Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ULS Technology. We currently have 12 research reports from 2 professional analysts.
AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019. VAALCO Energy, Inc. (NYSE: EGY), an independent energy com pany focused on developm ent and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange ("LSE"), to complement its existing Listing on the New York Stock Exchange. Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services, announces today the expected publication of a registration document that has been submitted for approval to the FCA and its potential intention, subject to market conditions, to undertake an initial public offering. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.
Companies: SRES ARE UFO ORM EVE ULS MTPH ONC AST GMAA
AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019
Companies: IMMO MERC IQG DUKE ZIN FUM AGL ULS ODX IKA
Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019 Argentex a UK-based forex service provider founded in 2011 by its current management team which operates as a Riskless Principal for nonspeculative and forward foreign exchange as structured financial derivatives is looking to join AIM. Offer TBC, expected 25 June
Companies: RBD PRSM OGN PTAL ULS EAH KRM MTW INSE MUL
Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. Manolete Partners—leading UK insolvency litigation financing business looking to join AIM raising £16.3m as a placing and £13.1 realised by the selling shareholder at 175p. Market cap £76.3m, expected 14 December Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected early December. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer raising £3.75m of new money and £1.25m for selling shareholders, market cap of £47.1m. Due 5 December The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer £5m new capital, £400k sell-down, market cap of £30m, expected late 4 Dec 2018.
Companies: MCLS RTHM UEX WRES MERC PXC FAR ULS BVC
Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July Nucleus Financial—independent wrap platform provider . FYDec17 revs £40.36m and PBT of £5.1m. Offer TBA. Due late July. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
Companies: XAR ITX TCM KRM GYG AFC ABC ULS WPHO HDD
RA International is a leading provider of services to remote locations in Africa and the Middle East looking to join AIM raising £18.8m and 56p, market cap of £97.2m. Expected 29 June Mind Gym. Behavioural science business that uses scalable proprietary products to deliver human capital and business improvement solutions to large corporations. Offer secondary offering of £50.8m at 146p, market cap of £145.1m. Due 28 June Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply contract for up to $170m. Due Early July. Knights Group— UK regional legal and professional services businesses. FYApr18 rev £34.9m and adjusted operating profit was £6.8m excluding Turner Parkinson (acquiring on IPO). Offer raising £30m primary and £20m secondary at 145p with market cap of £103.5m, expected 29 June. TransGlobe Energy Corporation—an independent international upstream oil and gas company with headquarters in Calgary, Canada is looking to join AIM. No Capital to be raised, market cap of £131m. Expected 29 June Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.
Companies: WGB TRAK VEL SIS PREM CRAW AVO ULS PTR NMRP
Pelatro— The precision marketing software specialist. Due 19 Dec. Raising £3.8m new money plus £0.6m vendor sale. 62.5p. Mkt cap £15.2m. HYJun17 revenues increased to US$1.55m from US$0.2m and profit before tax increased to £1.0m from a small loss in the comparable period. Erris Resources PLC—a mineral exploration and development company currently focused on two geographic areas. Offer TBC, expected 21 December 2017 CIP Merchant Capital—Closed ended investment Company. Sector focus oil & gas, healthcare, pharma, and real estate. Offer raising £55m with market cap of £55m. Due 21 Dec Panthera Resources— The Company was established to act as a holding company for Indo Gold Limited, an unlisted Australian registered company. The Company aims to explore and develop gold assets in India and West Africa. Offer TBC, expected 20 Dec Sumo Group—one of the UK's largest independent developers of AAA-rated video games providing both turnkey and codevelopment solutions, including initial concept and pre-production. Offer raising £78.15m at £1 with market cap of £145m. Due late Dec Sirius Petroleum—RTO. Becoming an operating company in the Ororo Field in Nigeria. Raising £7.2m/ Mkt Cap £35.6m. Due 19 Dec. Bushveld Minerals—RTO of Bushveld Vametco and therefore 78.8% of Strategic Minerals Corporation, the intermediate holding company that owns a 75 per cent. interest in the Vametco Vanadium Mine. Eqtec—Company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity. Raising £1.6m. Mkt Cap £8.7m. Due 21 Dec. Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £71m market cap. FYMar18E rev £241.5m and £7.19m PBT 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 raising £26.2m with market cap of £63.2m. Expected 19 Dec. 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: CSSG KRS ULS FLK ROCK KIBO NKTN ECHO LSAI BOOM
Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Offer TBA. Expected mid July. | NEXUS Infrastructure—Offer TBA. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m | Tatton Asset Management –Sch 1. Provider if services to FCA authorized financial advisers. Raising £10m at 156p. Secondary offer £41.6m. Due 6 July | GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July | FFI Holdings— Specialist in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. Raising £59m at 150p. Expected 30 June | QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | Ethernity Networks—Schedule 1 from Israeli based specialist in data processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets. Expected 29 June. Raising £15m at 140p. Mkt Cap £45.5m | Jangada Mines—Sch 1 advanced stage PGM exploration project containing what the Directors understand to be the largest PGM resource, and only pre-development PGM project, in South America. Raising £2.25m. Mkt Cap £9.9m. Expected 29 June | Phoenix Global Mining— US Brown field copper play. Expected late June. Offer TBA | I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 | Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July | DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: ICON IBPO IGR CRPR FEN ULS PRSM KOD HYR
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
Companies: IQE SDY SUN ERGO NETD G4M GFIN ULS FUTR
Research Tree provides access to ongoing research coverage, media content and regulatory news on ULS Technology. We currently have 12 research reports from 2 professional analysts.
|03Dec19 07:00||RNS||Half-year Report|
|05Nov19 07:00||RNS||Trading Update and Notice of Results|
|20Sep19 07:00||RNS||Customer update|
|10Sep19 07:00||RNS||Contract Win|
|14Aug19 15:31||RNS||Holding(s) in Company|
|30Jul19 17:05||RNS||Result of AGM|
|05Jul19 10:44||RNS||Holding(s) in Company|
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 ESRE 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
The Character Group plc* (CCT.L, 360p/£80.2m) | Blackbird plc* (BIRD.L, 15p/£42.8m) |Gfinity plc* (GFIN.L, 3.90p/£18.5m)
Companies: CCT BIRD GFIN
Our Hot Off The Wires daily newsletter takes a look at the morning's market movements, news stories and company announcements. Don't forget to have a go at our daily trivia! Companies mentioned in this edition include: Ashtead, Travis Perkins, Watches of Switzerland, JD Wetherspoon, S&U, McColl's Retail, Hipgnosis Songs Fund, Ted Baker, Premier Foods and OnTheMarket. If you would like to be subscribed, please email us at firstname.lastname@example.org.
Companies: OTMP SUS TPK
2019 has been a pivotal year with the opening of five Time Out Markets across North America. It is early days but initial performance provides proof that the concept can travel internationally. The delays to openings in Chicago and Montreal will lead to a small H2 loss, confirmed in the announcement today. We have updated FY19E forecasts to reflect this and some changes to future years largely to reflect phasing and additional investment given the growing opportunities for events and sponsorships at current sites and the large pipeline of future global locations.
Companies: Time Out Group
OnTheMarket has announced that “as at 2 December 2019, over 3,000 more offices had been signed under new paying contracts to list all their residential properties at OnTheMarket . The progress builds on the support from thousands of firms already on long-term paying contracts at the time of admission to AIM in February 2018.”
Shareholders yesterday approved the net £140m proposed acquisition of TI Media Group (‘TI Media’). The acquisition will be funded through a mix of debt and equity, and presents a compelling opportunity for Future to leverage its digital platform, ecommerce and content expertise, and global reach (TI Media continuing sales: >70% magazine). Post removal of broker restrictions, we now update forecasts for both TI Media (assumes endApril’20 completion) and Barcroft Studios acquisitions, with an additional underlying upgrade due to better than anticipated growth at the FY’19 outturn. FY’20E and FY’21E sales are upgraded by 41% and 79% respectively, with OpFCF forecasts are upgraded by 42% and 66%. The TI Media acquisition is forecast to be 26% EPS accretive in FY21E. A 19x EV/EBITDA multiple based on calculated pro forma FY’20E EBITDA generates an intrinsic value of 1,890p/share.
In a deal which will have a profound effect on the prospects for the group, Kape has announced the proposed acquisition of LTMI Holdings, the holding company for virtual private network provider Private Internet Access (PIA). PIA is a Denver-based security software business, the addition of which will transform the size of Kape by doubling group revenues (including a stronger recurring revenue base) and increasing adjusted EBITDA by around 2.5 times in FY 2020E. Reflecting that, our earnings estimates increase by around 90% for FY 2020E while our new FY 2021E estimates build strongly on that much larger base. Total consideration is c. US$95.5 million with an enterprise value of c. US$127.6 million. The deal is expected to complete within 45 days and is anticipated to be immediately earnings enhancing. The transaction will create a significant player in the digital privacy market and will enable Kape to expand its footprint in North America with a broader product offering.
Companies: Kape Technologies
Kape is set to acquire Private Internet Access (“PIA”) for a cash-free/ debt-free total consideration of $127.6m, representing an EV/FY’18 EBITDA multiple of 8.7x (presynergies). The strategic rationale is compelling, immediately doubling Kape’s paying subscriber base, creating an estimated $4.5m cost synergy – resulting in pro-forma sales and EBITDA of $110m and $27m respectively - and further, improving Kape’s Data Privacy geographic footprint and functionality stack. PIA is cash-generative (FY’18 CFO: $16.3), growing sales +5% pa. and is expected to quickly benefit from Kape’s digital marketing capabilities. Revenue is expected to be 57% higher for both FY’20E and FY’21E, with the deal forecast to be 13% EPS accretive in FY’21.
Companies: Kape Technologies
Zinc Media has today announced a further £4.3m of new commissions on top of the £4.8m announced on 10 September. These new commissions are anticipated to deliver improved margins in-line with industry standards which represents a critical step in demonstrating progress against the Group’s transformation agenda, and is key to improved free cash flow and longer term profitability. Additionally, the announcement of a large international production with the US-based Smithsonian Channel titled ‘The Curious Life and Death of…’ won by Blakeway, demonstrating positive development in international business. We are encouraged to see management clearly executing against its four-part transformation plan laid out in September, targeting: 1) Increase London and Manchester TV gross margins; 2) Revenue growth and diversification; 3) Cultural and creative renewal; and 4) Investment in operational excellence. Management have maintained positive win momentum seen recently, adding to £4.8m of commissions announced in September, £2.8m in June, and £5.1m from May. Elsewhere, Reef TV has continued its recovery with additional programmes added for Police Code Zero, whilst Tern TV continues its strong performance with repeat commissions for Children’s Hospital amongst other titles.
Companies: Zinc Media Group
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb
Companies: TENG DEST KMK PCA ABC EUA NUC AVCT SBIZ RBD
These interims include three months of RhythmOne but the integration is ahead of schedule and they are presented as one. Taptica’s original Performance business continued to suffer in difficult markets and saw a sharp decline in H1. The impact of this has been mitigated by the addition of 3 months of RhythmOne to the extent that both H1 revenue and earnings are kept virtually unchanged YoY, with excellent cash generation. We are guided to ease FY forecasts but we note TRMR has achieved great efficiencies in Branding to maintain group blended margin despite the reduction in high-margin Performance sales. Looking ahead, TRMR has made an excellent strategic move into the booming video market, with its exchange up and running. It is well funded, streamlined and future new business on the platform should drop straight through to profit.
Companies: Tremor International
Pearson's H1 15 results showed revenues up 1% organically to £2.2bn (before a 4% forex positive impact) and adjusted operating profit down 4% to £72m. This is nonetheless rather meaningful as H1 is only a small part of the FY results (c.60% of sales and c.90% of profits generated in H2). The dividend is raised by 6% to 18p and management reiterated its previous FY15e guidance for adjusted EPS of 75p to 80p, assuming exchange rates at last 21 January's levels (2014 average £:$ rate was 1.65; as a reminder, a 5% move in the average £:$ exchange rate for the full year has an impact of approximately 1.2p on adjusted EPS) and no change in the portfolio. Note that the disposal of PowerSchool, sold to Vista Equity Partners for $350m in mid-June 2015, will reduce EPS by 1p and that, if current rates persist until end-2015, it would have a -2p impact. But largely overshadowing these results, was the announcement of Pearson's intention to sell the FT Group to Nikkei Inc. for a gross consideration of £844m cash (above Axel Springer's £750m offer), followed by the confirmation of also being in discussions over the potential sale of its 50% stake in The Economist (further announcements due; not done yet). This had been around for some time, namely since the departure of previous CEO Marjorie Scardino in early 2013, and definitely focuses the group on global Education.
PSON’s interims contain no major surprises, but we have revised our forecasts to reflect the patchy trading performance, a mixed outlook and the FT Group disposal (a positive initiative). The result is FY15E EPS and DPS reductions of 4%/1%, respectively. We remain cautious on PSON’s trading outlook, the execution difficulties implied by digital evolution in the global learning market and the possibility of contract losses in N. America. We have trimmed our TP from 1,179p to 1,131p and consider its stock fairly valued.
Revenue and EBITDA results for the full year are ahead of expectations on the back of strong trading. Revenues rose a total of 22% (15% organic) driven by sales execution. Strong sales has also boosted the deferred revenue balance by 32% to over £60m, supporting a strong outlook for 2018 and underlining the quality of revenues. The group is pushing ahead with commercialising its product by extending its addressable market yet again, boosting the ultimate growth potential of the business. EBITDA growth was 14% despite investment. Healthy trading and visibility (c75% estimated by Company) helps offset the likely US$ headwind likely in H2’18 meaning we have maintained our recently upgraded forecasts. Based on our peer-based approach to valuation we estimate an intrinsic value of 914p, thus implying some further significant upside potential for the stock. Another material acquisition could add more value.
The Company is holding a Capital Markets Day today. DATA is seeking to become the Bloomberg of a number of vertical markets and the worlds trusted source of strategic industry intelligence. This will be an excellent opportunity to hear about data sets, product innovation and growth/execution drivers within a very large market. In addition it is likely we will hear about how the more recent acquisitions, MEED and Research Views, have fitted in. The stock has tended to trade around the mid-twenties EV/EBITDA level on a prospective basis. With the acquisition on track and a good organic growth outlook the stock is likely to continue to re-rate back to this level.