Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CLEARSTAR INC. We currently have 5 research reports from 2 professional analysts.
|28Mar17 07:00||RNS||ClearStar agreement with IntelliCentrics|
|28Mar17 07:00||RNS||Full Year Results|
|26Jan17 07:00||RNS||Trading Update|
|01Nov16 07:00||RNS||Director/PDMR Shareholding|
|27Sep16 07:01||RNS||Interim Results|
|27Sep16 07:00||RNS||Change of Adviser|
|24May16 18:16||RNS||Result of AGM|
Frequency of research reports
Research reports on
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
27 Sep 16
Victoria* (VCP): May the floors be with you (CORP) | ClearStar* (CLSU): Screening Buy (CORP) | Avingtrans^ (AVG): FY results – at the fulcrum of change (BUY) | Netcall* (NET): Prelims show strategic progress (CORP) | Alternative Networks* (AN.): Year-end trading update (CORP) | Universe* (UNG): Project delays break up party (CORP)
27 Sep 16
We initiate coverage on a long-established, well-managed and well-funded US company in the steadily growing global background-screening market. ClearStar is taking advantage of a highly competitive technology platform, an impressive existing customer base and excellent long-term prospects. It has traditionally supplied its solutions and services through channel partnerships, which see large volumes and high levels of recurring revenues. However, it has been investing in developing a direct business which offers higher growth and improved gross margin, through an opportune direct service acquisition in late 2014, augmented with additional sales and support investment. The interims show the original (pre-acquisition) direct business has doubled YoY as a result, improving margins and pushing the company towards profitability. Furthermore, since 2014 it has been developing a global platform which will allow it to reach beyond its current US market. Post the 2014 IPO, results were impaired by the unexpected acquisition and investment in new products so the shares have drifted to a point where there is significant value for new investors. Comparable market peers currently trade on an average EV/Sales multiple of 2.2x; even discounting this by 25% derives a 60p target price, more than 40% uplift on the current valuation.
The Cybersecurity Rebellion: “No, I’m Spartacus!”
07 Jun 16
Steve “Woz” Wozniak, infamous co-founder of Apple, was the latest culprit to send shivers across the tech world by claiming Cybersecurity is the greatest threat the world has faced since the atom bomb. Mr Wozniak was alluding to the heightened sense of fear that recent high profile breaches have caused Cybersecurity to be put at the forefront of political, corporate and now it would appear, investor agendas. As the topic gains increasing awareness, it gives rise to a number of companies claiming to be a “thought leader” in the Cybersecurity space, holding the best IP and the best routes to market. With many companies singing from the same loss making hymn sheet it is making it ever difficult to spot the true “Spartacus” from the crowd.
Check this out
05 Nov 15
ClearStar is a well established tech platform and service provider to the background check industry with circa 2,300 generally very sticky customers. In fact ClearStar now serves over 27,000 employees annually and has over a 90% retention rate. The company is vying for profitability through both the execution of a targetted growth strategy and the search for further internal efficiencies. During 2016 the company expects to recognise circa $1.2m of annualised cost savings.
N+1 Singer - IQE - Upgrade cycle set to continue
24 Mar 17
IQE’s FY’16 results showed good growth in all key segments and came in c.4% ahead of our recently upgraded forecasts. We have upgraded our forecasts today by 5% and 3% in FY’17 and FY’18 respectively, but expect the upgrade cycle to continue. The increase in capex in FY’16 looks to us a strong indication of future volume increases, and we see scope for significant upgrades through the course of our forecast horizon. We highlight three opportunities in this note, each of which could materially move the needle in its own right. IQE is one of our key picks for 2017 and has performed strongly YTD (+48%), but we believe there is more to go for. We increase our target price to 76p and retain our Buy recommendation.
Or, helping a juggernaut turn on a dime
24 Mar 17
Sopheon has spent many years evolving a state-of-the-art platform allowing Enterprise customers to manage and monitor their pipelines of innovation. As this market matures and on the back of some major reference client wins, Sopheon’s Accolade product is beginning to see material success on a number of fronts. This note describes the marketplace, the technology, and the progress now being achieved.
Stronger and stronger
23 Mar 17
Sopheon has reported strong prelims in line with the January trading update which had demonstrated that revenue delivery had been achieved on cost underspend, leading to EBITDA (+7% vs FY16E) and adjusted PBT (+22%) outperformance. Strong licence sales, high levels of recurring revenue retention (94% by value), and ever upgrading product portfolio in terms of functionality delivered revenue strength. Gartner recognition illustrates the transition from a product which needed to be described then sold, to a solution set sought by customers to deal with the increasingly acknowledged enterprise problem of efficient product lifecycle management. Sopheon is well positioned for future growth, and board confidence for future growth leads to planned increase in investment, yet still delivering $5.6m ($5.3m pre FX) EBITDA. Having smashed through our FY16 forecasts and target price, we restore FY17 forecasts and lift the 12-month target from 360p to 620p.
N+1 Singer - Instem - Investment to accelerate growth trajectory
28 Mar 17
FY16 results were as expected, reflecting some contract slippage towards the year end, the largest of which has since been signed. The outlook remains buoyant, particularly around SEND, where Instem continues to dominate the market. Further investment is however being made to further capitalise on the numerous growth opportunities. This will constrain short term profitability, but should pay back relatively quickly and leave forecasts on a higher for longer growth trajectory.
Acquisition of Infracast Limited
27 Mar 17
IMImobile have announced the acquisition of Infracast Limited for an initial consideration of £8.2m. Infracast is a leading provider of multi-channel messaging applications and will expand IMImobile’s customer base whilst providing significant cross-selling opportunities. This looks another high quality acquisition. We remain Buyers and increase our T/P to 220p.