECSCPLUSTRMRHCMMXCTPPIXQRT
  • 15 Jun 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

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Consort Medical. We currently have 49 research reports from 7 professional analysts.

Open
N/A
Range Today
N/A
52 Week
700/1222p
Daily Volume
N/A
# Shares
49.4m
Daily Liquidity
(0.02%)
Pension Liability
£44.5m
Enterprise Value
£672.2m
Market Cap
£386.0m
Latest PE (hist)
17.51
Div Yield
1.85

Latest News/RNS

(more news)
Date Source Announcement
13Sep19 09:03 RNS Director/PDMR Shareholding
11Sep19 14:54 RNS Result of AGM
11Sep19 07:00 RNS Annual General Meeting Trading Update
29Aug19 12:06 RNS Director/PDMR Shareholding
16Aug19 11:08 RNS Director/PDMR Shareholding
12Aug19 16:30 RNS Director/PDMR Shareholding
12Aug19 09:54 RNS Director/PDMR Shareholding
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  • 10 Sep 19

Microbiome-targeting, evidence-based food ingredients

We initiate coverage on life sciences company OptiBiotix Health plc (“OPTI”) with an OUTPERFORM recommendation and a target price ("TP") of GBp97 per share. OPTI discovers and develops targeted microbiome-modulating probiotics, prebiotics and other functional food ingredients backed by scientific and clinical evidence. Since its founding in 2014, the company has developed four products for cardiovascular lifestyle diseases and entered >45 commercial deals with corporate partners through which it generates revenues throughout the value chain. The first two ingredients, LPLDL for cholesterol reduction and SlimBiome for weight loss were launched in May 2017 and are already generating revenues. We expect total revenues including those of latestage assets SweetBiotix (calorie-free sweet fibres for sugar replacement) and LPGOS (prebiotic that enhances the effect of LPLDL) to exceed £50m by 2025E.

Companies: Optibiotix Health
  • 19 Sep 19

Interims – re-based forecasts

Interim results to 30 June 2019 showed a 21% decline in revenues, partly reflecting delays to contracts as well as other short-term market factors, which led to a 50% increase in adjusted pre-tax losses to £1.66m given the higher (+25%) R&D investment. Period-end cash was £2.1m. With a renewed commercial focus on high-value clinical trials market as well as its suite of new products, eCOA (electronic clinical outcome assessment) and NeuroVocalix (voice biomarker), however, the company continues to generate interest from large pharma, which is reflected in a growing order book, up 4% from 31 December 2018. This underpins our expectations for growth in 2020. We reduce our forecasts to reflect the impact of short-term factors in 2019 and introduce a target price of 90p, which implies a 2020 EV/Sales multiple of 3.5x. The business is being managed to ensure that it becomes cashflow breakeven in Q4 2020, with sufficient cash to ensure that it gets to profitability.

Companies: Cambridge Cognition
  • 17 Sep 19

Interims reflect challenging environment

It has been a challenging trading period for Surgical Innovations, with the UK facing significant pressures resulting in many elective surgeries being postponed or cancelled. The company is directly exposed to these trends, which unfortunately show no signs of abating in the short term. We reduce our FY19 revenue expectations by £1.5m, which flows through to a £0.7m reduction in PBT. More positively, good progress is being made in opening new accounts (both in the UK and internationally), which should leave the group well placed once conditions improve. Importantly, the group remains profitable, cash generative and with net cash on the balance sheet.

Companies: Surgical Innovations Group
  • 10 Sep 19

Positive H1 leads to upgrades, further agreement with Mt Sinai

A strong margin performance in H1 and positive outlook statement leads us to upgrade PBT/EPS expectations by 6%, continuing the recent track record of outperformance. Cash generation remains strong and a maiden dividend of 1.0p is expected, equating to a useful 3.2% yield. Following the success of the Renalytix AI spin out and IPO, EKF has deepened its relationship with Mount Sinai, signing a Preferred Provider Agreement to give it early access to new commercial opportunities. The first of these is a novel digital care pathway platform for patients with IBD, a significant chronic disease burden. We believe this represents an exciting potential opportunity for further value creation in due course, adding to the already strong organic growth opportunity from EKF itself. Now trading on sub-10x FY20 EV/EBITDA, EKF is looking increasingly undervalued given the multiple opportunities ahead.

Companies: EKF Diagnostics Holding
  • 02 Jul 19

Where’s the Value?

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 STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 18 Jul 19

FY results; acquisitions to fully benefit FY 2020

Full-year results to 30 April 2019 were in line at the revenue line but 5% (£0.1m) better than expected at the adjusted pre-tax profit level. Underpinned by c.5.5% organic growth, the 20% and 26% increases in revenue and adjusted EBITDA were driven by full-year contributions from ATC and QSI, acquired in FY 2018, as well as five acquisitions in FY 2019. Notable was the 35% increase in free cashflow. Additional investments into Sentek, Atik, Graticules and Astles and the integration of ATC with Thermal Exchange in FY 2020 should benefit the businesses in FY 2021. We upgrade our FY 2020 adjusted EPS by 7% as well as introduce FY 2021 forecasts, which indicate 13% EPS growth. The company indicates that it expects to add at least one new business in FY 2020, which will be incremental to these forecasts. We are raising our target price by 9% to 60p, reflecting the improved gross margins and stronger underlying cashflow.

Companies: Scientific Digital Imaging
  • 01 Aug 19

THE MONTHLY August 2019

The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SCE TRX TON SHED VAL VTA W7L

  • 03 Sep 19

THE MONTHLY September 2019

The challenges associated with value creation drive all investors. Any investment professional is eager to make their mark by picking organisations that are able to deliver superior returns. Increasingly investors look into how organisations are governed and how effective the top decision-making bodies of organisations really are. In this white paper, we shed light on research findings and reveal the seven hallmarks of effective boards. The seven hallmarks are proven to create more effective boards and are set to be the next lever in the value creation process. Better Boards has created advanced board evaluation tools designed to motivate and inspire and above all, contribute to superior value creation.

Companies: AVO AJB AGY CLIG DNL DPP FLTA GTLY GDR KOOV MUR NSF OXB PCA PHP RE/ RMDL STX SCE TRX TON SHED VTA W7L

  • 05 Sep 19

Oxford Biomedica - Burgeoning bioprocessing revenues

Oxford BioMedica’s (OXB’s) interim results were broadly in line with our expectations for 2019. The decrease in H119 revenues to £32.1m (-9%) largely reflects the exceptional performance in the previous period, which was bolstered by strong licence income (H119: £13.3m vs H118: £19.9m) primarily from upfront payments with the Axovant and Bioverativ deals signed (£18.5m combined). Importantly, in H119 bioprocessing revenues grew 23% to £18.8m, which we expect was driven by the continued uptake of Novartis’s CAR-T Kymriah. Typically, bioprocessing revenues are back-end loaded so a stronger performance can be expected in the second half of the year. With OXB transitioning one of its GMP suites across to bioreactor processing in H119 and its new OxBox bioprocessing facility expected to be fully operational in Q220, we expect this growth to continue in the near term. We retain our valuation of £649m.

Companies: Oxford Biomedica
  • 10 Sep 19

LIBERUM: Futura Medical* - Cannabis JV signed

Futura has announced the establishment of a joint venture (JV) with CBDerma Technology, a company that has been created and funded to exploit the therapeutic potential of Cannabis. The JV is exploring the potential of using Futura's proprietary transdermal drug delivery technology DermaSys® for the delivery of Cannabidoil (CBD).

Companies: Futura Medical
  • 11 Sep 19

LIBERUM: Futura Medical - Remains on-track for a potentially transformative catalyst in December

Futura announced HY2019 results today. It continues to deliver to plan with the key P3 FM57 study on-track to read-out in December and over 500 patients (of 1,000 in total) having completed the study already.

Companies: Futura Medical
  • 19 Sep 19

Onxeo - First Phase Ib DRIIV results released

On 18 September 2019, Onxeo released initial results from the first cohort of patients (n=3) in its ongoing Phase Ib DRIIV study with AsiDNA. The three patients had a progressive metastatic cancer (non-small cell lung cancer, triple negative breast cancer, gastric cancer) and were treated with AsiDNA plus carboplatin. No dose-limiting toxicity was observed. Two of the three patients have shown stable disease (RECIST) since the start of the treatment (more than four and five months). While it is too early to draw any conclusions on efficacy, stable disease status in 2/3 patients and a good safety profile appear encouraging. In the second part of the study, patients with various solid tumours will receive a combination of AsiDNA plus carboplatin and paclitaxel (standard of care in many solid tumours). Preliminary results are expected by end 2019.

Companies: Onxeo
  • 19 Sep 19

Entering an important 12 month period

Mereo BioPharma made significant progress strategically during H119 with the completion of the merger with OncoMed, and now is entering a critical 12-month period. Full 12-month data from the Phase II study in osteogenesis imperfecta (OI) with setrusumab (BPS-804) is due in Q419; promising 6-month data in the open-label arm has already been reported. Phase II data with its second rare-disease asset, alvelestat (MPH-966), in α-1 antitrypsin deficiency (AATD) is expected in mid-2020. The company will also be looking to partner its non-core assets to strengthen its balance sheet, with negotiations on acumapimod (BCT-197) for acute COPD most advanced. We maintain our valuation of Mereo at 506p/share or $25.59/ADS.

Companies: Mereo Biopharma Group
  • 19 Sep 19

Consistent solid delivery

Continued expansion of MaxCyte’s base of licenced cell therapy programmes provides an increasingly solid foundation to support future revenue growth. MaxCyte has delivered four-year revenue CAGR of 24%; H119 revenues were up 21%. With an industry increasingly transitioning towards non-viral transfection methods for cell and gene therapies, MaxCyte’s enabling technologies are well positioned. The company is benefitting from this trend with an increasing number of licenced cell therapy programmes (now 80+), as well as expansion in the number of clinical (45+) and commercial (5) licences. The latter represent $450m in aggregate pre-commercial milestones. Coupled to this, MaxCyte is advancing the development of its proprietary CARMA platform and is exploring independent sources of investm

Companies: MaxCyte
  • 01 Jul 16

Hybridan - Small Cap Wrap

AKR Distribution Agreement, AVCT Affimer Binders, AVG Return of Funds, PRSM Interim Results, COG* Distribution Agreement, FISH Placing, FITB* Board Changes, Placing and Loan Capitalisation, FUM Agreements, HCM Phase II, IGE Agreement, LRM Selected, NWF Trading Updated, PLI* Fast Track, SCH Trading Update, TMT* Invests

Companies: AVG PRSM COG FISH FUM LRM NWF PLI SCH TMT AVCT BIDS AKR HCM