Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Totally. We currently have 15 research reports from 3 professional analysts.
Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Offer TBC, expected late May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May Team17 Group -video games label and creative partner for independent developers. Since 2014, delivered a revenue CAGR of 69% (31 December 2015 to 31 December 2017), with revenues of £29.6m and Adjusted EBITDA of £12.9m. Offer TBA Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m. Offer TBA. Due mid May.
Companies: VNL FOG NTOG BLVN THAL CEPS MIDW TLY FARN CRAW
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.
Companies: ECR TIDE AMC ECHO LVCG DKL ALT TLY TRAK ATYM
Totally has published its twelve-month results, or second set of interim results, to 31 December 2017 as the Group moves to a new March year end. Thus, the current financial period will be of 15 months duration. This follows the reverse takeover of urgent care provider Vocare in October 2017. The twelve-month results came in slightly better than our forecast which augurs well for the full fifteen-month results which remain unchanged. However, our forecast for net cash has been raised from £4m to £9m which ties in with the higher level of cash enjoyed in the business as at December of £11.3m.
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 raising $13.14m with market cap of £56.4m. Due 29 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. POSTPONED 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 Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer raising £3m at 15p with market cap of £11.01m. Due 29 March
Companies: CON EMIS WRES TLY GFIN BLTG IRON
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 15 research reports from 3 professional analysts.
|24May18 17:29||RNS||Holding(s) in Company|
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|11May18 07:00||RNS||Vocare confirms £1.2m per annum contract renewal|
|08May18 10:38||RNS||Result of General Meeting|
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A highly statistically significant dose response from the Phase II Grass MATA MPL/PQ Grass trial in Europe enables the company to confidently select a dose to take into a pivotal Phase III trial for US and European registration purposes. This is the first of two material clinical trial readouts this year. The Phase III Birch allergy study is expected in H2 2018, safety data from which might be able to be included as part of the safety package needed by the FDA for Grass MATAMPL. We maintain a target price of 47p and expect to upgrade on positive PQ Birch results. Further upside (33p) exists for the Pollinex Quattro Grass programme in the US.
Companies: Allergy Therapeutics
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
Although we have taken a more conservative stance on development timelines, we continue to believe that Midatech’s technology platforms have significant commercial potential. We currently expect Midatech to sell both of its lead programmes (MTD201 and MTX110) direct in the US. Alternatively, either programme could represent an exciting licensing opportunity following the completion of pivotal trials in 2019e and 2020e respectively. We reiterate our long-term Buy recommendation with a revised target price of 67p (from 96p).
Companies: Midatech Pharma
Prior to the financial crisis of 2008/09, it was widely believed in the stock market that certain sectors – most notably utilities, pharmaceuticals, food retailing and tobacco – were far less vulnerable to market downturns.
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
Ergomed’s new strategy is to become a global leader in pharmacovigilance and orphan drug development services by 2020. This refocusing of the business moves Ergomed away from its reliance on the risk/reward profile of development deals, towards repeatable and sticky contracts across various geographies and therapy areas. This offers a much better, more visible, cashgenerating story. Our headline valuation has been revised to centre on the Services businesses only, giving a fair value of 266-292p. The Development and Haemostatix businesses add a further 120p to that range.
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
Vernalis has provided a trading and operational update to its guidance for Tuzistra XR prescriptions for financial year-end 2018. Despite dynamic management of commercial initiatives, Tuzistra XR prescription growth is not accelerating fast enough to meet Vernalis’s guidance of 105-115k prescriptions (given at the FY17 results). Following a disappointing uptake in the current cough cold season (~65% of the season is complete), Vernalis is downgrading guidance on prescription numbers and, in light of slow progress in the US cough and flu business, is seeking alternative strategies for the US business and the group. As such, we place our financial forecasts and valuation under review until we receive clarity on strategic next steps and the potential impact on cash burn, given a cash balance of £44m (unaudited at 31 January 2018).
This month’s feature article is the first publication of the 2017 global pharmaceutical industry statistics from which the global and US rankings of the top 15 drug companies are derived. Comparisons are made with historical data to show how different company strategies have evolved. In addition, an analysis of the evolution of biopharmaceuical drugs has been made, together with a key sub-set, namely drugs derived from antibody technology, which now represent 12% of the entire market. Two more drugs joined the $100bn club in 2017.
Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF OBT OXB NIPT PHP RE/ REDX SCLP SCE SIXH TRX TON VAL
Yesterday’s FY2015 results from Cathay International showed a negative YoY performance, primarily as a result of the previously announced weak 2015 trading by its majority-owned and HK-listed subsidiary Lansen Pharma (which reported a 26% YoY EBIT decline in 2015, partially as a result of one-off factors). In addition, continued inositol pricing pressure negatively affected trading at (fully owned) Haizi. Prospects for 2016 include a return to growth at Lansen (mainly driven by new products) and potential improved profitability at Haizi as a result of process improvements and the expected commercial launch of food grade DCP. Our forecasts remain under review pending the outcome of ongoing debt discussions and increased clarity on trading performance.
Companies: Cathay International
The shortfall in prescription volume growth volume is disappointing, although we note our cautious stance vs. guidance for current-year prescriptions. We significantly lowered our rollout expectations for Tuzistra® XR and the four follow-on cough cold programmes on 24th November and will review our estimates following this morning’s update. The company enjoys a strong cash position of £48.9m (as per 11th Dec).
AKERS BIOSCIENCES INC (AKER US) | ASA RESOURCE GROUP PLC (ASA LN) | BLUR GROUP PLC (BLUR LN) | GRIFFIN MINING (GFM LN) | LIDCO GROUP (LID LN) | NORICUM GOLD LIMITED (NMG LN) | PREMIER TECHNICAL SERVICES GRP LTD (PTSG LN) | PROACTIS HLDGS (PHD LN) | VALIRX PLC (VAL LN)
Companies: VAL ASA GFM MAIS NMG PTSG LID PHD AKR
Following a period of positive news, including the most recent contract award worth up to $62m by the Biomedical Advanced Research and Development Authority to support the development of ridinilazole, Summit has announced an underwritten public offering of 1,459,000 ADSs to raise up to $17.5m. Summit continues to make strong progress with its DMD utrophin modulation and C. difficile (CDI) programmes. The PhaseOut DMD trial completed recruitment in May, triggering a $22m milestone from Sarepta Therapeutics, with interim data on track to be released in Q1 2018. In addition, the Phase III programme for ridinilazole (for the treatment of CDI) is on track to commence in H1 2018. We remain very excited about Summit’s commercial prospects.
Companies: Summit Therapeutics
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
Yesterday’s H1 results revealed a broadly flat revenue performance (+1.5% YoY) in spite of currency headwinds, weaker cosmeceuticals sales at Lansen and challenging trading at Haizi. The solid top line performance, mainly a result of strong pharmaceutical and plant extract sales, was mitigated at the EBIT level by higher sales & marketing investment. However, net profit showed strong YoY growth to $5.7m from $(1.9)m in H1 2016, driven by non-recurring income from the sale of shares in Starry by Lansen. Our forecasts remain under review.
Companies: Cathay International
Tuzistra XR prescriptions (Rx) grew threefold to ~35k in FY16/17 (2nd year on the market) vs ~12k in FY15/16. Investment into addressing the barriers to higher Tuzistra XR prescribing is translating into higher Rx rates, although this has not been matched by revenue growth due to higher inventory stocking in the same period last year. In H217 FDA issued partner Tris with two complete response letters to Vernalis’s CCP-07 and CCP-08 NDAs and we now model launch during the 2018/19 cough cold season. Our updated forecasts reflect this and lower Tuzistra XR revenues due to a slower than anticipated sales trajectory in the near term.