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Futura has secured £1.5m from convertible loan notes with a Hong Kong based PE fund. There is potential for a further £0.5m through warrants. It has also signed a commercial deal for its erectile dysfunction product MED3000 for certain Asian countries including China. Under the deal its partner will fund all development and related costs with Futura set to receive 50% of future profits. Lastly, its EU regulatory filing remains on-track with approval likely in the coming months in our view. We think this update gives management the room to deliver an EU approval which can unlock a major out-licensing deal whilst it also secures costless access for the Asian opportunity. This will put the firm on a strong footing to execute its US study this year that should lead to a further value inflection. BUY.
Companies: Futura Medical plc
UK railway privatisation, which was launched in the mid-1990s, has finally turned full circle: the Department of Transport has recently confirmed that its controversial railway franchise system will be scrapped. In this month's feature article, Nigel Hawkins, the Infrastructure analyst at Hardman & Co, examines the 25-year history of railway privatisation and chronicles its ups and its downs. The successes of railway privatisation, such as new rolling stock, are addressed, along with the many shortcomings, which included minimal vertical integration. With the winding up of the franchise system, the UK railway sector is effectively reverting to its former status as a nationalised industry, a shift started with the renationalisation of the collapsed Railtrack – later re-badged as Network Rail – in 2001.
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Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Subject to EGM on 21st March. Rogue Baron plc have announced its application for admission to the AQSE growth market. Rogue Baron owns five subsidiaries, namely: Shinju Spirits, Inc., Shinju Whiskey LLC, Mazeray Corporation, STI Signature Spirits Group LLC and Legacy Retail Group LLC. The Company’s goal is to build each of its brands that makes them a buyout target. Deal size TBC an expected admission date 12th March 2021. Global review platform, Trustpilot has announced its intention to float on the premium list of the LSE. Trustpilot provides an open platform, which creates a place where businesses and consumers can gain actionable insights and collaborate. Consumers are able to share feedback, at any time, about any business with a website and review feedback left by other consumers. Total revenues were US$64.3 million, US$81.9 million and US$102.0 million for the years ended 31 December 2018, 2019 and 2020, respectively. The Offer would comprise new Shares to be issued by the Company (raising gross proceeds of approximately US$50 million to support Trustpilot's growth plans and repay indebtedness) and an offer of existing Shares to be sold by certain existing shareholders, directors and employees. Timing TBC. In The Style, the e-commerce womenswear fashion brand with an influencer collaboration model, announces their intention to float on AIM. In The Style is a pure-play e-commerce fashion brand with a l customer base of women predominantly aged between 16 and 35. Founded in 2013, the group has delivered £35.4 million net sales and £3.6 million Adjusted EBITDA in the nine months to 31 December 2020, with sales up 159% from £13.7 million for the nine months to 31 December 2019. Admission is expected to take place on or around 17 March 2021. Deal size TBC. Media reports video game firm, Catalis is mulling a London IPO, just over a year after being bought by a private equity firm. Catalis’s accounts are reportedly expected to show revenues increasing to £60m in 2020, up from £43m, with adjusted earnings of £15m. Deal details and timing TBC. tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo is expecting to release its IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
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Futura Medical has struck an innovative deal with Atlantis Group to market its MED3000 topical gel for erectile dysfunction throughout China and South East Asia. Atlantis, and its associated companies, will fund any registration studies and commercialisation costs in the region, with the resulting profits being split 50:50. Atlantic will also invest £2.0m in Futura Medical through £1.5m as Convertible Loan Notes and £0.5m in warrants, with a conversion price of 20p and exercise price of 22p respectively. The collaboration addresses market access to the largest target population for MED3000. Updating our model to reflect this deal, our new valuation is £181.5m, equivalent to 73.1p per share (71.3p fully diluted), from £153.8m (60.9p a share), previously.
IXICO plc (IXI.L): New contract
Companies: IXICO Plc
Allergy Therapeutics reported six-month results to 31 December highlighting the underlying momentum within the business and the operational leverage afforded by its high-margin products. Revenues increased 5% (CER) to £54.0m with pre-R&D EBIT up 19% to £20.5m, reflecting the gross margin leverage and a 1% increase in underlying overhead. Adjusted pre-tax profits (ex-£3.2m litigation payment) rose 21% to £15.7m. We leave forecasts unchanged, which assumes a substantial uplift in H2 costs (+£6.2m) compared with H1 (+£0.3m), and therefore potentially providing some upside to our forecasts. Given the balance sheet (£48.3m cash), which is sufficient to fully fund its core R&D projects, we believe the risk/reward profile is highly attractive and reiterate our 45p target price, pointing out the substantial and unwarranted discount to its nearest peer (ALK-abello - 6.9x EV/Sales). This target also excludes the value of US market entry via the Grass MATA MPL vaccine (c.12-17p) or VLP Peanut allergy vaccine (c.5-10p).
Companies: Allergy Therapeutics plc
Shield Therapeutics raised £25m (gross) with up to £4.2m possible via an Open Offer to provide adequate funding to launch Accrufer in the US and sufficient working capital to reach EBITDA breakeven, which is anticipated in 15-18 months. With the prospect of reaching $100m of US revenues and c.$45-50m of EBITDA in 3-4 years, the return on investment is potentially substantial. It is also underpinned by the value of royalty income from sales in Europe through Norgine and the prospect of approval and launch in China through ASK Pharma in 2023. Execution risk for what has been a largely virtual company is mitigated by the employment of a commercial team with relevant US experience to effect the US launch. We make changes to forecasts to reflect the change from a licence model (with larger US partner) to a US sales model, and introduce 2023 forecasts, which indicate adjusted pre-tax profit of £38m. Due to the additional dilution, our target price moves to 250p, underpinned by a DCF of 273p, at which level the stock would trade on a 2023 P/E and EV/EBITDA of 13.3x and 12.2x, respectively.
Companies: Shield Therapeutics Plc
SP Angel Healthcare Conditions- 04-03-2021 ANGLE plc (AGL.L): Regulatory update
Companies: ANGLE plc
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
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In a notable milestone, Yourgene has signed up its first US customer for the Coastal Genomics technology. Whilst “only” worth a minimum of $1.5m over five years, the agreement is important for a number of reasons: i) it validates the commercial potential of the Coastal technology; ii) it adds to Yourgene’s growing presence in the important US market; and iii) it is with a large clinical laboratory group, initially in reproductive health, but with scope to be expanded into other applications in due course. We therefore believe it could be worth significantly more than the quoted minimum value over time. This was anticipated, hence we make no change to our forecasts at this stage, but view this agreement as validating the rationale for acquiring Coastal Genomics in August. We expect this to be the first of a number of partners for the technology, opening up another growth avenue for the group.
Companies: Yourgene Health Plc
Benefiting from robust growth in the Injectables and Generic segments and an acceleration in sales in Europe and ROW, Hikma reported better than expected results in H2 20. The recently-approved Vascepa’s generic is likely to be a key source of growth in the coming years. Moreover, the upcoming launch of Advair Diskus should bolster growth in the mid-term. Success in cracking one of the most difficult drugs, Advair Diskus, reiterates Hikma’s generic manufacturing prowess.
Companies: Hikma Pharmaceuticals Plc
Shield Therapeutics (STX) has placed c 83m shares at a deep discount (30.0p/share) to the market price, resulting in a gross raise of £25m. The funds will be utilised to support the US launch and commercialisation of Accrufer (iron deficiency), and thus clarify the strategy in this territory for its key asset. STX will now focus on establishing its US-based operations ahead of imminent launch of the product (launch stocks are ready to be shipped). Our higher valuation reflects the retention of full economics vs our prior out-licensing assumption, and we now forecast STX launch in the US in Q221 vs 2022 previously. Following the raise, the main risk relates to sales execution. However, we see significant upside given that the current share price fully discounts the US opportunity. We value STX at £471.4m.
Hemogenyx Pharmaceuticals (HEMO.L): HEMO-CAR-T Update Allergy Therapeutics (AGY.L): Interim results
Companies: Allergy Therapeutics plc (AGY:LON)HemoGenyx Pharmaceuticals Plc (HEMO:LON)
We are reinstating forecasts for Creo Medical, taking a conservative approach at this time while providing visibility on the contribution of the businesses acquired through 2020. Our base assumption is that the pandemic continues to impact 2021, which we believe leaves upside potential should the infection levels improve through the year. We note that Creo has used the lock-down period through 2020 to significantly enhance its operational structure and we see the company entering 2021 in a strong position to deliver growth should the impact of the pandemic wane. Alongside our forecasts we move to a Buy recommendation.
Companies: Creo Medical Group Plc
Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC Due mid Jan. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for more than 60 years, primarily focusing on the B2B market. Due 14 Jan. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb.
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