Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ADVANCED ONCOTHERAPY PLC. We currently have 33 research reports from 4 professional analysts.
|30Nov16 03:39||RNS||Operational Update|
|29Nov16 11:29||RNS||Director Dealing - replacement|
|29Nov16 10:06||RNS||Director Dealing|
|24Nov16 04:24||RNS||Update on Harley Street and Sinophi|
|15Nov16 05:45||RNS||Holding(s) in Company|
|08Nov16 07:00||RNS||Change of Adviser|
|07Nov16 02:55||RNS||Exercise of Options and Issue of Shares|
Frequency of research reports
Research reports on
ADVANCED ONCOTHERAPY PLC
ADVANCED ONCOTHERAPY PLC
02 Dec 16
"By late Sunday, we should have a good idea whether or not Italian Prime Minister, Matteo Renzi, will be stepping down. The polls suggest his constitutional referendum, which has effectively become a confidence vote on his premiership, will get a 'thumbs down'. No new election is actually required until February 2018, but any attempt to simply replace him with another technocrat leader could well see a public, suffering from implosion of their bad-debt laden banking system, 38% youth unemployment and an inability to stifle giant capital outflows, clamouring for a snap election. This, of course, would open the door for Bepe Grillo's Five Star Movement, whose denouncement of the Euro could, in turn, generate in a wave of similar populist referendum voting across other dissatisfied EU nations, with France's own presidential election, due to take place on 7th May, the headline this morning following Francois Hollande's overnight declaration that he has decided not to stand. The prospect of Eurozone's collapse, however, was not the driver of the US session, which started in the positive following release of strong November Manufacturing ISM data, but waned later as a sell-off amongst tech issues pushed the NASDAQ sharply down, while the Dow Jones managed to hold onto modest gains due to sustained switching into financials, as divergence between the two sectors and the rout in government bond markets since Trump's election continued. Asian shares were lower across the board, with the Nikkei suffering as the Yen found buyers amongst US$ sceptics waiting for flaws in the Trump rally to show through, which dragged the other regional markets with it. With investors now virtually taking a 25bp hike by the Fed later this month for granted, focus this afternoon is likely to centre on the important US employment report, with forecasts in the 180k to 200k range, taking unemployment to 4.8% with a modest rise in hourly earnings of around 0.1%. The UK will also report Construction PMI figures this morning while corporates due to disclose earnings or trading updates include 88 Energy (88E.L), Altona Energy (ANR.L) and Berkeley Group Holdings (BKG.L). Traders meanwhile continue to watch oil futures carefully; although prices moderated during the Asian session, sentiment following OPEC's agreement remains positive with January's light, sweet crude trading a whisker below US$51 on the Mercantile Exchange, as they weigh up expectations on the terms being upheld or the various participants instead deciding to cheat on quotas rather than give up market share to US shale producers. London equities opened in a nervous mood this morning, with the FTSE-100 down over 57 points in early trading." - Barry Gibb, Research Analyst
28 Nov 16
"Oil is likely to hold the centre ground this week, with fears that the anticipated deal to trim almost 2% off global output might have fallen at the last hurdle. Cruse prices fell in Asia after Saudi Arabia said it would not meet with Russia ahead of the 171st meeting scheduled to take place on Wednesday in Vienna, suggesting it would not have discussions with non-OPEC members until a clear decision has been concluded within the Organisation itself. While some traders considered a successful outcome would be sufficient to spike prices into a new US$60 trading range, others speculated that such a level would simply encourage US shale produces to switch idle capacity back on, meaning that Saudi would find itself giving up share of the global market for real long-term benefit. On the other hand, failure to deliver some sort of deal in the near-term could well mean excess capacity and high inventories drive benchmark crude back to the US$30 range. Aware of the high stakes, the US$ weakened sharply during the Asian session, falling more than 1.6% against the Yen, as investors ran toward the safe-haven currency while cashing in on the rally powered by Donald trump’s election victory amid nervousness ahead of the raft of North American economic data due this week. Looking back to Friday, however, US equities rather half-heartedly notched up new record highs, as all three principal indices rose modestly to mark a third consecutive week of gains, as investors continued to weighed up the prospective equity boost that could be derived from lower corporation taxes in a higher inflationary environment as the long-run bull market in international bonds draws to a close. Asia, by comparison, ended mixed, with the Nikkei and ASX, not surprisingly the main casualties, with the former being hit by Yen appreciation on this export-led economy and the latter taking profits in anticipation of a disappointing outcome at this week’s OPEC meeting, while Chinese and Korean equities chose to ignore the international noise and instead rallied on domestic factors. Away from Oil, Europe’s concentration this week will likely fall on both the Italian constitutional referendum, taking place on 4th December, and speculation on whether or not Francois Fillon’s appointment as leader of the centre-right, means that France is finally lining itself up for its own, long overdue, ‘Margaret Thatcher moment’ as he promises economic recovery and national renewal. The UK today can look forward to releases including the OECD Economic Outlook and CBI Services Sector survey. UK corporates due to release earnings or trading updates include Aberdeen Asset Management (ADN.L), Cerillion (CER.L), Rosslyn Data Technologies (RDT.L) and Sirius Real Estate (SRE.L). London is seen opening slightly weaker this morning, with the FTSE-100 expected to be 5 or more points lower in early trading. " - Barry Gibb, Research Analyst
Delay on Harley Street and Sinophi update
24 Nov 16
Mainly as a consequence of Advanced Oncotherapy (AVO) upgrading Harley Street to a two-room (rather than one) Proton Treatment Facility to accommodate anticipated demand, planning permission was more complicated and building times are longer (taking into account the constraints associated with two listed buildings and restriction of hours of work on site) than originally anticipated. However, planning application was granted by Westminster Council on 19 October 2016 and building work is now expected to start in early January 2017 and be completed by March 2018. Also, while AVO still has two purchase orders from Sinophi it has been informed that Sinophi’s existing two customers in China will not now be proceeding with AVO’s LIGHT technology in their hospitals. Following today’s news and the implications of delays to AVO receiving initial revenues, we are withdrawing our forecasts, target price and recommendation until we receive a further update.
Open Offer exceeds expectations
02 Nov 16
AVO is focused on delivering a more affordable, novel proton-based radiotherapy system, based on a technology originally developed and tested at the world renowned CERN. Planning Permission for its Harley Street site has been recently granted, and the first proton beam has successfully been fired from the proton source*. The Metric Capital financing plan has been re-negotiated necessitating (i) a £10m capital increase through a share Subscription at 100p together with an Open Offer, and (ii) a non-dilutive ‘finance package’. AVO has also finalised the details of its LIGHT manufacturing contract with its industrial partner, Thales.
02 Nov 16
"UK equities are seen weaker once again this morning, with the FTSE-100 expected to open some 20 points lower in early trade. Politics continues to lead every discussion, leaving London’s direction to be set by the overnight markets which declined broadly on the back of growing anxiety over the Presidential election with all latest polls suggesting Trump is closing in on Clinton and at least one putting him in the lead for the first time with 46% of the vote. Safe haven investors bought back into Treasuries that had been oversold on following disappointing Chinese manufacturing PMI data, while again closing to sell down what might be considered higher-risk equities across all the principal indices, despite there being no strong consensus as to what specific market sectors a Republicans win might actually benefit. While the S&P500 registered its sixth consecutive fall traders, less prominent than normal, also positioned themselves for the FOMC meeting which gets underway later today, although CME Group’s FedWatch considers the chances of a rate change at this time is down to just 7%, with the betting still overwhelmingly for a 25bp hike in December. As most consider a Trump victory would send a shockwave through the US$, the Nikkei also sold off on fears than forex traders will choose to pile back into safe-haven Yen, which in-turn would hit competitivity of the export-led territories hard. Japan consequently closed as the biggest casualty amongst broadly lower Asian markets, although the Chinese and Australian indices also ended quite sharply down on heavy volumes. A swath of UK economic data is due for release this morning, including the CBI economic forecast, the BRC Shop Price Index, the CIPS/Markit construction PMI and Nationwide House Price Index; the Eurozone is also due to release manufacturing PMI, while the US FOMC convenes its rate setting meeting. A good number of major UK corporates are scheduled to report earnings or trading updates this morning, including Just Eat (JE..L), Millennium & Copthorne (MLC.L), Next (NXT.L), Persimmon (PSN.L) and Wetherspoon (JDW.L). " - Barry Gibb, Research Analyst
01 Nov 16
"A flat to marginally positive market is seen for London this morning, with the blue-chip FTSE-100 expected to open up in excess of 15 points. With just a week before election day, politics remained the dominating talking point, with experts declaring that incriminating emails cited by the FBI in their probe into Hillary Clinton's exchanges could be uncovered in the next few days, while she continues to insist there is no case to answer. This kept the markets in a generally nervous mood, with all principal US indices closing fractionally down to cap a disappointing month during which the S&P-500 fell by 1.9% while the NASDAQ lost 2.3%. Asia was in a slightly better mood, with both the Hang Seng and the Shanghai Composite receiving a lift from better than expected official manufacturing PMI data from China, with the index rising to 51.2 for October, up from 50.4 in September, thereby beating expectations for the third straight month. By contrast Japan was in a more sombre mood, having shifted back its target date for achieving a level of 2% inflation from 2017 to 2018 following recent data, although the central bank still left its short-term interest rate target for commercial bank deposits at 0.1%. This left Japan with a fractional loss for the day, while the ASX gave back most of yesterday's gains through weaker commodity plays and financials as the Reserve Bank of Australia left interest rates unchanged at 1.5%. Today both the UK and the US are due to due to release manufacturing PMI figures, while the results season in full swing with a large number of corporates being scheduled to release earning or trading updates this morning, including BP (BP..L), Hastings Group (HSTG.L), MoneySupermarket (MONY.L), Royal Dutch Shell (RDSA.L), Shire (SHP.L), Standard Chartered (STAN.L), Virgin Money (VM..L) and Weir (WEIR.L)." - Barry Gibb, Research Analyst
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
Exponential growth now in sight
07 Dec 16
The best things in life are worth waiting for, or at least that seems to be the case with Kromek, a pioneering radiation detection expert. Since listing on AIM at 51p back in October 2013, the company has not only been busily refining and field testing its next generation CZT (cadmium zinc telluride) technology, but importantly also securing a raft of new orders.
N+1 Singer - Morning Song 09-12-2016
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.