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Blackbird 32.25p £109.3m (BIRD.L)
The technology licensor, developer and seller of the market-leading cloud native video editing platform, Blackbird, announced today that Eurovision Sport has engaged with Blackbird to drive cloud native video production workflow efficiencies for its members in a multi-year deal. Eurovision Sport is utilising Blackbird for professional, collaborative and scalable cloud native video editing and publishing of sports content. Blackbird has been deplo
Companies: D4T4 HE1 IDOX KEFI FLTA LOOP MMAG YEW
Companies: Idox plc
Idox has released a trading update for the year to October. The update confirms the continuing strong performance of the businesses and highlights the strategic progress that has been made during the year – most importantly the disposal of the Content businesses and the acquisitions of Aligned Assets, thinkWhere and exeGesIS. The revenue, adjusted EBITDA and net debt figures given in the statement are almost exactly in line with our own forecasts. Although we have adjusted our estimates for FY21
Idox has announced the acquisition of exeGesIS Spatial Data Management Ltd, a UK based geospatial information services (GIS) technology business, for an initial cash consideration of £5.35m payable from existing resources. This acquisition adds to the GIS capabilities which August’s purchase of thinkWhere brought to the Group. exeGesIS will also add to Idox’s recurring revenues and is immediately earnings enhancing. Idox is now in a strong position to capitalise on the growth of the UK’s locatio
Idox had previously announced that its continuing operations (excluding the disposed Content businesses) produced H1 2021E revenue and adjusted EBITDA of £31.1m (up 4% on H1 2020) and £10.1m (up 17%) respectively in the six months to the end of April 2021. The interim results also show that Idox continued to deliver on its strategic aims and ended the period with a strong balance sheet following the disposals. To us, Idox looks very well placed to continue good organic growth and to seek complem
Idox has announced the earnings enhancing acquisition of Aligned Assets, a UK based public sector software business which provides solutions to local authorities and others for address databases. Following the disposal of the remaining parts of the Idox Content division earlier this year, Idox is positioned as a software business selling to public-sector and engineering customers. This acquisition immediately augments Idox’s offering to local authorities in line with its growth strategy and adds
While we were away:
The Artisanal Spirits Company (ART.L), the owner of The Scotch Malt Whisky Society, the provider of premium single cask Scotch malt whisky and other spirits for sale primarily online, announced to trading on AIM last week. The company raised £26m at £1.12. The Fundraising raised gross proceeds of £15m for the Company and £11m for certain selling shareholders. On IPO, the company had a market cap of approximately £77.96m. Between FY16 and FY19, revenues grew from £7
Companies: ALBA ESO DEST EUZ IDOX MKA OCI TUNG WPHO VLG
Idox’s trading update for the half year to the end of April 2021 shows a performance that is nicely on track to meet full year expectations. We leave our estimates unchanged at present while noting the cash position and that adjusted EBITDA is well over half way towards our full year estimate. Idox’s two disposals during the first half represented the remainder of the Idox Content division leaving Idox as a software business selling to public-sector and engineering customers – and one with a rob
Idox has issued a trading update which states that the Group has performed well during the first quarter (to the end of January 2021) of its current financial year. It cites a ‘robust’ financial performance with growth in underlying revenues and earnings. Since it announced its FY 2020 results in February, Idox has made two disposals and seen a possible offer for the Group by Dye & Durham withdrawn. Those two recent disposals were the remaining parts of the Idox Content division leaving Idox as
Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021. Caerus Mineral Resources, a London base
Companies: HUM IDOX BEM GHH PYC GTC SYM BEG SENS
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IP
Companies: SBI OCI IDOX ROL JAN BSE PXS SHED TSG KDNC
…positions Idox well for FY 2021 and beyond
Looking Ahead At The Next Week
Idox has published a trading update for the yearto October, with the release detailing both a solid financial performance and a number of positive developments during the period. We adjust estimates to reflect the detail in the RNS, but make no changes to our revenue or EBITDA estimates for later years. We note the upbeat tone of the release, and look forward to additional detail at the time of the full results, due in early February 2021.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Idox plc.
We currently have 91 research reports from 6
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
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
Amazon has responded exceptionally well to the unprecedented customer demand they have experienced since the beginning of the pandemic. The company has also experienced great growth in their advertising offerings as vendors and sellers have embraced their ability to establish brands and target customers just as they are thinking about making a purchase. Amazon's Q3 revenue of $110.8 billion represented a two-year compounded annual growth rate of 25% compared to a pre-pandemic growth rate in the
Companies: AMAZON COM (AMZN:NYSE)Amazon.com, Inc. (AMZN:NAS)
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
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
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