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  • 11 Apr 19

Small Cap Feast

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. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC, expected late April. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019.

Companies: SML CYAN AFM ASO TWD DNL CTG RNO HVO NBI

  • 03 Apr 19

The Monthly April 2019

Although the focus of Hardman & Co is predominantly on companies in the smallto mid-sized market capitalisation range, when writing research reports, it is important to position them relative to the industry in which they operate. Apart from Japanese companies, all the major global pharmaceutical companies have reported full-year results for 2018 over the past few weeks; therefore, we have taken the opportunity to update our industry database and generate the first cut of global rankings for 2018. For an industry that requires a long investment cycle – it still takes, on average, 10 years from discovery to launch of a new drug – decisions made many years ago have important consequences on current financial results. Therefore, looking back at operational performance over 20 years reveals how different company strategies have panned out.

Companies: OPM AVO AJB AGY ARBB CMH CLIG CSH DNL GTLY HAYD KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX STX SCE SIXH TON VAL VTA W7L

  • 10 Mar 19

THE MONTHLY March 2019

In the investment world, before MiFID II, essentially every institution talked to every broker, and the whole, professional market could see every research note and the forecasts in detail. This was the ‘Age of Consensus’. Everyone had the same information (well, everyone except retail investors), and this transparency helped share price formation and liquidity

Companies: OPM AVO AJB AGY ARBB AVCT CMH CSH DNL GTLY GDR KOOV MCL OXB RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L

  • 05 Mar 19

The Monthly March 2019

In the investment world, before MiFID II, essentially every institution talked to every broker, and the whole, professional market could see every research note and the forecasts in detail. This was the ‘Age of Consensus’. Everyone had the same information (well, everyone except retail investors), and this transparency helped share price formation and liquidity.

Companies: OPM AVO AJB AGY ARBB AVCT CMH CSH DNL GTLY GDR KOOV MCL OXB RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L

  • 05 Feb 19

THE MONTHLY February 2019

This Investment Research Paper addresses the issue of renewable power generation in the UK and in mainland Europe, which – after the deep-seated financial crisis of 2008/09 and the ensuing recession – now has better prospects of achieving critical mass. It also considers investment perspectives.

Companies: OPM AVO AJB AGY ARBB AVCT DISH BUR CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PCA RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L

  • 16 Jan 19

Chronocort – seeking regulatory advice

Diurnal (DNL) is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its two lead products target rare conditions where medical needs are currently unmet, with the aim of building a long-term ‘Adrenal Franchise’. Alkindi is being launched in key EU markets, and this was expected to be followed by Chronocort; however, headline data from its EU Phase III trial in CAH did not show superiority over standard-of-care, thereby failing to meet its primary endpoint. DNL is seeking ‘Scientific Advice’ from the EMA about how to proceed, which should be available in 2Q’19, with a view to filing for market authorisation in Europe.

Companies: Diurnal Group
  • 11 Jan 19

THE MONTHLY January 2019

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. 2018 was a difficult year; however, the index still outperformed its comparative London indices, falling 10.0% to 393.2, compared with -13.0% and - 18.2% for the Allshare index and the AIM index, respectively. Furthermore, several (17) companies in our index increased their capital base – 15 of our 50 constituents raised new funds, two issued shares as part consideration for acquisitions, and two had share buybacks – all factors that influence the performance of the index. Even allowing for both capital increases and share buybacks, the 12.5% fall in the index still represented a modest outperformance compared with the decline in the Allshare index. With active industry consolidation, shareholder returns remain attractive.

Companies: OPM AVO AGY APH ARBB AVCT BUR CLIG DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PCA PHP REDX SCE SIXH TRX TON VAL VTA

  • 10 Jan 19

Small Cap Feast

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.

Companies: SCH PAM CCS DNL GAN IND ELA BLV GFIN PTR

  • 09 Nov 18

Most popular equity research this week | 5 - 9 Nov

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Companies: BNOCMHRE/SCEELCOARBBSIXHTONAPHMURITVAGYEMECLIGZOOGDRDPPOPMAVOCSHDNLOXBKOOVHAYDGMDNSFREDXVALGTLYW7LRREPHPPURPAVCTMCLVTABURDISH
  • 06 Nov 18

THE MONTHLY November 2018

In addition to Hardman’s monthly analysis of client stocks, the thorny issue of market disruption – a popular theme currently - is also addressed. In a wide-ranging article, Hardman’s utilities analyst, Nigel Hawkins, assesses the impact that market disruption has already made. In some sectors, notably telecoms and aviation, market disruption has been apparent for many years, as the rise of Vodafone, Ryanair and easyJet demonstrates. However, in some sectors, such as oil and housebuilding, structural changes have been modest – the dominance of the big players endures. For investors, there is real interest in those sectors where changes are underway. The UK groceries market, which may shortly become a duopoly, is a case in point. And, intriguingly, who knows if there is a company currently languishing in AIM, which will attain a £50bn market valuation within the next decade?

Companies: OPM AVO AGY APH ARBB AVCT DISH BNO BUR CMH CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PHP RE/ REDX SCE SIXH TON VAL VTA W7L

  • 18 Oct 18

Unexpected Phase III trial outcome

Diurnal (DNL) is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its two lead products target rare conditions where medical needs are currently unmet, with the aim of building a long-term ‘Adrenal Franchise’. Alkindi is being launched in key EU markets, and this was expected to be followed by Chronocort. However, DNL has received the headline data from its European Phase III trial in CAH, which showed that Chronocort was not superior to standard-of-care, thereby failing to meet its primary end-point. Given the strong Phase II data, this outcome was unexpected. The full data set is now being analysed.

Companies: Diurnal Group
  • 04 Oct 18

THE MONTHLY October 2018

We are in the midst of the Conference season for political parties and trade unions in Britain. We all have a lot on our minds, with generational constitutional issues to the fore, but these have come to the fore after many years of concerns building up about citizens’ ‘place in the world’.

Companies: OPM AGY ARBB AVCT DISH BNO BUR CMH CLIG DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PHP RE/ REDX SCE SIXH TRX TON VAL VTA W7L

  • 04 Oct 18

First commercial revenues

Diurnal (DNL) is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its two lead products target rare conditions where medical needs are currently unmet, with the aim of building a long-term ‘Adrenal Franchise’. Following approval from the European Commission, Alkindi is being launched in key EU markets through DNL’s own commercial infrastructure, starting with Germany and now launched in the UK. Additional territories will follow during 2018 and 2019. Meanwhile, the company is pushing forward with Alkindi and Chronocort clinical trials in the US. Cash at the end of the period was £17.3m.

Companies: Diurnal Group
  • 03 Sep 18

The Monthly September 2018

September’s Hardman Monthly features an article from guest contributor, Tim Ward. Tim is the Chief Executive of the Quoted Companies Alliance (QCA), an organisation that champions the interests of small to mid-size quoted companies.

Companies: OPM AVO AGY APH ARBB AVCT BNO CMH DNL EVG GDR INL KOOV MCL MUR NSF OXB PHP RE/ REDX SCLP SCE SIXH TRX TON VAL W7L

  • 03 Aug 18

Most popular equity research this week | 30 Jul - 3 Aug

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Companies: BNOESGSEECMHRE/SCELGENCMSARBBSIXHTONAPHMURAGYCLIGINLGDRTRXSCLPCAMLCOSOPMAVODNLOXBKOOVYGENABZANSFREDXEVGVALGTLYW7LGETBPHPAVCTMCLBURXPP

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Diurnal Group. We currently have 52 research reports from 3 professional analysts.

Open
26.0p
Range Today
26.0/27.0p
52 Week
21.5/195p
Daily Volume
10.8k
# Shares
61.7m
Daily Liquidity
(0.02%)
Pension Liability
£0m
Enterprise Value
£103.5m
Market Cap
£16.0m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
11Apr19 07:00 RNS Positive Scientific Advice from EMA for Chronocort
28Mar19 07:00 RNS Diurnal signs marketing and distribution agreement
28Mar19 07:00 RNS Interim Results
20Mar19 07:00 RNS Update on Alkindi US development
25Feb19 07:00 RNS Submission of MAA for Alkindi and Second Patent
11Feb19 11:00 RNS Notice of Interim Results
17Jan19 07:00 RNS Director Dealings
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  • 11 Apr 19

Quarterly Research Outlook

We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underlying economic data that could ultimately undermine the recent market gains. In this context, we look at what the lead indicators and the market are telling us about the industrial cycle and the stocks most exposed to various industrial trends. The Q4 derating in short cycle industrials and autos had been vicious and while these sectors have seen a more solid footing in 2019, with earnings downgrades being priced in, it will likely take a trough in lead indicators before short cycle stocks can start to perform again and re-rate relative to the market.

Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE DTG DEMG EMR FPO FST GTLY GENL GOR GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF MNO MANO MOD MKLW OXIG PCA PANR PARK PGM PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF

  • 16 Apr 19

Q1 2019 AIM Review

2019 started well for investors with U.S. stocks rallying on the back of trade talks between China and the U.S. resuming. Sterling rebounded in Q1 2019 as expectations built the UK would avoid a “no deal” Brexit, providing a further tailwind to more internationally focused UK companies. This sentiment spread across the globe and filtered its way down into small caps.

Companies: PRSM KMK SYS RAI MNO CCS MANO CBOX KGH

  • 15 Apr 19

VAL401 is going forward

VAL is a clinical-stage biopharmaceutical company focused on the development of therapeutics for the treatment of cancer. The company has two leading assets: VAL201 (Phase I/II) – a peptide for advanced prostate cancer and potential to treat other hormone-induced indications; and VAL401 (completed Phase II) – a novel reformulation of risperidone, for advanced lung cancer. Both drugs are targeted at multi-billion-dollar markets that are inadequately served by current drugs. VAL is in a joint venture with the SEEK group for the VAL401 programme, with ValiSeek having agreed Letters of Intent with two partners to progress VAL401 further into the clinic.

Companies: ValiRx
  • 11 Apr 19

ReNeuron Group - Long-awaited partnering floodgates open

Following-on from ReNeuron’s recent striking early-stage data release for its human retinal progenitor cell (hRPC) product in retinitis pigmentosa (RP), and the ongoing partnering interest in cellular therapies, ReNeuron has partnered its two lead products – hRPC and the CTX cell line – for the Chinese market with Fosun Pharma. We have updated our model to reflect the near-term part of the £80m in potential total upfront payments and milestones.

Companies: Reneuron Group
  • 15 Apr 19

Proposed listing in Hong Kong and global offering

Chi-Med has submitted an application to The Stock Exchange of Hong Kong (SEHK) to apply for its shares to be listed in its home market, on the Main Board of the SEHK, during Q319. This listing would be alongside its current listings on the AIM market in London and the NASDAQ Global Select Market in New York.

Companies: Hutchison China Meditech
  • 05 Apr 19

Another accretive acquisition – 8% EPS enhancing

SDI announced the acquisition of MPB Industries Ltd, a manufacturer and supplier of flowmeters and process control instrumentation, with applications in the water treatment, oil and gas production, medical anaesthesia and many other areas. The company is paying c.£1.6m to acquire the company, which represents historic FY 2018 EV/Sales and EV/EBIT multiples of 0.8x and 5.1x, respectively. The acquisition is being funded from cash with net debt at year-end expected to be c.£2.1m. This transaction represents another example of the company building out a suite of complementary businesses through a buy-and-build strategy, which are typified by leadership positions in their respective niche segments of the scientific and industrial instrumentation sector. SDI has shown that it can source and execute a series of accretive acquisitions this year. We expect the acquisition to be c.8% accretive to EPS in FY 2020. We raise our target price by 8% to 55p to reflect the earnings accretion. Based on our 2020 forecasts, this would place SDI on EV/Sales of 2.4x, EV/EBITDA of 10.4x and adjusted P/E of 16.6x with a FCF yield of 5.4% in FY 2020 and FCF ROCE of 11.7%.

Companies: Scientific Digital Imaging
  • 27 Mar 19

Rally seen in the first quarter stalls

Parliamentary and Brexit developments continue to hold centre stage, although the precise path forward remains as unclear as ever. The uncertainty over Brexit, worries over a possible slowdown in the US and the outlook for global economic growth generally have all contributed to the recent falls in markets. While the rally seen since the start of the year has petered out, most indices have still made progress. In Share News & Views we comment on Bloomsbury Publishing, Bonhill Group*, Braemar Shipping Services*, Burford, Clarkson, LightwaveRF*, Marshall Motor Holdings and Synectics*.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LWRF LSAI NKTN PCF SNX TCN VRE W7L

  • 09 Apr 19

FY 2018 results – Phase IIb to start this month

Destiny Pharma reported a statutory pre-tax loss of £6.1m (adjusted loss of £5.3m) driven by £3.5m of R&D and an 8% increase in administrative costs to £1.98m. Period-end cash was £12.1m (vs. £16.7m at 31 December 2017), which was £2.0m higher than forecast and largely due to later phasing of R&D expenses. Confirmation that the Phase IIb study for the prevention of post- surgical infections will start this month is a positive, with data readout still targeted by year-end 2019. It remains well funded through to H2 2020, at which point it will have a valuable Phase III-ready package with Fast Track designation awarded by the FDA. Our target price remains unchanged at 250p.

Companies: Destiny Pharma
  • 18 Apr 19

New drugs mightier than the bio-similar erosion

Roche reports a strong start to the year and, consequently, upgrades the 2019 guidance. Q1 sales grew by 8% at CER with the growth coming predominantly from the pharma business (+10) as diagnostics (+1%) languished (an unpleasant surprise). The new drugs continued to strengthen, amid biosimilar competition for the legacy ones in Europe and ahead of the threat in the US. The outlook for both revenue and core earnings for the year has been raised.

Companies: Roche Holding
  • 16 Apr 19

Bucking the Big Pharma trend

Destiny Pharma (DEST) is focused on developing innovative drugs with the potential to prevent or treat prevalent forms of drug resistant infection. Lead asset XF-73 has potential to be first to a $1.2bn core market. We think that its low propensity to trigger Antimicrobial Resistance (AMR) seen in testing todate means the strong commercial rationale for XF-73 bucks the trend which has caused a steady retraction in Big Pharma antimicrobials pipelines.

Companies: Destiny Pharma
  • 16 Apr 19

Key talent acquisition reaffirms the promise of LIGHT

Advanced Oncotherapy (“AVO”), the developer of the LIGHT linear proton accelerator for the treatment of cancer patients, today announced the appointment of Moataz Karmalawy as Chief Commercial Officer. Joining from Varian Medical Systems, a major competitor, his appointment once again confirms the promise of AVO’s proton therapy proposition; demonstrating that the company has reached an inflection point and is well on its way to commercialisation. Overall, the addition of Mr Karmalawy further strengthens AVO’s robust management team which includes veterans of the PT industry from science, engineering, installation, application experience and compliance. We reiterate both our OUTPERFORM recommendation and our target price ("TP") of GBp 155.

Companies: Advanced Oncotherapy
  • 11 Apr 19

Destiny Pharma - Well-funded with clinical results in a year

Destiny Pharma’s imminent Phase IIb study start dominated the FY18 results announcement. The US Phase IIb study of XF-73 is open and recruiting with results expected around YE19. Destiny’s operating loss increased to £6.1m (vs £3.2m in FY17) with R&D costs of £3.5m (vs £0.4m in FY17) comprising the majority of operational expense. Cash at the end of FY18 was £12.1m, which gives Destiny a runway well into 2020.

Companies: Destiny Pharma
  • 20 Feb 19

Encouraging preliminary Phase I/II data in retinitis pigmentosa

Today ReNeuron released encouraging early Phase I/II efficacy data for its lead retinal cell therapy programme, Human Retinal Progenitor Cells (hRPC), demonstrating a clear visual acuity improvement in retinitis pigmentosa (RP) patients. RP is an inherited, blindness-causing degenerative eye disease, affecting approx. 100k patients in the US. For the vast majority of RP patients there is currently no treatment available, and there is a clear unmet need for a treatment to reverse disease progression. Patient numbers in the cohort are low (n=3), but this early data is encouraging, showing a clear improvement in visual acuity (mean 16 letter improvement to baseline, compared to -1 in the untreated eye) and a fast onset of action (visual improvements within 18 days follow up). The company continues to look for an ex-EU partner for this programme, and this early data will reassure potential collaborators. We remain upbeat on this programme and continue to expect interim safety and efficacy data from the ongoing Phase I/II study in mid-2019.

Companies: Reneuron Group
  • 25 Feb 19

Momentum building in H2

Fusion Antibodies, a specialised Contract Research Organisation (CRO) operating in the field of monoclonal antibody engineering and production, has provided an update on trading for the year ending 31 March 2019. Despite the H219 sales recovery and a building order book, several orders are expected to be closed post year end. As a result, FY19 revenues - of at least £2.1m - fall well below our expectations.

Companies: Fusion Antibodies
  • 26 Mar 19

LiDCO - FY 2019 results

LiDCO reported revenues in line with the 20 February trading update but adjusted pre-tax losses were c.£0.1m better than expected at £1.9m, helped by active cost management to offset the slower than expected transition to HUP SaaS licences in the US. We remain confident that LiDCO is pursuing the right course of action, given the recent HUP contract wins and recognition by leading hospital groups that the use of HUP is having a positive effect on both patient outcomes and haemodynamic monitoring costs. The company ended the year with £1.7m of net cash, which we expect to be sufficient to execute on its strategy. We expect this to fall to £1.2m by year-end FY 2020 before rising, as the company becomes adjusted EBITDA positive. We make minor changes to forecasts reflecting slower HUP adoption rates and UK growth, but reiterate our target price of 11p, at which level the stock would trade on 3.3x EV/Sales.

Companies: Lidco Group