Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Totally. We currently have 11 research reports from 2 professional analysts.
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, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money. 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: VLS SGZ SPA MTPH TLY ITQ TFW SAR RHL
Belluscura— Provider of premium medical devices at value prices to address part of the global unmet need for affordable, premium quality medical devices. Raising £7.5m to £10m. Offer TBA. Due early Dec Ten Lifestyle Hldgs - Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer TBA, expected 27 Nov 2017. Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising . 2016 rev £0.7m and £7.3m operating loss. Offer TBA Keystone Law Group— full service law firm with over 250 self-employed lawyers . Due 27 Nov. Raising £10m at 160p. Mkt Cap £50m. Revenue of £25.6 million and EBITDA of £2.1 million. In FYJan17. Beeks Financial Cloud -niche cloud computing and connectivity provider for automated (algorithmic) trading in Forex and Futures financial products . Raising £7m. Mkt Cap c.£24.5m. Due 27 Nov. FYJun17 rev £4m. Profitable at operating level. City Pub Group - owner and operator of an estate of 34 premium pubs across Southern England. £30m raise. Consistent track record of strong revenue and EBITDA growth, with a three year CAGR from FY14 to FY16 of 34.9% and 44.8% respectively, and an EBITDA margin of 14.7% in FY16. Due late Nov. Offer raising £46.6m at 170p with market cap £96m. 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. 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: HMI BREE FIF BOTB DOTD BSE VANL TLY MTPH
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
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. Raising £9m at 65p. Mkt Cap £41.1m. Due 5 Sep. | 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 percent. 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. | 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. | 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: HAIK TECH HAYD FKE RFX EMAN TLY ITM ELA
IQE and Next Fifteen Communications are entering the FTSE AIM UK 50 index later this month, while Primary Health Properties could be the next former AIM company to join the FTSE 250 because it is included on the reserve list for that index. Semiconductor wafers supplier IQE and PR group Next Fifteen, both of which have benefited from the decline in sterling because of their international operations, are replacing Gemfields and Arbuthnot Banking. The IQE share price has trebled since its low last July. The business is highly cyclical and in the past has been dependent on demand from the mobile sector. More recently, though, photonics has been a growing contributor. IQE is highly cash generative. Next Fifteen is growing on the back of investment in digital marketing services. Primary Health Properties joined AIM in March 1996 when it was valued at £16m, having raised a similar amount. The healthcare properties investor did not stay on AIM for long, moving to the Main Market in November 1998. It is currently valued at £636m and offers a yield of nearly 5%. One former AIM company appears set to leave the FTSE 250 in the coming months. That is if Tesco’s £3.7bn cash and shares merger with Booker is successful. The food wholesaler moved to the Main Market on 1 July 2009 when it was valued at £525m at a share price of 33p.
Companies: ANCR TLY PURP QTX TTR
Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.
Companies: KWS EKT DPP RRL DSG AURA MAIS FLOW TLY KOD
Totally PLC (TLY.L) | Robinson (RBN.L) | Adept4 (AD4.L) | Tekcapital (TEK.L) | Aukett Swanke (AUK.L) | Escher Group Holdings (ESCH.L) | ASOS (ASC.L) | STM Group (STM.L) | Stadium Group (SDM.L) | Karelian Diamonds (KDR.L)
Companies: TLY RBN AD4 TEK AUK ESCH ASC STM SDM KDR
Conroy Gold and Natural Resources* (CGNR.L) | Altitude Group (ALT.L) | WANdisco (WAND.L) | Cyan holdings (CYAN.L) | Dolphin Capital Investors (DCI.L) | Atlantis Resources (ARL.L) | Nyota Minerals (NYO.L) | Gateley (GTLY.L) | Totally (TLY.L) | ProPhotonix (PPIX.L)
Companies: CGNR WAND DCI ARL GTLY TLY PPIX CYAN
InnovaDerma* (IDP.L) | Sareum Holdings * (SAR.L) | Venn Life Sciences* ( VENN . L ) | Allergy Therapeutics (AGY.L) | Pires Investments (PIRI.L) | Water Intelligence (WATR.L) | Caledonia Mining Corp (CMCL.L) | Totally (TLY.L) | Gaming Realms (GMR.L) | Ceres Power (CWR.L)
Companies: SAR VENN AGY WATR CAL TLY GMR CWR PIRI
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
There was a predictably volatile stock market reaction to the leave vote in the EU referendum on 23 June and AIM was hit along with the rest of the market. It is not a great surprise that AIM has underperformed the larger shares on the market. The FTSE 100 index of multinational companies is higher than on 23 June but AIM has fallen further in the second week since the vote. The FTSE AIM All Share index has fallen by 3.8% in the two weeks after the vote, while the larger AIM companies did slightly better, with the FTSE AIM 50 2.2% lower and the FTSE AIM 100 down by 3.4%. These declines were steeper at the end of the second week than they were after the first week even though there was a short-lived bounce-back early in the second week. That is in contrast to the FTSE 100 index where the general direction has been upwards after the initial slump on the day after the referendum. The FTSE 100 was 3.1% higher after two weeks (see table on page 10).
Companies: TLY WYN AXS GBG
Research Tree provides access to ongoing research coverage, media content and regulatory news on Totally. We currently have 11 research reports from 2 professional analysts.
|15Mar18 07:00||RNS||Vocare awarded contract extensions worth c. £4.1m|
|14Mar18 15:26||RNS||Vocare agrees to conclude Somerset GP OOH Service|
|22Feb18 13:33||RNS||Holding(s) in Company|
|14Feb18 15:00||RNS||Director/PDMR Shareholding|
|31Jan18 16:07||RNS||Grant of Options|
|12Jan18 17:05||RNS||PDMR Shareholding|
|09Jan18 07:01||RNS||Business update|
Today’s FY results are in line with our expectations, and emphasise the recently announced shift in strategy in favour of partnered development of inhaled generics. The in–market performance of key value drivers flutiform®, Seebri®, Ultibro® and EXPAREL® has been in line with forecasts, and the ongoing VR475 and VR647 trials (Phase III/EU and Phase II/US respectively) are on track, with top-line data expected in H2. We reiterate our Buy recommendation (we upgraded to Buy on 27th Feb at 72p) and 120p target price.
Companies: Vectura Group
Full-year results were slightly ahead of forecasts, which had been revised following the company’s January trading update that reflected the impact of delays to the start of customer clinical trials. A 2% decline in revenues, due to lumpy contract wins in 2016, masks the underlying 2013-2017 13% CAGR (ex-lumpy orders) and the 33% increase in Service revenues, which were in turn driven by new product introductions (e.g. Cognition Kit/wearable technology for patient-centric real-time self-assessment). The intentional and well-flagged investment in R&D and full-year impact of 2016 sales & marketing increases resulted in the company being broadly EBITDA-breakeven with year-end cash of £1.9m – sufficient for its internal development programmes’ needs. Our new forecasts reflect the adoption of IFRS 15, which has almost no impact on cash projections. We maintain our 155p price target, which implies a FY2019 EV/Sales ratio of 3.1x.
Companies: Cambridge Cognition
Reckitt has pulled out of the race for Pfizer’s consumer health business, leaving GSK as the only reported bidder. It needs to be seen if new names crop up before today’s deadline for offers, but the likelihood is less, given that the likes of Nestle, J&J and Sanofi have reportedly pulled out already. If no other players turn up, Pfizer will have to sweeten its terms, or might decide to retain the business for now, or might be forced to look for newer options for disposing the business, including a part-sale. The business is currently being valued at $15-20bn.
EKF has reported a strong set of figures, slightly ahead of expectations. Revenues increased 8% to £41.6m and the margin profile of the business has been transformed, with gross margins significantly improved and EBITDA +52% to £9.3m. With the recovery phase now complete, attention is turning to driving the next leg of growth. We see a number of short and medium term growth opportunities over and above our published forecasts although, as ever, precise timing and quantum is uncertain.
Companies: EKF Diagnostics Holding
In the March 2018 edition of the Hardman Monthly Newsletter, Nigel Hawkins addresses the attractions of quoted infrastructure funds that maintain a low profile.
Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL MCL MUR NSF OBT OXB PPH NIPT PHP RE/ REDX SCLP SCE SIXH TRX TON VAL
Anpario’s full year results highlighted a period of strong growth with momentum reportedly continuing into 2018. The group remains focused on building strong commercial relationships with end users and we expect the initiatives to help the group deliver our 11% sales growth estimate in 2018. We make modest adjustments to our forecasts this morning and increase our Target Price by 2p to 434p. We remain at Hold.
- Genedrive's PLC (LON: GDR) HepC test just entered the commercial phase as partner Sysmex launched in EMEA and APAC territories in recent weeks - Re-design of the mTB test in progress, launch date to be announced in the next fiscal year - Discussions for the disposal of the Services business entered an exclusivity period, expect an update by the end of June - Careful cash management with a £3.9mln cash balance at the end of February, we would expect a capital raise in the second half of calendar year 2018
What with North Korean missiles whistling over Japan, supreme leader Kim Jong Un threatening nuclear war against America and numerous other terrorist attacks, the world is undoubtedly a dangerous place. Demonstrated again just a fortnight ago, after a ‘lone wolf’ ISIS extremist, managed to explode a home-made ‘pipe-bomb’ in a busy New York underpass near Times Square.
Companies: Kromek Group
OptiBiotix Health Plc (LON:OPTI) focuses on managing and treating widespread, chronic medical conditions, such as obesity and high cholesterol, through the modulation of the human microbiome.
Companies: Optibiotix Health
Oxford BioMedica’s full year results highlight the continued step up in bioprocessing and commercial development income, increasing 36% in the year, as the facilities operate close to capacity. The group announced on Friday that it had raised £20.5m to fund the expansion of its bioprocessing facilities as it continues to focus on establishing additional deals with its LentiVector® platform (as evident by the most recent deal with Bioverativ). The group’s partnered product pipeline continues to progress and we look forward to the additional expected approvals of Kymriah® later in the year.
Companies: Oxford Biomedica
Verona Pharma continues to announce highly encouraging trial results with RPL554 with the most recent in 10 Cystic Fibrosis patients. We note RPL554 has so far been evaluated in multiple Phase I and Phase II trials and over 700 patients. We update forecasts this morning following FY 2017 results and continue to look forward to the upcoming Phase IIb data in COPD in early Q2. Following which, we anticipate more detail on the development pathway for RPL554. We reiterate our Strong Buy recommendation and upgrade our Target Price from 327p to 348p.
Companies: Verona Pharma
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
GSK’s Q4 results were ahead of our as well as the street expectations. Forex had a negative impact of 3ppts on sales and 4ppts on adjusted EPS. All segments outperformed sequentially, but vaccines stood out with 9% growth (vs flat Q3). The main drivers included HIV in pharma, flu and meningitis in vaccines and international markets in the consumer health business. Management maintained interest in consumer health assets but ruled out a compromise on the pharma focus.
Pharmaceutical Services is a vast and varied landscape, reflecting the complexities in the discovery, development, manufacturing and monitoring of drugs and devices, all within a stringent regulatory environment. The overall growth prospects are highly favourable: drug development activity globally is on the up, led by smaller companies, which is driving demand for outsourced services. In this report we provide a breakdown of the sector into its main activity segments, and identify biologics, increasing service specialisation and consolidation as important value drivers. Finally, we present 15 companies (9 of which are publicly listed) that, in our view, are well placed to benefit from the sector’s secular growth trends.
Companies: ABZA BQE CSRT OXB INS UDG CLIN ABZA HZD ERGO
A fully integrated specialty pharma company, Midatech Pharma is rapidly progressing the development of three lead R&D programs. They have developed three proprietary drug delivery technologies (Q-Sphera, Gold Nano Particle and Nano Inclusion) to improve and expand the therapeutic potential of validated drug products. At the same time Midatech has built a US commercial unit focused on supportive care products.
Companies: Midatech Pharma