Joiners No Joiners Today. Leavers Arrow Global has left the Main Market following a takeover. St Peter Port Capital has left AIM after entering a solvent members' voluntary liquidation of the Company. What’s cooking in the IPO kitchen? Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct. Harmony Energy Income Trust to join the Specialist Fund Segment of the Main M
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IQE has announced that it will be closing its Singapore site by mid-2022 and transferring activity to its sites in North Carolina and Taiwan. The move will generate estimated annualised cash cost savings of c £4.8m so we have revised our FY22 estimates, raising adjusted EPS by 8%. Importantly it helps create an optimised platform for pursuing volume opportunities for MBE epitaxy used for long-wavelength VCSELs and healthcare applications.
Companies: IQE plc
IQE’s H121 results are in line with management guidance given in March that H121 revenue and EBITDA would be similar to H120 levels on a constant currency basis. However, currency headwinds resulted in an 11.5% year-on-year reduction in revenues and a 28.9% drop in adjusted EBITDA. Noting that the recovery in demand for epitaxy for 5G infrastructure applications is not now likely until FY22, we have revised our FY21 estimates, cutting PBT from £2.5m to £0.1m, while leaving our FY22 estimates unc
IQE notes that H121 trading was in line with management expectations. The company expects H121 revenue will be c £79m on a reported basis. This is consistent with the guidance management issued in March that H121 revenue and EBITDA would be similar to H120 levels on a constant currency basis because H121 revenue is equivalent to c £87m (constant currency), which is close to the £89.9m revenues reported in H120. Management also expects adjusted EBITDA to be similar to the prior year at constant c
As flagged in IQE’s January trading update, FY20 revenue rose to a record £178.0m, taking the company from an adjusted operating loss of £4.7m to £5.4m profit. This excellent performance was the result of 5G roll-out boosting demand for IQE’s epitaxy in both infrastructure and handsets, combined with consistent demand for photonics epitaxy from IQE’s longstanding VCSEL customer. While these favourable trends have continued into FY21, we are cutting our FY21 revenue estimate by £8.3m and PBT by £
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intend
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IQE has announced it expects FY20 revenues to be c £178m. This is ahead of our estimates, which we revised upwards in November, reflecting outperformance in both the wireless and photonics segments. We have updated our FY20 forecasts. Given IQE’s leveraged business model, this results in a 64% uplift in EPS. Noting the uncertainty about the effect of a pandemic-related recession on the rate of smartphone sales growth, we leave our FY21 estimates unchanged for the time being.
The breadth of IQE’s technology portfolio and ability to serve compound semiconductor chip customers in the US and Asia puts it in a good position to benefit from rising demand for compound semiconductor applications for 5G and connected devices. Infrastructure roll-out appears relatively unaffected so far by the coronavirus pandemic. Global handset shipments are expected to pick up in 2021, potentially stimulated by new ‘must-have’ AR apps enabled by 5G connectivity and world-facing time-of-fli
IQE has announced that the strong performance in H120, which resulted in record first-half revenue, has continued into the second half. It has updated FY20 revenue guidance from at least £165m to over £170m, with adjusted EBIT guidance remaining at the mid-single-digit million level. We have updated our FY20 and FY21 forecasts accordingly, giving adjusted PBT upgrades of 34% and 10% for FY20 and FY21 respectively.
IQE’s revenues grew by 35% year-on-year during H120 to a record £89.9m, taking the group from a £1.9m adjusted operating loss in H119 to a £4.3m adjusted operating profit. We upgrade our FY20 estimates in line with management’s guidance. The resultant 15% revenue upgrade changes the outcome from a loss to £3.1m adjusted PBT.
Research Tree provides access to ongoing research coverage, media content and regulatory news on IQE plc. We currently have 279 research reports from 13 professional analysts.
Companies: Bango plc
Companies: Luceco PLC
We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
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The company has not put a foot wrong since IPO. We believe that TM17 has a differentiated business model, which combines premium independent gaming and Edutainment. The company is the partner of choice for independent developers; however, this strategy results in low-ish gross margins. TM17 is perhaps the most cautious of the UK stocks, in terms of near-term outlook. Buy
Companies: Team17 Group PLC
Today SMRT reports that workers’ gradual return to the office is leading to delayed investment decisions, specifically with respect to hardware installations and as consequence, Space Connect’s promising partnership with Evoko is taking longer to ramp. Consequently we update forecasts to reflect more gradual growth expectations. This uncertainty is also being reflected in A&K’s trading, such that we trim numbers here too. SwipedOn (SMRT’s most valuable asset) is meanwhile showing no such signs,
Companies: Smartspace Software Plc
Joiners No Joiners Today. Leavers No Leavers Today. What’s cooking in the IPO kitchen? Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov. Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
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Lucyd has announced the early completion of its US crowdfunding round, closing out at US$154,000. In addition, the Company announced the submission of draft confidential registration to the US SEC, to complete an IPO of shares in the US in the future.
Companies: Tekcapital Plc
Joiners Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m. Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
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Companies: GetBusy Plc
Joiners No Joiners Today Leavers No Leavers Today What’s cooking in the IPO kitchen? Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m. Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
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Today's news & views, plus announcements from BHP, MGGT, RIO, BWY, MONY, BGO, YOU, AVAP, PCA & SOLG.
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Joiners Arrow Exploration Corp. (AIM:AXL; TSXV:AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has joined AIM, alongside a fundraise of approximately £8.8m. Leavers No Leavers Today What’s cooking in the IPO kitchen? ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas com
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Joiners No Joiners Today. Leavers No Leavers Today. What’s cooking in the IPO kitchen? Gymshark has started to put together plans for a stock market listing according to City A.M. The company hit a £1bn valuation just over a year ago and boasts customers in more than 130 countries. Gymshark was founded by teenager Ben Francis in 2012 in his parents’ garage with products that appeal to Gen Z consumers. Timing TBA Rubix Group Holdings, the market leading pan-European distributor of industrial main
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essensys has successfully navigated a lockdown impacted FY’21, delivering broadly flat sales in line with market expectations (-2% y/y to £22.0m, +2% excluding FX) as continued strong site additions (+13% y/y to 474) offset decline in occupancy exposed revenues (yield per site: -14% y/y) driven by CV19 travel restrictions. Yet flat growth masks the strong underlying operational momentum seen through FY’21 as ESYS added a number of high value strategic accounts and extended into new regions. Post
Companies: essensys PLC
SAP, in Q3, built up on the traction seen in cloud transition in the previous quarter. SAP posted encouraging numbers as ‘Rise with SAP’ gathered further momentum and attracted new customers as well. S/4HANA also continued to attract customers as demand remained solid. Consequently, licence revenues declined. Similar to the previous quarter, the group once again raised its outlook up a notch. However, we see no monumental change to our estimates.
Companies: SAP SE
