Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Abal Group. We currently have 26 research reports from 2 professional analysts.
PetroTal (TAL.TO) - The exploration and production company focused on oil assets in Peru is seeking a secondary AIM quoting before the end of 2018. Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due early Oct Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due Mid October 2018. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
Companies: SAR DISH BZT BST STX CAS ECK ABAL STAF TSI
Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due 28 Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m. Offer TBA. Due Mid September Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
Companies: SKIN DISH CLON CTG ABAL 9537 TLA
Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July Nucleus Financial—independent wrap platform provider . FYDec17 revs £40.36m and PBT of £5.1m. Offer TBA. Due late July. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa Immotion Group - aims to become the market leader in "out of home" Immersive Entertainment Experiences. Offer TBA. Due 12 July
Companies: DERR EML PHTM PRTC MYSL COS CAPD JWNG ABAL ACC
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 TBA. 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: NFC LOGP AUG KAT ROSE EDL SNG UVEN TSG ABAL
GoTech Group– AIM shell moving to NEX. the Company’s Investment Strategy will be to initially effectively become a UK, Canadian and Australian-focused medicinal cannabis and related products’ index tracker and investor. Due 25 Jun. Sovereign Mines of Afirca PLC to be renamed The Barkby Group PLC after the acquisition of Turf to Table Ltd will join the NEX Exchange on 26 June 2018 after raising £547k at 9p with market cap of £3.42m
Companies: CNG EBQ IHC LVCG VEL KEFI MOS ABAL BOOM
Stratmin Global Resources RTO of Signature Gold a specialist Australian gold exploration company focused on the exploration and development of large-scale Intrusion Related Gold System. Offer TBA. Due 6 June. Will leave AIM under rule 41.
Companies: YGEN EQLS CMB FLTA GMAA ALSP ECSC NCYT ANR ABAL
Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June. Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 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. Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Cloud based automated management data system. Raising £6m at 15p. Mkt Cap £12m. Due 30 May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May
Companies: ENGI BLV AVO SMRT GMR PPIX MED IMM ALS ABAL
Vannin Capital—Press reports that litigation funder Vannin Capital is working on plans to float on the London Stock Exchange later in 2018 with an expected valuation of well over £500m | Avast, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811 million, Adjusted Revenue was $780 million, Adjusted Cash EBITDA was $451 million. Seeking to raise $200m. Due in May | Fundamentum Supported Housing REIT. Raising £150m. Focussed on UK Social Housing assets. Due 2 May | Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No new Money. Pricing TBA | Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 03 May | Odyssean Investment Trust—Raising £100m at £1. Due 1 May. The Company will primarily invest in smaller company equities quoted on markets operated by the London Stock Exchange | Finablr - press reports in ‘Arabian Business’ that Money transfer firms UAE Exchange, Travelex and others under UAE billionaire Bavaguthu Raghuram Shetty’s newly formed holding company Finablr are preparing for a London IPO
Companies: MORT GSH CORA ATQT ICON GRP MXO MIRI ABAL
Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Offer raising £30m at 165p with mkt cap of £100m . Due 9 Feb.
Companies: PVG SPSY IDE JAY VLTY COM STR RHL ERGO ABAL
Imaginatik* (IMTK): Interims (CORP) | CareTech (CTH): Deploying resources effectively (BUY) | Elecosoft* (ELCO): Howdy partner (CORP)
Companies: CTH ELCO ABAL
See what's trending this week...
This quarter we use finnCap’s Slide Rule to provide both top-down and bottom-up analysis of the UK’s Technology and Telecoms sectors. Our findings are very reassuring: the Tech sector scores the best (across all sectors) when considering Growth and Quality – Taptica*, Frontier Developments* and dotDigital* in particular stand out on these metrics. Given these attractive characteristics and growth prospects, the Tech sector is unsurprisingly one of the most expensive – currently trading at 17.2x FY1 EV/EBIT and 23.8x FY1 P/E, versus 15.0x and 18.5x respectively for the wider market. Despite valuations appearing high, we believe there are value opportunities. For example, Proactis* features in finnCap’s QVGM+ portfolio (ranked 17/462) – the company offers attractive organic and inorganic growth, with earnings forecast to grow by 26% CAGR over the next two years, but despite this, only trades on 15x FY1 earnings and offers 8% FCF yield in FY2.
Companies: 7DIG ALT AMO ARTA BOTB BLTG CTP CITY D4T4 DTC DOTD ELCO ESG FDEV GBG IDEA IDOX IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SEE SIM SPE SRT STR TRMR TAX TEP TPOP TRAK UNG VIP ZOO CYAN ONEV SSY ABAL
OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | Wilmcote Holdings plc—Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market cap of £25m. Expected 17 August 2017 | Andes Energia PLC—Sch1 on admission the Company will change its name to Phoenix Global Resources plc will be an Argentinian independent oil & gas exploration and production company, offer TBC but market cap to be £844m and admission date 10 August 2017 | Verditek PLC—Sch1 update from holding company in the clean technology sector with subsidiaries operating within what it considers are emergent and fast growing sectors (industrial treatment of solids, air purification, water de-odourisation, zero emission, low cost energy), offer raising £2.75m at 9p with market cap of £16.9m. Admission 10 August 2017 | Strix Group PLC—Sch1 from the Company involved with the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration. Offer raising £190m at 100p with market cap of £190m admission date 8 August 2017. | Xpediator Plc—Sch 1 from the holding Company for an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a strong presence in Central and Eastern Europe. Offer details TBC, expected Admission early August 2017. | Altus Strategies—African focused natural resource Company. Offer raising £1.1m at 10p with market cap of £10.7m. Expected 10 August 2017 | Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017
Companies: DKE PTSG C21 TRT IRR RLD NET DFX OXB ABAL
Taptica* (TAP): Going straight to video (CORP) | Lok’nStore* (LOK): Rapid growth in new store pipeline (CORP) | Avacta* (AVCT): FY 17 trading update – lower cash burn (CORP) | Imaginatik* (IMTK): Prelims (CORP) | Transense Technologies* (TRT): A further contract win for the iTrack II (CORP)
Companies: TRMR LOK AVCT TRT ABAL
Byotrol* (BYOT): EPA approval – now to exploit the IP (CORP) | Trifast^ (TRI): Currency drives results ahead of expectations. (BUY) | Water Intelligence* (WATR): Growth continues to accelerate (CORP) | Wentworth Resources (WRL): Operational update (BUY) | Imaginatik* (IMTK): Proposed placing (CORP) | iomart* (IOM): Textbook delivery (CORP) | Telecom Plus (TEP): Sturdy prelims, future growth (BUY)
Companies: BYOT TRI WATR WRL IOM TEP ABAL
Research Tree provides access to ongoing research coverage, media content and regulatory news on Abal Group. We currently have 26 research reports from 2 professional analysts.
|05Sep19 16:18||RNS||Directorate Change|
|06Aug19 07:31||RNS||Re Suspension and Update|
|06Aug19 07:30||RNS||Suspension - Abal Group Plc|
|02Aug19 09:49||RNS||Update on suspension date|
|24Jun19 09:11||RNS||Update on Board Changes|
|05Feb19 11:48||RNS||Holding(s) in Company|
|05Feb19 10:08||RNS||Completion of disposal|
IQE’s CFO, Tim Pullen, discusses the company’s recent interim results and explains the operational measures IQE has put in place to support growth. He also explains why it is well placed to adapt to shifts in the global electronics supply chain being brought about by US/Chinese trade sanctions. With the infrastructure phase of the capacity-expansion programme nearing completion, he explains why future investment in capacity will be much more linear and discretionary, based on anticipated demand. As a result, supported by recent cost-control measures, the company expects to generate cash in H2. With an increased debt facility in place, management is confident it will not need to raise further capital. Tim ends by discussing how management sees margins evolving and how investors should view the timing of the company’s growth opportunities across multiple different applications.
These are exciting times for Bango as it matures and expands. After many years building merchant and carrier connections and volumes, the payment processing platform has reached profitability and will rapidly scale revenue on a fixed cost base. The data business is a natural evolution, driving greater payment volumes in a steadily accelerating virtuous circle; adding more data sources will spin it ever faster. Well-managed by an experienced team and uniquely positioned in a high growth industry, we launch coverage with the Interims in a seminal year: Bango is now fully funded and its revenues continue to grow rapidly, targeting breakeven this year and promising significant cash profits from next. We feel the market has yet to fully appreciate the exciting prospects for Bango and set a 225p target price.
Tech IPOs year to date have performed well. 8/13 venture-backed tech IPOs this year, including Slack's direct listing, are in profitable territory. If you'd put $1 million into each of them at the IPO price, your $13 million initial investment would be worth $21.7 million - a 67% gain compared to +20% performance in the S&P 500 YTD. As we’ve discussed earlier this month, investors’ appetite for technologies leveraging secular trends appears undiminished
Companies: TRAK CPX SEE QTX
Bango has announced solid H1 2019A results in our view, with momentum remaining strong. At £467m, End User Spend (“EUS”) was confirmed as having more than doubled for a fifth consecutive year, and underlying opex levels remain broadly stable. A further highlight was the positive contribution from the data business, which now contributes over 25% of group revenue. We make revisions to FY 2019E earnings estimates following the release, noting, inter alia, Bango’s continuing commitment to investment in R&D to support its innovative product development. We also introduce FY 2020E forecasts for the first time which reflect the fruits of that investment.
ECSC Group plc* (ECSC.L, 72.5p/£6.6m) Interims: Managed Serivces boosts margins; positive start to H2 (11.09.19) | The Character Group plc* (CCT.L, 360p/£77m) Pre-close update: Scandinavia disappoints (13.09.19) | MTI Wireless Edge Ltd* (MWE.L, 29.5p/£25.8m) Contract win: Scope for growth (16.09.19)
Companies: ECSC CCT MWE
ZOO has delivered a strong AGM update, highlighting a solid performance in H1 to date, with profitability buoyed by high-margin technical work. The industry appears to be (albeit very slowly) establishing procurement platforms to build and manage the multiple new systems needed in the rush to direct-to-consumer models. We make no changes to forecasts, but look forward to further announcements during H2 and beyond.
Companies: Zoo Digital Group
The Interims have been brought forward in light of a warning on H2. Quixant had previously flagged that 2019 would be heavily H2-weighted and H1 is weak but in line with expectations. However, a recent review of customer intentions reveals that H2 orders will not meet expected volumes. The global gaming machine market is still healthy but key customers (notably Ainsworth) have lost significant market share to Aristocrat in Australia and N. America. We cut our FY 2019 and FY 2020 forecasts; however, no customers have been lost and the concentration is much reduced while the long-term growth potential and cash generation remains strong.
Facebook has been working to develop augmented reality glasses out of its Facebook Reality Labs in Redmond, Washington, for the past couple of years, but struggles with the development of the project have led the company to seek help. Now, Facebook is hoping a partnership with RayBan parent company Luxottica will get them completed and ready for consumers between 2023 and 2025, according to people familiar. Needless to say, we highlight a potentially substantial threat to Snap Inc, and a potentially huge opportunity for developers within the Facebook ecosystem.
Companies: EVRH ESYS BGO BOKU EQLS IMMO SMRT TECH VRE
Eckoh has released a short AGM statement, confirming good revenue growth in both the UK and US through the first five months of the year. The level of new business contracted so far is “encouraging” and the group is trading in line with our recently upgraded expectations. The shares trade on a FCF yield of 4.8% rising to 6.1% in FY’21 and we continue to be excited about the group’s growth prospects. With strong underlying momentum in both divisions, a large untapped opportunity in US Secure Payments, and excellent revenue visibility, we believe the shares are highly attractive.
Positive operating cash flow in FY19A was a first for Rosslyn. A significantly expanded product set materially enlarges the opportunity for Rosslyn and projected revenue growth this year should leave the company close to fully recovering its cost base. A demonstrable self-sustaining model will be the key for a re-rating and Rosslyn is almost there. Buy.
Companies: Rosslyn Data Technologies
Arcontech has reported a strong set of FY19 results that have driven large but still conservative upgrades to our existing 2020 estimates. In this report, we also present an in-depth review of the Arcontech investment case, which we split into two parts. For Arcontech’s organic business, we expect that the company’s robust structural position can continue to deliver at least 6% revenue growth (FY19 +12%) and at least 7% EPS growth (FY19 +26%) in 2020-21. Meanwhile, we believe that Arcontech’s strong balance sheet creates a range of options for Arcontech as an acquirer or target, or could alternatively facilitate greater shareholder returns. We upgrade our price target to 200p based on 25x 2020 EPS, and Arcontech trades on 12m fwd multiples of 19x P/E, an EFCF yield of 3.8%, and a dividend yield of 1.4%.
Companies: Arcontech Group
Like whales feasting on Krill, overseas firms are today stuffing themselves silly with choice fillets of corporate Britain. Why? Well look no further than geopolitical tensions and Brexit, which have disproportionately impacted UK equities and the £. Indeed the FTSE100 has lagged the S&P500 by a hefty 19% over the past 2 years, with Sterling dropping to 34 year lows vs US$ (see below). That said to us, based purely on fundamentals, this period of underperformance appears over-cooked, leaving many quality British companies vulnerable to predatory interest.
Companies: VOD AV/ AGK CHG CNA ITV BRBY SMIN CTEC SXS OXIG MGAM IMI WEIR WMH KMK EYE GATC ULS INS ALFA RDT TSTL ELCO MBH BLTG IHC 9537 CSRT NBI
TVs have joined the ranks of websites, apps and credit cards in the lucrative business of harvesting and sharing user information. Whilst TV records may not contain sensitive search queries or financial data, they are able to store data on user interests, personality, joys and embarrassments, as tens of millions of users have given TV brands permission unknowingly. Many TV makers say tracking what users watch helps provide personalized recommendations. However, there is much belief that TV tracking is mostly about filling in a missing chunk of data which is only useful for advertisers and media companies.
Companies: 7DIG KAPE ZOO AMO EYE MIRA
MTI Wireless Edge Ltd* (MWE.L, 22.2p/£19.4m) | Blackbird plc* (BIRD.L, 10.8p/£31.2m) | Mi-Pay Group plc* (MPAY.L, 8p/£3.7m) | Starcom plc* (STAR.L, 1.25p/£4.3m) | Character Group (The) plc* (CCT.L, 425p/£90.8m) |
Companies: MWE BIRD MPAY STAR CCT