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The strength of Aspire Global’s (AG’s) performance in the year to date is indicated by its last 12-months (LTM) revenue and EBITDA already exceeding management’s prior FY21 guidance. AG continues to enjoy strong revenue momentum from new client wins and geographic expansion. With a healthy pro forma net cash position assuming the imminent proposed disposal of B2C, the group is well placed to invest in its content and services to grow its client base and geographic coverage. We upgrade our FY21 a
Companies: Aspire Global Plc (ASPIRE:STO)Aspire Global Plc (ASPIRE:OME)
Aspire Global (AG) has announced the proposed disposal of its B2C business. The sale will lead to AG becoming a focused B2B provider of iGaming solutions, which have recently generated higher rates of revenue growth and profitability than the B2C segment and therefore should be positive for AG’s valuation multiple. In addition, the resulting strong pro forma net cash position means AG is well placed to consider further M&A to extend its product and service offering, which has recently proven to
Aspire Global’s (AG’s) Q221 results showed improving revenue momentum, with quarter-on-quarter revenue growth across all divisions, and an expansion in group EBITDA margin. The results reflect the benefits of its wider portfolio of services versus its peers, enabling the individual divisions to win more business from both new and existing clients in more geographies, as well as an increasing number of new cross-platform deals. We upgrade our EBITDA forecasts for FY21 and FY22 by 7%, leading to a
Aspire Global’s (AG’s) Q121 results highlighted strong broad-based organic revenue growth (+35.6% y-o-y) complemented by improving sequential growth from recent M&A, which led to an impressive expansion in EBITDA margin (+230bp y-o-y to 17.8%). Through Q121, AG’s enhanced and more integrated offering enabled it to execute well on its strategy of expanding to more regulated markets, attracting new customers and growing sales to existing partners. We upgrade our FY21 and FY22 revenue and EBITDA fo
Aspire Global (AG) is an online gaming technology, services and content company that offers its customers, online gaming operators, everything that is required to operate a successful iGaming brand. The global online gaming market is experiencing structural growth and AG’s leading technology and services help customers manage the many operational and regulatory complexities of online gaming, while minimising their investment and mitigating their increasing cost pressures. Its success is apparent
Aspire Global (AG) has announced a review of the role of the B2C segment (proprietary online gaming brands) in the group structure. The motivation for the review is to identify how best to accelerate the segment’s revenue growth profile, and thus the overall group profile. Potential outcomes include the sale of the segment or to merge it with another similar business, and management expects that the B2C brands would likely continue to be customers of its B2B segment. As well as providing profita
Aspire Global (AG) reported a strong FY20 and a good start to FY21, with January trading volumes 34% ahead of the average for Q120. FY20 EBITDA (at a margin of 16.7%) exceeded consensus expectations. Strong revenue growth in B2B Core was complemented by record performances from recent acquisitions Pariplay (B2B Games) and BtoBet (B2B Sports). Across B2B (68% of group total) there is a consistent message that new industry-leading partners (eg Betfair, William Hill and Rush Street Interactive) and
Companies: Aspire Global Plc
Research Tree provides access to ongoing research coverage, media content and regulatory news on Aspire Global Plc.
We currently have 7 research reports from 1
Companies: Bango plc
JOHN MENZIES+ (MNZS, BUY at 315p) – Note Publication: Evolutionary trends…
MARKS & SPENCER+ (MKS, HOUSE STOCK at 253p) Q3 TS – FY22 guidance firmed up, c5% underlying upgrade
NORTHBRIDGE INDUSTRIAL SERVICES+ (NBI, House Stock at 174p) - Further progress in Tasman disposal
BUNZL^ (BNZL, BUY at 2723p) – Note published: Solid strategic outlook
TESCO^ (TSCO, BUY at 292p) Q3 & Christmas TS – a beat to expectations and so further FY22 upgrades (c5%)
HILTON FOOD G
Companies: IDEA BRK ASC PFG MAB HFG TSCO BNZL NBI MKS MNZS
We believe the narrative for the UK equity market remains very good. Some inflation appears embedded in markets and economic growth seems robust. We saw investors show caution into the end of 2021 and so have cash to deploy in our view. This has been corroborated by investor feedback we’ve had already this year. The UK equity market is materially cheaper than global equities on a relative basis so asset allocators have to be looking at UK equities while UK 2022 GDP growth is likely the best of t
Companies: AFM ANX AXL CYAN GLAN MODE OBI MATD SEN SOM WSG
Monthly Gaming Wrap-up: December Round-Up
Companies: Keywords Studios plc (KWS:LON)Team17 Group PLC (TM17:LON)
Genflow Biosciences, a UK-based biotechnology company focused on longevity and the development of therapies to counteract the effects of aging and diseases associated with advanced age intends to float on the Main Market (Standard). The Company will become the first longevity biotechnology firm to list in Europe. Genflow has raised £3.7m in an oversubscribed placing, conditional upon admission becoming effective. The flotation will value Genflow at approximately £23.4m.
SuperSeed Capital Limited
Companies: RQIH ABDP ACRL HAYD IQG
As expected, the industry-wide supply chain challenges and inflationary pressure have weighed on Asos’ activity. However, the group has maintained its FY 22 guidance despite ongoing market headwinds. Also, Asos has announced its intention to move to the main market of LSE.
The confirmation of FY guidance and move to the main market of LSE shows the management’s strong confidence and enhances the strategic visibility after the departure of the CEO and change of chair.
Companies: ASOS plc
Highlights of FY21 are 28% organic revenue growth at Clareti, group EBITDA 8% ahead of our forecasts and net cash nearly £4m ahead of our expectations on “very strong” cash collections and lower than expected acquisition costs. Our unchanged FY22 forecasts are well underpinned by 88% contracted revenues. We forecast ARR will grow a further 17% organic in FY22, which is one of the fastest growth rates in our universe. We introduce a Buy recommendation and 220p price target.
Companies: Gresham Technologies plc
What’s cooking in the IPO kitchen?
Genflow Biosciences, a UK-based biotechnology company focused on longevity and the development of therapies to counteract the effects of aging and diseases associated with advanced age intends to float on the Main Market (Standard). The Company will become the first longevity biotechnology firm to list in Europe. Genflow has raised £3.7m in an oversubscribed placing, conditional upon admission becoming effective. The flotation will value Genflow at approximatel
Companies: ZOO AFN ASC CPP FIF PIP
While we were away
Mac Alpha Limited (MACA.L) joined the Main Market. (24/12/21)
Atome Energy PLC (ATOM.L) joined AIM. (30/12/21)
What’s cooking in the IPO kitchen?
Graft Polymer a business focused on the development of polymer modification and drug delivery systems is to join the Main Market (Standard). Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing products and processing methodologies by enhancing per
Companies: VLX VRCI LBE RENX SOM TAST DDDD CMH IQG SRC
No Joiners Today.
Ridgecrest (Formerly Nakama Group) has left AIM.
What’s cooking in the IPO kitchen?
Carbon Air, a nano-technology company which leverages the adsorption properties of activated carbon and other advanced materials to improve suspension systems, enhance acoustics or reduce noise, to join AIM. The Company's proprietary technology has allowed it to develop a unique portfolio of solutions for a variety of sizeable end markets, including vehicle suspension systems,
Companies: SYS1 AML AML CWR ESNT GML JDG RENX RRR AIR
Following a +24% upgrade to FY21 EBITDA at its 16 December trading update, Audioboom has announced an even stronger end to FY21, and we upgrade our FY21 revenue by +2% to $60.2m, adjusted EBITDA by +19% to $3.0m, adjusted EPS by +22% to $0.16, and net cash by +40% to $3.0m. The upgrades have been driven by Audioboom capitalising on strong advertiser demand for its premium podcast content, strong growth in podcast audiences, and the highly successful launch of its SHOWCASE platform in Q4. For its
Companies: Audioboom Group PLC
Interims confirm unchanged forecasts after a busy end of 2021 that concluded with a flurry of acquisitions, a capital markets day, and a £104m placing. Six acquisitions in the current financial year (to April) complement 13% annualised organic ARR growth, lifting proforma ARR (including post period end acquisitions) to £86.3m (1H21: £54.8m; FY21: £64.1m). Adj EBITDA of £13.2m maintained an EBITDA margin of 34.1% vs 34.5% in 1H21, compounding the benefit of headline revenue growth of 33% to £38.
Companies: Ideagen PLC
Companies: Mirriad Advertising plc
Where next for markets in 2022? In our view, if COVID is not on the way out, we are just going to have to live with it now and it will have less and less impact on economic forecasts going forward. Instead, the bigger issues for investors to deal with in 2022 are cost inflation and staff shortages for business (which are already hitting earnings momentum), energy cost inflation and higher taxes hitting the consumer wallet, and markets that start from very elevated valuation multiples compared wi
Companies: GML HAT IOG LOK MTC QTX SOM SCE SNG TRCS TRMR
GENinCode has announced the filing of a pre-submission for its Cardio inCode-SCORE test with the US FDA, as recommended by the agency. A pre-submission provides a structured framework for discussion of the future marketing application between the FDA and the device manufacturer. Essentially, we see this as an opportunity for the FDA to review the submission ahead of an ‘official' filing to ensure that the future application will answer all the questions the FDA requires to be addressed. The pre-
Companies: GENinCode UK Ltd.