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  • 30 Sep 19
Morning Note – 30 September 2019

Altitude Group (ALT): Corp Interims: building the base Altitude has delivered interims | Nasstar (NASA): Corp Interims: efficiencies delivered | President Energy (PPC): Corp Interim results | Tri-Star Resources (TSTR): Corp Interim results 2019

Companies: ALT NASA PPC TSTR

  • 30 Sep 19
Morning Note – 30 September 2019

Altitude Group (ALT): Corp Interims: building the base Altitude has delivered interims | Nasstar (NASA): Corp Interims: efficiencies delivered | President Energy (PPC): Corp Interim results | Tri-Star Resources (TSTR): Corp Interim results 2019

Companies: ALT NASA PPC TSTR

  • 30 Sep 19
Interims: efficiencies delivered

Interims reveal revenue growth of 2% leading to £3.0m EBITDA (1H18: £3.0m), representing 47% and 48% of full-year expectations respectively. Net cash improved to £2.4m (FY18: £1.5m), as NASA completes the series of initiatives in the Nasstar 10-19 improvement programme, with the target expansion to 23% post IFRS 15 & 16 EBITDA margin exceeded in the seasonally stronger first half (23.6%), and expected on a full-year basis (23%). With 90% recurring revenue, monthly recurring revenue of £1,988k (1H18: £1,914k, FY18: £1,980k) and work in progress for ‘on-boarding’ new customers with additional monthly recurring revenue of up to £150k, the FY exit MRR should show at least 7% FY growth (1H: 3.9%). The long-term visibility of the model lends to reliability and stability, and we look forward to hearing of the development of the next phase of the group’s strategy to drive further profitable cash generative revenue organically or through acquisition. Target 15p reiterated.

Companies: Nasstar
  • 30 Sep 19
Interims: efficiencies delivered

Interims reveal revenue growth of 2% leading to £3.0m EBITDA (1H18: £3.0m), representing 47% and 48% of full-year expectations respectively. Net cash improved to £2.4m (FY18: £1.5m), as NASA completes the series of initiatives in the Nasstar 10-19 improvement programme, with the target expansion to 23% post IFRS 15 & 16 EBITDA margin exceeded in the seasonally stronger first half (23.6%), and expected on a full-year basis (23%). With 90% recurring revenue, monthly recurring revenue of £1,988k (1H18: £1,914k, FY18: £1,980k) and work in progress for ‘on-boarding’ new customers with additional monthly recurring revenue of up to £150k, the FY exit MRR should show at least 7% FY growth (1H: 3.9%). The long-term visibility of the model lends to reliability and stability, and we look forward to hearing of the development of the next phase of the group’s strategy to drive further profitable cash generative revenue organically or through acquisition. Target 15p reiterated.

Companies: Nasstar
  • 31 Jul 19
Morning Note – 31 July 2019

ANGLE (AGL): Corp FY 2019 results: reiterating FDA submission in Q4 | dotDigital (DOTD): Corp Joining the dots – an industry update | Nasstar (NASA): Corp Positive trading update in line with expectations | 4imprint (FOUR): Corp Increased marketing supporting strong growth

Companies: FOUR DOTD NASA AGL

  • 31 Jul 19
Morning Note – 31 July 2019

ANGLE (AGL): Corp FY 2019 results: reiterating FDA submission in Q4 | dotDigital (DOTD): Corp Joining the dots – an industry update | Nasstar (NASA): Corp Positive trading update in line with expectations | 4imprint (FOUR): Corp Increased marketing supporting strong growth

Companies: FOUR DOTD NASA AGL

  • 29 Apr 19
Morning Note – 29 April 2019

Allergy Therapeutics (AGY): Corp Regulatory and trading update | ClearStar (CLSU): Corp Financial services client expands contract again | Europa Oil & Gas (EOG): Corp Wressle appeal date set | Lok'nStore (LOK): Corp Exciting pipeline of new landmark stores | Nasstar (NASA): Corp Prelims – showing the sector how to do it | Proactis (PHD): Corp Interims and strategic update | SimiGon (SIM): Corp FY 2018 shows recovery but SaaS transition continues

Companies: AGY 9537 EOG LOK NASA PHD SIM

  • 29 Apr 19
Morning Note – 29 April 2019

Allergy Therapeutics (AGY): Corp Regulatory and trading update | ClearStar (CLSU): Corp Financial services client expands contract again | Europa Oil & Gas (EOG): Corp Wressle appeal date set | Lok'nStore (LOK): Corp Exciting pipeline of new landmark stores | Nasstar (NASA): Corp Prelims – showing the sector how to do it | Proactis (PHD): Corp Interims and strategic update | SimiGon (SIM): Corp FY 2018 shows recovery but SaaS transition continues

Companies: AGY 9537 EOG LOK NASA PHD SIM

  • 29 Apr 19
Prelims – showing the sector how to do it

Nasstar has delivered performance in line with the February trading update, indicating revenue of £25.7m pleasantly ahead of expectations (£25.0m) and all other metrics in line. The initiatives for efficiencies and automation included within the Nasstar 10-19 three year plan have led to demonstrably positive results two years in, with the £3.1m contract win with a top 50 UK Law Firm for a three-year contract for 850 users. The margin improvement measures continue to bear fruit, on track for 23% for FY20. With systems and processes, management and resources all reviewed for efficiency and growth, the group has proved the strength in EBITDA and underlying cash generation, leaving an ungeared balance sheet primed to deliver profitable growth in recurring revenue, and through acquisition. Target price 15p reiterated.

Companies: Nasstar
  • 29 Apr 19
Prelims – showing the sector how to do it

Nasstar has delivered performance in line with the February trading update, indicating revenue of £25.7m pleasantly ahead of expectations (£25.0m) and all other metrics in line. The initiatives for efficiencies and automation included within the Nasstar 10-19 three year plan have led to demonstrably positive results two years in, with the £3.1m contract win with a top 50 UK Law Firm for a three-year contract for 850 users. The margin improvement measures continue to bear fruit, on track for 23% for FY20. With systems and processes, management and resources all reviewed for efficiency and growth, the group has proved the strength in EBITDA and underlying cash generation, leaving an ungeared balance sheet primed to deliver profitable growth in recurring revenue, and through acquisition. Target price 15p reiterated.

Companies: Nasstar
  • 29 Apr 19
Small Cap Feast

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. 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. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 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 25 June 2019

Companies: RBD EUA AVAP MNZS MIND NASA MRL LOK EDR

  • 29 Apr 19
Small Cap Feast

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. 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. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 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 25 June 2019

Companies: RBD EUA AVAP MNZS MIND NASA MRL LOK EDR

  • 01 Feb 19
Morning Note – 1 February 2019

Kingswood Holdings (KWG): Corp Beginning to deliver what was promised | Lok'nStore (LOK): Corp Focusing on the core, strengthening the balance sheet | Nasstar (NASA): Corp Positive FY18 trading update

Companies: LOK NASA KWG

  • 01 Feb 19
Morning Note – 1 February 2019

Kingswood Holdings (KWG): Corp Beginning to deliver what was promised | Lok'nStore (LOK): Corp Focusing on the core, strengthening the balance sheet | Nasstar (NASA): Corp Positive FY18 trading update

Companies: LOK NASA KWG

  • 24 Sep 18
Morning Note – 24 September 2018

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: MMX NASA PPC CYAN

  • 24 Sep 18
Morning Note – 24 September 2018

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: MMX NASA PPC CYAN

  • 30 Jul 18
Small Cap Breakfast

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

  • 30 Jul 18
Small Cap Breakfast

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

  • 01 May 18
Demonstrating the underlying strength

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.

Companies: Nasstar
  • 01 May 18
Demonstrating the underlying strength

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.

Companies: Nasstar
  • 01 May 18
Morning Note

Independent Oil & Gas (IOG): Corp Building a head of steam | Nasstar (NASA): Corp Demonstrating the underlying strength

Companies: Independent Oil & Gas Nasstar

  • 01 May 18
Morning Note

Independent Oil & Gas (IOG): Corp Building a head of steam | Nasstar (NASA): Corp Demonstrating the underlying strength

Companies: Independent Oil & Gas Nasstar

  • 29 Jan 18
Small Cap Breakfast

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 IME EZH ANP NASA WAND FIPP FISH DPP HYR

  • 29 Jan 18
Small Cap Breakfast

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 IME EZH ANP NASA WAND FIPP FISH DPP HYR

  • 29 Jan 18
Morning Note

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

  • 29 Jan 18
Morning Note

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

  • 10 Nov 17
Most popular equity research this week | 6 - 10 Nov

See what's trending this week...

Companies: SEEFOGWRLNETAVOND4T4IDOXIGPIOMKCOMSDMTEPUNGIQENAUTKBTAMOLRMEOGMAIALTSRTTRAKNASAPHDBOTBZOOARTAPPCHURVIPRCNQXTKWSONEVTAXIOGCYANABALPMGCITYQTX7DIGFEVRTPOPSPECTPRTHMCHARSSYSIMTRMRWANDSTR932MMXDTC
  • 10 Nov 17
Most popular equity research this week | 6 - 10 Nov

See what's trending this week...

Companies: SEEFOGWRLNETAVOND4T4IDOXIGPIOMKCOMSDMTEPUNGIQENAUTKBTAMOLRMEOGMAIALTSRTTRAKNASAPHDBOTBZOOARTAPPCHURVIPRCNQXTKWSONEVTAXIOGCYANABALPMGCITYQTX7DIGFEVRTPOPSPECTPRTHMCHARSSYSIMTRMRWANDSTR932MMXDTC
  • 09 Nov 17
The Joy of Techs

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 FDEV GBG IDEA IDOX IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SEE SIM SPE SRT STR TRMR TAX TEP TPOP TRAK UNG VIP ZOO CYAN ONEV SSY ABAL WJA

  • 09 Nov 17
The Joy of Techs

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 FDEV GBG IDEA IDOX IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SEE SIM SPE SRT STR TRMR TAX TEP TPOP TRAK UNG VIP ZOO CYAN ONEV SSY ABAL WJA

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Nasstar. We currently have 50 research reports from 4 professional analysts.

Open
N/A
Range Today
N/A
52 Week
10.7/13.0p
Daily Volume
N/A
# Shares
0m
Daily Liquidity
0.0%
Pension Liability
£0m
Enterprise Value
£64.2m
Market Cap
£78.6m
Latest PE (hist)
22.50
Div Yield
0.80

Latest News/RNS

(more news)
Date Source Announcement
28Jan20 07:00 RNS Cancellation - Nasstar plc
27Jan20 12:02 RNS Scheme Effective
24Jan20 15:25 RNS Holding(s) in Company
24Jan20 11:50 RNS Holding(s) in Company
23Jan20 08:13 RNS Rule 2.9 Announcement
22Jan20 07:30 RNS Suspension - Nasstar PLC
22Jan20 07:00 RNS ISSUE OF EQUITY AND REVISED OFFER TIMETABLE
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  • 10 Feb 20
WHI First Light: Caspian Sunrise, Watchstone Group & Water Intelligence

Caspian Sunrise (CASP) – Corporate – Operational Update Market Cap £140m Share Price 7.7p Caspian Sunrise announced that the Deep Well A5 sidetrack has flowed for a period of 40 days and management stated it continues to believe that the well is capable of producing at a rate of at least 1,500 b/d. The company is focusing on ensuring flow is maintained by adjusting the wells choke size to maintain a constant reservoir pressure. The company stated it is planning to optimise the well through an acid job later in February and that the operation is expected to take three days. Watchstone Group (WTG) – Corporate – Pre-close trading update and planned capital return to shareholders Market Cap £68.4m Share Price 148.5p Watchstone has this morning released a pre-close update for the year ended 31 December 2019, as well as announcing a planned first tranche return of capital to shareholders by the end of June 2020, subject to approvals. Water Intelligence (WATR) – Corporate – FY trading update ahead of expectations Market Cap £44.2m Share Price 317.5p WATR has published another strong update this morning, demonstrating that the company is able to generate strong double digit growth in revenues while at the same time expanding margins. FY2019E results are reported to be well ahead of the prior year on both the sales and the profit lines (+27% and +36% respectively), while no less than 9% ahead of forecasts. Showing again that the company is able to grow sales and margins at the same time, PBT margins are up >150 basis points, while operating margins in the key Corporate activity are at 13.5% (also +150bp).

Companies: CASP WTG WATR

  • 10 Feb 20
Allenby Capital TMT Update - 10.02.20 (MWE.L, STAR.L, BIRD.L, BBSN.L)

MTI Wireless Edge Ltd* (MWE.L, 38.5p/£33.8m) | Starcom plc* (STAR.L, 1.175p/£4.1m) | Blackbird plc* (BIRD.L, 16.0p/£53.6m) | Brave Bison plc* (BBSN.L, 1.125p/£6.9m)

Companies: MWE STAR BIRD BBSN

  • 11 Feb 20
Evoko launch provides stock upside

Evoko is today announcing the launch of its next-gen Naso meeting room panel. SmartSpace’s Space Connect is the exclusive software provider for this panel and is set to benefit from royalties and associated SaaS revenues for a product that may have a TAM of up to €30m for SmartSpace. We think the value of the Space Connect and SwipedOn acquisitions have not remotely been factored into SMRT’s mkt cap.

Companies: Smartspace Software
  • 11 Feb 20
Crimson Tide*

Commercial momentum undervalued

Companies: Crimson Tide
  • 30 Jan 20
Cenkos: Seeing Machines Ltd -- H1/20 Trading Update

Seeing Machines has announced a trading update for the six months ended 31 December 2019 (H1/20) where it expects to report revenue of A$15.8m (A$13.5m for H1/19). It finished the period with 20,551 Guardian units installed, representing a forward Annualised Recurring Revenue (ARR) run rate of A$13.2m, and the Board%u2019s guidance for FY20 remains unchanged (revenues of A$45-50m and ARR at 30 June 2020 of A$18-20m).

Companies: Seeing Machines
  • 12 Feb 20
Arden Tech SoundBytes

Lyft beats revenue estimates; Challenger bank N26 to shut all UK accounts

Companies: Trakm8
  • 05 Feb 20
Updating forecasts

CentralnNic have released a positive trading update this morning, confirming trading for 2019 to be in line with expectations. We update forecasts to reflect the successful completion of the acquisition of Team Internet. We reduce our assumptions regarding the contribution of Team Internet to the forecast period compared to November reflecting a lower EBITDA run rate reported in Matomy Media’s Q3 update in December. We also review our FX assumptions, taking a slightly more conservative view. We now expect adj. EBITDA in 2020E of $31.5m, growing to $33.1m in 2021E, this represents a 37.3% earnings accretion in 2020E and 28.1% in 2021E compared to pre-acquisition EPS forecasts. 2019 was a very active year for the group from an M&A perspective and clearly, they have made significant progress scaling and diversifying the business. The shares have responded well to this, reaching an all-time high of 91p in December 2019. We see potential for a further rerating as the acquisitions are integrated and potential synergies are realised.

Companies: Centralnic Group
  • 03 Feb 20
CloudCall

Refreshing our estimates post FY trading update

Companies: Cloudcall Group
  • 10 Feb 20
Deeply undervalued, high growth stock

It’s been a ‘FTSE slug fest’ over the past 3 months. Firstly investors were rattled by US/China trade tensions, then uncertainty about Brexit/General Election, and more recently by conflict in Iran/Iraq and the deadly Coronavirus. The latter sending Chinese equities, travel stocks, crude oil, commodities and many other assets plummeting.

Companies: CLEARSTAR
  • 19 Nov 19
Strong interims and exciting long term prospects

Interims reveal a particularly strong trading period for the group, with underlying organic sales growth accelerating to +20% c/c (previously mid-single digit), underpinned by both strong trading in the US (+c.50% u/l) and the UK (+11%). Additionally, Eckoh benefitted from a large perpetual Coral licence deal, bringing reported sales growth to +37%. In our view, these results speak to the strong proposition, opportunity and momentum Eckoh across its markets. We leave FY u/l forecasts unchanged but acknowledge they look more than achievable. Currently trading on a 5% FCF yield, rising to 6% in FY21E, we think Eckoh offers a unique investment opportunity.

Companies: Eckoh
  • 25 Nov 19
Costs, tick, now for revenue

Interims are in line with the October trading update and unchanged forecasts, with revenue growth +5% to £4.4m, and £5.2m gross cash. The reduction in opex continues to improve profitability, delivering a 1H operating profit for the first time since September 2013, even as contract wins continue from new and existing customers and the customer profile reiterates the quality of the software. Eighteen months after the arrival of CEO Klaas van der Leest, the improved performance has clearly become a trend, and the group’s confidence is expressed in targeted investment to accommodate channel sales and co-ordinate centralised R&D to a clear road map. The horizon for Intercede brightened dramatically at prelims in June when the two-year recovery plan was delivered in a year – now the sun appears to be coming up. 80p target reiterated.

Companies: Intercede Group
  • 06 Feb 20
WHI Corporate Sponsored First Light: Touchstar (TST)

Touchstar (TST) – Corporate – Trading update – year-end outturn marginally ahead - cash performance exceptionally strong - further increase in the order book bodes well for 2020 Market Cap £3.7m Share Price 44p Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning, the group has released a further update on trading, reporting that as a result of a slightly higher level of shipments to customers by the year-end than previously anticipated, FY 2019E revenue is now expected to stand at £7.1m (WHI previous est. £7.0m), illustrating growth of 8% from continuing activities, with the pre-tax and post-tax loss also expected to be better than previously expected. Of particular note in the statement is the reported net cash position as at 31 December 2019 of £849k, significantly ahead of our previous forecast of £100k, and driven by both strong cash collections and pre-payments in the two weeks leading up to the year-end.

Companies: Touchstar
  • 18 Jul 18
Quarterly Research Outlook

In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a risk going forward.

Companies: AMER EMR HMI JOG PDG ABBY AMS AVON BLVN PIER CGS CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO GTLY GENL INCE GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA APP CAKE PDG RBW REDD RSW RNO RKH ROR SUS SCPA SHG KCT TRAK TRI VTC ZTF

  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

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 SRE 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

  • 25 Nov 19
H1 as expected but with growing SaaS prospects

As noted in the trading update, H1 was in line with expectations. It highlighted that this year will be particularly H2-weighted, with £8.8m sales in H1 delivering a small Adj. PBT. The expectation of a record H2 is underpinned by substantial annual contract renewals from licences signed in H2 LY; strong visibility on new contracts due to initiate in H2; and a significant pipeline of new business in negotiation with existing clients who continue to derive substantial benefits from D4t4’s data management solutions. We reiterate our FY forecasts and TP.

Companies: D4T4 Solutions