Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Imaginatik. We currently have 24 research reports from 2 professional analysts.
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 ACC MYSL IMTK COS CAPD JWNG
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: TSTR NFC LOGP AUG KAT ROSE EDL IMTK SNG UVEN
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 IMTK BOOM EBQ IHC LVCG VEL KEFI MOS
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: NIPT FFX IMTK CMB FLTA ANR GMAA ALSP ECSC NCYT
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 IMTK REDS GMR PPIX MED IMM ALS
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 WDC GRP MXO MIRI IMTK
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 IMTK RHL ERGO
Imaginatik* (IMTK): Interims (CORP) | CareTech (CTH): Deploying resources effectively (BUY) | Elecosoft* (ELCO): Howdy partner (CORP)
Companies: IMTK CTH ELCO
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 IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SSY SEE SIM SPE SRT STR TAP TAX TEP TPOP TRAK UNG VIP ZOO CYAN ONEV
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: TAP LOK AVCT IMTK TRT
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 IMTK TRT IRR RLD NET DFX OXB
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 IMTK IOM TEP
ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017. Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Companies: MXCT CLIN COS ODX HZM OPTI IMTK TRIN BLTG REDS
Fenner (FENR): Forecast upgrades follow strong interims (BUY) | Omega Diagnostics* (ODX): In-line trading update and FY18 estimates (CORP) | Minds + Machines* (MMX): Prelims pressing ahead (CORP) | Imaginatik* (IMTK): Year-end trading update (CORP) | OptiBiotix* (OPTI): FY16 results in line with expectations (CORP) | Europa Oil & Gas*, (EOG): Irish seismic contractor (CORP) | Sound Energy (SOU): Schlumberger investment (HOLD) | CityFibre* (CITY): Strategy proof point (CORP) | Connect (CNCT): Investment being made to drive growth (BUY)
Companies: FENR ODX MMX IMTK OPTI EOG SOU CITY CNCT
Research Tree provides access to ongoing research coverage, media content and regulatory news on Imaginatik. We currently have 24 research reports from 2 professional analysts.
|10Jul18 16:56||RNS||Holding(s) in Company|
|10Jul18 09:48||RNS||Holding(s) in Company|
|10Jul18 07:00||RNS||Appointment of CEO|
|03Jul18 17:45||RNS||Holding(s) in Company|
|03Jul18 07:00||RNS||Issue of Equity|
|29Jun18 10:46||RNS||Result of General Meeting and Total Voting Rights|
|18Jun18 12:59||RNS||Holding(s) in Company|
The rapid +31% YoY revenue growth delivered in H1E did not include any meaningful contribution from the recently expanded sales headcount. Indeed, this growth rate would have been higher and in line with our forecast of +36% had new hires impacted in a timely manner. While we reduce our forecasts for 2018E in relation to this softness, we continue to expect an exit run rate this year strong enough to support an unchanged 2019E.
Companies: Cloudcall Group
In January, we highlighted the progress that AIM had made in H2 2017. We now review the performance in H1 2018. The latest AIM Statistics published on Friday showed that there are currently 944 companies, with 38 new issues so far in 2018, raising £781m and secondary issues raising a further £2.4bn. However, with 51 companies cancelling their listing there was a net fall in H1 2018 of 13 companies. That said, new listings appear to have accelerated recently. In Share News & Views, we comment on Braemar*, Cohort, Cropper*, GetBusy*, IG Design, Lakehouse* Porvair and Wynnstay Group.
Companies: AOR APC BMS CRPR DMTR ECSC ESC EUSP FDM GETB PCF SNX TCN W7L
Sopheon’s trading update for the first half of its current financial year says that it expects revenue, EBITDA and profit before tax for the first half of 2018 to be ‘significantly ahead of prior year performance for the corresponding period’. In addition, with positive sales experience so far in the second half, the Board says that it is trading ‘comfortably in line’ with expectations. To us, that continues to reflect Sopheon’s success in adding new clients and improving revenue visibility through growing recurring revenue streams. We note that this unequivocally positive trading update is supportive of our estimates and will look at them in light of the detail of August’s interim results announcement.
CloudCall’s performance during H1’18 was strong but slightly weaker than our expected run-rate on slower recruitment of personnel to its growing sales team. Our FY18E estimates have been cut on the mismatch between rising costs due to continued investment in growth and the lag to achieve top-line performance, but our price target remains intact. We highlight the impact is localised to FY18E and the group’s product, sales and marketing teams are now in place to support rapid commercialisation. We continue to see substantial upside potential to our PT of 300p, particularly given the shares’ recent weakness, and reiterate our Buy rating.
Companies: Cloudcall Group
With the first half of 2018 behind us, we evaluate the performance of the tech sector versus the broader market, and peers across the pond to see how the London listed technology universe compares to its bigger and better known US counterparts. We examine if the UK listed tech sector is overvalued on a relative basis. No tech sector review can be complete without analysing the performance of the big eight mega tech companies who had a strong H1 period and currently have an aggregate market capitalisation of US$5.18tn, marginally bigger than the Japanese economy.
Companies: APC ECSC EUSP FDM GETB LSAI SNX
In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a risk going forward.
Companies: AMER EMR HMI JOG PDG ABBY AMS AVON BLVN PIER CGS CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO GTLY GENL GOR GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA PKG CAKE PDG RBW REDD RSW RNO RKH ROR SUS SCPA SHG SIV TRAK TRI VTC ZTF
Prelims confirm EBITDA of £11.0m from revenue of £36.1m, in line with expectations unchanged at the May trading update. 11% underlying organic revenue growth is supported by acquisitions (current and prior periods), delivering +33% group revenue, +40% group EBITDA, and +33% adjusted diluted EPS. Net cash at period end of £0.8m is expected to be boosted by strong and growing free cash flow, funding both the dividend and the inevitable further acquisitions. Ideagen has a tried and tested formula for delivery of forecasts and sensible acquisitions, and we look forward to continuing positive newsflow as the relentless increase in regulatory compliance leads to the requirement for efficiencies and insight through automation, which Ideagen’s solutions deliver – and Brexit will only increase. We roll out a new target of 140p (120p) based on FY20 forecasts for further organic growth of +10% EBITDA and EPS; however, we fully expect further acquisitions to increase those forecasts in the interim.
CentralNic is acquiring KeyDrive S.A. (an existing strategic partner since 2017) for an initial enterprise value of $44.5m or c.£33.6m, with an additional earnout of up to $10.5m or c.£7.9m implying a maximum Enterprise Value of $55.0m or c.£41.5m. Founded in 1998, KeyDrive has established itself as one of the leading European companies for the distribution and management of domain names, administering over 6.0m domains via its internally developed software platform for over 1,700 retailers and 40,000 direct customers across 160 countries. The largest division of KeyDrive is its reseller platform RRPproxy, which is one of the top two providers globally with a range of blue chip customers.
Companies: Centralnic Group
Best Ideas - 2018 H1 Review
Companies: SAA VP/ GLE AMO IOM HSP CVSG EKF PGIT VRP RLM AVG SOG DNLM SFR YU/ CBP
Prelims to June are in line with expectations, with sales and adj. net income up 8% and 24% respectively. Cash conversion was also typically robust at 181% (FCF/adj. PAT), resulting in year-end net cash of £2.6m. We leave FY18 forecasts essentially unchanged – suggesting top-line growth of 9% and, in combination with continuing margin expansion, EPS +13%. Maiden FY19 forecasts reflect a continuation of this theme and form the basis of our valuation methodology and as such, we increase our target to 85p – equivalent to an undemanding 8% FY19E FCF yield.
Companies: Arcontech Group
We have refreshed our quality style screen for the second time and report on style performance since the last refresh in October. Performance has been very strong, outperforming the small-cap index by c.1600bps (weighted basis) and c.1000bps (unweighted). There has been volatility with the market and this style has yet to be tested in a concerted down market, but in a flat or rising market quality appears to be a successful investment style in small-caps. We have highlighted 11 focus stocks in the new screen and will report back again on performance when we next refresh the screen in about 5-6 months’ time.
Companies: LIO GHT AMO CHH ZYT DOTD GTLY RIV FCRM TAM PAM
ZOO Digital released robust FY2018 results today delivering $28.6m of revenue in FY2018, 2% ahead of our forecast, and representing a 73% Y/Y increase. FY2018 saw the Group solidify its reputation as a significant player in the localisation market with the launch of innovative technologies such as ZOOdubs. The outlook for the market and the group remains buoyant with the board confident the Group is ‘just entering an exciting period’. We reflect that in our newly published FY2020E forecasts.
Companies: Zoo Digital Group
Seeing Machines, the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, has signed a five-year contract with US based John Christner Trucking to install Guardian across its fleet of 850 trucks. John Christner Trucking is a family owned business based in Sapulpa, Oklahoma and one of the leading refrigeration carriers across North America. This contract follows several other recent notable North American fleet contracts including Megabus (Coach USA), Royal Foods and Bison Transport Inc.
Companies: Seeing Machines
M&A is a bit like ‘panning for gold’. Most prospectors lose money, but the successful ones do the homework, know where to look and crucially understand their markets inside out. Similarly, we think Elecosoft - following its ‘transformational’ £2.4m acquisition of BIM (Building Information Modelling) SaaS provider, ICON back in October 2016 - has done it again.
In H118, EMIS traded in line with management’s expectations and generated year-on-year revenue growth. All divisions saw solid performance and management expects to meet FY18 expectations. The company continues to work on developing longer-term growth plans; these will be key to reinvigorating revenue and earnings growth, which in our view will be the trigger to closing the valuation discount versus peers.
Companies: Emis Group