Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EARTHPORT PLC. We currently have 49 research reports from 3 professional analysts.
|31Jan17 07:00||RNS||Trading Statement|
|17Jan17 07:00||RNS||Board appointment|
|12Dec16 07:00||RNS||Expanded Payments Access for BofAML Clients|
|05Dec16 07:00||RNS||Change of Adviser|
|02Dec16 11:26||RNS||Result of AGM|
|21Nov16 07:00||RNS||Earthport signs agreement with Axis Bank|
|15Nov16 07:00||RNS||Issue of Equity|
Frequency of research reports
Research reports on
N+1 Singer - Earthport - Strong momentum continues
31 Jan 17
Earthport’s H1’17 trading update showed continued strong growth in all metrics. Payment volumes during the period grew 96% y-o-y to $7.8bn, while the number of transactions on the platform rose 80% to five million. Group revenue for H1 is expected to be c.£14.3m with gross margins stable at c.70%, both in-line with our full year expectations. The balance sheet continues to be strong, with cash at the end of December of £11.4m. With recent positive developments yet to impact the numbers (BofAML and Indian outbound capability) and underlying momentum strong, we believe the group is very well placed to capitalise on its unique position in the $9.3bn+ cross-border payments market.
Small Cap Breakfast
31 Jan 17
Nando’s—The Telegraph reports rumours that the South African restaurant chain is exploring a London Listing. Indigo Holdings— The Investment Vehicle for the purpose of making investments and/or acquisitions in the Middle East Frontier Markets, including the United Arab Emirates, Iraq, Kuwait, Qatar and Oman is expected to start trading on NEX on or around 10 February. Impact healthcare REIT— Intends to float on the main market. Seeks to raise £160m to acquire a portfolio of up to 58 care homes. Expected Admission 7 March.
N+1 Singer - Earthport - Expansion of Bank of America Merrill Lynch partnership
12 Dec 16
Earthport has announced a significant expansion in its partnership with Bank of America Merrill Lynch (BofAML). Earthport’s global payment network has been integrated with BofAML’s core CashPro banking portal. This integration marks an important milestone in the partnership between the two companies and will provide BofAML’s existing business clients with expanded access to international ACH payments. We had hoped this integration would go live within the current financial year so are highly encouraged that it has been achieved on schedule. We expect BofAML to be cautious with the speed at which they ramp up volumes through the Earthport platform. As such we do not expect to make any changes to our volume assumptions at this stage, but see significant potential for upside in the medium term.
N+1 Singer - Earthport - Agreement to provide outbound cross-border payments in India
21 Nov 16
Earthport has announced that it has signed an agreement with Axis Bank, India’s third largest private sector bank, to enable outbound cross-border payments. This agreement follows swiftly on from the Reserve Bank of India (RBI) approval which was granted earlier this month. The speed at which Earthport has managed to sign this agreement gives us confidence in the level of demand for the service. Increasing the group’s presence in Asia was a key objective of the additional funds Earthport invested in FY’16, the results of which are now starting to come through. With the group showing strong momentum across a number of geographies, and on track to return to break-even in Q4’17, we believe the shares are highly attractive. There are a number of catalysts on the horizon and we continue to believe that the group is very well-placed to gain a significant share of the vast cross-border payments market.
N+1 Singer - NCC Group - Further issues in Assurance
22 Feb 17
NCC released a trading update yesterday afternoon highlighting further issues in its Assurance division. Sales growth has been lower than expected in all regions, resulting in a significant reduction in full year expectations. We have reduced our EPS forecasts by 25% in FY’17 and 22%/25% in FY’18/’19 respectively. Escrow continues to perform in line with expectations. In response to these issues the Board has announced a strategic review into all of the Assurance businesses. The results of the strategic review are expected to be announced at the FY results in July. With an extended period of uncertainty on the horizon we believe it will be hard for investors to gain confidence in NCC in the short term. That said we see fundamental value in the stock. Escrow is unaffected by this warning and remains an extremely high quality business, which we value at £353m in our SOTP. At the current share price this leaves Assurance valued at c.5x cal’17 EBITDA. While this appears to be an attractive multiple for a rare cybersecurity asset, we would like further clarity on the underlying nature of the current issues, hence our Hold recommendation. Our 138p target price assumes a 12x EBITDA multiple for Assurance but we apply a 20% discount to the group to account for the current uncertainty.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced