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  • 30 Jul 18

Morning Note – 30 July 2018

Nasstar (NASA): Corp Positive trading update

Companies: Nasstar
  • 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

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

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
  • 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

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 HYR IME EZH ANP NASA WAND FIPP FISH DPP

  • 10 Nov 17

Most popular equity research this week | 6 - 10 Nov

See what's trending this week...

Companies: SEEFOGWRLNETAVOND4T4SSYIDOXIGPIOMKCOMSDMTEPUNGIQENAUTKBTAMOLRMEOGMAIALTSRTTRAKNASAPHDBOTBZOOARTAPPCHURVIPRCNQXTKWSONEVTAXIOGCYANPMGCITYQTX7DIGIMTKFEVRTPOPSPECTPRTHMCHARSIMTAPWANDSTR932MMXDTC
  • 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 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

  • 07 Nov 17

Morning Note

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

  • 07 Nov 17

Small Cap Breakfast

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

  • 25 Sep 17

Growth and efficiency

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.

Companies: Nasstar
  • 25 Sep 17

Morning Note

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

  • 15 Aug 17

AIM Breakfast

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

  • 24 Jul 17

Morning Note

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

  • 24 Jul 17

Small Cap Brunch

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, 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.

Open
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52 Week
9.50/12.0p
Market Cap
£67.8m
Enterprise Value
£62.8m
Pension Liability
£0m
# Shares
574.2m
Latest PE (hist)
21.76
Div Yield
0.54

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  • 19 Sep 18

Cenkos: Seeing Machines Ltd - Smooth transition for fleet

This morning, Seeing Machines released its FY18 results within which there is an increase in the forecast revenues from the five automotive OEM deals to A$138m (from A$110m), demonstrating the ever-broadening scope for DMS. The board has opted for a smooth transition to a license model for the fleet business and based on this we have substantially pared back our revenue expectations for FY19. Despite this, we believe Seeing Machines remains funded through FY19 thanks to lower expected cash requirements associated with the license model. We re-instate our BUY recommendation and adjust our target price to 15p (from 19p) to reflect recent events.

Companies: Seeing Machines
  • 18 Sep 18

Cenkos: CloudCall Group Plc - New CRMs to drive additional growth

The 30% revenue expansion secured in H1A has been driven by voice-only products. H2E will see a broadened launch of the unified communications platform and further growth opportunities. The recent fund raising has helped finance the development of a scalable architecture and widen the number of CRM integrations which should lead to supplemental revenue expansion thereafter. The over-sold stock price is not fairly valuing the enlarged addressable opportunity in our opinion.

Companies: Cloudcall Group
  • 18 Sep 18

Cenkos: Bango Plc - Interim results

This morning, Bango announced interim results for the period to 30 June 2018, showing a strong increase in End User Spend (EUS), up 138% to £220m. EUS growth remains on track to more than double for the fourth consecutive year. Audiens has added a completely new and high margin, revenue stream during the period and there remains a growing pipeline of new MNO/App Store integrations to complete as well as further Google Play upgrades, together representing well over US$4 billion in EUS. Further expansion of the Bango platform has also enabled MNO customers to sign-up for Amazon Prime Video in the US, UK and India, and Pandora customers in the US; generating new subscription-based revenues for Bango.

Companies: Bango
  • 18 Sep 18

All on track for ramp-up in H2’18

CloudCall’s performance in H1’18 was robust, as per the pre-release, with management confirming its H2’18 outlook and target to break-even during FY19E. Our estimates are unchanged. On strategy, the Phase II roll-out of UCS is due to go live in Q4’18, positioning the group to accelerate into FY’19E. We reiterate our Buy rating and continue to see compelling upside.

Companies: Cloudcall Group
  • 11 Sep 18

Cenkos: Seeing Machines Ltd - Backup-driver Monitoring System

Seeing Machines has announced that it has launched a retrofit driver monitoring system for autonomous vehicles called the Guardian Backup-driver Monitoring System (Guardian BdMS). The system is designed to ensure that the backup-driver in a self-driving research vehicle is alert, aware and ready to take control of the driving task whenever necessary. The product is in response to clear demand from producers of semi-autonomous and autonomous research vehicles and Seeing Machines has signed an agreement with one customer and is in advanced discussions with several leading companies in the space. The Guardian BdMS product is based on a repurposed Guardian (fleet) Gen-2 unit but using updated FOVIO algorithms and an interface and API designed for this application.

Companies: Seeing Machines
  • 12 Sep 18

Share & share alike

Here we go again – the company reporting season is gathering pace. The MPC is likely to leave rates unchanged although expectations still remain for an increase next year. The UK economy expanded at a faster pace in July helped by the weather and better retail sales. General sentiment continues to be impacted by tariff concerns, combined with Brexit uncertainty. As Table 1 shows, all major indices have fallen over the last month. In Share News & Views, we comment on AorTech*, Bonhill*, DeepMatter*, EU Supply* James Fisher, Haynes, Hunting , Location Sciences*, Marshall Motor and Synectics*.

Companies: AOR APC BMS CRPR DMTR ESC EUSP FDM FA/ GETB LSAI PCF SNX TCN W7L

  • 10 Sep 18

Contract evidences growing SaaS acceptance

Sopheon has received a contract from Doosan Bobcat North America to deploy its Accolade software to manage Doosan Bobcat’s portfolio of projects across a number of corporate groups. The implementation went live in August. In its recent interim results announcement, Sopheon noted that it had signed a number of Software-as-a-Service (SaaS) deals and extensions including a major new win. Our estimates already reflect that backdrop. Doosan Bobcat’s decision to go with a SaaS contract is another example of the growing acceptance of the SaaS model within the market for enterprise innovation management solutions. In the results announcement, Sopheon also said that it planned to make specific investment in product, people and processes to further extend Accolade. This will provide impetus to the Group’s focus on expanding its “lifetime value” opportunities across a number of blue chip clients through extending the business application areas addressed by Accolade. It recently released Accolade version 12.1. Sopheon produced a strong performance in the first half of 2018 and the Group retains both good momentum and excellent revenue visibility. We look forward to further updates.

Companies: Sopheon
  • 19 Sep 18

Weighting on a record H2 for gaming platforms

A return to the usual H2-weighting makes H1 appear weak against an exceptional half LY and, conversely, H2 results will impress against weak comparatives. This is misleading as Quixant has delivered another strong performance and across the FY, it should again deliver double-digit revenue and solid earnings growth and we maintain our FY forecasts. H1 cash conversion was a little weaker than usual, with high trade debt and stock levels reducing interim net cash to $2.5m after the dividend. Cash collections post period-end will lift that balance to over $6.0m. The experienced and reliable management has the usual good visibility on a record second half for the gaming business, its confidence secured by a record order book and we therefore reiterate our FY growth forecasts and target price

Companies: Quixant
  • 20 Sep 18

SCISYS - Strong H1 but more balanced year is expected

SCISYS has reported a strong H1 with professional fees jumping 24%. However, this was off a weak H117 and some business was brought forward from H2. Consequently, we are forecasting a more balanced H1/H2 in FY18. We have increased our FY18 revenues by £3.0m to reflect this balancing, but we have maintained our profit forecasts. All divisions posted record revenues, the order book remains robust at close to £100m and net debt continues to decline. Management’s goal of £60m in revenues and double-digit margins within the next few years looks increasingly conservative and we believe the stock is solid on c 14.6x our FY19e EPS.

Companies: Scisys
  • 05 Sep 18

Cenkos: Seeing Machines Ltd - Fleet business update

Yesterday, Seeing Machines announced that following an initial review of the delays and cost over runs in its Gen2 fleet product, that it expected the production delays will have an ongoing adverse effect on growth of its connected base in FY19. Furthermore, the Board has concluded that the cost reductions previously anticipated to be delivered by the updated Guardian product are unlikely to be achieved in the short to medium-term. These have led the Board to conclude that revenues for FY19 will be materially below current market expectations and the Board has initiated a detailed internal review of the Fleet business unit. The key outcomes of the review and revised guidance will be announced with the results for the year to 30 June 2018 on 19 September 2018.

Companies: Seeing Machines
  • 07 Sep 18

The Internet of Things

We believe a confluence of factors (including connectivity (NB-IoT and 5G), power storage (supercapacitors) and investment) is due to accelerate the adoption of The Internet of Things (“IoT”) at a global level. In this note we highlight a rich landscape of opportunity on AIM, initiating coverage on two companies which, in our view, offer investors compelling exposure to the IoT space:

Companies: 7DIG TIDE TRAK FST VNET

  • 19 Sep 18

Settlement with Illumina – freedom to operate globally

Premaitha has announced a partnership agreement with Illumina that brings to an end the 3½-year patent infringement litigation for non-invasive pregnancy testing (NIPT) that has over-shadowed the investment story. Premaitha has taken a licence under Illumina’s patent pool for NIPT, giving the company total freedom to operate in the global NIPT market. Premaitha will develop the IONA® test for use on Illumina’s Next Generation Sequencing (NGS) platforms, with a launch expected in early 2020. With the litigation overhang removed and settlement consideration (£0.6-0.8m) quantified, investors can focus now on the opportunity that exists for Premaitha to exploit the large (c.$1bn+) and growing NIPT market as well as adding content to both NGS platforms. Pending FY results, we put our target price under review but leave forecasts unchanged. This is a significant development, however, as this resolution should drive increased market penetration and higher growth rates, implying future upside to our forecasts.

Companies: Premaitha Health
  • 29 Aug 18

Cenkos: Beeks Financial Cloud Group Plc - Final results comment

Beeks Financial Cloud announced final results for the year to June 2018 showing strong increases in revenue and profitability. Beeks enjoys high levels of subscription based revenues, with annualised committed monthly recurring revenue up 47% to £6.9m. We forecast 2019E revenue growth of 44% to £8m and 51% EBITDA growth to £2.9m. The business has now expanded into all major asset classes for automated trading, presenting wide-spread opportunities to expand the business further targeting more and larger institutional clients.

Companies: Beeks Financial Cloud
  • 12 Sep 18

eServGlobal - Break-even target reiterated

eServGlobal’s H118 results confirm it has reduced its cost base further and is still targeting EBITDA break-even for FY18. It also noted it is having conversations with interested parties relating to the disposal of its core business. This would leave the company holding its 35.7% stake in the HomeSend joint venture, which we estimate makes up most of the current valuation.

Companies: eServGlobal
  • 18 Sep 18

Strong growth in payments, investment in data

Bango has reported solid interim results in our view. The payments business grew strongly, with End User Spend growth of 138% YoY, alongside a first full accounting period of positive EBITDA. The data business (including Audiens) is making good progress, and overall, we believe the group continues to deliver solid operational momentum. The outlook remains upbeat, giving confidence in H2 financial performance.

Companies: Bango