Equity Research, Broker Reports, and media content on Lombard Risk Management

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about Lombard Risk Management
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard
Login
  • 10 Nov 17

Most popular equity research this week | 6 - 10 Nov

See what's trending this week...

Companies: SEEFOGWRLNETAVOND4T4IDOXIGPIOMKCOMSDMTEPUNGIQENAUTKBTAMOLRMEOGMAIALTSRTTRAKNASAPHDBOTBZOOARTAPPCHURVIPRCNQXTKWSONEVTAXIOGCYANABALPMGCITYQTX7DIGFEVRTPOPSPECTPRTHMCHARSSYSIMTRMRWANDSTR932MMXDTC
  • 09 Nov 17

The Joy of Techs

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 IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SEE SIM SPE SRT STR TRMR TAX TEP TPOP TRAK UNG VIP ZOO CYAN ONEV SSY ABAL

  • 01 Nov 17

Small Cap Breakfast

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 . 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 mid November .

Companies: MERC EME RQIH SOLG LRM AEG BEG

  • 01 Nov 17

Morning Note

Lok’nStore* (LOK): Expanding the pipeline (CORP) | Revolution Bars (RBG): Revised forecasts (BUY) | OptiBiotix* (OPTI): SlimBiome supply agreement (CORP) | Velocity Composites (VEL): Strong H2 uplift delivers trading in line (CORP) | Lombard Risk Management* (LRM): Challenger bank selects AgileREPORTER (CORP)

Companies: LOK RBG OPTI VEL LRM

  • 25 Oct 17

H1 sees collateral damage but FY affirmed

H1 was surprisingly challenging for the collateral management business, but management has sufficient visibility and confidence in the pipeline to reaffirm guidance for the company’s FY growth and profit expectations. A poor six months hampered by a fall in service revenue and contract delays does leave a mountain to climb in the second half, but the company feels it has sufficient momentum given the £9.2m contracted orderbook and record pipeline to achieve a demanding target. It is important that the operational accomplishments over the last 18 months are not lost in the gloom of an underperforming half: sales have moved up to a different level since 2016; operations are now truly global with growing success in Asia; a new development centre has been set up; and a partnership has been formed with Oracle. Given the board’s obvious confidence and the record pipeline, we leave our FY expectations and target price unchanged.

Companies: Lombard Risk Management
  • 25 Oct 17

Tough H1, but primed for a record H2

Predicting the exact moment when large contracts land is never easy, but made doubly difficult if customer purchasing decisions are impacted by outside forces. This has been the case for LRM in the first half, as several chunky orders have been pushed to the right ahead of new MiFID II rules being introduced on 3 Jan’18. Not least, one significant collateral deal, worth £3.25m in license fees alone, which is now anticipated to be signed in late Q3, or early Q4.

Companies: Lombard Risk Management
  • 29 Sep 17

Most popular equity research this week | 25 - 29 Sept

See what's trending this week...

Companies: CONNDSCVBOOTRNWHCMSLOKLRMCLLSTAFSXXULVRWYGUTWEVRHSVCAPRSMPURPVANLWATRPPHTRMRBOOFCRM
  • 18 Sep 17

Morning Note

Stride Gaming (STR): Changing pace (BUY) | Lombard Risk Management* (LRM): Strategic alliance with Euroclear (CORP) | Wentworth Resources (WRL): Payments received (BUY) | Petra Diamonds (PDL): Annual results (BUY) | Amino Technologies* (AMO): German contract win (CORP) | MP Evans (MPE): Excellent interim results (BUY)

Companies: STR LRM WRL PDL AMO MPE

  • 27 Jul 17

Morning Note

InnovaDerma* (IDP): Sun’s out (CORP) | Savannah Resources* (SAV): Portuguese lithium exploration update (CORP) | Keywords Studios (KWS): Pedal to the metal (BUY) | Lombard Risk Management* (LRM): A Smart move by Lombard Risk (CORP)

Companies: IDP SAV KWS LRM

  • 19 Jul 17

Positive market and encouraging pipeline

After such an outstanding close to FY17, it was almost inevitable that Q1’18 was going to be somewhat quieter for new license orders. This happens most years (see below) as the pipeline is naturally replenished following a strong Q4. Typically leading to a 35%- 45% vs 65%-55% revenue split across H1:H2. We suspect FY18 will be no different, albeit perhaps pitched towards the bottom of the range.

Companies: Lombard Risk Management
  • 25 May 17

Lombard delivers on promised growth

The new management team has more than delivered in the first of the two year plan to transform LRM into a profitable and cash generative, leading-edge software supplier to the global financial services industry. That plan is predicated on the belief that development costs were not too high for the size of business, but rather the business was too small for the proper investment required to develop regulatory and compliance solutions for Tier-1 banks. Funds raised last summer are being utilised to step up sales to a more sustainable level, and this will allow the operational gearing of a software business to deliver profit and cash. In this first year we have seen revenues and earnings beat even upgraded expectations, and the £7.0m year-end net cash position is impressive after excellent H2 cash generation. The share price has responded but has a long way to go, and we increase our target price to 18.75p in line with the progress on delivery.

Companies: Lombard Risk Management
  • 24 May 17

Record order book, sales and top line growth

‘You ain’t seen nothing yet’ was a phrase famously coined by US President Ronald Reagan back in 1984. 33 years on, it could equally apply to today’s hugely impressive FY17 prelims from Lombard Risk

Companies: Lombard Risk Management
  • 24 May 17

Morning Note

Abzena (ABZA): TNT009 bought by Bioverativ for $400m (BUY) | Europa Oil & Gas* (EOG): Placing and open offer (CORP) | STM* (STM): A strong base with optionality (CORP) | Trakm8* (TRAK): Telematics contract win underpins FY 2018 (CORP) | Lombard Risk Management* (LRM): Lombard delivers the promised growth (CORP) | Mortgage Advice Bureau (MAB1): In-line trading update (HOLD) | Ideagen* (IGP): New hires demonstrating the sales focus (CORP)

Companies: ABZA EOG STM TRAK LRM MAB1 IGP

  • 21 Apr 17

Most popular equity research this week | 17-21 April

See what equity research was trending this week...

Companies: ACSOTRILRMGATCSDXGMDPEL
  • 19 Apr 17

44% organic growth plus £7m of net cash

Many bank executives often complain about the reams of financial red-tape coming out of Brussels, London and New York. Not so Lombard Risk, which this morning delivered what can only be described as a ‘phenomenal’ set of results – reporting FY17 turnover, EBITDA and net cash all substantially above our estimates at £34.0m-£34.4m (vs ED at £31.8m), £2.4m-£2.8m (-£0.4m) and £7.0m (£1.4m) respectively.

Companies: Lombard Risk Management

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Lombard Risk Management. We currently have 69 research reports from 6 professional analysts.

Open
N/A
Range Today
N/A
52 Week
5.50/15.3p
Daily Volume
N/A
# Shares
0m
Daily Liquidity
0.0%
Pension Liability
£0m
Enterprise Value
£43.9m
Market Cap
£50.9m
Latest PE (hist)
0.00
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
23Feb18 12:15 RNS Exercise of Options
23Feb18 09:58 RNS Scheme of arrangement becomes effective
23Feb18 07:30 RNS Suspension - Lombard Risk Management plc
23Feb18 07:19 RNS Cancellation of Shares from trading on AIM
22Feb18 12:05 RNS Court sanction of the scheme of arrangement
16Feb18 14:56 RNS Results of Court Meeting and General Meeting
02Feb18 15:23 RNS PDMR Shareholding
Get free RNS email alerts

  • Frequency of research reports

     

  • Research reports on

    Lombard Risk Management

  • Providers covering

    Lombard Risk Management

  • 11 Oct 19

SAP founder/CEO steps down, Boeing partners with Porsche, Ford launches in-car VR

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

  • 10 Oct 19

IQE - Optimising Asian operations

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.

Companies: IQE
  • 15 Oct 19

Core holding continues to deliver

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
  • 15 Oct 19

dotDigital - Final results – building on the pillars

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
  • 02 Sep 19

Interim results

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
  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

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

  • 05 Sep 19

Cenkos: Beeks Financial Cloud Group Plc - Final Results Update

Beeks Financial Cloud has announced full year results for period to 30 June 2019, with revenue up 32% to £7.35m and annualised monthly committed recurring revenue (ACMRR) also up 32% to £9.1m. Three Tier 1 financial services clients were signed during the year including a major insurance company, a global bank and a global investment management organisation. The number of institutional customers has increased to 220 from 192 in 2018, with the commencing entry level monthly average spend up 175% (to £2,200). Now beginning to establish itself within the large tier financial services market, we expect the number and scale of these relationships to be potentially transforming for Beeks. With our forecasts based on established growth trends, such potential could provide further upside to our forecasts and with the shares currently trading at 11.0x 2020E EV/EBITDA, 21x PE, PEG ratio of 0.54 (2020/21) and a prospective 0.9% yield, we remain buyers.

Companies: Beeks Financial Cloud
  • 01 Oct 19

Amazon expands cashier-less tech, Revolut adds 24 new markets, Tencent buys stake in Funcom

Amazon is in talks to bring the cashier-less technology that runs its Go stores to other retailers like airport shops and movie theatres, according to people familiar with the matter. The effort would help Amazon grow its retail presence, so the company can lower its reliance on online shopping, but at a faster pace and at lower cost than building its own stores

Companies: BGO BIDS BOKU CDM EQLS FDEV GFIN KWS SUMO TM17 TECH

  • 02 Oct 19

Cenkos: Seeing Machines Ltd - Alaska Airlines collaboration

Seeing Machines has today announced that it is collaborating with Alaska Airlines on advanced gaze tracking technology to understand how pilots scan and monitor instruments during complex manoeuvres and instrument procedures. The partnership has developed a proof-of-concept for Seeing Machines' Crew Training System in an Alaska Airlines' Boeing 737 Full Flight Simulator environment. The collaboration aims to shape how Seeing Machines' non-intrusive Crew Training System can provide Alaska Airlines pilots and flight instructors with objective, evidence-based data to provide unique insights into instrument scanning behaviour resulting in enhanced situational awareness and improved training outcomes.

Companies: Seeing Machines
  • 03 Oct 19

Microsoft unveils folding phone, Samsung ends China production, Google updates privacy features

Microsoft unveiled the new Surface Duo, which runs on Android, at its annual hardware event on Wednesday. The folding phone features two side-by-side 5.6-inch displays that are connected by a 360-degree hinge. Microsoft said it partnered with Google to “bring the best of Android” to the device, while incorporating elements of Windows 10X, a new operating system meant for hybrid devices. It can also run two different apps at the same time. Specifically, the Surface Neo will rely on a new "Expression" of its Windows 10 operating system called Windows 10X.

Companies: KAPE EYE IMO

  • 18 Jun 19

Prelims

Castleton’s prelims report performance in line with the trading update: EBITDA of £6.3m (vs £6.3mE) from revenue of £26.4m (vs £26.5mE), with operating cash conversion of 97%, and free cash flow of £4.8m. With the maiden dividend reaffirming the board’s confidence in cash flow and net debt approaching breakeven, the balance sheet retains capacity for acquisitions to complement 7.3% organic growth achieved in FY19, and expected to persist into FY20 and FY21. EBITDA margin expansion from 24% (FY19) to 26.5% (FY21) is expected to derive from continuing improvement in cross sales, and the integration of the now unified Software and Managed Services divisions. With operating fundamentals consistently positive and improving, we lift our target price to 140p (125p), representing a 16.4x EV/EBITDA multiple and 4.5% target free cash flow yield.

Companies: Castleton Technology
  • 25 Jun 19

FY 2019 beats forecast as earnings quality grows

A stronger than expected H2 means FY Mar 2019 earnings beat forecasts already upgraded with the post-YE trading update in April. We expect robust demand for data solutions to continue and we reiterate FY 2020 growth expectations. Note that IFRS15 adoption brought £1.7m revenue and £1.0m profit from FY 2018 (restated) into FY 2019, enhancing the growth rate. The 57% EPS growth was further skewed by a very low tax-rate in FY 2019. Thus revenue and earnings appear to fluctuate sharply. Underlying that, however, D4T4 is steadily growing revenue and maintaining margins, while simultaneously improving quality and reliability of earnings through term licences, PaaS and recurring revenue while also investing in US expansion. Overall, this is another year of excellent performance and we raise our TP to 310p in line with the sector.

Companies: D4T4 Solutions
  • 10 Sep 19

Cenkos: Concurrent Technologies Plc - 2019 interim results update

This morning, Concurrent Technologies, the supplier of Intel based embedded computer systems, announced a strong set interim results for the period to 30 June 2019. Revenue was up 20.3% to £9.5m as sales increased across all sectors, with Defence remaining the largest sector by revenue. Order intake has also increased, resulting in record order book levels, giving confidence in the outlook for FY19. Exports generated 90% of revenue (H1/18: 88%). Cash generation during the period was also strong, with cash in the balance sheet at period end of £10.0m (H1/18: £7.8m), c21.8% of current market cap. Given its steady growth prospects and trading on a basic PER of 15.0x (ex-one-off other income of £1m), a significant cash balance and a prospective yield of 3.9%, the shares look attractively valued.

Companies: Concurrent Technologies
  • 25 Sep 19

Strong H1 growth in a challenging environment

Elecosoft has reported a solid set of H1 2019 results in a challenging market environment. In light of the H1 results, we have reduced our FY 2019 forecasts but maintain our FY 2020 EBIT and EPS expectations. In H1 2019, revenue grew +20% to £12.7m (+22% at constant currencies), adj. EBIT grew +17% to £2.2m, and FCF was flat at £2.1m. Operationally, ELCO has made good progress in H1 with the latest release of core solution Powerproject XV; a UK government listing on the G-Cloud 11 framework; and evidence of increased cross-selling including by the recently acquired Active Online. We continue to expect that ELCO can benefit from the growing adoption of Building Information Modelling (BIM) within the construction industry, as ELCO is already established with excellent brands and has the opportunity to increase the cross-selling of its products. In light of the limited changes to our FY 2020 EPS forecast, we maintain our TP, and look for enhanced delivery by ELCO in H2. At 76p and on FY 2020 estimates, ELCO trades at a PE of 16x and 1% dividend yield.

Companies: Elecosoft
  • 08 Apr 19

Trading update drives upgrades

Yourgene provided a positive trading update for FY 2019 (ending March 2019), with revenues coming in 5% above our forecasts, driven by growth in all markets. International markets now represent c.66% of group revenues and grew by 51%, illustrating the strong momentum in the business and re-invigorated commercial emphasis brought about by the new CEO and commercial director since mid-2018. Year-end cash of £1.25m demonstrated the move towards profitability, which we now expect in H2 FY 2020, with EBITDA breakeven estimated to have been reached in late FY 2019. We are upgrading forecasts to reflect this momentum together with early signs of traction in markets such as France (reimbursement changes) and India. We now forecast £1.2m adjusted EBITDA in FY 2020 and upgrade our target price by 5% to 19p, with further upside expected by the potential entry into markets such China and North America.

Companies: Yourgene Health