Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Inspiration Healthcare Group. We currently have 10 research reports from 3 professional analysts.
Alpha Financial Markets Consulting— Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017. Offer TBA. Due 11 Oct. Cora Gold— West African focused gold exploration business, significantly enlarged by the amalgamation of the gold exploration assets in Mali and Senegal of Hummingbird Resources and Cora Gold's former parent, Kola Gold. Due 9 Oct. Offer TBA City of London Group (COLG) - Sch 1—RTO of Milton Homes Limited, an equity release provider which has a UK residential property portfolio of 586 properties with a market value of approximately £77 million as at 30 June 2017. Offer TBA. Due 5 Oct Springfield Properties—Scottish housebuilder. Intention to float. Offer TBA “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.” 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: MTR DEMG IHC HSP RED IOG ABDP OBD FDI TSTL
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appScatter Group—Sch1 from the B2BSaaS platform that allows its paying users to distribute their apps to, and manage their apps on, multiple app stores. Following admission, appScatter intends to launch the public version of the platform, at which point the platform will be available to all app developers and publishers worldwide. Offer TBC, expected early Sept 2017 | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 per cent. for the year ending 31 March 2019. Issue price 100p. Raising up to £150m. | Destiny Pharma—A clinical stage biotechnology company - lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals. Offer TBA. Due early September. | Avingtrans (AVG.L) Sch1 on its Reverse Takeover of Hayward Tyler (HAYT). Combined market cap of c.£75m. Expected 01 September 2017 | 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. | Chesterfield Resources-newly established company formed for the purpose of acquiring a company, business or asset that has operations in the mining sector that it will then look to develop and expand. Raising £1.3m at 5p. Due 29 Aug. Mkt cap £1.4m. | Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017
Companies: FAL ACC NCCL MPO IHC SDX WYG SPL CNIC
Topic of the quarter: Many recent news articles have highlighted the growing opiate addiction rates across the world, particularly in the US where new president Donald Trump has declared a national emergency with regard to prescription drug abuse. We look at the underlying trends in this growing space and potential opportunities for investors in the coming years both here in the UK and in the US.
Companies: ABZA AGY APH AVCT BVXP MTFB OPTI NIPT PRM SNG AKR COG CTH IHC LID ODX SDI TSTL
Inspiration Healthcare (IHC) is a global supplier of medical technology for neonatal intensive care units (NICUs) and operating theatres. With excellent customer service relationships built up over many years, IHC has unique selling channels in both domestic (i.e. NHS) and international markets. Current product mix comprises IHC’s own branded neonatal intensive care and operating theatre warming devices with sales to over 50 countries and third-party distributor agreements in the UK and Ireland. We expect FY18 & FY19 sales growth of 8% and 10% respectively due to global sales expansion, own product sales and future M&A activity. IHC trades on a forward EV/EBITDA multiple of 9.4x (against a peer group of 11.5x). We value IHC at £21m and initiate coverage with a Buy recommendation and 68p target price.
Companies: Inspiration Healthcare Group
Velocity Composites—Schedule 1. Manufactures advanced carbon fibre and ancillary material kits (predominantly carbon fibre) for use in the production of aircraft. Mid May admission expected. Offer details TBC. Shearwater Group—Schedule 1. Acquiring SecureEnvoy for £20m in cash and shares—a provider of multifactor authentication enterprise software solutions. RTO under the AIM rules. ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017. Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $200m+ raise including $75m primary offer. Expected price range 735p to 875p. Mkt cap up to £539m. 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 May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Companies: IDP RXB OSI IHC AAU RED PEN SLN AHCG UKOG
Inspiration Healthcare Group (IHC.L) | Augean (AUG.L) | Venture Life Group (VLG.L) | Sterling Energy (SEY.L) | Directa Plus (DCTA.L) | Metals Exploration (MTL.L) | Orchard Funding Group (ORCH.L) | Castleton Technology (CTP.L) | AFH Financial (AFHP.L) | Akers Biosciences (AKR.L)
Companies: IHC AUG VLG SEY DCTA MTL ORCH CTP AFHP
Venn Life Science Holdings* (VENN.L) | Coral Products (CRU.L) | easyHotel (EZH.L) | Totally (TLY.L) | Snoozebox Holdings (ZZZ.L) | Ebiquity (EBQ.L) | Inspiration Healthcare (IHC.L) | Plastics Capital (PLC.L) | IBEX Global Solutions (IBEX.L) | Armadale Capital (ACP.L)
Companies: VENN CRU EZH TLY ZZZ EBQ IHC PLA IBEX ACP
CLOUDBUY PLC (CBUY LN) | CLUFF NATURAL RESOURCES PLC (CLNR LN) | GOLDPLAT PLC (GDP LN) | IMPERIAL INNOVATIONS GROUP (IVO LN) | INSPIRATION HEALTHCARE GROUP PLC (IHC LN) | INSTEM PLC (INS LN) | MARIANA RESOURCES LTD (MARL LN) | METAL TIGER PLC (MTR LN)
Companies: INS CBUY IHC CLNR GDP MTR IVO MARL
ALPHA REAL TRUST LTD (ARTL LN) | FOX MARBLE HLDGS PLC (FOX LN) | INDEPENDENT OIL & GAS PLC (IOG LN) | INSPIRATION HEALTHCARE GROUP PLC (IHC LN) | MINCON GROUP PLC (MIO ID) | NETSCIENTIFIC PLC (NSCI LN) | PHSC (PHSC LN) | POLO RESOURCES LTD (POL LN)
Companies: POL PHSC IHC MIO NSCI FOX IOG ARTL KLN IME
Hampshire-based pubs operator and brewer Upham Group plans to raise £12m when it floats on AIM. That is expected to value the company at up to £35m, which suggests that the issue price is likely to be near to the most recent ordinary share issue price of 140p. Upham also raised £5m from a preference share issue last year. The cash will enable Upham to buy more pubs and double the size of its estate to 30 pubs by 2021. Revenues grew from £1.2m in 2012 to £12.2m in 2015. Upham has been lossmaking but it made an EBITDA of £900,000 in 2015, although the depreciation charge is likely to more than halve that figure. A review by Savills has increased the valuation of the pubs by £10.3m to £36.8m. Upham chief executive Chris Phillips was involved in the early days of the setting up of the Slug and Lettuce pub chain. Upham has built up an estate of 15 food-focused pubs in the south of England, including the Wheelwright’s Arms in Havant. These generate the majority of revenues but the South Downs-based brewery has been growing rapidly. The brewery has not been broken out in the intention to float announcement but revenues grew from £113,000 in 2012 to £619,000 in 2014 and it made its first profit in December 2014. Upham has increased its brewing capacity.
Companies: NASA TUNE VNH MAYA IHC FISH ADT
Research Tree provides access to ongoing research coverage, media content and regulatory news on Inspiration Healthcare Group. We currently have 10 research reports from 3 professional analysts.
|03Oct17 07:00||RNS||NeuroproteXeon and Mallinckrodt licence agreement|
|26Sep17 07:00||RNS||Interim Results|
|11Sep17 07:00||RNS||TR1 Notification of Major Interest in Shares|
|25Aug17 07:00||RNS||Trading Update and Notice of Results|
|17Aug17 07:00||RNS||Capital Reduction|
|31Jul17 14:45||RNS||Capital Reduction|
|30Jun17 12:01||RNS||Result of AGM|
Full-year adjusted EPS was 7% above our expectations, driven by higher revenues, gross margins and a lower tax charge. FY 2018 is a year of transition; the need to replace revenues from the loss of its second-largest licence income stream (c.£1.0m) with existing product growth and the introduction of troponin by Siemens. We reintroduce a target price of 2,600p implying 2018 P/E of 30x falling to 26x for 2019. Despite an 11% decline in EPS in FY 2018 as it transitions the licence loss, the shares should be underpinned by free cash flow (+11%), which supports a 3.5% yield, 3.4% free cash flow yield, 46% free cash flow/capital employed and 56% ROCE. Bioventix remains a top quartile investment in the finnCap Slide Rule.
Since its inception in 2010, the Panmure Gordon Conviction List has outperformed the market, returning 278% against a Small Companies index that would have returned 232% over the same period. Our Q4 portfolio reflects our view that the UK equity market stands to benefit from a coordinated upturn in global growth. Low nominal fixed income spreads continue to provide a valuation underpin for global equities. There are increasing signs that the world’s central bankers are making a concerted effort to wean markets off near zero interest rates. However with global debt exceeding 200% of GDP and unfavorable demographic trends, we think their chances of rapid progress are slim.
Companies: CPI CTH CINE JE MJW NOG RPC VM/ XAR
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
Augean (AUG LN) Board changes and reduction in expectations | First Derivatives (FDP LN) Agreement with European Space Agency | Futura Medical (FUM LN) Market research supports the commercial potential of Eroxon® | Low & Bonar (LWB LN) Civil Engineering struggling | Sinclair Pharma (SPH LN) Forecast update; profitability inflection and strong growth ahead
Companies: AUG SPH LWB FUM FDP
Bioventix* (BVXP): FY 2017 results – a year of transition ahead (CORP) | Acal (ACL): Strong H1 puts positive pressure on consensus (BUY) | Omega Diagnostics* (ODX): New supply agreement in US for FoodPrint (CORP)
Companies: BVXP ACL ODX
Goals Soccer Centres (GOAL LN) CEO resignation another addition to the long list of disappointments | N Brown Group (BWNG LN) Positive interim results update and future growth strategy | Renold (RNO LN) Disappointing H1 update, FY18 guidance reduced | Summit Therapeutics (SUMM LN) Informative R&D day highlights attractive pipeline potential
Companies: BWNG RNO SUMM GOAL
In the October edition of the Hardman Monthly newsletter, Chief Executive, Keith Hiscock analyses the much misunderstood – but highly important – issue of stock liquidity. In particular, he focuses on the lower echelons of the Main Market and of AIM.
Companies: OPM ABZA AVO AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG GTLY MCL MUR NSF OBT ODX OXB NIPT PHP PURP RE/ RGD SCLP SPH SCE TRX VAL
1Spatial (SPA LN) Turnaround taking hold, resumption of growth | Domino’s Pizza Group (DOM LN) Strong Q3 update suggesting H1setback is being overcome | FreeAgent (FREE LN) Trading update | LiDCO Group (LID LN) New approach to unlock potential | Marston’s (MARS LN) YE update not as bad as feared & sensible moves to protect cash and profitability in FY18 | Retail Real wages trend considerably better than previously thought
Companies: MARS SPA FREE LID
In this note we present three ideas that investors should consider given the long-term demographics in the UK. Whilst people are generally living longer and that trend is set to stay, the Faculty of Actuaries has identified a more recent phenomenon of increasing mortality since 2001. We examine the main beneficiaries in the healthcare, consumer services and financial sectors, where we believe the likely impact of changes in demographics and mortality have not yet been fully reflected in share prices.
Companies: BTG DTY LGEN
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 CROS
OXFORD BIODYNAMICS (OBD.L) | VELTYCO GROUP (VLTY.L)
Companies: Oxford Biodynamics Veltyco Group
Bioventix* (BVXP): Strong trading update (CORP) | Central Asia Metals (CAML): Intended transaction and suspension of trading (U/R) | InnovaDerma* (IDP): Solid operational update (CORP) | Tax Systems* (TAX): Evolution continues (CORP) | Datatec* (DTC): Completion of Westcon-Comstor disposal (CORP) | SimiGon* (SIM): Encouraging contract from The FAA (CORP)
Companies: BVXP CAML IDP TAX DTC SIM
LiDCO reported interims to 31 July 2017 which contained no surprises, given 10 August trading update. Total revenues increased 4% to £3.9m, with adjusted LBITDA and pre-tax loss of £0.6m and £1.0m (£0.3m), respectively, reflecting the 47% (£0.6m) increase in sales & marketing costs to support expansion of its direct sales presence in the US. Its first High Use Programme (HUP) win (44 monitors), post-period end, and today’s confirmation that the same customer wants 25 monitors on a regular placement basis for its ICU department provides comfort that the revitalised product offering and expanded sales footprint are delivering the anticipated results. We retain our 14p target price (calendar 2018 EV/Sales of 2.7x) and leave forecasts unchanged.
Companies: Lidco Group
Alpha Financial Markets Consulting— Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017. Offer TBA. Due 11 Oct. Cora Gold— West African focused gold exploration business, significantly enlarged by the amalgamation of the gold exploration assets in Mali and Senegal of Hummingbird Resources and Cora Gold's former parent, Kola Gold. Raising £3.45m at 16.5p. Mkt Cao £9.07m. 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.
Companies: BXP RWS DATA FIF TLY MIRA VAST MPO DUKE SOLG
BMK reports that it saw improving market conditions and good performance across Breeding and Genetics (BG) and Advanced Animal Nutrition (AAN) divisions during H217. However, largely because of logistical circumstances, there has been a delay in installation of equipment for trials of its mechanical CleanTreat purification system, used to help treat salmon against the highly prevalent sea lice threat.