Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Scholium Group. We currently have 12 research reports from 2 professional analysts.
African Export-Import Bank a supranational financial institution whose purpose is to facilitate, promote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE. DNEG Limited intends to apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019.
Companies: BMK IXI CER AUTG SCHO BRD ING SOS SSTY SUH
UK Oil & Gas (UKOG) – Corporate – Production Update | Immotion Group (IMMO) – Corporate – Content and licensing update | Scholium (SCHO) – Corporate – Trading update suggests roughly breakeven FY outcome
Companies: UKOG IMMO SCHO
Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. Offer TBC, expected 29 May 2019. Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. 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
Companies: SHED ACT SCHO POW FFI PPIX AGM OSI CHH HUNT
H1 results are in line with the guidance the company gave in October of a small loss (£56k) against the £61k profit achieved last time. As expected, this reflects profitable outcomes at both Shapero Rare Books (£87k PBT) and Scholium Trading (PBT £33k) offset by start-up losses at Mayfair Philatelics which only commenced trading in October 2017. From a standing start, H1 revenue at the latter reached £404k whilst H2 should see the benefit of three auctions (versus just one in H1). Central costs continued their downward trend in H1, falling to just £59k against £72k in H1 2017.
Companies: Scholium Group
600 Group (SIXH) – Corporate – Board appointments / trading in line | Scholium (SCHO) – Corporate – H1 trading in line with expectations
Companies: 600 Group Scholium Group
Renalytix AI—developer of artificial intelligence ("AI") decision support and clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease. incorporated in March 2018 as a subsidiary of EKF Diagnostics Holdings (AIM-EKF). total fundraising in the range £21 - 25 m. Mkt cap - c. £67.5- £71.0m. Due 2 Nov. Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, market cap TBC. Due Late October. 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 29 Oct 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 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: PVG PHTM CAPD ANG SCHO SCLP ENET ERIS AUTG TLY
UK Oil & Gas Investments (UKOG) – Corporate – Initial Portland Sandstone Production Rate | Gama Aviation (GMAA) – Corporate - H1 update; FY expectations unchanged, strategic plan on track | Frontera Resources (FRR) – Corporate – T-39 initial production rate of 529 b/d | Jarvis Securities (JIM) – Corporate – Increased costs held back H1-18 outcome but positive prospects for future growth | Scholium (SCHO) – Corporate – FY2018 results |
Companies: UKOG GMAA FRR JIM SCHO
Urban Exposure, a newly formed company which been established to pursue two main strategies in the residential development finance market - asset management of development finance loans and direct lending into development finance loans, looking to join AIM. Offer raising £150m at £1, market cap of £165m, expected 9 May 2018 Rosenblatt Group -specialist litigation and contentious restructuring law firm established in 1989 based in the City of London. Offer TBC. Due 8 May. Supreme, a leading manufacturer and supplier of branded consumer batteries, a manufacturer and supplier of branded and licensed consumer lighting and a leading manufacturer and supplier of vaping products in the United Kingdom, is looking to join AIM. Offer TBC, expected early May 2018 Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m. Offer TBA. Due mid May.
Companies: ESRE SCHO TPG PPH ESO OTMP JAY SYN EVG 9537
Novacyt S.A.—Sch1 from the international diagnostics group, generating revenues from the sale of clinical products used in oncology, microbiology, haematology and serology testing. Offer to raise £8.8m at 59.38p with a value of £22.4m. Expected 01 Nov. 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. Totally (TLY) - Sch 1 for £11m RTO of Vocare, a provider of integrated urgent care services to the NHS throughout the UK. £76.8 million rev in the y/e 31 Mar 2017. Totally to address Care Quality Commission concerns. Due 24 Oct. Mkt Cap £28.7m. 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. Sosander 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 late October .
Companies: PHE TRAK ODX CNR SCHO MCON VLTY SSY SRB
EJF Investments— Publication of prospectus from the closed-ended investment company investing in assets benefitting from regulatory and structural change in the financial services sector. To join Specialist Fund Segment of the Main Market | ADES International Holding— Intends to join the Standard List 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. | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April. | Alpha FX Group— Schedule 1 update from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Raising £30m. Expected market cap £64.2m and admission 7 April. | K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Companies: BBSN ABZA ORPH STY LTG bmn CTP SCHO DTG RGD
Asia Pacific Investment Partner - The research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas - Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group - UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Companies: SHEP BREE JOG WHI SCHO RLD BZT CSSG REDX CAB
Research Tree provides access to ongoing research coverage, media content and regulatory news on Scholium Group. We currently have 12 research reports from 2 professional analysts.
|29Nov19 07:00||RNS||Interim Report and Financial Statements|
|28Oct19 07:00||RNS||Trading Update|
|24Oct19 10:28||RNS||Holding(s) in Company|
|25Sep19 13:35||RNS||Result of AGM|
|12Sep19 15:58||RNS||Posting of Annual Report to shareholders|
|25Jul19 07:00||RNS||Preliminary Results for year ended 31 March 2019|
|01Jul19 11:54||RNS||Holding(s) in Company|
Purplebricks interim results, in line with its 7 November update, reveal: Group revenue rose 1.9% to £64.8m on a pro forma basis (i.e. including acquisitions and excluding discontinued) split UK 73%, Canada 27%; UK Revenue fell 2.7% to £47.1m, with instructions down 15% to 32,850 and average revenue per instruction (ARPI) up 12% to £1,353; Canadian revenue rose 16.4% to £17.7m, with transactions down 4% to 20,486 and sellside ARPI up 15% to £728 and buyside ARPI up 19% to £3,595; Group gross profit was flat at £39.4m, with group gross margin 61%, down 130bps mostly due to the growth in buyside revenue in Canada; Adj Group EBITDA fell 48.8% to £4.3m with UK contributing £5.5m, Canada £0.1m and Homeday.de JV a loss of £1.3m; Net operating cash flow from continuing operations was £2.6m; Australia and the US closures going to plan, within £10-14m guidance; Cash at period end £41.6m fell £21.1m since 30 April 2019 (£62.8m) with £11.7m outflow relating to discontinued operations and £4.6m to investment in Homeday.de JV.
Companies: Purplebricks Group
The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.
Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN ESRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L
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
Air Partner has acquired Redline Worldwide Ltd, a leading global aviation security solutions and training company. The total consideration is up to £10.0m (£8.0m initial/£2.0m deferred) and is being funded by existing cash and debt facilities and the issue of £600k worth of new shares to the operational management shareholders within Redline. The business generated revenue of £6.5m and adj. EBITDA of £0.8m in the year to 31st March 2019. The total consideration therefore represents an EV/EBITDA multiple of 12.5x. The acquisition is transformative for Air Partner’s Consulting & Training division, now re-named Air Partner Safety & Security, not least because of the proprietary software and elearning capabilities it adds. Based on Redline’s historic performance, post acquisition the Consulting & Training division will represent around 25% of revenue (from 15%) and 15% of operating profit (from 6%). This is in line with the Group’s strategy to diversify revenue and earnings towards this division.
Companies: Air Partner
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
Dixons Carphone (DC) has reported 1H results slightly above consensus at PBT £24m (consensus £8m 1H LY £60m) in the less significant first half (both numbers presented on a pre IFRS 16 basis). Pre -existing 2019/20 PBT guidance of PBT £210m has been re-iterated and guidance has been given on a flat dividend expectation. The overall shape of the Group’s strategic projects re credit, online, customer service and mobile are progressing in line with pervious guidance.
Companies: Dixons Carphone
DWF has released solid H1 results and appears to be making good progress on achieving its strategic objectives set out at IPO. The Group has also announced the acquisition of leading Spanish law firm RCD, its largest M&A transaction to date. Our underlying forecast assumptions are unchanged today, albeit with the UK Insurance business making up for the softness seen in Commercial Services. We will revise numbers to reflect the announced acquisition on completion of the deal but based on conservative assumptions expect it could add c.6% to FY21 EPS. On an FY1 PE of 11.0x and a prospective dividend yield of 6.3% we see current levels as an attractive entry point.
Companies: DWF Group
Bowling, alongside low-cost gyms, is the strongest sub-sector of Leisure at present. Its fortunes have been revived over the last 5 years through product diversification, investment and a more family focused offering which is resonating with consumers seeking value and experiential treats. The sector is well established accounting for 3% of the family leisure market. We are attracted by its positive growth dynamics and minimal exposure to rising costs. We explore 6 themes in this note and initiate coverage on Hollywood Bowl (Buy; 250p 12m TP) and Ten Entertainment (Buy; 315p 12m TP), albeit with current year EPS forecasts 4% below consensus, reflecting recent prolonged hot weather concerns. On a 1-3 year view both have plenty of scope to further enhance shareholder value through self-help and site expansion.
Companies: Hollywood Bowl Ten Entertainment Group
Loungers continues to outperform, delivering the scarce trinity of LFL sales growth (5.4%), unit growth (10 openings) and margin growth (40bps). This drove a 22% increase in Revenues and 26% increase in EBITDA in the first half of FY20E.
At first glance, H1 sales growth appears more subdued than expected. This is because of a weak September, well flagged across the sector.
Companies: Joules Group
GAN finds itself in the right place at the right time. An estimated $50m investment building its enterprise software gambling platform and a track-record of delivering innovative solutions to US casino and gaming operators, means GAN has a major head-start on the competition, against a backdrop of accelerating state-by-state regulation of US online gambling.
Companies: GAN Plc
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. 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 late January 2019. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb
Companies: TENG DEST KMK PCA ABC EUA NUC AVCT SBIZ RBD
Boohoo Group has announced an upgrade to FY20 guidance on the back of continued strong trading momentum over its second quarter ended 31 August 2019. Strong revenue growth across the Group’s key brands (boohoo, boohooMAN, PrettyLittleThing and Nasty Gal) confirms the Group’s multibrand strategy is bearing fruit, with fears around potential cannibalisation firmly allayed. Top-line outperformance is driving operating leverage at Group level, enabling it to maintain full year EBITDA margin guidance at 10% despite the ongoing investment being made in the three brands acquired in the first half. Today’s announcement represents an impressive tenth consecutive upgrade in management guidance over the last three years, as the Group continues to outperform the market and consolidate its position as a leading multi-brand fashion ecommerce platform.
On numbers M&S has reported a weak 1H with Underlying PBT of £177m (HY 2018/19 £213m re-stated) down 17% as the company suffered weak sales in Clothing & Home (LFL – 5.5%) and invested revenue in repositioning both sides of its offer. We would expect that the updated guidance and the 1H performance are likely to result in full year 2019/20 market consensus estimates staying at around £450-470m pre-exceptional items, implying less of a reduction in 2H.
Companies: Marks And Spencer Group