Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Nasstar. We currently have 42 research reports from 4 professional analysts.
CyanConnode (CYAN): Corp More success in India | Minds + Machines (MMX): Corp .luxe progress update | Nasstar (NASA): Corp Interims | President Energy (PPC): Corp Puesto Flores development drilling kicks off
Companies: CYAN MMX NASA PPC
Jadestone Energy (JSE.TO)—an independent oil and gas production and development company focused on the Asia-Pacific region. Pro-forma production of 13.9 mboe/d, 2P reserves of 45.3 MMboe, and a 2P NPV10 of US$563.7 million . Offer TBA. Current mkt cap C$135m. Due early August. CentralNic-Schedule 1 from the business operating in proprietary retail platforms selling domain names and associated web presence services including hosting and email on a subscription basis, has acquired KeyDrive S.A which constitutes a RTO. Raising £24m at 52p, combined market cap of £88.7m Trackwise—established business that manufactures specialist products using printed circuit technology. £5.5m primary and £1.45m sell down at 105p. Mkt Cap £15.5m. Due 31 July Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
Companies: NASA FOXT CLG ARIX THR MSMN RMP DKL GAN PHC
Independent Oil & Gas (IOG): Corp Building a head of steam | Nasstar (NASA): Corp Demonstrating the underlying strength
Companies: Independent Oil & Gas Nasstar
In a year clean free of acquisitions, EBITDA of £5.6m (£5.5mE) was delivered from revenue of £24.5m (£25.0mE), in line with the January trading update. Margin expansion to 23% (vs 22%E) demonstrated the targeted and successful continuing delivery of the Nasstar 10-19 initiative, aiming for 25% EBITDA margin run rate by December 2019, accompanied by revenue growth. Positive consequences include the very strong free cash flow of £4.1m (vs £3.1mE), in a year absent of acquisitions, highlighting the strongly cash generative model. Forecasts indicate tweaked FY18 forecasts (revenue -£0.5m; EBITDA unchanged) while the board has the confidence to increase both discretionary capex and the dividend, reiterating the strength in growing revenue (88% recurring), expanding margins and strong underlying cash generation. Given the business strength and board confidence, we lift our target to 15p (13p), rolling out FY19 forecasts that highlight a 6.8% free cash flow yield at the current share price.
Netcall* (NET): Strong trading update (CORP) | Sopheon* (SPE): Another strong trading update (CORP) | Nasstar* (NASA): positive trading update (CORP) | Utilitywise* (UTW): Temporary suspension of trading (CORP) | Altitude* (ALT): Positive progress (CORP)
Companies: NET SPE NASA UTW ALT
Hydrominer GmbH, An Austrian cryptocurrency miner, is considering an initial public offering (IPO) on the London Stock Exchange AIM during 2018 according to an article on Bloomberg. 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 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. Offer raising £30m at 165p with market cap of £100m . Due 9 February.
Companies: HER HYR IME EZH ANP NASA WAND FIPP FISH DPP
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This quarter we use finnCap’s Slide Rule to provide both top-down and bottom-up analysis of the UK’s Technology and Telecoms sectors. Our findings are very reassuring: the Tech sector scores the best (across all sectors) when considering Growth and Quality – Taptica*, Frontier Developments* and dotDigital* in particular stand out on these metrics. Given these attractive characteristics and growth prospects, the Tech sector is unsurprisingly one of the most expensive – currently trading at 17.2x FY1 EV/EBIT and 23.8x FY1 P/E, versus 15.0x and 18.5x respectively for the wider market. Despite valuations appearing high, we believe there are value opportunities. For example, Proactis* features in finnCap’s QVGM+ portfolio (ranked 17/462) – the company offers attractive organic and inorganic growth, with earnings forecast to grow by 26% CAGR over the next two years, but despite this, only trades on 15x FY1 earnings and offers 8% FCF yield in FY2.
Companies: 7DIG ALT AMO ARTA BOTB BLTG CTP CITY D4T4 DTC DOTD ELCO ESG FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SSY SEE SIM SPE SRT STR TAP TAX TEP TPOP TRAK UNG VIP ZOO CYAN ONEV
Castleton Technology* (CTP): Strength evident in execution (CORP) | Paragon Entertainment* (PEL): Trading update (CORP) | Ideagen* (IDEA): Interim trading update (CORP) | Horizonte Minerals* (HZM): Araguaia mine plan submitted to National Mining Agency (CORP) | Nasstar* (NASA): Contract win (CORP) | Intercede* (IGP): Contract slippage (CORP)
Companies: CTP PEL IDEA HZM NASA IGP
Clean Invest Africa—Introduction due around 14 Nov. Vehicle established to identify investment opportunities and acquisitions in renewable and clean energy projects/companies or alternative technologies that are used in a socially and environmentally responsible way that will aid the development of the African continent. 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 Nov. Boku - Independent direct carrier billing company. Revenues were up 21% to US$10.2 in HYJun17. Q32017, revenues grew to $6.5m, up by 44%. The Company also saw continued growth across all of its key metrics: user numbers, total payment and a positive adjusted EBITDA for the month of September 2017. Due 20 Nov. Offer TBA. Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer and date TBA. AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Offer TBA. Due 8 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world. Expected 8 November 2017 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. 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 mid November.
Companies: AVAP NASA WAND TYMN LION FEVR IDEA NCYT GGP
Nasstar has delivered interims in line with unchanged expectations. Growth in monthly recurring revenue run rate (+46% year-on-year, +8% organic year to date) to £1.8m demonstrates the visibility and resulting quality of the mode, while the Nasstar 10-19 initiative has already delivered EBITDA margin improvement to already achieve our full-year margin expectation of 22% (FY16: 20.1%). Cash flow is strong, with working capital normalised, generating £1.8m free cash from £1.5m adjusted PBT, exceeding free cash generation for the whole of FY16. Management has demonstrated a tick-box delivery of investor expectations. Target 13.0p reiterated.
Independent Oil & Gas* (IOG): Pieces falling into place (CORP) | Elektron Technology* (EKT): Further strategic progress (CORP) | Elecosoft* (ELCO): A good H1 is driven by ICON and FX (CORP) | Hurricane Energy (HUR): Lancaster EPS approved (BUY) | Hurricane Energy (HUR): Lancaster EPS approved (BUY) | Hurricane Energy (HUR): Lancaster EPS approved (BUY) | Nasstar* (NASA): Growth and efficiency (CORP) | SRT Marine Systems* (SRT): Loan notes will fund satellite data project (CORP) | Trifast^ (TRI): Trading update, progress in line with expectations (BUY)
Companies: IOG EKT ELCO HUR ZOO SAV NASA SRT TRI
LoopUp—The provider of conference calls and online meetings is seeking to join AIM. 2015 revs of £9.2m and EBITDA of £1.02m | Bacanora Lithium— To list on AIM around 28 Sep as holding company for TSX listed Bacanora Minerals at £100m market cap | Aura Energy—ASX listed uranium developer (ASX:AEE) expected to join AIM 6 September | Autins Group plc - The acoustic and thermal insulation specialist now looks to join AIM late August
Companies: CTEA PEN EOG NASA THR UVEN AOR NAK EDL SRES
Nasstar* (NASA): Trading update (CORP) | Solid State* (SOLI): Initiation of coverage: Intention to double revenues in five years (CORP) | Mortice* (MORT): Further strong growth (CORP) | Petra Diamonds (PDL): Trading and guidance update (BUY) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Connect (CNCT): In line but with a different mix (BUY) | Quixant* (QXT): Strong H1 performance underpins FY forecasts (CORP)
Companies: NASA SOLI MORT PDL TMMG CNCT QXT
Xpediator Plc—Sch 1 from the holding Company for an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a strong presence in Central and Eastern Europe. Offer details TBC, expected Admission early August 2017. GetBusy PLC—Sch1 from the holding Company of its subsidiary undertakings, which operates as a document management software business, headquartered in Cambridge, UK and operating across the UK, USA, Australia and New Zealand. Capital to be raised via a rights issues of £3m at 28.3p with anticipated market cap of £13.7m, Admission 4 August. Quiz—Sch 1 from the omni-channel and international own brand in the women's value fast fashion sector. Offer raising £102.7m at 161p, expected market cap £200m. Expected 28 July. Last year Quiz posted sales of £87.4m while pre-tax profits grew by 17pc to £5.7m. 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 Early August. Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main, 8am 28 July 2017. No capital to be raised. Mkt Cap c. £57.8m. Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer raising €270m at €1 with expected market cap of €270m. Due 25 July 2017. I3 Energy –Schedule 1 Update. Independent oil and gas Company with assets and operations in the UK. Issue price of 55p with anticipated market cap of £14.3m, 25 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. There has been no official update here for a while. Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 4 August 2017
Companies: TPG NASA KAPE IXI QXT EMAN BIOM MYT GROW ASA
Research Tree provides access to ongoing research coverage, media content and regulatory news on Nasstar. We currently have 42 research reports from 4 professional analysts.
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Seeing Machines Limited, the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, has announced that it has partnered with L3 Commercial Aviation, a leading provider of airline pilot training solutions, to deliver integrated eye tracking capabilities into their Full Flight Simulator (FFS). The first device with this functionality will be delivered to a major Australian airline in 2019.
Companies: Seeing Machines
GB Group’s Loqate division was the focus of yesterday’s capital markets day. Presenters highlighted the need for accurate address data as a prerequisite for many business processes, including e-commerce, insurance and invoicing. Loqate’s ability to provide the “golden record” in a simple, fast and consistent way gives it a competitive edge and supports the division’s international growth ambitions.
Companies: GB Group
Nanoco’s AGM statement flags that good progress is being made in both the Runcorn site build out and developing next-generation materials for the major US client. Guidance for FY19 revenues is re-affirmed and the company remains well placed to deliver an inflection in revenues after that.
Companies: Nanoco Group
RhythmOne has announced H1 result for the year to Sept 2018. They have also announced approval of a share buy back. In H1 revenues grew to $175.5m up 53% YoY. Gross margin improved significantly to 45% from 38%. There was a significant improvement in Adjusted EBITDA to $20.5m, $17.5m better than H1 2017 $3.0m. After seasonal working capital outflow, cash flow is expected to be very strong in H2 and they will buy back shares. Our EBITDA forecasts are unchanged. We retain our Buy rating and 770p price target.
WANdisco’s $3m contract with a large US health insurer is its largest cloud deal to date. It also gives an encouraging indication of revenue potential of the co-sell relationship with Microsoft. Management reports a growing pipeline and structural growth prospects remain strong, although full-year results will hinge on the timing of large strategic deals under negotiation.
Market volatility persists with an agreement between the US & China to defer further tariff increases lifting major indices. However, the uncertainty surrounding the Brexit process continues to dominate in the UK. The impact on our universe is clear from the table below with AIM notably weaker. The reporting season runs on, though it should lighten, ahead of the festive season next week just as the progress of the Brexit deal reaches a crescendo. In Share News & Views we comment on AorTech*, Begbies, Bonhill*, FireAngel*, Golden Ocean, IG Design, Location Sciences*, Menzies, Nucleus & Synectics*.
Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN W7L
This morning, Beeks Financial Cloud announced that it has secured a new contract with a Tier 1 insurance sector customer to manage the customer's hybrid cloud IT activities across the Beeks private cloud and the public cloud. Beeks will provide IaaS connectivity and managed services to connect the customers private cloud activities with its major public cloud providers. Since IPO the business has expanded into all major asset classes for automated trading IaaS services and now added a further hybrid cloud managed service offering, utilising its financial services expertise and growing network resilience and presence. Beeks enjoys high levels of subscription based revenues, with annualised committed monthly recurring revenue of £6.9m at the end of FY18. We forecast 2019E revenue growth of 44% to £8m and 51% EBITDA growth to £2.9m and prospective dividend yield of 0.5%.
Companies: Beeks Financial Cloud
Bigblu Broadband (BBB) has established a strong position as an alternative and rural broadband provider across multiple geographies using satellite, fixed wireless and 4G/5G technologies. Its customers are homes and businesses unserved or underserved by fibre and the group is in a strong position to leverage the heavy investment made by satellite operators in high-speed broadband as well as its own selective roll-out of ultrafast and giga-fast fixed wireless services. With Bigblu set for strong organic growth and well established in key markets, the days of high M&A and equity issuance also appear to be over.
Companies: Bigblu Broadband
Alongside the CFO change announcement, RTHM included a compact update on trading. While H1 revenues are off plan (weak Performance market and integration disruption), lasting effects look likely to be modest and the biggest implication of H1 EBITDA guidance is that costs have been reduced much faster than expected, providing comfort for the full year. EBITDA looks set to continue to soar and investors are likely to focus on H1’19 EBITDA progress; c$20m compares very favourably with $3.1m in H1’18 and $14.0m for all of FY18. Our new FY19 forecast is for $48m. The stock trades on just 3.6x FY19 EV/EBITDA. We adjust our TP to 533p (was 730p) implying investors can more than double their money. BUY.
The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.
Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA PARK CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF
OMG has released a good set of FY’18 results, in line with expectations. Vicon is experiencing a structural shift in demand, with new technology markets boosting revenue. The group is embracing this shift, and increasing investment in FY’19 to maximise its market leading position. The strong momentum in Vicon was offset by slower pipeline conversion in Yotta, particularly in new international markets. This is being addressed with a shift towards the indirect and OEM channel for international sales. Overall OMG is in a good position to meet its FY’21 target of doubling profits and tripling recurring revenue, with the increased investment in FY’19 expected to deliver a fast payback in FY’20 and an enhanced growth trajectory going into FY’21.
Companies: Oxford Metrics
Today R1 has announced a positive trading update and the continued restructuring of the business with CFO Ed Reginelli resigning and being replaced by Mark Zorko. This is consistent with continued execution of R1 financial plan focused on accelerating growth and profitability. We retain our Buy and 770p price target.
Seeing Machines Limited, the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, has today announced that it will provide eye and face tracking sensor technologies to the Royal Australian Air Force (RAAF) for a new Pilot Training System, marking the first commercial program agreement for the Group's Aviation division. Seeing Machines' operator monitoring technology will initially be installed in two Pilatus PC-21 advanced flight training simulators to aid pilot candidates in reaching proficiency, support and optimise pilot streaming. This will improve overall training efficiencies, reduce cost and failure rate. Comment: Signing the first commercial deal in the Aviation sector is good news for this division which leverages off company's the core eye and head tracking platform. Requiring little additional resource, this sector is expected to add significant value in the coming years as traction picks up in three routes to market. This first route to market, pilot training and simulators, has good potential in the military market alone. These first two systems believed to be sold for around A$125k each, and with the potential to greatly reduce the huge costs of military pilot training, these are likely to appeal to air forces around the world. The other routes to market Seeing Machines is pursuing in the aviation sector include civil pilot training (where a pilot shortage is becoming ever more acute), on board aircraft as a pilot monitoring tool (which can help reduce the number of pilots required per aircraft for long haul flights), and in air traffic control systems. Whilst the Aviation sector is included in our forecasts and valuation, we have only included a portion of one of the routes to market (pilot monitoring) leaving further upside from the aviation sector in our 15p price target for the group.
Companies: Seeing Machines
AIM showed no signs of a summer slowdown with three strong months with regards to total funds raised (new and further issues). June, July and August averaged over £700m per month, boosted by a particularly strong June which delivered 14 IPOs (historically AIM has 5-6 new joiners per month). Through the end of August 2018, the total amount raised (new and further issues) of £4.80bn is +15% on the same period in 2017 which itself was the best year since 2007.
Companies: CDM LOOP YEW BLOE AQX SAE ANX TGP INX CBOX MIND KGH RAI TGL YCA IMMO DGOC NUC OVB TWD CNIC