Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Pelatro. We currently have 38 research reports from 3 professional analysts.
eve Sleep (EVE): Corp Good strategic and financial progress | Gateley (GTLY): Corp Prudently managing the business in uncertain times | K3 Business Technology (KBT): Corp Deferral of results; FY19 dividend cancellation | Minds + Machines (MMX): Corp FY 2019 beats forecasts and sets course for dividends | Pebble Beach Systems (PEB): Corp FY19 results postponed and extended loan facility | Pelatro (PTRO): Corp Postponement of results reporting | Quartix (QTX): Corp A strong start to 2020 curtailed by COVID-19
Companies: KBT MMX QTX PTRO GTLY EVE PEB
Inspecs, a UK designer, manufacturer and distributor of eyewear frames to global retail chains announces its intention to IPO onto AIM raising £94m with a market cap of £138m. Admission expected 27th February. FY Dec 2018 numbers show revenue of $57m and underlying EBITDA of $11m
Companies: SO4 TRP ECHO OPM EBQ SBTX CGH PTRO PEN
ANGLE (AGL): Corp De Novo submission to FDA expected by end Q1 2020 | Ideagen (IDEA): Corp Interims highlight ARR growth | Netcall (NET): Corp Trading update – strong cloud ACV growth | Pelatro (PTRO): Corp FY 2019 delivered and FY 2020 looks bright | Somero Enterprises (SOM): Corp Q4 ahead of expectations, boosting cash and dividend
Companies: IDEA NET SOM AGL PTRO
Amino Technologies (AMO): Corp | Pelatro (PTRO): Corp | Sopheon (SPE): Corp
Companies: AMO SPE PTRO
MJ Hudson Group PLC, the financial services support provider to Alternatives fund managers and asset owners, is planning an AIM IPO. Deal details TBC.
Companies: TM17 AMO SPE EOG LWRF FARN MIN PTRO KDR PXS
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.
Kazera Global (KZG): Corp New resource estimate for NTI tantalite mine | Omega Diagnostics (ODX): Corp Interims – VISITECT CD4 starts to deliver on potential | Pelatro (PTRO): Corp Outstanding contract win and pivot to recurring | President Energy (PPC): Corp Reinstating estimates | SDI Group (SDI): Corp Acquisition – 7% accretive in first full year
Companies: ODX SDI PPC PTRO KZG
Pelatro (PTRO): Corp Focus on recurring revenue intensifies H2 weighting
It is evident from the interims that FY 2019 will be notably H2 weighted, as H1 sales have seen a shift to an annuity model away from large licences. Although H1 revenue grew by an impressive 14% YoY to $2.7m, we forecast 72% YoY growth for the FY, leaving $7.8m required in H2. Management remains confident that this is achievable as sales accelerate though the year: $2.5m has been booked to date in Q3, with visibility on a further $1.1m for a total $6.3m of visible revenue YTD. The remaining $4.2m should be derived from a $9.2m near-term pipeline covering a wide range of products into a number of existing and new customers. On that basis, we retain our current forecasts, targeting a return to large licence sales in Q4. There is increased risk in this weighting, but PTRO is investing significantly in sales and delivery capabilities and has a track record of success in cross-selling and up-selling into its global telecoms group customers.
Armadale Capital (ACP): Corp Mahenge Liandu project update | Circassia (CIR): Corp Initiation report: interims clarify misperceptions | eve Sleep (EVE): Corp Inline H1; KPIs show good progress, with much still to do | Hardide (HDD): Corp Encouraging year-end trading update | Independent Oil & Gas (IOG): Corp Herculean interims | Pelatro (PTRO): Corp Focus on recurring revenue intensifies H2 weighting | Savannah Resources (SAV): Corp Interim results | Surface Transforms (SCE): Corp Breaking into a new OEM | Transense Technologies (TRT): Corp Full-year results start to show strong commercial traction
Companies: ACP HDD IOG SAV SCE TRT PTRO EVE CIR
Armadale Capital (ACP): Corp Mahenge Liandu project update | D4T4 Solutions (D4T4): Corp FY 2019 beats forecast as earnings quality grows | Kingswood Holdings (KWG): Corp Lining up opportunities, getting ready to execute | Morses Club (MCL): Corp AGM statement | Pelatro (PTRO): Corp AGM statement confirms 2019 is on track | Redcentric (RCN): Corp Prelims – cash is king | Tri-Star Resources (TSTR): Corp Annual results 2018
Companies: ACP D4T4 RCN MCL PTRO TSTR KWG
Castleton Technology (CTP): Corp Prelims | Chariot Oil & Gas (CHAR): Corp Anchois development technically feasible | ClearStar (CLSU): Corp AGM told that strong H1 growth is on track for FY | Frontier Developments (FDEV): Corp Strong H2 sees upgraded forecasts | K3 Business Technology (KBT): Corp Trading update | Pelatro (PTRO): Corp Major contract win in Asia underpins forecasts
Companies: CTP CHAR 9537 FDEV KBT PTRO
Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019 Argentex a UK-based forex service provider founded in 2011 by its current management team which operates as a Riskless Principal for nonspeculative and forward foreign exchange as structured financial derivatives is looking to join AIM. Offer TBC, expected 25 June
Companies: PTRO FDEV MRL CTP EHG FDP THAL SCLP YCA CGH
Research Tree provides access to ongoing research coverage, media content and regulatory news on Pelatro. We currently have 38 research reports from 3 professional analysts.
|24Mar20 07:00||RNS||Change to Results Date and COVID-19 Update|
|09Mar20 07:00||RNS||Notice of Results|
|19Feb20 07:00||RNS-R||mViva New Contract Win|
|11Feb20 07:00||RNS-R||mViva Platform New Version Launch|
|22Jan20 07:00||RNS||Post close trading update|
|10Jan20 09:30||RNS||Director/PDMR Shareholdings|
|11Dec19 07:00||RNS||Contract Win|
Seeing Machines Limited has announced that it has won a pre-production license deal with a major Automotive Tier 1 partner. This has been entered into under the terms of a pre-existing non-exclusive Collaboration Agreement to provide Seeing Machine's Driver Monitoring System (DMS) technology for an ongoing Automotive programme. For this Seeing Machines will receive a non-refundable pre-production license fee of US$5m before 30 June 2020, in addition to future volume based royalty payments for the above mentioned Automotive programme. Seeing Machines will retain all intellectual property rights associated with its DMS technology licensed to the counterparty under the Agreement.
Companies: Seeing Machines
The Coronavirus pandemic is a human tragedy of vast proportions – as well as the terrible human toll, COVID-19 has led to economies across the globe going into physical lockdown and financial freefall. Entire populations are adapting to the “stay at home” edict, to safeguard the vulnerable – and some of these changes will lead to long-lasting or perhaps permanent changes in the way we live or work. This note describes some of our client companies whose business models are well adapted to these changes, or who might see a change in long-term structural demand.
Companies: AMO BGO FDM GAMA KAPE LOOP TERN ZOO
In a remarkable coup for Bango, Korean technology leader NHN Corp is taking control of the Audiens Customer Data Platform (CDP) business by investing £6.5m for a 60% stake in the holding company, Bango Deep Ltd, with a view to scaling up Audiens through support and technology into a truly world-class CDP provider. NHN is further securing and deepening its relationship with Bango itself by taking 3.5m Bango ordinary shares (4.7% of the expanded Bango) for £3.2m. This is an excellent deal for Bango, sealed at a time of restricted travel and tightened commercial prospects and possible only because Bango is already partnered, and trusted by the Korean technology giant. The deal takes a non-core, near-breakeven business off the Bango P&L and sharpens management focus, while maintaining a substantive interest in what – now backed by NHN’s cash, expertise and data technology – should become a major global player in the lucrative, high-growth CDP market. On top of this, Bango strengthens its balance sheet with a cash injection and the strategic partnership between NHN and Bango itself is substantively deepened. We adjust our FY 2020 forecast for the change in Audiens accounting status and the cash injection, and highlight the value.
The company announced several appointments that have strengthened the management team after seven acquisitions over the past two calendar years. We believe this investment in management should form a strong foundation for the company’s next phase of growth. Alex Siffrin, the company’s largest shareholder, has stepped down from the board to focus on personal priorities
Companies: Centralnic Group
Bango has announced the expansion of its strategic relationship with NHN Corp, the Korean big data giant. NHN is investing £6.5m to take a majority interest in the Audiens business, owned by Bango. For its investment NHN gains a 60% stake in Bango Deep, the Bango subsidiary which owns the Audiens Customer Data Platform (CDP). NHN will inject its data science technology into Audiens to grow it into a world leading CDP. In addition, NHN has also subscribed for 3.5m new ordinary shares in Bango – 4.7% of the group’s existing ordinary share capital. Bango paid approximately £4m for Audiens. NHN is paying £6.5m for 60% of that business. We revise estimates following the announcement to reflect that Audiens will no longer be fully consolidated in Bango’s accounts. We believe the deal validates Bango’s investment in Audiens and represents a significant vote of confidence in both the data monetisation business and in Bango itself, by a highly successful commerce leader.
A strong interim period to January 2020 delivered the expected £26m revenue as reported in the February trading update, with a 31 January net cash balance also of £26m – EBITDA of £5.6m (post IFRS16), and adjusted PBT of £4.6m highlighting a strong performance. The Group has unchanged strategic ambitions – organic growth and M&A, both in evidence in Rail Technology & Services (RT&S) with 13% organic growth and the post period end acquisition of iBlocks. We withdrew forecasts last week due to the impact of COVID-19 on the 2H-weighted Traffic & Data Services business, given the exposure to cancelled large scale summer events, and uncertainty over traffic surveys; however, the potential for the Group is unchallenged when the world normalises. New contract wins, new product launches, new acquisitions and a hearty balance sheet continued to offer significant upside in 1H and post period end. Target price 900p remains based on our FY21 forecasts, which in theory should be consistent with previous forecasts and we look forward to reinstating numbers when the virus dust settles.
Caledonia today announces that it has taken the prudent decision to defer its approval for the payment of the second quarterly dividend (7.5c/sh - $0.9m - 7% of declared Caledonia cash). The Blanket mine in Zimbabwe remains in operation (at a slightly reduced capacity to secure Covid-19 social distancing) and the mine site remains well-stocked with supplies, so despite the current difficulties getting supplies from South Africa production at the mine can continue for some time to come; 2-3 months in our opinion, if the supply chain from South Africa ceased altogether. Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning, the group has released an update in light of COVID-19. The Board reports that it has taken swift action to re-engineer processes to adhere to government guidelines, whilst maintaining client service levels. Q1 2020 trading is reported to have been ‘broadly' in line, with revenue growth of 40% from continuing operations and outstanding orders to ship to customers in the coming months. Q1 was cash neutral, which follows on from the RNS on 5 February, of a net cash position of £849k as at 31 December 2019.
Companies: Caledonia Mining Corporation Plc Com Shs Npv Touchstar
Yesterday’s trading update confirms that IQE’s FY19 results will be in line with the revised guidance it provided in November when the full extent of the impact of the US-China trade war became visible. We have cut our FY20 revenue estimate by 6%. In IQE’s case the impact of COVID-19 on global handset demand is likely to be softened by gaining share in both the wireless and photonics markets. However, the full effect of the pandemic on the global economy and IQE’s business remains to be seen.
FIH's year end update this morning reveals an inline performance in the year to March 31st 2020, notwithstanding disruption over the past six weeks, and also updates on the respective likely effects of Covid-19 on its three business streams, with greater relative resilience seen in the Falklands business and bigger impacts already apparent on the two UK-based businesses, not surprisingly. We note that PTY, in line with requests to companies from the FCA and FRC, is formally delaying its results announcement for FY2019A (year to December), which would in the normal course of events have been published today. A new release date will be issued in due course. Re 2019, the company highlights its update from January indicating inline P&L performance in FY19A combined with good progress on cash resulting in an anticipated net positive cash situation at the year end.
Companies: FIH Group Parity Group
WANdisco recently confirmed that its Fusion product is on track for full availability with Microsoft ‘in the next few weeks’. In this audio clip CEO David Richards describes the commercial implications of this and how the business is navigating the challenges of COVID-19. WANdisco’s proprietary replication technology enables its customers to solve critical data management challenges created by the shift to cloud computing. It has established partner relationships with leading players in the cloud ecosystem including Amazon and Microsoft.
Software stocks that enable corporates to sell more, improve quality, cut costs, save employees time and/or reduce their ‘carbon footprints’ are ideally placed in today’s tech/ESG world. Cue Elecosoft, who said this morning that 2019 PBT would be “ahead of LY” (£3.67m) and “in line with expectations” (consensus £4.1m) - despite being impacted by forex (ED est -2%, weaker SEK vs £) and macro uncertainties (eg Brexit, General Election and subdued Eurozone). We think this is a creditable outcome. Not least because it underlines the resilience of the business - while the results are actually a touch better than our previous (bottom of the range) profit & cashflow estimates, albeit with revenues a smidgeon shy.
H120 numbers show continued 15% organic revenue growth with a slight shift in the mix to direct sales from connectors and the continued themes of strong (33%) International growth, strong growth in new Functionality and rising (+14%) ARPU. At present just about 20% of group sales come from clients using more than one communications channel, giving dotDigital a considerable omni-channel cross-sell opportunity.
Companies: Dotdigital Group
Cerillion is a fast-growing supplier of software solutions (OSS/BSS) to the telecoms industry. Over the past two years it has outgrown the sector, whilst increasing EBITDA margins and cash flow. The company is now at an inflection point where it is signing more high value contracts due to its growing reputation, product suite and support capabilities. In the short-to-medium term we view coronavirus-related spikes in data traffic as a positive driver, as network operators are forced to maintain or expand investment plans. Longer term, we see the business as an attractive M&A target while also benefiting from structural changes in the telecoms industry that increasingly favour smaller and more flexible suppliers. We initiate with a Buy recommendation and 225p target price.
Bango has announced FY 19 results in-line with the December-19 trading statement and our forecasts. The business has grown strongly throughout the Brexit hiatus, notably FY 19 saw the key End User Spend (“EUS”) metric double once again to £1.1bn. With the global macro-economic situation continuing to be impacted by the Coronavirus, we believe market attention will focus on the outlook. The release confirms that Bango has no supply chain dependencies, its products are available without interruption. Furthermore, management has re-iterated its expectation for continuing exponential growth in EUS. We maintain FY 20E estimates following the release and will revisit as visibility on “stay at home” behaviour improves.