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Water Intelligence has announced the reacquisition of its Fort Worth, Texas franchise for $7.7m in cash. Fort Worth is a fast-growing franchise and Water Intelligence sees scope to accelerate growth by adding new service locations in north and west Texas this year. We view the reacquisition as an excellent geographical fit with operations in Dallas, New Orleans and Phoenix/Tucson, and the group will establish a training centre for technicians in Fort Worth that will serve the southern US. The ac
Companies: Water Intelligence plc
The UK's significant economic bounce-back following the end of lockdown on July 19th '21 has been followed by a period of increasing hesitancy with issues such as supply chain disruption, cost and price inflation and shortages of key personnel becoming more prominent – and now, the uncertainties brought to the fore by the Omicron variant, and compounded by ‘Plan”B”' measures announced yesterday evening. Countervailing trends have been faithfully mirrored in the London Stock market, with profit
Companies: SPSY AMTE WATR
Following a strong 9-month update recently (revenues +43% YoY and PBTA +42%) and 5-year CAGR rates standing at 33% (revenues) and 53% (PBTA), this morning's announcement that WATR is reacquiring the South Oregon franchise shows that the company is not waiting around before deploying the proceeds of its recent fund-raising, and remains full of accretive ideas about how to go about this. The deal is attractively priced (5.5x PBT) and, though small, is highly synergistic, given that the group alre
Water Intelligence has announced the reacquisition of its South Oregon franchise for $1.38m, delivering quickly on its proposed reacquisition strategy outlined in last months oversubscribed £12.5m fundraising. The consideration equates to 1.2x FY21 revenue and 5.5x PBT and will be paid over the next 12 months and is highly accretive. We view the acquisition as attractive and strategically the acquisition fits well with the January reacquisition of Seattle, also in the Northwest USA. We make no c
Altona Rare Earths 12.75p £0.2m (ANR.L)
The exploration company focused on the evaluation and development of Rare Earths mining projects in Africa, has appointed Hilton Banda as a Non-Executive Director with immediate effect. Hilton (aged 35) is a qualified geologist and Group Chairman of Akatswiri Holdings Limited in Malawi, the parent company of a number of resources focused companies including, Akatswiri Rare Earths Pvt Ltd, in which the Company acquired a majority interest, o
Companies: WATR PHE ANR MSYS NTBR PTD
Quantum Exponential to join AQSE. The Company intends to identify investment opportunities in the quantum technology sector. The Company has identified over 175 start-ups which potentially meet their investment strategy with a focus on seed funding for start-ups with second stage funding plans in preparation. Due 1st Nov.
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Ashtead Tech, subsea equipment rental and solutions provider for the global offshore energy sector to join
Companies: VRCI WATR POW ACT ASMO BRSD AMYT IXI LOOP
WATR is a leading supplier, across multiple geographies, of precision, minimally-invasive leak detection and remediation solutions for water, drinking and otherwise. Last week's Q3 update showed how the company is progressing rapidly – in the first nine months, revenues were up 43% YoY, EBITDA up 48% and PBTA +42%, impressive numbers by any measure. This morning's announcement that WATR has acquired Wat-er-save Services highlights (1) the company's ability to make accretive acquisitions at an
Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m.
Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
Companies: SOLI RBD ALU ATQT BBI CWR DRV ORCP WATR
WATR continues to exceed expectations, as reflected in this morning's Q3-2021 announcement, showing 9-month revenue at $39.7m (up 43% YoY), EBITDA at $8.5m (up 48%) and adj. PBT at $6.5m (up 42%) – surpassing full year 2020 results on all counts. Consistently impressive revenue and profit growth rates over a number of years evidence the strength of the operating model and the value of the company's national presence as well as growing demand for their services arising from well-publicised and hi
Water Intelligence has released a very strong Q3 update and at the 9m stage has now already achieved our FY21 Normalised PBT forecast. Group revenues advanced +43% for the 9m, led by US Corporate-Owned Locations (+79%) and International Corporate-Owned Locations (+47%), supported by Franchise Royalty Income and Franchise-Related Sales, which both grew +4%. Normalised PBT for 9m was $6.5m, equal to our FY21 estimate. The group was very active in Q3, with a Midwest Home Builder contract win develo
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Softline the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, is considering proceeding with a potential initial public offering of global depositary receipts representing its ordinary shares. The Company is considering applying for admission of the GDRs to the standard listing segment of the Official List of the FCA and to trading on the Londo
Companies: AAU MANO MIRI WATR
This morning's announcement of a Home Builder National Account win is an exciting new departure for the company, driving potentially significant new workflow across 46 states in the US. The new deal plugs a national account, a leading US housebuilder, into WATR's existing network, and is expected to generate at least $US1m in the first full year (based on a very conservative assessment). WATR will install water and sewer lines and then test them for leaks, utilising both the leak detection and
WATR continues to punch ahead with strong results, as reflected in this morning's H1-21E announcement, showing H1 revenue growth of 44% YoY (notwithstanding strong comparators) and adj. PBT up 77%. WATR supplies water leak detection and remediation services both across the whole of the US and in certain international markets – holding a small but rapidly expanding share of a huge, multi-billion $US market. Highly impressive 5-year CAGR rates of 33% (revenues) and 53% (PBT) evidence the strength
Water Intelligence has released very strong interims and we upgrade our FY21 PBT forecast by +7%. Revenues leapt +44% in H1, with good growth in all areas and particularly strong progress in corporate-owned locations, and Adjusted PBT was +77% higher at $4.2m. The group was active corporately in H1 with several franchise reacquisitions and the extension of activities into plumbing and irrigation & stormwater run-off. Water Intelligence signed four further national insurance contracts and commerc
WATR has lifted the curtain on its H1-21E results with a strong, buoyant and confident update. H1 revenue growth hit 44% in the first half – and this was after a strong H1, despite Covid, in the prior year. WATR supplies water leak detection and remediation services across the whole of the US, and also in notable international markets, a massive market valued (US alone) at $US13bn-plus overall. Strong demand characteristics, based on need, combined with a sophisticated and market-leading bu
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Compliance and energy services group Sureserve today posted a 45% increase to £13.6m in adjusted PBT for FY21 to September, 5.4% ahead of our estimates, on better than forecast revenue in the higher margin Compliance division. Cash was also slightly ahead of the company’s guidance at £16.5m. We are increasing our FY22F and FY23F PBT estimates by over 3% to £16.4m and £18.6m respectively (possibly conservatively) and are making bigger percentage increases to our net cash forecasts. The Group has
Companies: Sureserve Group Plc
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Rutherford Health has left the AQSE and Prime People has left AIM.
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ACP Energy plc, a company formed for the purpose of undertaking an acquisition or acquisitions of a majority interest in a company, business or asset, seeking to join the Main Market (Standard) The Company intends to focus on opportunities in the natural resources sector, raising gross proceeds of £830k. Due 28 Jan.
Artemis Resources ltd, an ASX listed mining
Companies: STAF CASP EKF SAR LTG ERGO EDR BARK
Today’s positive year end update prompts a 10% upgrade to our FY21 EBITDA forecast. RBG Legal Services is performing well under two highly regarded brands (Rosenblatt and Memery Crystal), whilst LionFish and Convex Capital have attractive prospects for FY22. The shares are trading on a current year P/E rating of just 10x, a material discount to peers. We consider this wholly anomalous, given RBG’s trading momentum, clear growth ambitions and attractive dividend yield (6.0% for FY22). Our 160p Ta
Companies: RBG Holdings Plc
FY21 was an extremely good year for Sureserve, in which it posted strong growth (in line with management's forecasts, which were, in turn, raised in September), appointed a new CEO, and completed a strategic review that will see it focus on its core markets. It also managed to navigate COVID well, despite the logistical challenges this caused the Energy Services industry.
We epoect a confident outlook statement and an outline of Sureserve's evolving growth strategy when the compliance and energy services group announces its full year results on Tuesday, 25 January. It will be the first results presentation under Chairman Nick Winks, who joined in May, and as CEO for former CFO Peter Smith. We expect the Board to elaborate on their previous indications that they are moving from the now complete restructuring phase to a growth trajectory, including acquisitions. Gi
What’s cooking in the IPO kitchen?
Strip Tinning Holdings, an established supplier of specialist connectors to the automotive sector, intends to join AIM. Strip Tinning manufactures specialist flexible electrical connectors related primarily to heating and antennae systems embedded within automotive glazing and to the connection of the cells within electric vehicle (EV) battery packs, increasingly using flexible and lightweight printed circuit technology that also has growing application elsewhe
Companies: PGH IDE FNTL CZA ADME CCS CVSG EYE
FY21 results were delayed due to seeking reassurances over an investigation into its principle customer’s operations in Oman. These assurances have been sought and the results confirm adj. PBT of £2.0m, in line with expectations and as flagged in the October update. Net cash of £6.5m is also in line with that flagged in the update. After a material improvement in activity levels during Q4, Q1 softened. Despite this, a material improvement in earnings performance is expected in the current year.
Companies: Driver Group Plc
Today's news & views, plus announcements from RIO, RMG, USA, TIFS, OTMP & SUR.
Companies: Sureserve Group Plc (SUR:LON)Rio Tinto plc (RIO:LON)
What’s new: Fintel’s trading update confirmed its 2021 results will meet or exceed expectations, Fintel is making “significant strategic progress” and is financially strong:
5% core revenue growth to £52.2m (Zeus forecast: £51.0m; 2020: £49.8m) and total revenue (including disposals) is “marginally ahead of expectations” at £63.9m (Zeus forecast: £61.0m; consensus: £61.6m; 2020: £61.0m).
Adjusted EBITDA growth “in line with expectations” (consensus: £18.1m).
£2.5m net cash at year end
Companies: Fintel PLC
Companies: Ricardo plc
Companies: PayPoint plc
Good news this morning on the Nobiskrug shipyard situation. GYG has received a payment of c.€2m relating to historical work (out of the €2.8m previously flagged as outstanding). This relates to the most significant of the three contracts, on which GYG was active at the time that Nobiskrug shipyard appointed administrators in April 2021. The position relating to this refit project has now been resolved, new contracts have been agreed and work will recommence on the vessel in February, with the pr
Companies: GYG Plc
Q4 revenues demonstrated a welcome return to growth both sequentially and year-on -year (yoy). This was achieved in both the Bioplastics and RF Technologies divisions, resulting in revenues and LBITDA for the year being in line with our 2021 forecasts. The level of cash at the year-end of £1m was pleasingly higher than our expectation of £0.5m. While the Group and its customers are still facing logistical and supply chain issues, 2022 should demonstrate a strong improvement over 2021. In particu
Companies: Biome Technologies PLC
Against the backdrop of the 26th UN Climate Change Conference of the Parties (COP26) we take a closer look at the rapidly developing technology and industries surrounding the evolution of the so-called hydrogen economy. Hydrogen is an energy vector or fuel that is capable of storing, transforming and transporting energy with zero emissions at the point of use. It can also be made by renewable energy sources. It is also the most abundant element in the universe accounting for some 75% of all matt
Companies: STA CZA 1PG AFC CWR CHAR EQT GTC HAYD IGAS ITM ORCP PPC RCDO RIO SNT TOU UKOG WG/
ValiRx is a life sciences company which accelerates the development of treatments in oncology and women's health. The company is reaching a significant strategy inflection point as it continues implementation of its “connected innovation” strategy. It has signed a letter of intent to out-license VAL201, demonstrating good progress has been made to generate value from its legacy assets and move towards consolidating ValiRx' position as a key player in oncology and women's health. We initiate with
Companies: ValiRx PLC