Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PURICORE PLC. We currently have 11 research reports from 3 professional analysts.
|07Dec16 07:00||RNS||Change of name to Realm Therapeutics|
|18Nov16 07:00||RNS||Grant of Options|
|17Nov16 07:00||RNS||Holding(s) in Company|
|16Nov16 07:00||RNS||Development Programmes Update & Company Renaming|
|10Oct16 07:00||RNS||Completion of Supermarket Retail Business Disposal|
|07Oct16 05:52||RNS||Completion of Supermarket Retail Business Disposal|
|06Oct16 11:43||RNS||Result of General Meeting|
Frequency of research reports
Research reports on
N+1 Singer - PuriCore - IND filing update and name change
16 Nov 16
The confirmed IND filings next year for PuriCore’s lead programmes PR022 (atopic dermatitis) and PR013 (allergic conjunctivitis) is highly encouraging and in line with the company’s focus on proprietary drug development, leveraging the significant IP and know-how accumulated by the company in relation to the use and formulations of hypochlorous acid. We also note the proposed company name change to Realm Therapeutics, effective from the new year.
N+1 Singer - Morning Song 16-11-2016
16 Nov 16
Today’s interim results confirm that the turnaround programme is continuing to plan. Full year PBT is now expected to be ahead of our forecast at around £12.5m vs. our current forecast of £11.2m, the second upgrade this year. The Group has made significant progress in winning market share in the SME space and it has renewed all of its key accounts as planned. End markets remain supportive and the Group has seen no Brexit impact to date. Speedy still has a long way to go in terms of driving sector leading returns, but today’s results are clearly encouraging. Whilst the Group is still undergoing significant operational changes and whilst the medium term strategy takes shape, we are inclined to remain at Hold. The shares are optically expensive on a P/E basis and in line with the peer group on an EV/EBITDA basis.
N+1 Singer - PuriCore - Disposal of Supermarket Retail
20 Sep 16
The disposal for Supermarket Retail for $13.5m is in line with the company’s stated strategy following its recent strategic review, the results of which were announced in Feb 2016. The main use of proceeds will be to progress development of immuno-modulatory therapeutics in dermatology and ophthalmology, leveraging the significant IP and know-how accumulated by the company in relation to the use and formulations of hypochlorous acid. The first two IND filings are planned for Q1 2017. We view today’s disposal as an exciting and significant step towards PuriCore delivering on its strategic objectives, and look forward to more data from the company’s development programmes in due course.
N+1 Singer - Morning Song 20-09-2016
20 Sep 16
Today’s update is the first major news since completing the Brand Architekts acquisition shortly after the year end, and we take a lot of confidence from it. Firstly, strong profit growth has been achieved in the core business, with a good pipeline and positive momentum carrying into H1. Secondly, early indications from the newly established owned brand business provide underpinning for our analysis of its future profit potential. A positive outlook statement boosts confidence and means scope for further re-rating. We suggest 12 month fair value is around 305p.
N+1 Singer - PuriCore - New US patents issued; first IND filing on track for Q1 2017
17 Aug 16
The expansion of PuriCore’s patent estate in the US represents a further step towards the company’s aim to develop multiple novel immunomodulatory therapies, initially targeting Dermatology and Ophthalmology disorders. PuriCore’s development programmes are based on the IP and significant know-how accumulated by the company in relation to the potentially therapeutic properties of hypochlorous acid when applied either topically or systemically. An IND filing with an FDA for the lead PR022 programme in atopic dermatitis remains on track for Q1 2017.
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.