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17 Oct 16
Avacta* (AVCT): Act now (CORP) | Tristel* (TSTL): A strong FY 2016 (CORP) | Bioventix* (BVXP): FY 2016 results (CORP) | Elecosoft* (ELCO): SaaS model strengthened through acquisition (CORP) | Lok’nStore* (LOK): NAV up 28% (CORP) | Omega Diagnostics* (ODX): Mid year trading update (CORP) | Mortice* (MORT): Positive trading update (CORP)
N+1 Singer - IQE - Site visit confirms large growth opportunity
19 Oct 16
We visited IQE in Cardiff yesterday. The visit focused on the fast growing Photonics division as well as potential applications for the recently acquired cREO technology. We have come away further convinced of the large and diverse, near term opportunity for IP rich Photonics wafers, and believe IQE is uniquely placed to service this market. The group is also exposed to multiple potentially game-changing medium term opportunities, which the cREO technology will help address. We expect the higher value Photonics division to continue its rapid growth (+45% growth y-o-y reported in H1’16), underpinning our positive stance and Buy recommendation.
N+1 Singer - Morning Song 18-10-2016
18 Oct 16
1Spatial delivered a soft first half performance showing slower revenue development in its higher-margin Geospatial business, thereby impacting overall adjusted EBITDA. The group has a strong order book (of which the Geospatial component is up 30% y-o-y) and has built up a solid pipeline of opportunities which it expects to convert in the next six months. As such, the group is maintaining guidance for the year, albeit performance will be heavily H2-weighted. We believe the 1.1x EV/Sales and 6.2x EV/EBITDA Jan’17 rating does not reflect the potential of an IP-rich, productised business that is leveraging partnerships to scale growth – but recognise that stronger revenue traction is required to buoy confidence and drive the re-rating of the shares.
Strong prelims demonstrate strategic execution
18 Oct 16
Prelims delivered EBITDA of £8.0m (comfortably ahead of £7.6mE) from revenue of £26.9m (£27.5mE), with cash very strong at £17.3m (£15.3mE), as detailed at the July trading update. Consistently strong revenue growth included 21% in the established UK market (20% of 2H16 revenue) and 58% across the rest of the world (including 43% constant currency growth in the US). Geographical expansion, product innovation and strategic partnerships continue to be well executed, supported by a strong balance sheet that is also able to accommodate a growing dividend, and an FY16 special dividend given strong cash generation. With EBITDA and cash performance ahead of expectations and board confidence displayed in the dividend, forecasts remain primed for upgrade: target price 70p (55p).
N+1 Singer - NCC Group - Strong revenue but margins weaker in H1
20 Oct 16
NCC’s trading update for the four months to September shows continued strong revenue growth, but margin pressures in the first half mean that profit for the year will be more second half weighted than usual. Group revenue increased 36% in the period (+21% organic) with Assurance and Escrow both growing well (+25% and +4% respectively). The Assurance division has seen three unrelated large contract cancellations however, as well as some difficulties with some managed services renewals. We are not making any changes to our forecasts at this stage but now expect a significant second half weighting to profits. We remain supportive of the story but with the shares priced for perfection, we downgrade to Hold, with a target price of 353p (from 384p).
Fleet has 100,000 units under trial
06 Oct 16
FY 2016 saw a small loss despite the big licence sale to CAT. Revenues came in slightly above our expectation (A$33.6m v A$33.0m), margins were higher and the loss, lower (A$1.4m v A$6.0m). LY comparatives were restated for the sale of the 55% stake in the Chilean JV, taking A$6.1m from the FY 2015 revenue and adding A$1.9m to the operating loss. On a LFL basis against restated comparatives, FY 2016 revenues jumped 161% to A$33.6m, driven by the A$21.8m licensing of the off-road business to CAT in H1. Given that was ‘pure profit’, gross margin virtually doubled from 44.5% to 81.3% in the year with gross profit of A$27.3m. Overheads increased (rising 42.8% YoY to A$30.1m) as the company invested in infrastructure, marketing and R&D in its new markets, particularly Fleet and OEM automotive. Those overheads include a first half A$5.2m impairment of inventory for early fleet devices that needed upgrading. We had expected some of the OEM development spending to be taken into a separately funded spin-out however that has been delayed, now expected in FY 2017. This left an A$2.8m operating loss, halved to A$1.4m by interest on the cash. Following a major investment from VSI Berhad, net cash rose to A$17.1m.