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  • 13 Mar 20
Small Cap Feast

Abal Group (formerly on AIM) to relist as Supply@Me, a growing innovative "inventory monetisation" platform, having originated more than EUR300m of prospective "inventory monetisation deals" in its first six months of operating (to June 2018). In the first half of 2019, an additional prospective EUR300m was originated. As at the date of the publication of the Prospectus and Circular to Abal shareholders, dated 4 March 2020 , EUR972m of prospective contracts have been originated. Raising £2.2m. Due 23 March. The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC.

Companies: THR NSH FIPP RBD CDM OTMP TRB ROCK REDX ANIC

  • 26 Feb 20
Small Cap Feast

FRP Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m. Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion Inspecs, a UK designer, manufacturer and distributor of eyewear frames to global retail chains announces its intention to IPO onto AIM raising £94m with a market cap of £138m. Admission expected 27th February. FY Dec 2018 numbers show revenue of $57m and underlying EBITDA of $11m

Companies: REAT KRPZ POS FKE ZEG RBD EDR JAN MSYS SYM

  • 10 Dec 19
Oil & Gas Daily Flow

Gulf Keystone Petroleum (GKP LN): Strong trading update, additional buyback initiated | Reabold Resources (RBD LN): Drilling the VG-6 well commences, onshore California | Eco (Atlantic) Oil & Gas (ECO LN): JV Partners secure the Orinduik licence for a further three years | SDX Energy (SDX LN): South Disouq stabilises at 50MMscf/d, three months ahead of schedule | Falcon Oil & Gas (FOG LN): Horizontal drilling of the Kyalla 117 N2-1H appraisal well commences

Companies: GKP RBD ECO SDX FOG

  • 22 Nov 19
Oil & Gas Daily Flow

Reabold Resources (RBD LN): Reabold increases its stake in Danube | Coro Energy (CORO LN) – Low gas saturations encountered in deeper sections at Duyung | Mosman Oil & Gas* (MSMN LN) – 12-month suspension of the Year 3 work program approved

Companies: RBD CORO MSMN

  • 13 Nov 19
Reabold Resources - Romania Update
reabold-resources-romania-update-13-11-2019
  • 11 Nov 19
GMP FirstEnergy ― UK Energy morning research package

Parex Resources (PXT CN); BUY, C$33.00: 3Q19 results, 2020 guidance roll-out reveals better than anticipated FCF | Chevron (CVX US) (not covered): Exiting Malampaya | Union Jack Oil (UJO LN) (not covered) & Reabold Resources (RBD LN): Upgraded volume estimate in the UK | Genel Energy (GENL LN); Speculative Buy, £3.20: Somaliland farm-out process | Aminex (AEX LN) (not covered) & Solo Oil (SOLO LN): 2020 capex budget in Tanzania

Companies: PXT CVX UJO RBD GENL AEX SOLO

  • 11 Nov 19
Reabold Resources - West Newton Update
reabold-resources-west-newton-update-11-11-2019
  • 10 Oct 19
Reabold Resources - Placing to raise £24m
reabold-resources-placing-to-raise-24m-10-10-2019
  • 09 Oct 19
Oil & Gas Daily Flow

Gulf Keystone Petroleum (GKP): Share buyback – an appropriate use of capital? | Reabold Resources (RBD): Reabold completes £24m placing | JKX Oil & Gas (JKX) – Production up 13%, highest oil output in Ukraine since 2013 | Zenith Energy (ZEN): C-37 Production Increases to 285bopd

Companies: GKP RBD JKX ZEN

  • 09 Oct 19
GMP FirstEnergy ― UK Energy morning research package

Pan Orient Energy (POE CN) (not covered): Operations update in Thailand | OMV (OMV AG) (not covered): 3Q19 trading update | Reabold Resources (RBD LN) (not covered): Raising £24 mm of new equity | Solo Oil (SOLO LN) (not covered): RTO in the North Sea | JKX Oil & Gas (JKX LN) (not covered): 3Q19 update

Companies: POE OMV RBD SOLO JKX

  • 08 Oct 19
Oil & Gas Daily Flow

Reabold Resources (RBD): Proposed Placing & Investments, strong read across for UJO | Regal Petroleum (RPT): Success at MEX-119 adds to production base | Jersey Oil & Gas (JOG) –Equinor doesn’t take up option over Buchan blocks, updated CPR | Lansdowne Oil & Gas* (LOGP): Brandon Hill increases stake to 21%

Companies: RBD RPT JOG LOGP

  • 08 Oct 19
GMP FirstEnergy ― UK Energy morning research package

Carnarvon Petroleum (CVN AU) (not covered): Strong flow test in Australia | Jersey Oil & Gas (JOG LN) (not covered): Equinor option to acquire 50% of the Buchan blocks not exercised | Reabold Resources (RBD LN) (not covered): Placing | United Oil & Gas (UOG LN) (not covered): Divestment in the UK | Cadogan Petroleum (CAD LN) (not covered): Trading update in Ukraine | Condor Petroleum (CPI CN) (not covered): Receives initial deposit for divestment of Kazakh assets | Regal Petroleum (RPT LN) (not covered): Drilling update in Ukraine

Companies: CVN JOG RBD UOG CAD RPT

  • 03 Oct 19
Small Cap Feast


Companies: ABDP IHC BIRD JWNG WCH RBD FARN MIND EQLS CHRT

  • 02 Oct 19
Oil & Gas Daily Flow

Reabold Resources (RBD) - Completion of Increased Investment into Danube Petroleum

Companies: Reabold Resources
  • 26 Sep 19
Oil & Gas Daily Flow

Independent Oil and Gas (IOG) – 1H 2019 Interim Results, an active period for the company | Jadestone Energy (JSE) – The company completes Montara Umbilical replacement | Reabold Resources (RBD): West Brentwood Reserves Update | Valeura Energy (VLU): Successful gas flow test at the Inanli-1 appraisal well | Jersey Oil and Gas (JOG) - Interim Results for the Six Months Ended 30 June 2019 | Lansdowne Oil & Gas* (LOGP) – Interim results, focus on the future

Companies: IOG JSE RBD VLU JOG LOGP

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Reabold Resources. We currently have 96 research reports from 5 professional analysts.

Open
0.47p
Range Today
0.42/0.50p
52 Week
0.24/1.40p
Daily Volume
40.8m
# Shares
6,650m
Daily Liquidity
(0.61%)
Pension Liability
£0m
Enterprise Value
£34.9m
Market Cap
£32.6m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
13Mar20 07:00 RNS Update on Market Volatility
26Feb20 07:00 RNS Update on California Operations
20Feb20 07:00 RNS Update on West Newton Activity Programme
20Feb20 07:00 RNS Update on West Newton Activity Programme
04Feb20 16:28 RNS Holding(s) in Company
06Jan20 07:00 RNS Reabold California - VG-6 Update
23Dec19 07:00 RNS Romania Update
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  • 01 Apr 20
A seismic shift in the way we live and work

The Coronavirus pandemic is a human tragedy of vast proportions – as well as the terrible human toll, COVID-19 has led to economies across the globe going into physical lockdown and financial freefall. Entire populations are adapting to the “stay at home” edict, to safeguard the vulnerable – and some of these changes will lead to long-lasting or perhaps permanent changes in the way we live or work. This note describes some of our client companies whose business models are well adapted to these changes, or who might see a change in long-term structural demand.

Companies: AMO BGO FDM GAMA KAPE LOOP TERN ZOO

  • 31 Mar 20
Strong FY19 results highlight Tremor’s potential

Tremor has reported a strong set of FY19 results and announced a prudent $10m buyback. The results are in line with January’s trading update, and demonstrate strong growth in Digital Video and Connected TV (CTV) advertising. Tremor has also seen a solid start to FY20, but COVID-19 could markedly affect a number of its clients. The management and board highlight that it is too early to fully assess the impact of COVID-19 on Tremor’s FY20 outlook, and we consequently leave our FY20 estimates broadly unchanged at this point. In this report we also explain Tremor’s investment case in depth, and highlight that Tremor is excellently positioned to capitalise on the major growth in Video and CTV advertising, and can see further upside from M&A and the resolution of the Uber case.

Companies: Tremor International
  • 31 Mar 20
Strong trading update

Kape has issued a strong Q1 trading update, noting a modest acceleration in Digital Privacy demand trends as a function of Covid-19 related travel restrictions. Remote working increases the number of potential vulnerabilities within a user’s network, which Kape’s VPN offering solves through provision of secure and private browsing solutions. Kape has been able to successfully service the acceleration in demand, whilst at the same time implementing its own remote working policy to ensure business continuity. Management have reiterated guidance for $120m - $123m of revenues and EBITDA of $35m - £38m, with the uplift in demand providing added headroom in forecasts. Our FY’20E forecasts generate an FCF yield of >5%, which is well underpinned by strong renewal rates and flexibility around direct marketing spend.

Companies: Kape Technologies
  • 01 Apr 20
The MISSION Group - On message

The Mission has reported FY19 results in line with levels indicated in the year-end update, with an 11% uplift in adjusted PBT and a 5% increase in diluted EPS. The new financial year started well, with a more coherent service offering and the agencies working effectively together to deliver new business on an individual and on a collaborative basis. COVID-19 is having a marked impact across the marketing sector as clients reschedule and adjust their spending plans, but it is too early to judge the financial impact that this will have on Mission’s FY20 results at this stage.

Companies: The Mission Group
  • 07 Apr 20
LIBERUM: 4imprint* - Safer at Home hits trading further – but well positioned for recovery

Previously management had indicated order counts down by 60%. Daily order counts are now running 80% below the 2019 comparative. We now assume a 50% reduction in sales in FY 2020, assuming gradual progress from Q3.

Companies: 4Imprint Group
  • 31 Mar 20
Kape Technologies

COVID-19 update – on track and good liquidity

Companies: Kape Technologies
  • 02 Apr 20
Focus on core areas; significant cost reductions

Interims from Gfinity, the leading international esports business, saw progress with gross profit growth and cost control resulting in reduced operating losses. Going forward, Gfinity is focusing on three core areas where it has a competitive advantage (eMotorsports, own community and building communities for others) and exiting other areas. As flagged in March, Gfinity has undertaken a strategic review and has started a series of major cost reduction measures including board and senior leadership changes and is adopting a more flexible operating cost model. It is also strengthening its balance sheet with a conditional raise of £2.25m at 1p/share plus a 1:1 warrant. COVID-19 has driven a surge in video gaming and in traffic to Gfinity’s own platforms and has created opportunities, such as the F1 Esports Virtual Grand Prix series. It has also created an increased level of uncertainty for the rest of FY20, however, with major live physical events deferred. Consequently, we are withdrawing forecasts in the interim.

Companies: Gfinity
  • 01 Apr 20
The MISSION Group - The MISSION Group - Executive interview

James Clifton, CEO of The The MISSION Group, discusses how the group is differentiated from other marketing services and agency groups. He then summarises the financial results for 2019, which showed good growth in a year dominated by the socioeconomic uncertainties surrounding Brexit. James goes on to describe what challenges and achievements there have been for MISSION since he took over the reins in April last year and the aspects of the group with the most promising medium-term prospects. Lastly, he talks through the impact the COVID-19 pandemic is having on the business and its clients, and how well the organisation and its finances are placed to cope. The MISSION Group is a collective of integrated and specialist creative agencies, employing 1,150 people in the UK, Europe, Asia and US.

Companies: The Mission Group
  • 07 Apr 20
Cenkos: Cello Health plc -- Some disruption, but faring well considering

Cello's trading momentum continued over Q1/20E with signs of further organic progress and maintenance of a strong balance sheet. The impact of measures to combat Covid-19 is creating some disruption for certain clients and their activities, but the majority of existing project work remains intact with new bookings continuing to come in. Contingencies are being exercised to limit any impact on profitability and cash flow. Given the degree of uncertainty over the level of disruption, we are withdrawing forecasts and putting our recommendation Under Review.

Companies: Cello Health
  • 08 Apr 20
FY20e guidance and share buy-back suspended amidst COVID-19

RELX just released a trading statement ahead of is 23 April 2020 AGM to inform that it has suspended both its FY20e guidance and share buy-back due to the uncertainties related to COVID-19.

Companies: Relx
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 07 Apr 20
Well placed to emerge stronger

In previous downturns, 4imprint’s financial strength and marketing skills have enabled the group to take share and exit in a stronger position. The competition is largely significantly smaller, more local operators that do not have the same financial reserves or marketing expertise. The speed and scale of the COVID-19 downturn is likely to see this trend to an even greater degree. 4imprint has detailed that the lockdown directives in the US and UK have resulted in orders running at c.20% of 2019, and this limited level of activity is likely to continue. Marketing costs typically account for c.75% of operating costs, meaning the cost base can be quickly aligned to market conditions and management has stated the marketing portfolio has been radically re-shaped in a very short space of time, resulting in a mix that is appropriate to current circumstances in terms of both type and cost but equally provides a firm platform to take full advantage of improving conditions when they occur. At the end of Q1, the group had cash of over $50m and no debt; it will also not pay the final dividend, which would have cost $16m. The Board has not fundamentally changed its dividend policy, and it will reassess its position in coming months as the situation becomes clearer. No forward guidance is provided at this stage, and we consequently place our forecasts and target price under review for the time being. However, we maintain our view that 4imprint has the financial strength and proven market-leading business model to exit the current downturn in a stronger market position, providing the basis for the shares to regain previous highs.

Companies: 4Imprint Group
  • 07 Apr 20
Well positioned to weather the storm

Cello traded well in Q1, with good revenue growth and solid operating cash generation resulting in £11.7m cash at the end of March. The Group has total facilities of £24.0m, of which £7.0m were drawn down at 31 March 2020. Cello is in a strong financial position. The entire employee base of the Group has been working remotely for over two weeks and delivering largely uninterrupted services to clients. Within the Cello Health division, there is some evidence of deferral of certain types of work where live meetings are essential. However, in the majority of cases, project work has continued and overall recent booking levels have remained encouraging. Some non-healthcare clients have needed to delay or cancel certain projects. Consequently, the cost base is being reviewed and the Board has agreed to take a 10% salary reduction for three months. The proposed final dividend of 2.95p will be replaced by an interim 1.0p, with the aim of declaring a special dividend subject to future trading performance. The Board is not currently able to provide clarity regarding the outlook for 2020 and we consequently place our forecasts and target price under review for the time being. Overall, Cello’s ability to deliver the majority of its services remotely, the defensive nature of its healthcare client base (82% of historic net sales), management action and the strong financial position means the group is very well placed to weather the storm and then resume its established growth path.

Companies: Cello Health
  • 12 Nov 19
Guidance confirmed

The decrease in total advertising revenue slowed in 9 months 19 (-3% vs -5% in H1 19), reflecting a positive trend in Q3 19 (+1%) and corresponding to the high range of guidance (-1/+1%). Online revenue grew significantly (+23% in 9 months 19 vs +18% in H1 19). As expected, ITV Studios benefited from high deliveries of programmes, in particular from ITV America. The 2019 guidance is confirmed and a dividend of at least 8.0p/share was reiterated.

Companies: ITV
  • 13 Mar 20
High risk in TV advertising with the Coronavirus outbreak

In 2019, total advertising was better than expected and decreased by -1.5% (vs guidance of c.-2%). Lower group adjusted EBITA margin was attributable to Broadcasting, which had to support higher investments in the businesses, including the launch of BritBox UK, which were not completely offset by cost savings. The outlook for 2020 is uncertain due to the Coronavirus outbreak. Essentially, there should be a significant negative effect on TV advertising.

Companies: ITV