We highlighted last month the (first) Santa Rally arrived early (unlike some other festive gifts). The second Claus(e) relief rally was prompted by the agreement between the European Commission and the UK on its future cooperation with the EU. Markets also reacted positively to the $900bn stimulus package agreed in the US. While the FTSE 100 and FTSE 250 indices rose by 1.6% and 1.7% respectively on the first trading day after the holiday and the FTSE 100 has recovered 28% from its low point in
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We note the announcement released at 07.00 on 10th December ‘Possible cash offer’. Applegreen is deemed to have commenced an offer process and we therefore withdraw forecasts.
Companies: Applegreen plc
Applegreen’s H1 2020 results (6 months ended 30th June 2020) reflect the considerable impact of Covid-driven lockdowns, with sales down 27%, and an underlying EBITDA decline of 57%, leading to a €13.8m loss at the CPTP level. However, post-lockdown trading is improving, with traffic volumes rebuilding and so supporting fuel and food activities, while retail was already proving to be resilient. Period end net debt is reported at €551m, up a modest €26m, though at the end of August it had fallen t
Applegreen’s interim results (20th September) revealed another period of outstanding growth driven by an attractive combination of LFL growth in the UK & RoI, the first contribution from the transformational Welcome Break (WB) acquisition and bolt-on activity across the US. In this note we reconfirm our forecasts, with short/medium-term EPS forecasts little changed but with tweaks to the make-up of between WB and the core Applegreen activities, which has modest implications for EBITDA and cash f
Applegreen has reported results for six months to 30th June 2019 that confirms a period of very strong growth, underpinned by LFL growth in the UK and RoI, the Welcome Break (WB) acquisition and bolt-on activity across the USA. The quality of said growth also further improved with a 187% rise in non-fuel gross profit (including LFL growth of 6%), supporting a >200% increase in EBITDA to €58.9m (+37% pre-WB). Group CPTP jumped 133% to €23.8m, with EPS growth a very impressive 36% to 12.8c (noting
Applegreen has announced it has conditionally acquired a 40% holding in 23 on-highway service plazas in Connecticut, USA, through a consortium shareholder agreement with IST3 Investment Foundation and TD Greystone. The Consortium has entered into a securities purchase agreement to acquire Project Services LLC which operates the Connecticut Service Plazas (“CT Service Plazas”). We believe the acquisition makes strong strategic sense, providing an estate of well-invested and well-located sites, br
Applegreen has today confirmed it has reached agreement to acquire a leasehold interest in 46 sites located in the states of Michigan, Minnesota and Wisconsin, USA. Applegreen is entering into an initial 10-yearlease agreement with CrossAmerica Partners (an existing real estate partner in North East USA) and affiliates to lease the property assets and commence trade at the service stations, with favourable terms and extension options said to have been negotiated so further applying the “capital
Applegreen’s AGM statement covering the first five months of FY2019 has confirmed trading for the overall Group has been “in line with expectations”. As such, we leave our forecasts unchanged, looking for CPTP of €69.5m and EPS of 32.2c, yoy growth of 26% which, in part, reflects the first full year contribution from the positively transformational Welcome Break acquisition (completed October 2018). Applegreen’s stock is trading on a FY2019 PER of 16.3x, and an EV/EBITDA multiple of 7.9x, both u
Anexo -specialist integrated credit hire and legal services group. Offer TBA. Due 19 June. i-nexus—develops and provides strategy execution software to assist global enterprises in effective execution of their strategic plans and initiatives looking to jon AIM. Offer TBC, expected 19 June
Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply
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VR Education Holdings—a virtual reality software and technology company. Raising £6m, mkt cap c €22m. Due 12 March
SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money.
Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd
Core Industrial REIT—established to invest in Irish-based industrial properti
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SpringfieldProperties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Offer TBA. Due 20 Sep |
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Andes Energia PLC—Sch1 on admission the Company will change its name to Phoenix Global Resources plc will be an Argentinian independent oil & gas exploration and production company, offer TBC but market cap to be £844m and admission date 10 August 2017 | Verditek PLC—Sch1 update from holding company in the clean technology sector with subsidiaries operating within what it considers are emergent and fast growing sectors (industrial treatment of solids, air purification, water de-odourisation, zer
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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.
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Research Tree provides access to ongoing research coverage, media content and regulatory news on Applegreen plc.
We currently have 16 research reports from 2
Companies: Vertu Motors PLC
Vertu has delivered an impressive set of record H1 results, which showed strong volume outperformance and pricing discipline across all markets. We are raising our FY22 forecasts by 19% to reflect current management guidance and leave our FY23/24 forecasts unchanged for now. Our near term value per share increases to 86p implying a healthy risk reward profile from here.
H1 trading was slightly ahead of expectations from a sales and margin perspective, with UK sales positive in Q2 after annualising very tough Q1 comps. Despite exceptional comps, a good proportion of the gross margin uplift has also been retained. G4M continues to minimise the impact of various global supply chain headwinds. and has good visibility of stock/availability for peak. It is therefore confident of hitting full year expectations. Recent de-rating looks unjustified, particularly given a
Companies: Gear4music (Holdings) PLC
Strong performance in H1 means full year EBITDA is now expected to be no less than £5.0m (£6.9m post-IFRS16), driving an EPS upgrade of over 20% while potentially still leaving risk to the upside depending on trading in the traditionally quieter Q4 season. This has been driven in part by further gross margin gains and operational enhancements where further strides are likely. Today’s other news relates to the launch of an in-territory EU fulfilment centre in spring 2022 which will facilitate maj
Companies: Angling Direct Plc
Companies: Loungers Plc
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Marshall Motor Holdings (“MMH”) has today announced its £64.5m cash acquisition of Motorline Holdings Limited, a multi-franchise dealer group that operates 48 franchises operating across the South of England, representing ten brands. MMH has a long track record of successful execution and integration of acquisitions – we are confident that this “off market” transaction will complement MMH’s already strong and reliable platform. With our upgrade to FY21 earnings last week and the upside that this
Companies: Marshall Motor Holdings Plc
Entain registered Q3 21 top-line growth of 6%, driven largely by online (10%). In the all-important US market, BetMGM surged ahead with a further expansion in market share of (23% in three months to August vs 22% in Q2 21).
FY21 EBITDA guidance of £850-900m was re-iterated, a positive given the recently announced headwinds from Dutch regulations.
We do not expect any significant change to our estimates, given that the performance was largely in line with our estimates.
Companies: Entain PLC
G4M has delivered an H1 trading update in line with internal expectations against the very strong H1 trading performance last year and is on track to meet full-year consensus market expectations. UK sales performance was the stand-out feature, coming in flat on last year. Europe’s performance was hindered by post-Brexit challenges, down 16% on last year, though up 14% on a two-year view. Group sales are down 8% in aggregate, but up 31% on a two-year view. Gross margin has held up well, being dow
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
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Guild Esports provided an encouraging operational update and published H1 results yesterday. H1 financial results do not reflect the company’s substantial progress on sponsorships signings, tournament wins and fanbase growth:
Companies: Guild Esports PLC
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Softline the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, is considering proceeding with a potential initial public offering of global depositary receipts representing its ordinary shares. The Company is considering applying for admission of the GDRs to the standard listing segm
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The final results revealed adjusted PBT up 99% year-on-year, which was 10% better than forecast despite four upgrades during the financial year. This strong performance reflects the financial benefits that have accrued following the shift in the business model to online only, as well as management’s strategic decision to significantly increase marketing spend. A second special dividend for the 2020 financial year has also been announced, reflecting the strong cash flow characteristics of the bus
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Guild Esports is positioned to become the leading global esports brand based in the UK. With strong support from David Beckham, the company plans to pioneer the UK Premier League academy model in esports, attract leading sponsors, build a loyal fan base and establish a premium line of merchandise. Within 12 months of the IPO, Guild plans to contract 19 esports staff, register 1m fans and generate £5m sponsorship revenue, £1m merchandise revenue and £0.6m media revenue. Today, Guild announced a £