Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tristel. We currently have 67 research reports from 3 professional analysts.
Altitude Group (ALT): Corp | Barkby Group (BARK): Corp | Byotrol (BYOT): Corp | Tristel (TSTL): Corp
Companies: ALT BYOT TSTL BARK
FRP Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m. Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion Inspecs, a UK designer, manufacturer and distributor of eyewear frames to global retail chains announces its intention to IPO onto AIM raising £94m with a market cap of £138m. Admission expected 27th February. FY Dec 2018 numbers show revenue of $57m and underlying EBITDA of $11m. The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC. DRI Healthcare—investment company focused on investments in healthcare Royalty Assets looking to raise $350m. Due 11 Mar. Ninety One –proposed demerger and public listing of Investec’s global asset management business on LSE and JSE. 30 Sep 2019 AUM £121bn. Sale of existing shares. Expected free float of >60%. Due 16 march. Cabot Square—Closed ended investment fund focussed on alternative assets and asset manager. Looking to raise £200m. Will target investment opportunities that are expected to generate an attractive risk adjusted return and that can also make a positive ESG impact by focusing on some of the biggest challenges facing societies and economies. Due 14 Feb. The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February. Incanthera—Specialist oncology company focused on transforming cancer treatment by creating environments in which cancer cannot survive . Due 28 Feb. Zapp Scooters, a developer and manufacturer of electric two-wheeled vehicles announced its intention to IPO on the NEX Exchange Growth Market. The Company intends to raise up to £3.5m. Admission is expected to occur on NEX in February 2020.
Companies: TSTL BOKU EQT KRS CALL CRV JAY TWD PHC ALBA
Gemfields (GEM): Corp | Quartix (QTX): Corp | Trackwise Designs (TWD): Corp | Tristel (TSTL): Corp
Companies: QTX TSTL GEM TWD
Tristel reported interim results that were c.7% above the trading update at its AGM on 17 December with adjusted pre-tax profit of £3.0m (+25%) driven by a 22% (22% CER) increase in revenues. Stripping out the impact of recent acquisitions, underlying growth was still a robust 13%. Despite the strong first half and potential for a “COVID-19 bonus” in H2, we are not making any changes yet, recognising instead that current FY forecasts are underpinned. We are however, increasing our target price to 375p, cognisant of the upside potential that international growth offers as well as quality and momentum of growth. On current forecasts, this would imply a prospective 3.5% free cashflow yield.
City of London Group (CIN): Corp Ready steady go | ClearStar (CLSU): Corp Trading update | Destiny Pharma (DEST): Corp Asian Pacific guidelines support XF-73 future use | Evgen Pharma (EVG): Corp Interims – cash to Q3 2021 | SDI Group (SDI): Corp Interims on track for strong FY 2020 | Tristel (TSTL): Corp AGM and trading update
Companies: 9537 SDI TSTL DEST EVG CIN
The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8 million in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer TBA. Longboat Energy raising £10m. Expected admission November 2019. The company has been established by the former management team of Faroe Petroleum to create a new full-cycle North Sea oil and gas company .The strategy to achieve this will initially be through the acquisition of assets where the management team can add value through subsurface and operational improvements, follow-up deal opportunities and nearfield exploration; and by value creation through the drill bit.
Companies: TXP SHG CNIC AAU INSP TSTL ORPH RLE IQG MSMN
Destiny Pharma (DEST): Corp Reinforcing the value of XF-73 | Tristel (TSTL): Corp FY 2019 results: new three-year financial plan
Companies: Tristel Destiny Pharma
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.
Tristel provided a positive trading update for the year ending 30 June 2019, indicating revenues of £26m (+17%), some £0.3m above expectations, driven by a stronger UK performance, and adjusted pre-tax profit of at least £5.5m (+18%), in line with current forecasts. Tristel also announced the buy-out of its associate in Italy (80% of Tristel Italia) for c.£0.6m (3.3x EBITDA), for which it intends to invest in a sales force to drive future growth. This should be broadly neutral to FY 2020 earnings but accretive thereafter. This is a well-trodden path that Tristel has followed over the past two to three years, taking greater control of its overseas markets, and underpins the solid and sustained performance that we have seen over the past five years. We make minor changes to forecasts and increase our target price to 325p.
Tri-Star Resources (TSTR): Corp First antimony metal produced | Tristel (TSTL): Corp FY trading update and Italian acquisition
Companies: Tristel Tri-Star Resources
Amino Technologies (AMO): Corp Google certification | iomart (IOM): Corp Full-year trading update | Tristel (TSTL): Corp Internationalisation remains a key growth driver
Companies: AMO IOM TSTL
United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 1 March 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. Polemos, to be renamed Digitalbox plc, has agreed to acquire Digitalbox Publishing Holdings Limited for c.£10m through a share for share exchange. The acquisition constitutes a RTO. Polemos has also agreed to acquire the entire issued share capital of Mashed Productions Limited, a digital media business which owns the online satirical news website "The Daily Mash", for a maximum total consideration of up to £1.2m. Market cap on admission £12.4m, expected 28 February
Companies: TLY PXC DMTR TM17 SRSP FIF ERIS GIF TEK TSTL
Interim results reflected the two sustained strategic themes for Tristel: (i) strong growth from its international markets (53% of revenues, growing at 23% CER or 16% ex-Ecomed acquisition); and (ii) growth in Human Healthcare (91% of revenues and rising 16% CER). The need to complete more extensive human usability studies to comply with the FDA de novo 510(k) filing process in the US has no real impact on our forecast horizon, with international markets more than offsetting the c.£50k built into our 2020 forecasts, which are removed. The US remains an attractive market but by no means the only opportunity for substantial growth. We reiterate our 300p price target, which is based on current unchanged forecasts, cognisant of the upside potential that international growth offers.
ANGLE (AGL): Corp New use of Parsortix | Independent Oil & Gas (IOG): Corp Core project funding update | President Energy (PPC): Corp Turbocharging growth | Synairgen (SNG): Corp Finals – Phase II patient selection as good as it gets | Tekcapital (TEK): Corp Significant fair value uplift | Tristel (TSTL): Corp Interims underpin full-year outlook
Companies: IOG SNG TSTL AGL PPC TEK
United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 28 Feb 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: SFE EAH WATR TPG CPR LND TSTL ENQ TPFG BRD
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tristel. We currently have 67 research reports from 3 professional analysts.
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Bioventix delivered a strong set of interims, with revenues up 21%. Given the 9% decline in operating expenses, this resulted in a 31% increase in adjusted EBITDA, with adjusted pre-tax profit also rising 31% to £4.4m (52% of full-year forecasts) and adjusted EPS up 29% to 69.4p. An interim dividend of 36p was declared (+20%) with net cash at period end of £5.5m. Growth was driven by both Vitamin D antibody sales/royalties (+c.25%), its portfolio of other antibodies (+c.12%) and a more meaningful contribution from troponin. Given the inevitable disruption that COVID-19 will have to some testing volumes (although tests such as NTproBNP are likely to benefit from high risk COVID patients), we leave forecasts unchanged, confident that the strong H1 and weaker sterling in H2 should offset any potential H2 trading shortfall. We leave our forecasts unchanged and reiterate our 3750p target price. At this level, the stock would trade on a 30x FY 2020 P/E with a free cashflow yield of 3.1x
Novacyt* (NCYT.L): COVID-19 test update | Futura Medical (FUT.L): Confirmation of FDA minutes
Companies: Novacyt Futura Medical
Companies: AVO AGY ARBB ARIX BUR CMH CLIG DNL GDR HAYD PCA PIN PHP RE/ RECI RMDL STX SHED VTA
ReNeuron has provided an update in light of the Covid-19 pandemic. Current day-to-day disruption has been minimised. However, ReNeuron did flag likely delays to its two ongoing clinical studies for Stroke Disability and Retinitis Pigmentosa (RP) and when top-line data will be made available. We believe this delay risk is more pertinent in the Stroke programme, given the RP trial is not enrolling patients at this point awaiting the approval of clinical trial protocol adjustments (including approval to enrol an additional 9 patients). We previously expected additional Phase I/IIa data for RP in H2 2020 and interim results of the Phase IIb Stroke trial in mid-2021, and the company will provide further guidance on the timing of interim data from the studies in due course. The Fosun Pharma collaboration remains on track with initial focus on the Stroke programme, for which clinical trial applications have been filed to open clinical sites in China. This may help offset any possible disruption to the Stroke programme patient enrolment at US and UK clinical sites. Lastly, in an intriguing development, ReNeuron has initiated a research project exploring the use of its exosomes as a delivery vehicle for viral vaccines to increase the potency of Covid-19 vaccines in development. The project is understood to be at an early stage but could accelerate quickly in the current regulatory climate, and possibly lead to commercial partnering opportunities and upside not reflected in our forecasts.
Companies: Reneuron Group
Futura has released its 2019 preliminary results this morning, updating the market after a very busy 12 months with its all important FM57 study delivering exciting and commercially relevant data in December. On this front management is hosting a webcast presentation that will be available on the company website later this morning to provide more colour on the study.
Companies: Futura Medical
Avacta announced that it is raising £2m by way of a subscription for 11.1m ordinary shares at 18p (follows £9m raise in October 2019 at 15p per share), subject to a general meeting. Given the current economic uncertainty and disruption caused by the coronavirus outbreak, we think this is prudent as it extends the cash runway further into 2021. Not only does this create a cash buffer for any unseen disruption, but it also provides additional time to advance its immunotherapy pipeline with partners (fully funded by the partners), as well as delivering further commercial progress for both therapeutics and diagnostics. Avacta confirmed that it will file a CTA application as soon as possible, seeking the UK regulator’s permission to commence a Phase I safety study for its lead drug candidate (AVA6000 – pro-doxorubicin). This is on track to start in late 2020, having made good progress in manufacturing drug product. We retain a target price of 76p.
Companies: Avacta Group
Further to the announcement on 2 April, indicating that the company was raising £2m through a subscription of shares at 18p, and in response to substantial institutional interest, Avacta has conditionally raised further gross proceeds of £3.75m at 18p per ordinary share. These funds will be put towards the key objectives outlined in October 2019, primarily to complete the Phase I clinical trial of AVA6000 (pro-doxorubicin) as well as strengthening the balance sheet in light of the uncertainty that the coronavirus pandemic brings. We expect cash at 31 December 2020 to be c.£8.7m, which provides a runway into late 2021/early 2022 at the current monthly cashburn. Despite the dilution afforded by the additional shares, we retain a target price of 76p, which implies an enterprise value of c.£150m, and is supported by the notion that the company is fully funded to complete the Phase I trial of its lead asset, AVA6000 (pro-doxorubicin).
Companies: Avacta Group
Novacyt S.A* (NCYT.L): COVID-19 test update | Redx Pharma (REDX.L): Short term loan agreement
Companies: Novacyt Redx Pharma
With the moratorium on publishing audited preliminary results in place, EKF has instead provided a comprehensive trading update with headline FY19 financials and an update on the outlook, including regarding the potential impact of Covid-19. In short, no impact has been seen to date and, whilst ordering patterns may experience some short term disruption, the testing of vulnerable groups such as Diabetes and Anaemia patients is more important than ever. Added to that, EKF has recently entered into a contract manufacturing agreement to produce sample collection tubes for Covid-19 testing in the US, with initial orders of $1m expected to grow significantly in the coming weeks. At the very least, this should compensate for any short term hiatus in ordering patterns in the core business. Net cash of £14.3m gives a substantial financial buffer and news the board still intends to pay a maiden dividend of 1p (>5% yield) is a strong signal of confidence. In short, we remain extremely confident in EKF’s business model and prospects.
Companies: EKF Diagnostics Holding
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
Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.
Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMDL STX SCE SIXH TRX SHED VTA
Revenue growth of 10% in H2 brought FY results in line and the company was looking well set for strong progress in FY20. However, Covid-19 presents a significant short term challenge, given SUN’s focus on elective surgeries. The Board has moved quickly to enact cash preserving and cost saving measures, whilst continuing to supply essential products. Cash on the balance sheet and support from the group’s bankers provides short term liquidity and other indications of financial support are being actively considered.
Companies: Surgical Innovations Group
In an important step for Medicare coverage determination, Renalytix has been granted a Medicare Provider Transaction Access Number (PTAN) for its Salt Lake City Utah clinical laboratory. This effectively means Renalytix is now qualified as a billable provider and can initiate a ‘Local Coverage Determination’ process to establish US national Medicare coverage and reimbursement for KidneyIntelX testing. Medicare and Medicaid insurance programmes are estimated to represent 50-60% of chronic kidney disease patients likely to benefit from KidneyIntelX. Medicare coverage determination expected by calendar H1 2021 is not presently reflected in our current forecasts and remains a substantial value creation event if achieved. Over the last week we also saw impressive healthcare economic data published by Boston Healthcare supporting KidneyIntelX use in large healthcare systems, and Renalytix AI also featured in N+1 Singer’s Stocks in Unprecedented Times – Part 2 handbook.
Companies: Renalytix AI
Omega Diagnostics provided a trading update for FY 2020 that is broadly in line with expectations, confirming also that it had received Chinese approval for the laboratory version of the Food Detective Test that we had expected in January. Under the current circumstances of an almost global lockdown due to coronavirus, we consider this to be a positive outcome. First shipments of VISITECT CD4 (both 350 and Advanced Disease tests) were also confirmed (albeit lower than forecast due to delays in Nigeria and as a result of the coronavirus outbreak), but are expected to be deferred into FY 2021. We have made minor forecasts changes to FY 2020 but leave FY 2021 and our target price unchanged.
Companies: Omega Diagnostics Group
OptiBiotix ("OPTI") has had a strong start to 2020, with partners Agropur (US), Holland & Barrett (UK) and most recently Alfasigma (Italy) launching new products containing the company's microbiome-modulating functional ingredients. As an increasing number of products move to market, we remain positive as to the commercial potential of OPTI's functional ingredients as consumer awareness grows. The recent launches indicate growing momentum into 2020, when we expect existing agreements to start delivering substantial revenue streams and further demand for OPTI's products. We reiterate both our OUTPERFORM recommendation and 97p target price, based on our view that OPTI is at the beginning of a long-term revenue growth cycle.
Companies: Optibiotix Health