LIBERUM: CEO Video: Gary Lamb, Manx Telecom
In these six short videos Manx Telecom CEO Gary Lamb and Matthew Turner CEO & Founder of Goshawk discuss Goshawk's software for impaired hearing, the potential for the service in the UK and worldwide, how the service will be launched, the targets for the business and economics for Manx.
17 Dec 18
Manx Telecom - Worth listening out for clearSound
In September, Manx Telecom (MT) subsidiary Goshawk announced the launch of clearSound (MTcS), an innovative mobile phone service for people with hearing needs. Following positive feedback from test groups, MT has signed a deal with BT/EE to launch the Goshawk proposition on their UK networks and it intends invest £10m on the launch over the next three years. This has a five-year target to attract 20% of the three million people in the UK with moderate to severe hearing loss. The recent sell off of MT shares, exacerbated by UK small-cap weakness, has exposed good value in the stock, now at a high 30% P/E discount to its peers.
14 Dec 18
LIBERUM: Manx Telecom* - Capital Markets presentation highlights Goshawk upside
The shares, back at 5 year lows, reflect some of the pricing challenges in the core island telecoms business and the implied risk to the progressive dividend policy. While there are some headwinds in traditional fixed line and mobile services, what the market misses is the potential for a "transformed" Manx, to launch new, innovative, cash generative off-island telecoms services which can deliver high cash returns.
13 Dec 18
LIBERUM: Manx Telecom* - Progressive dividend looking underpinned medium-term
FY17 results show stable island telecoms revenues and growth in Global Solutions largely offsetting the well flagged customer churn led decline in the data centre business. We have marginally reduced our FY18 EBITDA forecast and increased our net debt estimate.
15 Mar 18
LIBERUM: Manx Telecom* - H1 trading and transformation programme on track
Management confirm that H1'17 is in line with expectations. Manx provides the full suite of telecoms services to businesses and consumers on the Isle of Man. The half-year update highlights the very high market share in broadband and 4G mobile and the good growth in Global Solutions.
12 Jul 17
Small Cap Brunch
Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July.| Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. | Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July | NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with thegrowth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
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12 Jul 17
BlackRock Smaller Companies Trust is considering ending the restriction on AIM investment in its portfolio. Currently, the trust is not allowed to invest more than 40% of its portfolio value in AIM-quoted companies. If the required consents and regulatory approvals are received, a resolution may be put forward at the annual general meeting in June. Vets practices owner CVS is currently the largest investment in the trust’s portfolio and wound management firm Advanced Medical Solutions is also in the top ten. The rest of the top ten are fully listed companies. The best performer in February was telematics equipment and services provider Quartix. BlackRock is considering this change at a time when the Small and Mid-Cap Investors Survey 2017 suggests that there is a positive change in attitude towards AIM. Overall, investors believe that AIM is better than it has ever been. The average size of companies continues to rise and this is taken as an indication of maturity but there is still concern about the lower end of the market. There is little pressure on AIM companies to move to the Main Market even if they are relatively large for AIM. There are currently eight companies on AIM valued at more than £1bn, accounting for around one-sixth of the total market value of AIM.
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10 Apr 17
LIBERUM: Manx Telecom* - Transforming the prospects
FY16 Revenues/EBITDA are broadly flat on FY15 and in line with expectations. FY17 will be a year of transition while Manx implements the transformation programme before the Company starts to see an acceleration of benefits in FY18.
15 Mar 17
Small Cap Breakfast
Magnolia Petroleum (MAGP.L) | Scotgold Resources (SGZ.L) | Petards Group* (PEG.L) | Manx Telecom (MANX.L) | Turbo Power Systems (TPS.L) | Modern Water (MWG.L) | Clinigen Group (CLIN.L) | Mineral & Financial (MAFL.L) | Mobile Streams (MOS.L) | Frontier Smart (FST.L)
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15 Mar 17
LIBERUM: Manx Telecom* - FY16 in line/transformation programme launched
Manx has released a trading update this morning confirming that the Company has traded in line with management expectations for FY16 and that cash flows continue “to support a progressive dividend”. The Company has also announced it has launched a programme aimed at improving competitiveness and the customer experience - an exceptional cost of £10m should produce a five year payback.
13 Jan 17
Small Cap Breakfast
Logicor—Report in City A.M. that Blackstone is aiming to list warehouse business Logicor, which is valued at around €13bn (£11bn), on the London Stock Exchange in 2017. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
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13 Jan 17
Rigid-plastic-products manufacturer and waste-management services provider One51 is holding a general meeting on 21 April to gain the shareholder approvals required to issue shares for a potential flotation on AIM and the Enterprise Securities Market (ESM). In 2014, Ireland-based One51 paid 78p a share in cash for AIM-quoted Straight, which valued the wheeled-bins manufacturer at £10.7m. One51 subsequently bought a controlling stake in Canadian plasticproducts business IPL. A flotation would trigger a deal to swap One51 shares for the one-third of IPL that it does not currently own. The plastics division is the main focus of expansion. One51 is a substantial business. In 2015, revenues grew from €276.5m to €366m, while underlying profit almost doubled from €16.2m to €31.9m. A full 12-month contribution from IPL would have taken revenues to €473.5m and grown profit even more rapidly. Plastic products generate nearly two-thirds of revenues and a greater proportion of profit. Net debt was €120m at the end of 2015 and there is contingent consideration of more than €33m that could become payable. Numis and Davy have been appointed as advisers for the flotation, which is still dependent on market conditions. Although One51 is unlisted there has been regular trading in its shares since 2007 and by the end of March the shares were changing hands at €1.70 each.
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12 Apr 16
FY15 highlights robust core business
A solid set of results for FY15 which are generally in line with forecasts. The core domestic business continues to deliver predictable cash flows and supports the progressive dividend policy and yield. Through establishing a consistent record of delivery, we see the share price continuing its steady upwards re-rating. We raise our price target 10% to 236p and view the current yield of c.5% as very attractive.
30 Mar 16
Trading update highlights solid FY15
Manx Telecom has released a pre-close trading update this morning confirming that the Company is trading in line with expectations. This helps underpin the solid share price performance seen over the last 12 months and we still see an attractive valuation supported by a 5% dividend yield.
29 Jan 16
In a good place...
Manx Telecom (MT) has reported solid results for H115, showing the benefit of recent investments in its networks and Data Centres. The group’s high network quality, solid dividend yield, safe and prosperous operating environment, as well as growth prospects in the data storage area make the stock an attractive defensive investment, in our view.
25 Sep 15
Interims demonstrate strong core
Manx has delivered a robust H1 performance which reinforces confidence over FY 15 profit estimates. The core fixed line business has delivered a typically solid outcome and mobile sales growth was impressive following the launch of 4G. A 5% increase in the interim dividend emphasises an attractive yield and helps underpin the investment case. We have increased our TP 7% to 214p and the valuation remains attractive relative to peers
15 Sep 15
ATTRAQTive agreement Make it RAME
ATTRAQT Group | Forbidden Technologies | Imperial Innovations Group | Macfarlane Group | Manx Telecom | MediaZest | NetScientific | Petards Group | ProMetic Life Sciences | Rame Energy | Restore | Rosslyn Data Technologies | SPARK Ventures
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06 Aug 15
Anchor tenant agreement
Manx has announced this morning confirmation of an anchor tenant for phase two of the Greenhill Data Centre (GDC), namely PokerStars. The agreement enables Manx to proceed with the construction of phase two and reinforces the relationship with an existing key client. The recent trading update highlighted the robust performance in the core business and the Company remains on track to deliver FY15 expectations. A P/E of 14.7x and a yield of 5.4% support a solid investment case.
04 Aug 15