Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Craneware. We currently have 31 research reports from 4 professional analysts.
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.
Companies: CCS SKIN BILB EUSP WJG SBIZ FOX MPAC CRW CIP
Wentworth Resources— oil and gas exploration and production company, with assets in the onshore Rovuma Basin of East Africa. Introduction only. Mkt Cap c £50m . Due today Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Kropz PLC—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. Looking to join AIM, offer TBC, market cap TBC. Due Late October. Path Investments— First acquisition of a 50%. participating interest in the producing Alfeld-Elze II gas field in Germany. Seeking £10m raise. Transaction aborted. Was RTO. PATH to seek lifting of suspension. 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. 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 TBC, expected late November 2018.
Companies: HYDG KRM TLOU SUN KEFI ZOO ATM CRW CTP CAB
Craneware (CRW LN) Trading update & contract win | Dechra Pharmaceuticals (DPH LN) In line FY trading update | Eckoh (ECK LN) Contract win through Capita partnership | Miton Group (MGR LN) Strong H1 net inflows, upgrading FY18e EPS by 11% | MySale Group (MYSL LN) Another record year & more potential from platform | Photo-Me International (PHTM LN) On track versus downgraded forecasts. Japan being turned around | Realm Therapeutics (RLM LN) Supportive preclinical data on PR022 vs. tofacitinib in Atopic Dermatitis
Companies: CRW DPH ECK MGR MYSL PHTM
Bodycote (BOY LN) Strong FY17 performance, just above consensus | Cambria Automobiles (CAMB LN) In line update and progress with its property developments | Craneware (CRW LN) Strong interims, momentum building | Findel (FDL LN) Positive update on commercial supply arrangement with Sports | Direct | UK Housing Theresa May’s Speech and (overdone) Help to Buy coverage |SDL (SDL LN) Progressing against strategic goals Yu Group (YU LN) Very strong growth and expectations increased again
Companies: BOY CAMB CRW STU SDL YU/
TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer TBC, expected late Feb | Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb | 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
Companies: EBQ CRW VLG ONC SMS NMRP HCM BOOM
Startup Giants is a UK-based investment vehicle, which will invest in technology start-ups at the concept stage. Raising £752,700 at £1. Market cap £1m. Due 1st November. AIM Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20 million in the year ended 31 August 2015 to £33 million in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer and date TBA. AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Offer TBA. Due 6 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world . Novacyt S.A.—Sch1 from the international diagnostics group, generating revenues from the sale of clinical products used in oncology, microbiology, haematology and serology testing. Offer to raise £8.8m at 59.38p with a value of £22.4m. Expected 01 Nov. Footasylum Ltd—UK-based fashion retailer focusing on the branded footwear and apparel markets announced its intention to seek admission to AIM. Expected value between £130m and £150m. Due Nov 2017. Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. 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. Orogen plc, to be renamed Sosandar plc on Admission. Sosandar is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late October .
Companies: PDZ WJG PIP CORO PLUS JAN PPH CRW XPD PPIX
A customarily solid set of results from Craneware, in line / slightly ahead of our estimates. The core business looks to be trading well and the migration to the group’s new cloud-based platform Trisus is underway. This should enable a more rapid roll out of new modules and services to its customer base and, ultimately, support a further acceleration of growth. We make no changes to our forecasts at this stage and Craneware remains a top pick for growth and quality. It’s current valuation means we stay at Hold for now, but we see medium term upside as the story further develops.
Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July. | Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. | Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July | NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 | Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: BIRD EBQ ITM GTLY CRW NFC TIDE ASO
The top 20 companies using the CF Growth Profile beat the bottom 20 by 16% pa over last two years
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. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
Companies: PIL GFIN SOLI CBP CRW IDEA SIS VELA VLG PGY
Craneware (CRW LN) Interims to show momentum building | Elementis (ELM LN) Positioned to revive growth | James Fisher & Sons (FSJ LN) Solid results | MySale Group (MYSL LN) Growth platform established, momentum building | NCC Group (NCC LN) Rob Cotton steps down | Raven Russia Ltd (RUS LN) Short delay to St Petersburg portfolio acquisition
Companies: RAV CRW FSJ ELM MYSL NCC
Although the performance of UK-listed Big Pharmas is closely linked to changing US market dynamics, the impact on our UK smallcap life science universe will likely be more muted given its early-stage nature. Nevertheless, potential changes to drug pricing and healthcare provision resulting from the likely reversal of the Affordable Care Act (Obamacare) could impact a number of companies in our universe. We highlight Summit Therapeutics (Corporate), ReNeuron (Buy), Vectura (Buy), Verona Pharma (Corporate) and Futura Medical (Corporate) as potential beneficiaries of a less adverse pricing environment, whilst Craneware (Hold) and AMS (Hold) could be negatively affected by potential US hospital spending delays.
Companies: SUMM VEC FUM CRW AMS VRP RENE
Halfords Group (HFD LN) Investment case unchanged on latest update | Pharma & Biotech Reflections on the UK sector post the US election | PROACTIS Holdings (PHD LN) Complementary acquisition in line with strategy | Swallowfield (SWL LN) Positive start to the year underpins confidence in growth assumptions
Companies: AMS HFD SUMM VEC CRW SWL FUM PHD VRP RENE
A positive year end update and ongoing strong order intake has prompted us to upgrade our EPS forecasts by 4%, moving towards management’s medium term ambition to get back to 20%+ growth. In addition, CRW is a dollar reporter and not exposed to any Brexit related uncertainties. We therefore see it as a key safe haven play with improving growth credentials and reiterate our Buy recommendation with an increased target price of 1033p (from 884p).
BBA Aviation (BBA LN) Amended forecasts; important year ahead | Craneware (CRW LN) In line interims. Value cycle gaining momentum? | Dialight (DIA LN) Underlying EBIT and EPS in line but non-underlying costs continue | Eckoh (ECK LN) New 5-yr contract with Ideal Shopping Direct | Gresham Computing (GHT LN) CTC-led strategy provides LT platform for growth | John Menzies (MNZS LN) Tough year for aviation; structure being evaluated | St Ives (SIV LN) Interims – 16% organic growth from strategic marketing
Companies: CRW DIA ECK GHT MNZS KCT BBA
Research Tree provides access to ongoing research coverage, media content and regulatory news on Craneware. We currently have 31 research reports from 4 professional analysts.
|16Oct19 10:46||RNS||Block listing Interim Review|
|11Oct19 16:17||RNS||Posting of Annual Report and Notice of AGM|
|03Oct19 16:41||RNS||Second Price Monitoring Extn|
|03Oct19 16:35||RNS||Price Monitoring Extension|
|18Sep19 07:00||RNS||Director/PDMR Shareholding|
|16Sep19 12:03||RNS||Holding(s) in Company|
|04Sep19 18:14||RNS||Grant of Long Term Incentive Plan Awards|
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 PARK 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
dotdigital’s final results contain no surprises, having been largely flagged at the trading update in July. The group continues to deliver high quality growth, with good progress being made across each of its strategic pillars. Group organic revenue growth from continuing operations of 15% was driven by growth in all geographic regions, with new product functionality continuing to drive increased revenue from existing customers. Further strong execution is expected and we are making no major changes to our forecasts. With net cash balances forecast to rise quickly from here, we believe the group has strong opportunities for both organic and acquisitive growth, offering multiple avenues for future value creation.
Companies: Dotdigital Group
Oxford Metrics has issued a short trading update for the year to September 2019. Revenue is expected to be in line with expectations and net cash at the year end is 10% ahead of our forecast. Due to the mix of revenue across both divisions adjusted PBT is expected to be broadly in line with expectations, although given the strong cash generation in the year we suspect this is a timing issue. We continue to believe Oxford Metrics provides investors with a unique mix of market leading IP, growth and cash generation, while being exposed to some of the most exciting structural trends in the technology space (Augmented/Virtual Reality, Autonomous Vehicles, and Gaming etc.).
Companies: Oxford Metrics
Eckoh’s Capital Markets Day yesterday highlighted the progress which has been made on the Customer Engagement side of the business. With all products now successfully integrated into the Eckoh Experience Portal, the group is uniquely placed to enable digital transformations within their customers. We were shown several live case studies where the group has been able to deliver both an improved experience for end users and significant cost savings for clients by implementing a connected cross-channel customer experience. Last month’s AGM Statement and Trading Statement confirmed strong underlying momentum in both divisions and we see plenty of scope for growth within Customer Engagement, which will augment the large untapped opportunity in US Secure Payments.
Final results to June indicate performance in line with expectations, with EBITDA of £14.7m (£15.0mE) delivered from revenue of £42.5m (£42.5mE) leading to adj. dil. EPS of 3.9p (3.4pE, outperformance due to a lower tax charge) and free cash flow of £6.2m (£6.3mE). In a post-GDPR, pre-Brexit world, DOTD has simply got on with the job, driving increased ARPU of £966 (FY18: £845) from more customers taking more products in more territories, with a greater number of channels and partners. This has led to 15% organic growth from continuing operations with 86% recurring revenue (90% contracted) – with the strong visibility supported by a hearty balance sheet including £19.3m net cash, giving DOTD strategic opportunities to add to its existing operational strength. There are few companies we can point to which consistently deliver 15% organic growth, PBT margins over 25%, and reliable cash conversion (>80% op cash/EBITDA). Target 135p reiterated.
Companies: Dotdigital Group
We recently met with the divisional management of one of Instem’s businesses – Informatics. Despite its relatively small scale, the unit has an interesting platform, is experiencing significant growth, and some of its services offer both material cost savings and process improvements to major players in the pharma market. It therefore offers Instem a greater degree of value than might be apparent simply by looking at its current scale – today’s RNS highlights informatics order intake up c60% YoY to £0.84m during the first nine months of 2019. This note summarises the mediumterm potential of the unit, both in its own right, and to Instem as a whole.
Bango recently announced that its resale routes reach over 2bn subscribers. In this note we discuss an area which we believe could represent a material future growth opportunity – bundling and resale. The group’s initial focus is on OTT service providers, where we expect the addition of new OTT service providers and new resellers to the Bango Platform to drive growth. With a number of resale routes already announced, the group is already gaining commercial traction. Partnerships with global internet leaders such as Amazon, Pandora and Spotify further validate the service.
Although Nanoco’s major US client will not progress to volume production in the foreseeable future, commissioning work continues on the new production capacity, which is scheduled to complete by December. Once that is completed, the facility will be able to produce high-quality infra-red nanomaterials for use in a number of electronics applications. It could therefore be used to service future demand from the US customer or potential new customers in the electronics or display industries with which Nanoco is in the early stages of discussion. The current market capitalisation appears to assign little value to these assets at a time when there appears to be renewed market interest in quantum dots.
Companies: Nanoco Group
SDL held a well attended Analyst and Investor day yesterday at its Maidenhead HQ. The Group showcased its Helix, Insight and Tridum DX platforms, as well as offering a demonstration of the new Language Cloud portal which opens up the prospect of a fully automated machine translation portal in the future. We continue to see SDL as well placed within the premium content space (market growth estimated: 10% -15% pa), while also delivering growth within the user-generated content market (estimated growth: 15% – 25% pa). We make no changes to forecasts at this time. SDL trade on an FY’20E EV/EBITDA multiple of 9.9x, an attractive multiple given healthy growth, strong technology platforms and expected benefits from DLS integration.
EMIS has been selected for the GP IT Futures framework, securing it the opportunity to continue to sell its core clinical GP software in England. Despite the change from per practice to per patient charging, management expects to receive broadly similar payments. In our view, the risk of increased competition in the core systems market should be weighed against the potential to generate incremental sales of catalogue solutions.
Companies: Emis Group
CentralNic Group has a solid set of interim results for the first six months of FY2019E, it was a busy period with the group completing 3 acquisitions immediately post the period end, issuing a €50m listed bond instrument and making solid progress in delivering on its stated accelerated strategy. Revenue for the first six months is up 225% yoy, with c.6% organic growth, in line with long term trends for the group. These results are the first time the group have reported in US Dollars. The group’s main functional currency is USD and we believe this is a sensible decision and should remove some currency related risk from the forecasts. CentralNic has made significant progress in delivering on its stated strategy of supplementing organic growth with quality acquisitions, focusing on recurring revenue businesses, in attractive regions. On our new USD based forecasts, the group trades on a 2019E EV/EBITDA of 8.7x (falling to 7.0x in 2020E) and a P/E of 11.0x.
Companies: Centralnic Group
Brady has received a recommended all-cash offer at 10p per share (a 50.8% premium to the closing price), valuing the issued share capital at £8.3m, from Hanover Active Equity Fund II, a private equity (PE) investor focused on SMEs in the UK and Nordic markets. The cash offer has been declared final, will be declared unconditional as to acceptances based on 50% of the share capital and may only be increased if there is a counter-offer. Before the bid, Brady had been looking to secure additional funding for a turnaround strategy, and although negotiations have advanced, the company has not yet secured unconditional funding.
IQE has acquired the third-party shareholdings in its CSDC joint venture in Singapore for a nominal fee. This gives it control of the operation, which is currently loss making, enabling it to restructure the business and focus it on emerging sales opportunities in Asia for molecular beam epitaxy (MBE)-based products. Short term, the deal has a negative impact on earnings. We reduce our FY19 and FY20 EPS estimates by 8% and 5%, respectively.
Bill McDermott stood down on Friday after a decade building up SAP as the world's leading enterprise software company, handing the task of completing its transition to cloud computing to new co-CEOs Jennifer Morgan and Christian Klein. SAP announced the management overhaul, with immediate effect, after rushing out third-quarter results that showed it gaining traction in its drive to offer a more streamlined range of services and boost profitability. The company’s stock has climbed 21% this year. It’s up 75% in the past five years, topping rival Oracle, which is up 46%, and the S&P 500′s 54% gain.
Companies: EVRH TRAK CPX CALL ECK IMMO LOOP NET SEE TCM TRCS QTX VRE
In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.
Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF