Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Widecells. We currently have 10 research reports from 3 professional analysts.
WideCells Group is a Main Market listed healthcare services company focused on growing in the burgeoning market for stem cell services. Over the past few years, management have built up an integrated stem cell services provider, focused on providing products which make stem cell treatments accessible and affordable.
Vannin Capital—Press reports that litigation funder Vannin Capital is working on plans to float on the London Stock Exchange later in 2018 with an expected valuation of well over £500m | Avast, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811 million, Adjusted Revenue was $780 million, Adjusted Cash EBITDA was $451 million. Seeking to raise $200m. Due in May | Fundamentum Supported Housing REIT. Raising £150m. Focussed on UK Social Housing assets. Due 2 May | Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No new Money. Pricing TBA | Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 03 May | Odyssean Investment Trust—Raising £100m at £1. Due 1 May. The Company will primarily invest in smaller company equities quoted on markets operated by the London Stock Exchange | Finablr - press reports in ‘Arabian Business’ that Money transfer firms UAE Exchange, Travelex and others under UAE billionaire Bavaguthu Raghuram Shetty’s newly formed holding company Finablr are preparing for a London IPO
Companies: MORT GSH CORA ATQT WDC GRP MXO MIRI IMTK
Kore Potash— advanced stage mineral exploration and development company whose primary asset is its interest in the Sintoukola Project, a potash project located in the Republic of Congo. ) Measured, Indicated and Inferred Mineral Resource of 5,953Mt at an average grade of 22.0% KCl. Offer TBA. Due end March. Perfomatrix PLC, a global end to end Performance Marketing technology and services company headquartered in the UK, is looking to join AIM in early April 2018, offer TBC Crusader Resources, an ASX-listed public company incorporated in Australia, which is primarily focused on the exploration and development of gold assets in Brazil. Offer TBC, expected late March. SimplyBiz, a Financial Services Firm, looking to join AIM raising £30m via placing and £34.6m via a sale of existing ordinary shares at 170p giving a market cap of £130m. Expected 4 April Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area. Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. Expected Mid March Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due26 March
Companies: NSCI CNIC APC PEG SHED ACRL TCM WDC MPH STAF
GRC International Group— holding company for a group of companies providing a range of products and services to address the IT governance, risk management and compliance requirements of organisations. Offer TBC, expected 5 March 2018 | Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area . Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. | TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer raising £70m at 190p with market cap of £185m, expected 21 Feb | Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb | Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC
Companies: WDC PYC SIM FIPP EOG DCTA NFC DNL MED
CIP Merchant Capital—Closed ended investment Company. Sector focus oil & gas, healthcare, pharma, and real estate. Raising £55m. Due late Dec | Eqtec—Company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity. Raising £1.6m. Mkt Cap £8.7m. Due late Dec. | Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT. | OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
Companies: WDC LEG MRL CITY TRT DCTA WHR ARIX MOGP URA
WideCells Group PLC ( LON:WDC) was originally set-up in 2012 in Portugal, as a provider of stem cell storage services for the Portuguese and Spanish markets. In 2016 the company was listed on the London Stock Exchange, raising £1.7mln - net of fees, largely used to establish a new research and storage facility in Manchester, UK and to support the ongoing international expansion
Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20 million in the year ended 31 August 2015 to £33 million in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer and date TBA. AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Offer TBA. Due 6 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world . Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. Orogen plc, to be renamed Sosandar plc on Admission. Sosandar is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November .
Companies: WDC LOGP MPM NSCI GDR IOG TRX IMM DCI CDGP
Totally (TLY) - Sch 1 for £11m RTO of Vocare, a provider of integrated urgent care services to the NHS throughout the UK. . £76.8 million rev in the year ended 31 March 2017. Totally to address Care Quality Commission concerns. Due 24 Oct. | Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. | Springfield Properties—Scottish housebuilder. “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” Expected Mid October. Offer TBA. | OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | Orogen plc, to be renamed Sosandar plc on Admission. Sosander is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 | OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late october | SolGold—Publication of prospectus regarding transfer from AIM. Due 6 Oct | ContourGlobal LP— contracted wholesale power generation businesses, with 69 thermal and renewable power generation assets in Europe, Latin America and Africa. In the year ended 31 December 2016 it generated $905.2 million of combined revenue and $440.4 million of Adjusted EBITDA. Raising c.$400m. Expected November. | TI Fluid Systems—Maybe second time lucky? Pulled last October. global manufacturer of automotive fluid storage, carrying and delivery systems seeking to raise €425m to reduce financial leverage (to approximately 2.0x net debt to Adjusted EBITDA by the end of FY 2017). Possible partial sale by Bain. Revenue for FY 2016 was €3.3 billion and Adjusted EBIT was €362.1 million | M7 Multi-Let REIT—Intends to raise up to £300m at 100p. Aims to acquire and hold a portfolio of UK regional light industrial and regional office assets diversified by geography, asset type and tenants that is expected to generate stable income returns and, where appropriate, offer the potential to leverage and enhance returns through active asset management initiatives. Due 13 Nov. | Bakkavor Group - Provider of fresh prepared food intends to float in November. FY 16 Revenue: £1,763.6 million FY 16 Adjusted EBITDA: £146.4 million (13.7% CAGR FY 14-FY 16). Part vendor sale and primary raise of c. £100m. Price TBA. | Russia’s En+, owned by Russian aluminium tycoon Oleg Deripaska, has assets in metals and energy, including hydropower. reported to be seeking dual London and Moscow listing raising $1.5bn | TMF Group , which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m | People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.
Companies: DKE WDC FLO XLM NKTN APQ GEO POLR AEG BSE
Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Offer TBA. Expected mid July. | NEXUS Infrastructure—Offer TBA. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m | Tatton Asset Management –Sch 1. Provider if services to FCA authorized financial advisers. Raising £10m at 156p. Secondary offer £41.6m. Due 6 July | GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July | FFI Holdings— Specialist in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. Raising £59m at 150p. Expected 30 June | QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | Ethernity Networks—Schedule 1 from Israeli based specialist in data processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets. Expected 29 June. Raising £15m at 140p. Mkt Cap £45.5m | Jangada Mines—Sch 1 advanced stage PGM exploration project containing what the Directors understand to be the largest PGM resource, and only pre-development PGM project, in South America. Raising £2.25m. Mkt Cap £9.9m. Expected 29 June | Phoenix Global Mining— US Brown field copper play. Expected late June. Offer TBA | I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 | Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July | DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: WDC HYR IBPO IGR CRPR FEN ULS PRSM KOD
Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June. I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in Early June Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia. £20m primary raise plus a partial vendor sale. Film Finances—Sky News reports that ‘movie financing company with credits including the Hollywood hits La La Land and Nocturnal Animals is plotting a blockbuster premiere on the London stock market that will value it at several hundred million pounds.’ Expected ‘during the summer’. AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Prospectus and announcement of the price range due in mid-June 2017. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun. Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Companies: MXCT PREM GUS PYC VP/ FREE CPS AMO MERC WDC
Research Tree provides access to ongoing research coverage, media content and regulatory news on Widecells. We currently have 10 research reports from 3 professional analysts.
|15Jun18 07:00||RNS||Align Research Initiation of Coverage|
|12Jun18 18:25||RNS||Prospectus and Notice of General Meeting|
|11Jun18 09:00||RNS||Live Market Bookbuild Closes|
|11Jun18 07:30||RNS||Restoration Widecells Group Plc|
|11Jun18 07:00||RNS||Update Regarding Placing and Financial Position|
|06Jun18 15:00||RNS||Notice of AGM|
|05Jun18 07:00||RNS||Audited Preliminary Results|
Hardman & Co recently welcomed Milan Radia to our roster of established, industry expert analysts. Milan has 25 years of equity market experience at major investment banks and in asset management, and has worked on many high-profile successful IPOs. In 2017, he was ranked the No.1 earnings estimator in the UK for his sector in the Thomson Starmine Awards. Milan has also been techMARK Analyst of the Year and achieved top three Institutional Investor sector rankings for his coverage of the software and telecoms sectors. In our lead article this month he gives an insight into his thinking on some key themes in the sector.
Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF OXB NIPT PHP RE/ REDX SCLP SCE SIXH TRX TON VAL
When we last published the FTSE 100 was reaching an all-time high of 7877. We have subsequently seen increased volatility and some of the previous progress made by markets surrendered. The escalation of the potential trade war between the US and China and the imposition of more tariffs has unnerved markets. At home, we have continued to see M&A activity. While company results have largely been as anticipated, the outlook in some sectors looks less promising. In Share News & Views, we comment on Aortech*, ECSC*, Location Sciences*, Norcros, NWF, Tricorn* and Warpaint London*.
Companies: AOR APC BMS CRPR DMTR ECSC ESC EUSP FDM GETB LSAI SNX SPRP TCN W7L
AorTech has raised a gross total of £2.6m to fund two new projects. As a licensing and royalty business of its patented Elast-Eon technology, AorTech has been marginally EBITDA positive. We believe there is substantial potential share price upside as, in our view, each of the new projects could create £50m of shareholder value. Textiles (patches and grafts) should have initial sales within two years while heart valves will potentially progress to a licensing stage in a similar timeframe. We initiate coverage with a 400p TP and Buy rating.
Companies: Aortech International
A trading update for the year to 30 April 2018 points to better-than-expected revenue growth as well as the benefits of a reduced tax charge, reflecting increased R&D tax credits for FY 2018 and a re-assessment of FY 2017 claims. We now expect Scientific Digital Imaging to report revenues of £14.1m, an increase of 31%, c.11% of which arises from a full year’s contribution from the Astles acquisition. This is 2% (£0.33m) higher than previously forecast and is attributed to strong demand from both Sentek (single-use electrodes) and Atik Cameras. We upgrade our forecast for FY 2018 adjusted EPS by 7% (5% attributed to lower tax charge), but given our current thoughts as to the recurring nature of these revenues, we have left our FY 2019 forecasts broadly unchanged. We raise our target price to 37p, which is based on rolling forward multiples to FY 2019. At this level, the stock would trade on EV/Sales of 2.1x, EV/EBITDA of 10.0x and adjusted P/E of 16.3x.
Companies: Scientific Digital Imaging
ReNeuron introduced its exosome nanomedicine programme at its recent capital markets day. While being a preclinical programme, it has three significant advantages. First, it gives ReNeuron the potential to expand into new therapeutic indications. Second, it opens up the potential for collaborations in diagnostics and drug delivery. Third, it builds on its wealth of experience and IP and on its CTX cell line on which ReNeuron’s existing products and the exosome platform are built.
Companies: Reneuron Group
First insights into Pharmaxis’ Phase I safety data of its anti-fibrotic LOXL2 inhibitor programme, in which Synairgen retains a 17% interest in all future financial payments, shows that Pharmaxis is on track to license this asset in H2 2018. Pharmaxis informed potential partners attending the recent BIO 2018 conference in Boston on data emerging from the Phase I clinical studies, which have demonstrated a best in class profile and clean safety profile. The Phase I trial and Phase II-enabling toxicity studies are due to complete in Q3 2018 with final commercial partnering discussions to follow. We retain a 35p target price, based on a sum-of-the-parts riskadjusted DCF, which would rise by c.28p and c.9p on successful completion of upcoming safety data for Synairgen’s inhaled interferon beta for COPD (SNG001) and LOXL2, respectively.
The provider of technology-based solutions to predict the effects of cancer treatment regimens for the biopharma industry, has confirmed that based on its current unaudited accounts, it is trading ahead of market expectations for its full financial year ended 30th June 2018. The Company’s anticipated total income for the full year is likely to be greater than £495k (we were forecasting £450k) and its anticipated loss will be materially reduced compared to current market expectations. We were previously anticipating a pre-tax loss of £0.34m.
The court ruling upholding the validity of the Orexo ’996 Zubsolv patent precludes Actavis from launching a generic before September 2019. Orexo has 30 days to decide whether to appeal the court decision that a second patent (’330 with 2032 expiry) is invalid. A worst-case scenario allowing imminent launch of Actavis generic(s) has been averted. Zubsolv’s IP portfolio includes two additional patents (’900 and ’421) that extend to 2032, which coupled with the prospect of an appeal on ’330, means that significant hurdles remain ahead of Actavis generic launch.
Animal Health is a vast market with multiple long-term growth characteristics and opportunities. In this report we have outlined valuations, M&A activity and the key growth drivers in two animal health subsectors: companion animal health and livestock health. Although the commercial positioning of the eight companies covered in this report (Animalcare, Anpario, Benchmark Holdings, CVS Group, Dechra, ECO Animal Health, Genus and Pets at Home) differ significantly, all have exposure to positive market trends.
Companies: GNS ANCR CVSG DPH BMK EAH ANP PETS
Clinigen capitalizes on the high unmet need to access prescription medicines in niche markets characterized by a limited presence of traditional medicine distribution channels.
Companies: Clinigen Group
The growing Contract Research Organisation has published H1 June 2017 results. Despite the deferral of a late phase project into Q1 2018 VENN still managed to deliver 1% revenue growth to €9.15m and EBITDA growth of €0.414m. Growth was further held back by an underperformance of elements of the early-phase part of the business. However, infrastructure and systems are now largely complete and Venn is confident of its ability to execute new business opportunities leveraging its full drug development lifecycle range of services and to reduce the concentration risk of business weighting amongst its top 10 clients.
Companies: Venn Life Sciences
The Quoted Companies Alliance has set out its proposals for taxation ahead of next month’s Budget. The smaller company pressure group believes that the UK needs to build a post-EU tax regime that supports and incentivises smaller companies. One of the key aspects of the proposals is a levelling of the playing field between debt and equity. At the moment, a company can claim tax relief for costs incurred in raising debt but not the costs of a share issue. The QCA believes that the government should encourage long-term equity finance.
Companies: ITX CLIN OPM STEL PEN KAPE
Scientific Digital Imaging reported strong interim results to 31 October 2017, with a 34% increase in revenues and adjusted EPS of 1.22p (+74%). Results included a first-time contribution from Astles and ATC, which contributed £1.1m (67%) to revenue growth. Legacy businesses also grew, by a commendable 11%. Despite this, we leave forecasts unchanged given that H1 included a one-off licence payment (£0.15m) that boosted underlying profits, without which EPS growth was 50%. These results, however, clearly demonstrate the improved free cashflows, driven by high-margin profitable businesses (c.20% EBITDA margin). Our target price and forecasts are unchanged, although both look exposed to upgrades based on the prospect of sustained strong underlying trading and additional EPS-enhancing acquisitions that the company is currently reviewing.
Companies: Scientific Digital Imaging
2018 is the year of the Great Exhibition of the North. This summer, Newcastle and Gateshead will play host to a government-sponsored, 80-day marathon of events. Billed as the largest event in England this year, the Great Exhibition will showcase the best of the North East’s art, culture, design and innovation and we expect it to highlight the region’s ongoing success in high-end engineering, technology and life sciences. It may also reflect on the success of the North East’s plcs, the most striking example of which is Sage’s transition from 1980’s start-up to £9bn FTSE100 stalwart. We remain on the look out for the next Sage and expect the region to continue to produce attractive IPO candidates following Ramsdens’ success last year. Overall 2017 was a positive year for the region’s listed companies, one highlight of which was the takeover of Quantum Pharma, an N+1 Singer client, by Clinigen for £150m. We are confident that 2018 will be another successful year. Our top regional picks this year are Hargreaves Services, Zytronic and Applied Graphene Materials.
Companies: AGM BWY GRI GRG HSP IDH KMK NTG RFX UTW VNET ZYT
SDI is acquiring Quantum Scientific Imaging (QSI), a manufacturer and supplier of high-performance cameras that have applications in the astronomy and life sciences fields. Considered a bolt-on acquisition, it will be incorporated into SDI’s Atik Cameras business. SDI is paying £246k ($350k) for the assets, trademarks and patents of QSI, representing prospective EV/Sales of 0.7x. The acquisition is being funded by SDI’s recently enlarged banking facility. We expect the acquisition to be 2% accretive to adjusted EPS in FY 2019. We are raising our target price by 6% to 34p, which places SDI on a CY 2018 P/E of 15.3x and EV/EBITDA of 9.7x.
Companies: Scientific Digital Imaging