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  • 05 Aug 19
Small Cap Feast

Freyherr International Group PLC the Medicinal Cannabis holding company established in 2016, is planning to list on the NEX exchange on the 13 August.

Companies: CYAN EMH WHR BLV RTC ORR INL POLX TPX VCP

  • 05 Jul 19
UK Housebuilding Sector in 2Q 2019

Dwight Barkley PhD is a Professor of Mathematics at the University of Warwick. He studies waves in excitable media such as the Belousov-Zhabotinsky reaction, heart tissue and neurons. In 1997, Dr Barkley and Dr Laurette Tuckerman, a Paris-based mathematical physicist, developed ‘bifurcation analysis for time steppers’, which is a technique for modifying computer codes to perform bifurcation analysis. More lyrical, perhaps, Dwight is also known for formulating an equation to estimate how long it will be until a child in a car asks the question “are we there yet?” And, it is shown on the image on page 3 of this report. Herein, there are three factors which decide the timing of this wearisome question i.e. one plus the number of activities, divided by the number of children in the car squared. That figure is then added to the time it took the family to get into the car and set off on its journey. Crucial in putting off the first query as to the proximity of the destination are onboard activities for children i.e. no activities equals a question before leaving the driveway. Dr Barkley says: “Mathematics can help answer many of life’s questions”. If only the Brexit journey were that simple. It is not. We are all children now stuck in the back seat; and, maybe, we are still on the driveway with a dearth of on-board activities. Yes, three years on Brexit-resolution-fatigue is making itself felt across the board, including the UK Housebuilding Sector, where the fall in value in 2Q’19 was 7%. Berkeley said something similarin its final results, on 20 June, when it lamented an uncertain operating environment and “a lack of visibility in the political outlook”; and its PBT is expected to fall by a further third this fiscal year. The daily Sector value chart is also lurching from top-left to bottom-right (as is the British Pound versus the Euro). Yes, there were two palpable positives in 2Q from the NHBC and UK Finance about building activity and mortgages; plus, on the third day of 3Q, CBRE’s bid for Telford Homes. Nonetheless, prospective earnings growth for the Sector is now flat in both 2019 and 2020. This is about the journey.

Companies: MCS TW/ PSN BDEV ABBY CSP WJG BVS TEF INL GLV GLE CRST BWY BKG

  • 22 May 19
Small Cap Feast

Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. £28m raised. Half primary, half shareholder sell down expected 29 May 2019. Mkt cap £72.6m. Issue price 151p. 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. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Companies: GTC TCM MTFB BST CDM HSP INL DOTD C21 GGP

  • 23 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. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 2019.

Companies: TSG TLY IRR ZIN FRAN DGOC OVB INL SAR CIP

  • 09 Apr 19
UK Housebuilding Sector in 1Q 2019

Y2K is a numeronym and was the common abbreviation for the year 2000 software problem; and, for the benefit of millennial readers, the abbreviation combines the letter ‘Y’ for year and ‘K’ for the SI unit prefix kilo, meaning 1000. Hence, 2K signifies 2000.

Companies: WJG CSP CRST BDEV PSN SPR TW/ BVS TEF GLV CRN INL BKG BWY RDW

  • 19 Dec 18
Small Cap Feast

PetroTal Corp is an oil and gas company whose shares are currently admitted to trading on the TSXV. The Company is focused on development of oil and gas assets in Peru and it currently has controlling interests in three onshore Peru license blocks. No new funds being raised. Due 21 Dec. Mkt cap c.£80m 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 mid December.

Companies: APQ GEMD YU/ RBD SAE SIM INL FARN

  • 27 Nov 18
Small Cap Feast

Kropz, an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana, is looking to join AIM. Offer TBC, expected late Nov 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 TBA. Due early Dec 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. 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: PPC INL OPG NCYT AGY C4XD ALSP ALT HMLH SAV

  • 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: BNOWJASEECMHRE/SCELGENCMSARBBSIXHTONAPHMURAGYCLIGINLGDRTRXSCLPCAMLCOSOPMAVODNLOXBKOOVYGENABZANSFREDXEVGVALGTLYW7LGETBPHPAVCTMCLBURXPP
  • 01 Aug 18
The Monthly

Hardman & Co’s analysts have direct experience of uncovering accounting frauds. In this article, Steve Clapham outlines why we might see a surge in them over the next few years. He is engaged by institutions to teach their fund managers and analysts how to identify risks brought about by such frauds. Hardman & Co is pleased to offer this service to private investors.

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

  • 06 Jul 18
Most popular equity research this week | 2 - 6 July

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Companies: SEEBWYIOMSOGAVGTEFEKFPGITAMOSAABKGHSPTRAKDNLMZOOINLSFRCVSGRLMCRSTFDEVWJGKMKGLECBPMCSCSPYU/VRPABBYPLUSPTEC
  • 04 Jul 18
UK Housebuilding Sector in 2Q 2018

This VAR was conceived in 2010 by the Royal Netherlands Football Association (KNVB) but it was seven years later, in April 2017, that it had its professional club competition debut in the A-League in Australia in a match between Melbourne and Adelaide.

Companies: CSP WJG TEF ABBY INL CRST BWY MCS BKG

  • 29 Jun 18
Most popular equity research this week | 25-29 Jun

See what's trending this week...

Companies: BNOSEED4T4CMHRE/SCEARBBSIXHTONAPHMURAGYCLIGHMLHINLGDRTRXSCLPCOSOPMAVODNLOXBKOOVRDTIMOEQLSYGENABZANSFREDXEVGVALGTLYPHPNXRAVCTMCLBUR
  • 29 Jun 18
The Monthly

We have analysed every IPO on the London Stock Exchange (LSE) between January 2015 and February 2018. Our analysis proves that, as expected, liquidity does dry up after float. The scale varies between markets and sectors.

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

  • 25 Jun 18
Small Cap Breakfast

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 Cake Box Holdings—franchise retailer of cakes with a growing store base across the UK looking to join AIM, Sell down of £16.5m, Mkt Cap £43.2m. Mar18 FY rev £12.8m, underlying earnings £3.7m. Due 27 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 TBA, 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: PEG GAL ZIN INL TPG PXS VERS DODS

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Inland Homes. We currently have 34 research reports from 4 professional analysts.

Open
N/A
Range Today
N/A
52 Week
48.9/84.0p
Daily Volume
N/A
# Shares
207.4m
Daily Liquidity
(0.42%)
Pension Liability
£0m
Enterprise Value
£221.5m
Market Cap
£168.4m
Latest PE (hist)
10.11
Div Yield
2.84

Latest News/RNS

(more news)
Date Source Announcement
02Dec19 07:00 RNS Update on Wilton Park
14Nov19 14:48 RNS Issue of Shares
29Oct19 10:15 RNS Purchase of JV partner at Cheshunt Lakeside
15Oct19 07:00 RNS Trading Update
23Sep19 07:00 RNS Wilton Park Planning Consent & Cheshunt JV Partner
05Aug19 07:00 RNS Planning consent granted at Cheshunt Lakeside
08Jul19 07:00 RNS Director/PDMR Shareholding
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  • 06 Dec 19
Cenkos: Duke Royalty Ltd -- Scaling of the portfolio delivering riches

Duke delivered significant YoY growth in H1/20A results, as earlier efforts to broaden the royalty portfolio came through this year. This strong growth will continue with recent debt & equity raises forward funding investments to income levels of £15m by FY21E. Met with an enhanced, but now stabilised cost base, operational leverage should drive continued strong adj EBIT growth (to £13m, at a c85% margin) and further DPS rises.

Companies: Duke Royalty
  • 10 Dec 19
S&U#

Trading in line with expectations

Companies: S&U
  • 10 Dec 19
S&U - Update Note - Guidance re-iterated

S&U this morning released a trading update in which they re-iterated guidance in the face of weaker consumer sentiment and economic activity. Full year results mainly depend on collections in the next two months, but management is confident that the 20-year uninterrupted run of growth in profits at Advantage Motor Finance will continue.

Companies: S&U
  • 09 Dec 19
Palace Capital*

Priory House disposed; empty rates & costs saved

Companies: Palace Capital
  • 10 Dec 19
Capital Access' Hot Off The Wires - The Day Ahead

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 info@capitalaccessgroup.co.uk.

Companies: OTMP SUS TPK

  • 11 Dec 19
S&U - Resilient amid softer sentiment and economy

S&U’s update indicates trading has remained in line with management expectations but there are some slightly more cautious elements compared with our forecast assumptions at the time of the H120 results. As a result, we have modestly tempered our estimates for FY20/21. Even so, the shares trade prospective earnings multiples of below 9x while the yield is over 5%.

Companies: S&U
  • 04 Nov 19
THE MONTHLY November 2019

The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.

Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN ESRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

  • 11 Dec 19
Trading update: understand the accounting

NSF has issued a trading update highlighting a 4%-5% reduction in consensus estimates due to softer trading in 3Q (primarily lower loan volumes in guarantor loans, a market which has been affected by adverse press coverage) and a 6%-8% reduction associated with a step change in provisioning policy. The latter highlights yet again the importance of understanding the assumptions in provisioning. For the same arrears, a higher assumed probability of downside has increased provisions. This reflects the known cyclicality inherent in IFRS9. A downgrade is unwelcome, but it does not reflect current customer deterioration, only the Board’s cautious approach. After today’s reduction’s, we still forecast 2021 adjusted profits at 2x the level of 2018.

Companies: Non-Standard Finance
  • 12 Dec 19
Building market share

Belvoir has agreed to acquire Lovelles, an independent, predominantly franchised estate agency, for £2m in cash. Lovelles generated operating profit of £0.5m in the year to March 2019; hence, the business is being acquired for only 4x historic profits. It is a good geographic and cultural fit and there are a number of opportunities for Belvoir to quickly add value. We have upgraded our FY 2020 EPS by 7% and our target price from 190p to 194p, and we reiterate our view that Belvoir’s franchise model maximises entrepreneurial potential, flexibility and cash flow while minimising risk − positive characteristics that are not factored into the FY 2020E PER of 8.5x and 6.3% dividend yield.

Companies: Belvoir Lettings
  • 27 Nov 19
Interim results in line

Billings and revenue growth: Billings increased by 10.3% to £120.2m due to H219 client wins within Corporate coming through, higher customer numbers within Consumer and earlier despatches within Christmas Savers (we estimate this timing accounts for c.3% of the overall billings growth). The revenue-to-billings ratio improved such that revenues increased by 21.3%. This followed a continued mix shifted towards the higher breakage cards/e-codes products and an increase in single-retailer billings which are generally recognised at point of sales as opposed to over the life of the voucher.

Companies: Appreciate Group
  • 11 Dec 19
LIBERUM: Non-Standard Finance - Non-Standard Value

Despite there being no increase in customer arrears, the Q3 trading update brought operating downgrades, higher provisioning and lower growth targets. And yet, and yet, what value…at 4x earnings, 1x tangible book, 18% yield, even with a 9% cost of funding. With some changes in the share register you can see why this has happened, but also why, just as quickly, it could go the other way.

Companies: Non-Standard Finance
  • 11 Dec 19
Entry to FTSE SmallCap & FTSE All Share Indices

Hipgnosis Songs Fund (SONG LN) today announced its interim results for the six month period ending 30 September 2019. As previously announced the Operative NAV of the Ordinary shares grew by 5.03% to 108.46p, giving a total return with dividends of 7.45%. Since IPO in July 2018, the Company has raised a total of £625m, the last tranche of £231m via a C share issue in October which is already 75% deployed. The Company was recently promoted from the Specialist Fund Segment to the Premium Segment of the Main Market of the London Stock Exchange. In the quarterly review on 4 December it was confirmed that the Company has entered the FTSE SmallCap and All Share Indices, as well as being on the reserve list of the FTSE350. We anticipate index buying ahead of the rebalancing on 20 December.

Companies: Hipgnosis Songs Fund
  • 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 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

  • 27 Nov 19
LIBERUM: Appreciate Group* - Strong H1, delivering on strategy

Appreciate has delivered a strong H1, in line with expectations and with some very encouraging billings trends. With H1 representing just 25% of FY billings, we make no change to our FY20E estimates at this stage.

Companies: Appreciate Group
  • 11 Dec 19
Numis Corporation - Tough times but a positive start to FY20

Numis has continued to build its franchise against a difficult market background, with net additions to its corporate client roster during FY19 and market share gains within its equities business. Lack of corporate activity meant the return on equity was reduced to 7% last year but, on a medium-term view, there are good prospects for a substantial improvement, with a return to the five-year average of 18% not an unreasonable aspiration.

Companies: Numis Corporation