Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SimiGon. We currently have 33 research reports from 2 professional analysts.
AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019
Companies: ONC PEN RBD UOG SAE SIM MATD CER MSMN MPL
Brickability - The br icks supplier , w hich a lso ha s a hea ting a nd plumbing business a s w ell a s a roofing division, expects to join the junior market at the end of this month with a market cap of circa £150m
Companies: SYM TEK TMT TLOU ALS SPDI RBD FOG SIM CLNR
Freyherr International Group PLC the Medicinal Cannabis holding com pany established in 2016, is planning to list on the NEX exchange on the 13 August.
Companies: PHE THR ANG TEK BMK MRL EOG COG SIM IRON
Interswitch, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, which may value the financial technology company at $1.3 billion to $1.5 billion. Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.
Companies: SIM THAL SML FIPP MED GGP TOM DDDD SBIZ
Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year. Freyherr International Group PLC the Medicinal Cannabis holding company established in 2016, is planning to list on the NEX exchange on the 30th July
Companies: SIM EYE FOX SDI KETL AEO YNGA SGZ OCI KDR
Allergy Therapeutics (AGY): Corp Regulatory and trading update | ClearStar (CLSU): Corp Financial services client expands contract again | Europa Oil & Gas (EOG): Corp Wressle appeal date set | Lok'nStore (LOK): Corp Exciting pipeline of new landmark stores | Nasstar (NASA): Corp Prelims – showing the sector how to do it | Proactis (PHD): Corp Interims and strategic update | SimiGon (SIM): Corp FY 2018 shows recovery but SaaS transition continues
Companies: AGY 9537 EOG LOK NASA PHD SIM
ANGLE (AGL): Corp External endorsement of Parsortix | D4T4 Solutions (D4T4): Corp FY 2019 ahead of expectations | Evgen Pharma (EVG): Corp £5m placing | SimiGon (SIM): Corp US government agreement should drive sales | Trifast (TRI): Corp Encouraging year-end trading update, slight EPS boost
Companies: D4T4 SIM TRI AGL EVG
SimiGon (SIM): Under Review Update and contract wins | Trifast (TRI): Corp H2 update – trading in line
Companies: SimiGon Trifast
PetroTal Corp is an oil and gas company whose shares are currently admitted to trading on the TSXV. The Company is focused on development of oil and gas assets in Peru and it currently has controlling interests in three onshore Peru license blocks. No new funds being raised. Due 21 Dec. Mkt cap c.£80m Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected mid December.
Companies: APQ GEMD YU/ RBD SAE SIM INL FARN
Azalea Energy—oil and gas production and development company based in Louisiana, United States. Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. Due Oct Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to create shareholder value. Offer TBC, market cap TBC expected 19 October Admission is being sought as a result of the proposed RTO of Cambian Group plc following completion of the acquisition by CareTech a leading provider of specialist social care services, supporting adults and children with a wide range of complex needs. No raise, market cap TBC expected 19 October. PetroTal (TAL.TO) - The exploration and production company focused on oil assets in Peru is seeking a secondary AIM quotation before the end of 2018. Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due late Oct Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due Mid October 2018. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
Companies: IQE OMI IXI SIM PPS GLR CORA AEG TEK VLS
Smithson Investment Trust—New Fund from Fundsmith LLP established by Terry Smith. focused on a global basis on small and medium sized companies between £500m and £15bn in market cap . Due 19 Oct. Seeking £250m raise. Funding Circle—SME loans platform seeking raise of up to £300m plus a secondary sell down. Offer between 420p—530p, raising £282m for the Company and £296m to the selling shareholders with market cap of £1.6bn Aston Martin— Iconic producer of hand-crafted luxury sports cars. Any prospectus would be published around 20 Sep. Targeting 25% plus free float. H1 results rev+8% to £445m, EBITDA £106m. Due 3 October. Mkt Cap C.£4bn to £5bn Mobius Investment—exploring the launch of a new UK investment trust. The trust will invest in small to mid-cap companies in emerging and frontier markets with an absolute return focus. Due 1 October
Companies: CNEL EZH FA/ QFI SIM EUA 7DIG DEMG N4P BOKU
GRC International Group— holding company for a group of companies providing a range of products and services to address the IT governance, risk management and compliance requirements of organisations. Offer TBC, expected 5 March 2018 | Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area . Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. | TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer raising £70m at 190p with market cap of £185m, expected 21 Feb | Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb | 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
Companies: ICON PYC SIM FIPP EOG DCTA NFC DNL MED
Synairgen* (SNG): First patient dosed in COPD Phase IIa study (CORP) | Transense Technologies* (TRT): Interim results, good momentum into 2H (CORP) | SimiGon* (SIM): USAF contract extension (CORP)
Companies: SNG TRT SIM
Belluscura— Provider of premium medical devices at value prices to address part of the global unmet need for affordable, premium quality medical devices. Raising £7.5m to £10m. Offer TBA. Due early Dec Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising . 2016 rev £0.7m and £7.3m operating loss. Offer TBA Keystone Law Group— full service law firm with over 250 self-employed lawyers . Due 27 Nov. Raising £10m at 160p. Mkt Cap £50m. Revenue of £25.6 million and EBITDA of £2.1 million. In FYJan17. Beeks Financial Cloud -niche cloud computing and connectivity provider for automated (algorithmic) trading in Forex and Futures financial products . Raising £7m. Mkt Cap c.£24.5m. Due 27 Nov. FYJun17 rev £4m. Profitable at operating level. City Pub Group - owner and operator of an estate of 34 premium pubs across Southern England. £30m raise. Consistent track record of strong revenue and EBITDA growth, with a three year CAGR from FY14 to FY16 of 34.9% and 44.8% respectively, and an EBITDA margin of 14.7% in FY16. Due late Nov. Offer TBA.
Companies: FRR BOD SKIN ARTL bmn MERC ANGS WAND WAND SIM AGTA
Research Tree provides access to ongoing research coverage, media content and regulatory news on SimiGon. We currently have 33 research reports from 2 professional analysts.
|07Oct19 07:00||RNS-R||Contract Win|
|30Sep19 07:00||RNS||Half-year Report|
|09Sep19 07:00||RNS-R||Contract Win|
|30Aug19 07:00||RNS||Executive Management & Directorate Change|
|22Aug19 07:00||RNS-R||Simigon awarded Blanket Purchase Agreement by USAF|
|12Aug19 07:00||RNS-R||Successful Completion of Systems Delivery|
|12Aug19 07:00||RNS-R||Contract Win|
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
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
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
We recently met with the divisional management of one of Instem’s businesses – Informatics. Despite its relatively small scale, the unit has an interesting platform, is experiencing significant growth, and some of its services offer both material cost savings and process improvements to major players in the pharma market. It therefore offers Instem a greater degree of value than might be apparent simply by looking at its current scale – today’s RNS highlights informatics order intake up c60% YoY to £0.84m during the first nine months of 2019. This note summarises the mediumterm potential of the unit, both in its own right, and to Instem as a whole.
Eckoh’s Capital Markets Day yesterday highlighted the progress which has been made on the Customer Engagement side of the business. With all products now successfully integrated into the Eckoh Experience Portal, the group is uniquely placed to enable digital transformations within their customers. We were shown several live case studies where the group has been able to deliver both an improved experience for end users and significant cost savings for clients by implementing a connected cross-channel customer experience. Last month’s AGM Statement and Trading Statement confirmed strong underlying momentum in both divisions and we see plenty of scope for growth within Customer Engagement, which will augment the large untapped opportunity in US Secure Payments.
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
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.
Although Nanoco’s major US client will not progress to volume production in the foreseeable future, commissioning work continues on the new production capacity, which is scheduled to complete by December. Once that is completed, the facility will be able to produce high-quality infra-red nanomaterials for use in a number of electronics applications. It could therefore be used to service future demand from the US customer or potential new customers in the electronics or display industries with which Nanoco is in the early stages of discussion. The current market capitalisation appears to assign little value to these assets at a time when there appears to be renewed market interest in quantum dots.
Companies: Nanoco Group
SDL held a well attended Analyst and Investor day yesterday at its Maidenhead HQ. The Group showcased its Helix, Insight and Tridum DX platforms, as well as offering a demonstration of the new Language Cloud portal which opens up the prospect of a fully automated machine translation portal in the future. We continue to see SDL as well placed within the premium content space (market growth estimated: 10% -15% pa), while also delivering growth within the user-generated content market (estimated growth: 15% – 25% pa). We make no changes to forecasts at this time. SDL trade on an FY’20E EV/EBITDA multiple of 9.9x, an attractive multiple given healthy growth, strong technology platforms and expected benefits from DLS integration.
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
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
Brady has received a recommended all-cash offer at 10p per share (a 50.8% premium to the closing price), valuing the issued share capital at £8.3m, from Hanover Active Equity Fund II, a private equity (PE) investor focused on SMEs in the UK and Nordic markets. The cash offer has been declared final, will be declared unconditional as to acceptances based on 50% of the share capital and may only be increased if there is a counter-offer. Before the bid, Brady had been looking to secure additional funding for a turnaround strategy, and although negotiations have advanced, the company has not yet secured unconditional funding.
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
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
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