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Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on MoneySwap. We currently have 1 research reports from 1 professional analysts.

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Latest News/RNS

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Date Source Announcement
30May17 10:40 RNS Result of EGM and notice of cancellation
28Apr17 07:00 RNS Posting of circular and notice of EGM
20Apr17 11:22 RNS Result of EGM
13Apr17 16:45 RNS Cancellation from AIM and update re subscription
29Mar17 07:00 RNS Notice of EGM and update re. suspension
21Mar17 07:00 RNS Half-year Report
21Mar17 07:00 RNS Conditional subscription, statement re suspension
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  • 12 Jul 19

LIBERUM: Burford Capital* - ROIC lessons

Burford is off 22% relative since the recent peak. Much has been written about returns, in some cases valuing the business excluding the big wins, but including all losses, which makes no sense, or putting the core business on 10x and its opex on 15x (same), or entirely ignoring the extra returns from the sovereign wealth fund deal (same).

Companies: Burford Capital
  • 09 Jul 19

Petersen appeals to investors

Burford has made a double announcement about the Petersen case. Argentina had appealed to the US Supreme Court over the decision about where the case will be heard. The Court has declined to hear the appeal, so proceedings will take place in the US. Burford has also sold another 10% of its entitlement in the case for $100m; implying a market price of $1bn, ca.25% above the value implied by the smaller July 2018 transaction. Additional disclosure is that the sale took place to 11 institutional investors, with 40 having participated in the market now. This adds credibility to the valuation generated by the transactions to date.

Companies: Burford Capital
  • 10 Jul 19

LIBERUM: Alpha FX* - H1'19 trading ahead / FY19e EPS estimate +9%

Alpha FX has grown H1'19 revenues by 60% year-on-year despite the subdued macro backdrop for UK plc. This highlights their market share gains in the core UK and increasingly European corporate FX markets and the initial contributions from the Institutional business, Alpha Pay and the first overseas office initiative.

Companies: Alpha Fx Group
  • 10 Jul 19

Cenkos: Equals Group Plc - Signs are there for an excellent year

Equals Group (formerly FairFX) has released a H1/19E trading update highlighting recent operational achievements and strong, broad-based turnover growth. We see this as clear evidence that prior investments in customer experience and extending the product range have produced returns, which are set to continue. We expect further share price appreciation to follow given today's encouraging signs on FY19E trading, with our forecast 52% EPS growth coming at an attractive PEG of just 0.37.

Companies: FairFX Group
  • 12 Jul 19

LIBERUM: Miton Group* - Net outflows experienced but market movement strong

Miton’s Q2 AuM update shows £4.7bn under management, 2.7% up from the last disclosed number at the end of March. Over the quarter, Miton has experienced net outflows of £87m, while performance recovered strongly, adding £211m to AUM.

Companies: Miton Group
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 12 Jul 19

In line AuM, positive performance mitigates flows

AuM grew in Q2 with solid investment performance mitigating a modest net outflow (£87m). Year to date, we have seen continuing political uncertainty which has impacted net sales across the UK Smaller Companies sector, Miton has not been immune. We expect flows to return with sentiment, and make no material changes to our earnings forecasts. We continue to see a 60p/share intrinsic value, after taking into account a significant quantum of “free cash” on the balance sheet.

Companies: Miton Group
  • 15 Jul 19

LIBERUM: AEW UK REIT* - Industrial gains

AEW UK REIT delivered strong NAV returns in FY2019 despite retail headwinds in Q1. Operational progress was demonstrated by reduced vacancy and full cover of the 8.4% dividend.

Companies: AEW UK Reit
  • 12 Jul 19

Positive AGM statement; strong interest at Hudson Quarter

Palace Capital has released a positive statement in advance of its AGM later today, reporting a strong start to its upcoming Hudson Quarter development in York. With the project on track to complete in early 2021, we see significant scope for value-accretive growth in coming years which we now reflect through the introduction of FY22e forecasts showing material YoY adj. EPS growth of 21.2%, a dividend cover of 1.09x, EPRA NAV of 448p and LTV of 33%. At a 31% discount to FY19 NAV and 6.7% yield, we reiterate our Buy.

Companies: Palace Capital
  • 12 Jul 19

Forecast updates & customer analysis

Last week’s pre-close statement provided several updates, with the two main items being that H2 trading was in line with the Board’s expectations and there will be a five-month extension to the large contract that was lost in March.

Companies: Redde
  • 02 Jul 19

THE MONTHLY July 2019

When advisers first start looking at business relief (BR) products, there is much to take in: the rules governing such products; the investment strategies being used; and what the investment risk is. It is easy to lose sight of the fact that, for non-AIM products, the investment is being made directly into a company or partnership, rather than a fund. It is, therefore, essential that governance is part of the diligence process.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SIXH TRX TON SHED VAL VTA W7L

  • 05 Jul 19

Case settlements and FY19 numbers

Last week LCM announced its fifth case settlement of the financial period, with a net gain of A$2.7m to A$3m estimated. The case win further demonstrates the ability of Management to select and effectively execute on the right cases. Crucially, we are now confident that our FY19E gains on investments will be met.

Companies: Litigation Capital Management
  • 11 Jul 19

Net inflows surge, record quarter drives AuM +11%

Inflows have surged in Q1 hitting a new quarterly record at +£725m, confirming AuM at £14.1bn (+11.4% qoq). Outperformance complemented this: adding a further £717m equating to+5.7% (as %opening AuM) vs the +2.7% posted by the FTSE All-Share. We do not make any changes to our earnings forecasts, having already upgraded by 6-7% at the Finals for £14.0bn AuM as at 25/6. Trading at a 13x FY20e PER falling to 12x, we find the valuation undemanding given the strong AuM growth momentum.

Companies: Liontrust Asset Management
  • 15 Jul 19

Palace Capital - A wealth of asset management opportunities

Palace Capital recently reported FY19 results and announced plans to convert to REIT status, approved by shareholders at the AGM. The results showed further growth in recurring earnings and positive like-for-like valuation growth but they also reflected the deferral of some letting activity to pursue refurbishment and redevelopment opportunities. Our revised forecasts now include the impact of the Hudson Quarter development in York, which we expect to be a key driver of returns over the next two years.

Companies: Palace Capital
  • 08 Jul 19

Mercia Asset Management - Scaling regional powerhouse

Mercia’s FY19 results reflect continued progress across the portfolio, with the company in good shape for further growth. Net assets rose 2% to £126.1m, but FUM fell 5% to £381m due to the winding up of the successful RisingStars Growth Fund (15% IRR, TVPI of 528%). The direct investment portfolio increased to £87.7m, with £19.4m of cash invested in 17 companies, as well as £3.9m of fair value uplift. Mercia remains well positioned for further progress in FY20 with key portfolio companies strategically well placed, together with firepower from the group’s £168m of free cash and £30m of unrestricted balance sheet cash. The shares continue to trade at a significant discount to NAV (0.77x), even before considering the embedded value of Mercia Fund Managers (10p+).

Companies: Mercia Technologies