GYG is the world’s leading superyacht service and supply group. It has an unrivalled reputation in an attractive niche, having painted more superyachts than any other company. The equity story was knocked off course by a challenging FY18 as the Group faced a number of external headwinds in its first year post IPO. This prompted a review of GYG’s management structure as well as increased investment in systems to improve visibility and service delivery. Meanwhile, the market opportunity looks to be brighter than ever. The order book is at record levels and management is focused on enhancing margins as revenue builds. We anticipate a period of strong earnings growth, with scope also for a recovery in the rating from current levels in recognition of ongoing strategic progress.
Companies: GYG Plc
Following a number of recent contracts wins GYG’s order book now stands at record levels, which we believe should give investors confidence in current forecasts. We leave our published numbers unchanged at this juncture but believe our assumptions to be well underpinned by increasing trading momentum backed by the record order book, coupled with efficiencies and cost savings evident in the H1 margin trends.
Wheaton precious Metals (TSE:WPM) - Proposed secondary listing on bringing one of the world’s largest precious metal streaming companies to the London Stock Exchange. Due Q 2020
AB Ignitis grupe—leading utility and renewable energy company in the Baltic region. Admission of its Shares to the Main Trading List of Nasdaq Vilnius and admission of its GDRs to the Official List of the FCA. Offer Price Range corresponds to a market capitalisation of approximately EUR1,691.7 - EUR2,105.2 million. Due 7 Oct.
Calnex, an established provider of test and measurement solutions for the global telecommunications sector, will raise a total of £22.5 million (before expenses), comprising £6.0 million for the Company and £16.5 million for existing shareholders . Due 5 October 2020, under the ticker CLX. Based on the Placing Price, the market capitalisation of the Company will be £42.0 million on Admission.
Various Eateries to float on AIM. Admission is expected to take place end of September/early October 2020. The Company intends to raise up to £25 million by way of a placing . Established platform business operating two core brands, Coppa Club & Tavolino, both positioned to benefit from the post-Covid environment. The Directors believe site availability, acquisition opportunities, reduced competition, availability of talent and changes in consumer behaviour provide opportunities to accelerate the Group's growth .
Mode Global Holdings to join LSE (standard). Mode is a UK-based Fintech Group, building a modern financial services business to support an increasingly digitised economy and financial system, combining the best of banking, payments, investment, loyalty and digital assets. Targeting £7.5m raise.
Guild Esports a UK-based owner and developer of esports teams, has announced its intention to seek a listing of its ordinary shares to the Standard Listing segment of the London Stock Exchange this autumn. its founding shareholders include David Beckham, former football player and captain of England, and now co-owner of new MLS team Inter Miami CF.
HOME REIT intends to float to the Main Market raising up to £250m. The Company will seek to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by investing in a diversified portfolio of assets across the UK which will be dedicated to providing accommodation to the homeless. Due Mid October
Sativa Wellness Group—(Canadian Securities Exchange: STIL) renamed from Stillcanna Inc following the conditional acquisition of Sativa Group (AQSE:SATI) to list on the AQUIS Exchange. A fully integrated European seed to consumer CBD group with the pricing, products, and stability to meet the CBD market demand in the medium term. With world-class extraction and formulation experts, an agricultural team that has over 20 years’ experience farming hemp, along with laboratory testing capabilities, the group has established itself globally as a trusted source of high-grade, premium wholesale CBD brands and products.
Umuthi Healthcare Solutions Plc, the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas, seeking admission to the Standard Listing segment of the Official List
Kibo Energy PLC, the multi-asset Africa focused energy company, is seeking admission for its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC (MED), to the Standard List of the London Stock Exchange plc . Targeted for Q4 2020. The MED business strategy is to acquire and develop a portfolio of flexible small-scale power generation assets, exploiting a growth niche market in the UK for Reserve Power generation to balance out the national grid at critical times.
Companies: PEG GYG VDTK SMRT ORR BIOM BLOE IXI TRR CPP
A H1 trading update shows 12% decline in revenues for H1 2020 YOY due to COVID, with adjusted EBITDA ahead by €0.1m to €1.6m YOY driven by a 22% increase in margins. We are maintaining our forecasts for now, but believe there is some upside potential as we progress through the year and order book visibility continues to improve from here
GYG has delivered robust 2019A results following three earnings upgrades over the past year, regaining growth momentum and delivering improved margins. Despite some short-term disruption from COVID-19, the order book provides greater visibility than ever before, with the Group operating at c.90% capacity with no cancellations noted to date, underpinning forecasts for FY20. We believe the Group is now a better business than at IPO, capable of driving continued EPS expansion going forwards as it fully utilises its unique and global market leading position.
GYG has released a full year trading update confirming that it has traded comfortably ahead of our forecast expectations to 2019E. This proved to be a transformational year for the Group as it strengthened its order book and forward visibility against a backdrop of improving market conditions in both New Build and Refit. We are upgrading our 2019E EPS forecasts by c6% on the back of this update, and modestly upgrade our forecasts thereafter after a number of material upgrades during the course of last year. We remain confident in the recovery potential of GYG and envisage further earnings progress during the coming year.
GYG has delivered strong H1 results that show a dramatic turnaround vs. last year. The market dynamics remain intact, with GYG also demonstrating greater levels of efficiency as it benefits from the investments made in systems and management while also widening strategic relationships with shipyards. We are maintaining our headline forecasts at this juncture, albeit we believe our forecasts are conservative and GYG remains firmly on track to execute a strong recovery backed by a record order book.
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. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%. 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: XSG TRAK CREO BIDS VDTK BKS LSAI WHR GYG
GYG has released a trading update this morning confirming that they have continued to experience a positive trading environment and expect full year results to be ahead of current market expectations. The stabilisation of the refit market that we saw signs of at the start of the year appears to be continuing, with the group maintaining its market share as the recovery comes through. We also believe the New Build segment continues to see good trends and management confidence in this area is building. We are upgrading our forecasts as a result, and now expect adj. EBITDA in 2019E of €3.6m (vs. €3.3m previously) with adj. PBT of €1.9m (vs. €1.6m previously). In our view, this is another encouraging update and is further evidence that the trading environment in refit is now looking to have normalised. Even on upgraded forecasts, our 2021E expectations remain 13% below the 2017 outturn at the adjusted PBT level highlighting the extent of a geared recovery on offer
GYG has released a trading update this morning confirming that they have seen a positive uplift in trading at the start of the year and expect full year results to be ahead of current market expectations. The core refit business has seen continued improvements in the trading environment in the first four months of the year and further progress in the New Build segment has also contributed positively to the group’s performance. We are upgrading our forecasts as a result, and now expect adj. EBITDA in 2019E of €3.3m (vs. €3.0m previously) with adj. PBT of €1.6m (vs. €1.3m previously). In our view, this is an encouraging update and is further evidence that the trading environment in refit continues to improve as demand begins to normalise. Even on upgraded forecasts, our 2021E expectations remain 21% below the 2017 outturn at the adjusted PBT level highlighting the extent of a geared recovery on offer.
GYG has released 2018 results this morning which are in line with our forecasts, following two downgrades in H2 2018. Clearly 2018 has been a challenging year for the group with setbacks in the Coatings division impacting both the refit and new build segments. We leave our 2019E and 2020E forecasts unchanged following these results and introduce our 2021E forecasts which imply a €1.5m uplift in adj. EBITDA YoY from 2020E levels to €5.7m. On a more positive note, we believe the group is starting to see demand normalise in the Refit business and is gaining increased momentum in New Build, based on what we can see in the order book.
Research Tree provides access to ongoing research coverage, media content and regulatory news on GYG Plc.
We currently have 22 research reports from 3
An H1 trading update to December confirms a strong start to FY21, with sales growth accelerating to 22% y/y – a material rebound from a Covid impacted 2H20 (+9% y/y) and +15% achieved prior to this. KPI‘s are strong across the piece, for instance every Geo grew >20%, Connector revenue grew +20% (Shopify: +115%) and ‘enhanced functionality‘ revs grew +20% also. It‘s genuinely hard to find fault with this performance. To us, this evidences how DOTD is executing on its strategy (around products, partners and Geo‘s) while also benefitting from strong thematic tailwinds benefitting its sector and end-markets. We leave recently upgraded FY21 forecasts unchanged, though note the strong H1 sales performance now requires an undemanding +14% y/y growth to hit N+1 estimates, so see upgrade/ outperformance potential. As well as DOTD‘s clear organic growth opportunities, we also highlight how cash continues to accumulate (now £27.6m) and could be deployed in a number of vectors.
Companies: dotDigital Group plc
Today's news & views, plus announcements from BRBY, BHB, DPLM, IWG,GFTU, CMCX, JDW, GFRD, BGO
Companies: Bango plc (BGO:LON)Galliford Try Holdings PLC (GFRD:LON)
Ergomed’s H220 trading update highlights a successful end to 2020 despite the COVID-19 pandemic causing restrictions for much of the year. Total revenues were £86.4m (up 26.5%). Like-for-like revenues in the PrimeVigilance segment grew 30% (or 56% including the acquisition in January 2020). Unsurprisingly, the CRO segment was flat. However, in H220 revenues were up 11.2% over H120 and up 15.2% y-o-y. Ergomed’s key markets are the US and Europe, where vaccine deployment should be relatively efficient, so we expect the CRO segment to rebound throughout 2021. The recent MedSource acquisition will also significantly add to the 2021 top line. Because of the well-balanced pharma services offering (pharmacovigilance and CRO), Ergomed has proved to be a resilient business with further growth prospects intact, in our view. Net positive revisions to our estimates and an expansion of peer multiples have led to an upgrade of our valuation to £501m or 1,113p/share (from 845p/share previously).
Companies: Ergomed PLC
Although 2020 will probably go down in history as one of the most challenging years experienced during our lifetime, it will also likely be chronicled as one of the best years for the recognition and appreciation of science. As we entered 2020, the COVID-19 pandemic was in its infancy. However, it rapidly evolved through the exponential rise in infections and mortality globally. Much has been achieved during the past 12 months in the fight against COVID-19, but, as we enter 2021, there are considerable concerns about the emergence of a mutant version of the virus and the second wave that we are now facing.
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX SCE TRX SHED VTA YEW
Ahead of the FY Trading Update at the end of January, we revisit RBG’s investment case, and respond to investor concerns over Convex’s M&A pipeline and the short term cash requirements of Litigation Financing. Outperformance of the UK legal industry vs UK GDP over 2020 validates RBL’s continued performance. M&A market data shows an encouraging recovery in deal completions which looks set to continue into 2021, and we anticipate Convex to be well placed to convert its pipeline of >20 deals (c.£18m) into revenues, underpinning forecasts. LionFish is now well seeded, and the Group’s early cash realisations of cases ensure cashflows for the business are broadly neutral. Whilst case outcomes are binary, the de-risked option value here is a compelling addition to the investment case. We see intrinsic value as c.100p; highlighting the breakout potential in these shares.
Companies: RBG Holdings Plc
Results for H1 to end Nov ‘20 show Time’s recovery is well underway from an industry-wide, Covid-induced slump in good quality lending demand and spike in bad debt provisions. This coincides with a Group rebrand, which consolidates 5 years of buy-&-build success and offers a range of new competitive advantages. The share price of 25p is 30% off pre-pandemic levels with valuation multiples suggesting Time looks significantly undervalued in relation to peers.
Companies: Time Finance plc
Success has been made in reranking three of the ten targeted websites with Google. The rationalisation of the broader estate is ongoing and 2021 should see the business lean, reranked, cash rich and solidly profitable.
Companies: XLMedia Plc
Anglo Asian Mining* (AAZ LN) – STRONG BUY – Update on Restored Contract Areas
Chaarat Gold* (CGH LN) – Kapan production beats guidance and delivers $19m EBITDA
Sunstone Metals (STM AU) – Drilling results from the Espiritu gold-silver prospect in Ecuador
Tertiary Minerals* (TYM LN) – Sale of data on Finnish project
Versarien* (VRS LN) – Interim results
W Resources (WRES LN) – La Parilla Q4 production
Companies: AAZ CGH WRES TYM VRS STM
What’s new: SimplyBiz’s trading update gives clear guidance for their full year results due on 16 March:
- £61m revenue (3% below 2019 revenue: £63m);
- 28.3% adjusted EBITDA margin (same as 2019: 28.3%), which implies £17.4m adjusted EBITDA (i.e. 2% lower than 2019 adj EBITDA of £17.8m);
- Robust cash flow conversion (calculated as adjusted EBITDA, less working capital movements, lease payments, CAPEX, development expenditure, corporation tax paid and interest, as a percentage of Adjusted EBITDA) is expected to exceed 65% (2019: 46%);
- Net debt reduced to £19.5m (31 December 2019: £27.0m) and net debt to adjusted EBITDA ratio of 1.1x (2019: 1.5x).
Companies: SimplyBiz Group plc
Despite the difficulties and delays which most companies – and VDTK is no exception – are experiencing during the current Covid epoch, there are some noteworthy positives in VDTK's update this morning. In particular, it is good to know that Q4 production at the Lainate plant was ramped up effectively, in line with the company's well-established objectives, as reflected in successfully running two shifts on one line in early December – a real-time demonstration of the plant's capacity. Also, while for obvious reasons, the ambition which was previously voiced to be cashflow positive by the end of the year was not met, we may assume that funding which was put in place in October has underpinned increased financial efficiency for the business and specifically we note that the company is now debt-free. The update also looks back on a very active year, one which saw the company (1) install a new and experienced management team, (2) win contracts, and (3) successfully generate production at the Lainate plant in Northern Italy, all supported by a more robust financial structure.
Companies: Verditek Plc
Accrol Group Holdings plc (ACRL LN)
Bango plc (BGO LN)
Brickability Group plc (BRCK LN)
Norcros plc (NXR LN)
OnTheMarket (OTMP LN)
Ricardo (RCDO LN)
UP Global Sourcing Holdings (UPGS LN)
Watkin Jones (WJG LN)
Xpediator (XPD LN)
ZOO Digital (ZOO LN)
Companies: ACRL BGO BRCK NXR OTMP RCDO UPGS WJG XPD ZOO NUZE
Foresight Group , the award-winning infrastructure and private equity investment manager to IPO on the Main Market (premium). The Offer will primarily comprise a sale of shares by existing shareholders (c.80% of the Offer) with a smaller offering of new shares (c.20% of the Offer) to be issued by the Company. Details TBA. Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the "Fundraising") to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb.
Companies: TYM W7L BEG CRPR EUZ IRR CMCL FARN KETL AUG
Anexo has announced a trading update for the year ended 31 December with adjusted PBT in line with current market expectations despite further disruption and restrictions in the UK in the latter part of the year. We believe the resilience shown by the business, investment in legal capacity and growth opportunities positions it well for 2021 and beyond. Reiterate buy rating
Companies: Anexo Group Plc
Anexo’s trading update for the year to the end of December 2020 rounds up a resilient performance from the Group in an operating environment that was influenced by COVID-19 and the associated lockdowns and restrictions. The Board expects to report adjusted PBT in line with current market expectations which we believe is around £16.0m, with our estimate at £16.1m. We make no changes to our numbers. We note the lower than expected spend on the VW emissions case in H2 and assume that other costs have increased faster than we expected in line with growth in the business. The VW case remains a potential significant positive impact on revenue and profits, although we only reflect the costs in our estimates at present. While Anexo has previously flagged cash absorption in H2, we note that cash collections rose ‘significantly’ in Q4 with a record high in December – usually a quieter month in that respect. Overall, we believe that Anexo remains well set for further growth in FY 2021.
Experian delivered a strong show in Q3 FY20/21 (7% organic revenue growth), ahead of management’s guidance of 3-5% yoy. The US mortgage activity and consumer services in North and Latin America continued to drive the top line. However, the top-line momentum is expected to ease in Q4, given the tough comparable base. Management has guided the benchmark EBIT to be similar to the previous year’s.
Companies: Experian PLC