Equity Research, Broker Reports, and media content on Micro Focus International

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  • 06 Sep 17
Micro Focus shares jump with Q3 results of recently-acquired HPE

Hewlett Packard Enterprises is showing encouraging signs early after the takeover was first announced last year. 

Companies: Micro Focus InternationalHewlett Packard Enterprise Co
  • 02 May 17
THE NAKED FUND MANAGER - Why the best businesses have great cash conversion

The top 20 companies using the CF Growth Profile beat the bottom 20 by 16% pa over last two years

Companies: IOMPHDCRWRB/RELRMVMCROJE/ZPGINFOTBPTECUBM
  • 24 Jan 17
Our users' top Tech, Software, and Telecoms stocks for 2017

Whilst it's only early days, our users are already comfortably beating the market

Companies: IOMIQETRAKLRDMCROBNNSPE
  • 08 Jan 17
Implications of Trumponomics for equities

Attractive corp tax regime, and dovish on energy, infrastructure, and bank regs

Companies: PWTNKNINAHTBMSHILSHTGFOURULEVCTWEIRNFCBLTGCOBCHGHNGMCROBUR
  • 23 Nov 16
HPE Software reports lower revenues in final year before Micro Focus acquisition

Software specialist saw revenues decrease due to divestitures and currency headwinds

Companies: Micro Focus International
  • 08 Sep 16
Micro Focus announces $8.8bn HP Enterprise merger

HPE valued at 11.4x EBITDA, giving MCRO access to HPE's 50,000 customers

Companies: Micro Focus InternationalHP

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Micro Focus International. We currently have 46 research reports from 3 professional analysts.

Open
1032p
Range Today
1001/1032p
52 Week
1001/2492p
Daily Volume
330.9k
# Shares
333.4m
Daily Liquidity
(0.10%)
Pension Liability
Enterprise Value
£4,253m
Market Cap
£3,380m
Latest PE (hist)
0.00
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
02Dec19 10:45 RNS Total Voting Rights
28Nov19 07:00 RNS Notification of major holdings
20Nov19 07:00 RNS Trading update
18Nov19 11:00 RNS Director Declaration
06Nov19 07:00 RNS Notification of major holdings
01Nov19 07:00 RNS Total Voting Rights
30Oct19 07:00 RNS Notification of major holdings
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  • 11 Dec 19
Pipeline remains robust with growing SaaS content

Sopheon’s trading update confirms that some of its customers are delaying decisions on contracts because of uncertainty prevailing in their own markets and businesses. At the time of the interim results, Sopheon’s management expected a return to a stronger second half weighting for the full year numbers. That is still the case and the Group continues to highlight the strength of the new business pipeline and a higher proportion of SaaS (Software as a Service) opportunities. Nevertheless, the anticipated signings of a number of opportunities have now slipped into 2020. With revenue visibility currently at $28 million, we conservatively move our current year revenue estimate down 13% to $29 million with a knock-on effect on EBITDA (down 29%). We also assume that buying cycles remain extended during FY 2020E and therefore take a prudent view on our numbers for that year as well with revenue and Adj. EBITDA estimates reducing by 10% and 40% respectively.

Companies: Sopheon
  • 09 Dec 19
Allenby Capital TMT Update - 09.12.19 (CCT.L, BIRD.L, GFIN.L)

The Character Group plc* (CCT.L, 360p/£80.2m) | Blackbird plc* (BIRD.L, 15p/£42.8m) |Gfinity plc* (GFIN.L, 3.90p/£18.5m)

Companies: CCT BIRD GFIN

  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

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 APP 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

  • 06 Dec 19
Bigblu Broadband - H219 trading in line, confident in FY20

Bigblu’s trading statement confirmed an H2 performance in line with expectations. Actions to cleanse the customer base should yield operational benefits over time and the above consensus year-end net debt figure (£14m vs £9m) primarily reflected a Brexit-driven inventory build that should reverse in the next few months. Bigblu remains confident in FY20 consensus (see below), which implies an acceleration in revenue growth.

Companies: Bigblu Broadband
  • 09 Dec 19
Trakm8*

H1'20: Stable sales masks substantially lower losses

Companies: Trakm8
  • 09 Dec 19
Comprehensive change, new potential, multi-billion $ markets

PTY is a brand leader in specialist consulting and strategic recruitment linked to data services. As a leading player in its field, the company is now seizing the opportunity to grow profits by lifting its high-value data service activities as a share of the mix. Recent H1 results reflected the significant transition that PTY is going through, while also heralding better numbers further down the line as the mix moves towards higher value services (also helped by success in removing a net £1.2m costs). Complementary activities directly linked to the core data focus are being developed. So far in this process, the company has seen a bigger reorganisation programme than originally anticipated – but has also highlighted the extra potential that this is generating. The company’s target market of data services is estimated at $10bn-plus and growing rapidly, while early signs from PTY’s change programme indicate the potential for meaningful client acquisition, with new clients such as Compass reflecting the opportunity for the business to scale up substantially. The recent announcement of Heads of Terms reached with a partner, Integumen plc, in delivering intelligent data management systems, is potentially a major step forward (to be finalised by 18/12).

Companies: Parity Group
  • 12 Dec 19
Arden Tech SoundBytes

Disney+ hits 22m mobile users, SoftBank backed firm downsizes IPO, German mobile carrier selects Huawei

Companies: ENET 7DIG EVRH ZOO ZOO AMO BOOM MIRA MWE

  • 04 Dec 19
CloudCall

New partnership with TargetRecruit; Positive

Companies: Cloudcall Group
  • 18 Nov 19
Acquisition of Team Internet

CentralNic has announced the acquisition of Team Internet for a total consideration of $48m. The acquisition will be financed in part by a further €40m bond issue under identical terms to the €50m issue announced on 23 May 2019. Team Internet operates a ‘domain monetisation’ platform, allowing domain name owners to monetise dormant domains to generate recurring income to offset renewal fees and earn a profit. This provides a complimentary service to existing CNIC services: clients currently pay CentralNic subscription fees to register and renew domain names. Team Internet had revenues of $66.7m in the 12 months to June 2019, with EBITDA of $10.6m. We expect this transaction to have an immaterial impact to 2019E due to timing and be 43.8% accretive to 2020E earnings. Post completion, we estimate net debt:EBITDA will be 2.1x in 2020E falling to 1.6x in 2021E.

Companies: Centralnic Group
  • 20 Nov 19
We remain selective; Buy Consumer Tech

We continue to take a selective stance on stocks within the small cap Technology space. The sector’s equity performance was lacklustre over 2019, rising 4% and keeping pace with the All-Share index (relative to multi-year periods of outperformance) as investors took a cautious stance on geopolitical and macro risk. We believe cautious sentiment is likely to dominate trade during the first half of 2020 and maintain our preference for consumeroriented players, consistent with our Arden Thematic Technology framework. Our top picks for 2020 are CDM, EVRH*, SUMO and VNET.

Companies: CALL CDM FDEV KWS SUMO TM17

  • 02 Dec 19
Outstanding contract win and pivot to recurring

Pelatro has won a landmark contract with one of the biggest telcos in the world; a major global operator and household name – an outstanding achievement for a small newcomer in the market. After careful deliberation, it has been taken as another recurring revenue/gain-share deal (a fourth this year) rather than a large upfront licence. As Pelatro matures and feels more established, management can afford to take a longer-term view, sacrificing short-term growth and profit for the stability of recurring, incremental revenue streams. A likely $7m of upfront licence has now been foregone in these deals this year and thus FY 2019 revenue guidance is cut to $6.5m (still up 6% YoY). The impact of this pivot to much higher quality revenue should not hide remarkable performance this year. For comparison, had these been taken as licences, FY 2019 sales would have been $13.5m; 28% ahead of our $10.5m forecast set mid-2018, and 121% YoY growth on a comparable basis. That follows 161% and 95% YoY growth in FY 2017 and 2018 respectively. This breakthrough win comes on top of consistently strong sales growth and the increasing quality of earnings, and we reiterate our 125p TP.

Companies: Pelatro
  • 03 Dec 19
Vicon continued strength; Yotta ARR building

Prelims reveal continued progress, particularly within Vicon, where sales grew an impressive 16% y/y, in turn driven by success within both new and existing verticals and so consistent with strategic objectives. Relative to forecasts, sales of £35.4m (+12% y/y) are in line and so too is adj. PBT of £5.5m, following continued investment and also IFRS 15 adoption. We leave forecasts essentially unchanged, believing the drivers for both divisions remain firmly intact and indeed reaffirmed, following an excellent FY’19, particularly in Engineering and ‘Adjacent Verticals’ within Vicon. On valuation, we continue to apply a SOTP methodology, reflecting both Vicon’s industry leading position and cash generative qualities and further, Yotta’s growing ARR in our fair value calculation. This arrives at 108p, implying some 20% upside.

Companies: Oxford Metrics
  • 25 Nov 19
Costs, tick, now for revenue

Interims are in line with the October trading update and unchanged forecasts, with revenue growth +5% to £4.4m, and £5.2m gross cash. The reduction in opex continues to improve profitability, delivering a 1H operating profit for the first time since September 2013, even as contract wins continue from new and existing customers and the customer profile reiterates the quality of the software. Eighteen months after the arrival of CEO Klaas van der Leest, the improved performance has clearly become a trend, and the group’s confidence is expressed in targeted investment to accommodate channel sales and co-ordinate centralised R&D to a clear road map. The horizon for Intercede brightened dramatically at prelims in June when the two-year recovery plan was delivered in a year – now the sun appears to be coming up. 80p target reiterated.

Companies: Intercede Group
  • 25 Nov 19
FY19 a solid platform for continued transformation

With FY19 in line with its targets, Idox is ready to continue the process of shifting to a recurring or SaaS revenue model over the coming years. Today’s trading update points to end Oct run-rate ARR of £38.9m, up 16% organic yoy, with a contracted order book of £12.1m up 29% underpinning the outlook for continued growth. We expect the shift to a cloud-first, SaaS revenue model will both accelerate growth and reduce costs. This makes the forward FCF yield of some 7% noteworthy.

Companies: IDOX
  • 25 Nov 19
H1 as expected but with growing SaaS prospects

As noted in the trading update, H1 was in line with expectations. It highlighted that this year will be particularly H2-weighted, with £8.8m sales in H1 delivering a small Adj. PBT. The expectation of a record H2 is underpinned by substantial annual contract renewals from licences signed in H2 LY; strong visibility on new contracts due to initiate in H2; and a significant pipeline of new business in negotiation with existing clients who continue to derive substantial benefits from D4t4’s data management solutions. We reiterate our FY forecasts and TP.

Companies: D4T4 Solutions