In a year when elective procedure volumes fell 20% or more due to the COVID-19 pandemic, Mauna Kea (“MKEA”) reported FY2020 sales of €6.5m; down 12% YoY. Systems and services sales grew 12% and 16% YoY respectively, whilst consumables sales fell by 32%, reflecting the global drop in procedure volumes in 2020. A positive recovery was evident across all geographies in H2/2020 with Q4/2020 sales increasing 41% YoY to €2.4m, driven by contributions of €1.3m (+44%) from the US, €0.7m (+34%) in APAC and €0.5m (+42%) in Europe. We remain optimistic for 2021E and beyond, highlighting the resilience of MKEA’s US pay-per-use ("PPU") strategy and Cellvizio's focus on ambulatory centres which have been less affected by the pandemic. A global recovery in capital equipment sales should also continue to provide tailwinds. We maintain both our OUTPERFORM recommendation and target price ("TP") of €3.10.
Companies: Mauna Kea Technologies SA Class O
Mauna Kea's ("MKEA") Q3/2020 sales exceeded management's expectations, growing 13% YoY to €2.0m (Q3/2019: €1.8m). Systems and services revenue grew 58% and 37% respectively compared to Q3/2019, largely reflecting a rebound in capital sales in all markets. The anticipated fall in consumable sales was also less than expected (16% vs. 23% - 27%);driven by better than expected performance from the US pay-per-use ("PPU") programme. We also note the narrowing YoY sales performance between H1/2020 (-47% YoY) and 9M/2020 (-28% YoY) highlighting a moderate H2 recovery in-line with growing procedure volumes. We remain cautiously optimistic regarding MKEA's near term outlook and expect the positive growth trend to continue into Q4/2020. We maintain and reiterate our OUTPERFORM recommendation and target price ("TP") of €3.10.
In line with expectations, Mauna Kea's ("MKEA") reported a 30% YoY decrease in H1 revenues to €3.2m, reflecting the disruption from the ongoing COVID-19 pandemic. Consumables and system sales were most heavily impacted because of the significant drop in procedure volumes (see our note from July 2020) and reduction in demand for new systems which impacted both direct and distributor sales channels. However, MKEA reported that it expects a bounce back in sales for Q3 & Q4/2020E as a combination of pent-up demand for elective procedures and new sales growth drive a recovery in H2. This is reflected in preliminary YoY sales growth expectations between 2% and 11% for Q3/2020E. We view the chances of renewed and extended interruption to procedure volumes as unlikely, thus do not believe that the ongoing second wave of infection will heavily impact MKEA's recovery in this regard, while the generation of further positive clinical evidence for Cellvizio such as the recent endorsement by SAGES should continue to drive adoption. We maintain and reiterate our OUTPERFORM recommendation and target price ("TP") of €3.10.
Mauna Kea announced plans to commence a first in human clinical trial in partnership with Johnson & Johnson's Lung Cancer Initiative to evaluate the feasibility and safety of J&J’s Monarch catheter-based robotics platform in combination with Cellvizio for the diagnosis of peripheral lung nodules. Mauna Kea has remained tight lipped with regards to the company's partnership with J&J since a strategic equity investment of €7.5m in December 2019. In our view, the initiation of the clinical trial represents an important milestone and the first step in a much deeper collaboration aimed at improving the notoriously poor diagnostic yield associated with lung cancer. We eagerly await the first results from the trial and anticipate significant commercial upside on the back of a positive outcome and further announcements related to the partnership.
Mauna Kea reported Q1/2020 sales of €1.5m (-14% YoY), with a strong start to the year offset by the impact of COVID-19. Cellvizio system and services sales for the quarter were flat at €0.6m (-1% YoY) and €0.3m (+0% YoY) respectively, however, sales of consumables decreased 27% YoY to €0.6m as a result of lower procedure related demand as resources for elective procedures are re-allocated to fighting the pandemic worldwide. The impact of COVID-19 on procedure volumes cannot be ignored moving forwards, and we expect to see a greater material effect on Mauna Kea's Q2/2020E sales. Despite this, with a cash runway to Q1/2021E, and the FY19 performance delivering on the company's strategic goals and validating the revised commercial strategy, Mauna Kea is well positioned to weather the downturn and deliver long term sustainable future growth. We place our target price ("TP") of €4.10 and forecasts under review, awaiting the publication of the consolidated financial statements.
Q4/2019 results revealed that Mauna Kea's top line grew 10% YoY to €7.4m for FY2019, despite weaker than expected Q4 sales of €1.7m (-20% YoY). Total FY2019 sales were largely driven by those to clinical customers, which represented 96% of total sales, and a 47% increase in consumable sales indicating high utilisation of the growing Cellvizio installed base. In-line with both ours and management's expectations, straight system sales decreased 14% YoY following the shift to a pay-per-use model which, along with a 20% reduction in service revenue, was more than offset by the increase in consumables sales. These results reflect management's strategic priorities set out at the beginning of 2019 with growing traction in the clinical setting and increased utilisation in the US and other target geographies. We maintain and reiterate both our OUTPERFORM recommendation and €4.10 target price ("TP")
Mauna Kea announced a € 7.5m strategic investment from Johnson & Johnson Innovation - JJDC, Inc. ("JJDC" - part of Johnson & Johnson ("J&J")) which provides further funding for the development of the Cellvizio platform and will allow the company to execute its strategic growth initiatives as it expands into the interventional pulmonology ("IP") market. A subscription price of €1.40, represents a c.30% premium to the previous close. The agreement also provides J&J with a 24-month period in which the company has first refusal with respect to transactions for use in endoluminal robotic IP procedures and first negotiation with respect to transactions for use in endoluminal robotic gastrointestinal and urology procedures. The transaction provides a strong endorsement for the Cellvizio platform and its potential in the rapidly growing lung cancer diagnostics market, currently growing at a CAGR of 14% p.a. We maintain and reiterate both our OUTPERFORM recommendation and €4.10 target price ("TP"), and await further details regarding a potential collaboration before including the opportunity into our TP.
Mauna Kea reported 9M/2019 sales of €5.7m (+24% YoY) on track to reaching our FY2019 revenue estimate of €8.6m. Q3 sales decreased by 7% YoY to €1.8m, driven largely by an increased commercial focus on clinical over pre-clinical sales. As such, performance in Q3 is in line with the strategic priorities set out by management for 2019, with clinical sales accounting for 99% of Q3/2019 total sales vs. 75% in Q3/2018. As we expected, Q3 revenues from Cellvizio straight sales and services declined 32% and 27%, respectively, as a result of the increased focus on utilisation, and this decline was partially offset by a 26% increase in consumables sales, highlighting management's strong execution capabilities in driving utilisation of Cellvizio in the US as well as other target geographies. Low utilisation of pay-per-use ("PPU") systems still represents a main risk, in our view, but we continue to believe that the new PPU model will translate into sustainable future growth. We maintain and reiterate both our OUTPERFORM recommendation and €4.10 target price.
Earlier this year, Mauna Kea announced successful FDA clearance for the use of the Cellvizio® system in the field of interventional pulmonology ("IP"). This paves the way for entry into the large lung cancer diagnostics market and would allow Mauna Kea to leverage its existing expertise in the field of gastroenterology to maximise adoption. In our view, IP represents a promising commercial opportunity based on (1) a large market with a vast clinical need, (2) Cellvizio's® unique ability to facilitate biopsy guidance and in vivo characterisation, and (3) first mover advantage with a welldifferentiated product that is compatible with conventional bronchoscopes, emerging endoluminal robotic platforms as well as existing advanced navigational bronchoscopy platforms. We maintain and reiterate both our OUTPERFORM recommendation and €4.10 target price ("TP"), and await further details regarding the future strategy before including the opportunity into our TP.
Mauna Kea reported Q2/2019 sales of €2.2m, up 33% YoY. Sales growth was primarily driven by a 58% YoY increase in consumable sales (€1.2m), which accounted for 54% of total revenues and highlight the company's continued focus on maximising utilisation of Cellvizio, one of three key strategic targets set forth by management earlier this year. Sales growth was partly offset by a 21% decrease in service revenues associated with prioritisation of Cellvizio utilisation rather than installation as seen in 2018. We believe Mauna Kea has reached a turning point: with validation of interventional pulmonology as an additional clinical focus well underway, the company can leverage its existing track record in in vivo microscopy to maximise adoption in this new indication, thus paving the way for large future sales growth, in our view. We maintain and reiterate both our OUTPERFORM recommendation and €4.10 target price ("TP").
Mauna Kea announced successful reimbursement coverage for the use of confocal laser endomicroscopy ("CLE") for Barrett's Esophagus ("BE") in France. This further validates the clinical utility of Cellvizio and is testimony to Mauna Kea's ability to deliver on its strategic milestones for 2019, as set out in our recent report. With reimbursement in place in France, Mauna Kea is delivering on its promise to drive revenue generation outside the US by providing clinicians with a strong incentive for use of Cellvizio in up to 45,000 applicable Gastroenterology ("GI") procedures in France each year, opening this important market for broad commercialisation. With Cellvizio gaining in reputation as a result, Mauna Kea is increasingly well positioned to build on its strong track record in GI in order to accelerate successful commercial expansion into new indications, such as interventional pulmonology. We continue to believe that Mauna Kea's strategic priorities for 2019 will lay a solid foundation for sustainable future growth, hence, we maintain and reiterate both our OUTPERFORM recommendation and €4.10 target price.
Mauna Kea reported strong Q1/2019 sales of €1.7m (65% YoY) with consumables sales of €0.9m (96% YoY) representing 51% of total sales, thus highlighting continued progress toward maximising utilisation of Cellvizio, which represents one of three key strategic targets set out by management for 2019. While total sales growth was in part driven by softer sales in Q1/2018, total consumable sales grew 10% vs. Q4/2018, indicating Cellvizio's increasing utilisation, which we continue to consider a key performance indicator for Mauna Kea. Importantly, total Cellvizio shipments increased to 13 in Q1/2019, which represents a 63% increase compared with the same period in 2018. We continue to believe that Mauna Kea's strategic priorities for 2019 will lay a solid foundation for sustainable future growth, hence, we maintain and reiterate both our OUTPERFORM recommendation and €4.10 target price.
Mauna Kea reported FY2018 total sales of €6.8m (1% YoY) with sales of €2.1m (37% YoY) in Q4 highlighting the increasing traction for Cellvizio and validating the transition to the new pay-per-use ("PPU") model in the US. Total sales growth was largely driven by a 17% increase in consumables sales, the key performance indicator for PPU, in our view. As we expected, FY2018 revenues from Cellvizio straight sales declined (-13% YoY) as a result of the move to the new sales model, but this decline was offset by an increase in consumables sales and services (6% YoY). Importantly, the company placed 55 new Cellvizio systems under its PPU model in 2018, which represents a 323% increase compared with 2017 and lays a robust foundation for future recurring revenue. We remind investors that low utilisation of PPU systems still represents a main risk, in our view, but we continue to believe that the new PPU model will translate into sustainable future growth. We maintain and reiterate both our OUTPERFORM recommendation and €4.10 target price.
Mauna Kea reported Q4/2018 financial results slightly below our expectations, however, with sales of €2.1m (37% YoY), Q4 represents the strongest quarter for Mauna Kea in 2018, thus highlighting the increasing traction for Cellvizio and validating the transition to the new pay-per-use ("PPY") model in the US. Total sales were largely driven by consumables sales of €0.8m, of which €0.3m were associated with PPY (112% YoY). As we expected, FY2018 revenues from Cellvizio straight sales declined (-13% YoY) as a result of the move to the new sales model, but this decline was offset by an increase in consumables sales and services, bringing FY2018 sales to €6.8m (1% YoY), slightly short of our FY2018E estimate of €8.3m. We remind investors that low utilisation of PPY systems still represents a main risk, in our view, but we continue to believe that the new PPY model will translate into sustainable future growth. We maintain and reiterate both our OUTPERFORM recommendation and €4.10 target price.
Mauna Kea reported Q3/2018 financial results in line with our expectations. Total sales of €1.9m (4% YoY) were largely due to €0.8m consumable sales (31% YoY), of which €0.3m were associated with the new pay-per-use program (81% YoY). The reported 10% decrease in revenue from systems is associated with the revenue lag under the new consignment business model, which remains a key focus for Mauna Kea. We see the continued growth in installed base of consignment systems as a key performance indicator and expect recurring revenue from these new system placements to increasingly be realised in Q4/2018E, enabling the company to meet our FY2018E sales of €8.3m. Low utilisation of consignment systems represents the main risk, in our view, but we expect recent investments into the commercial infrastructure in the US to pave the way for sustainable future growth. We maintain and reiterate both our OUTPERFORM recommendation and €4.10 target price.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Mauna Kea Technologies SA Class O. We currently have 0 research reports from 0 professional analysts.
Novacyt S.A. (NCYT.L*): R&D Update | N4 Pharma (N4P.L): Full year results
Companies: Novacyt SAS (ALNOV:PAR)N4 Pharma Plc (N4P:LON)
Tristel reported interim results that were c.2% above the trading update at its AGM on 17 December with adjusted pre-tax profit of £3.4m (+12%) driven by a 15% increase in revenues. Despite the strong first half there is a cautionary tone to the second half, given the lacklustre start to H2 FY 2021 as a result of lockdown in many of its markets impacting out-patient procedures. That said, our forecasts assume 5% revenue growth in H2 with adjusted PBT 5% below H2 FY 2020. With the prospect of vaccination rollout opening markets, there is a clear route to achieving and exceeding our forecasts, but for the time being we leave forecasts unchanged. However, confirmation that it has completed a Usability and Form Factor study in the US is a significant milestone, underpinning our confidence for US market access and the reason for increasing our target price to 550p, which implies a prospective 3.0% free cashflow yield.
Companies: Tristel 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. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard). Has raised £13M in an oversubscribed placing. £25m mkt cap. Due 26 Feb. 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. Virgin Wines UK Plc has out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Anticipated mkt cap £110m. Raising £13m in new money and vendor sale of £34.9m . Due 2nd March. 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.
Companies: YEW IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M
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 £7 million 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. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” 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. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions . In FY20 the Group delivered pro forma revenue of £52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected 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. 4basebio UK Societas is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients. The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: £14.53m.
Companies: SAR PAF PTRO NEXS TYM BOD CLX FAB ODX DUKE
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. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” 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. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions. In FY20 the Group delivered pro forma revenue of £52.3m, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3m pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected 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 £5 million. The Placing will be priced on a pre-money valuation for the Company of £7 million. Targeting March Admission. Virgin Wines UK Plc recently set out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Deal details TBC but media reports suggest a £100m valuation. Targeting 2nd 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.
Companies: SBI OCI IDOX ROL JAN BSE PXS SHED TSG KDNC
In the past two years, since Hardman & Co first started to target the IC sector, we have heard many managers of ICs and boards talk of the growth of the retail investor on their registers. Many have approached Hardman & Co for help in addressing this market, since we have a unique strength in this field relative to other providers.
Companies: AVO ARBB BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX TRX VTA YEW
Smith & Nephew reported an in line Q4/FY20 top line (-7.1%/-12.1%). The Q4 decline was attributable to other reconstruction (-45.6%), knees (-16.2%) and ENT (-33.1%), while Hips surprised with a flattish performance (-0.5%) in a difficult operating environment. The firm missed profit estimates, as trading profit fell 42% (margin -7.8pp to 15%). The dividend of 37.5c/share was unchanged from the prior year. FY21 sales/profit outlook remains suspended due to COVID-19 uncertainties. We will lower our estimates to factor in the softer than expected bottom-line showing.
Companies: Smith & Nephew plc
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. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” 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 £5 million. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc recently set out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Deal details TBC but media reports suggest a £100m valuation. Targeting 2nd 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.
Companies: IRR MKA GHH LEK POW KRM DRUM ODX FA/ ALBA
Diurnal is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its drugs target conditions where medical need is currently unmet, with the long-term aim of building an “Adrenal Franchise”. Alkindi® is being rolled out by Diurnal throughout Europe and has been launched in the US by its commercial partner, Eton Pharmaceuticals (ETON). The European and UK regulators are currently reviewing the submissions for marketing authorisation for Chronocort, with approval possible in the next month. Also, DITEST now has a clear regulatory pathway, and the development funding in place.
Companies: Diurnal Group plc
Whilst H2 is showing strong momentum, recent further lockdowns and travel restrictions have hindered Yourgene’s ability to mobilise new contract wins, especially outside Europe. As a result, FY21 revenues are expected to be in the range £18-20m, still showing double-digit growth, but behind previous expectations. Strategic momentum remains positive, with a number of initiatives expected to contribute materially to future period revenues, including new US customers for both NIPT and Coastal Genomics technologies. FY22 revenues are now expected to be at least £25m, depending on the phasing of the relaxation of Covid restrictions. As a result, while there may be some disappointment over the short term financial performance, our confidence in the medium term outlook is undimmed and we would view any short term weakness as an opportunity. On revised estimates, the shares trade on a FY22 EV/Sales multiple of 3.6x on what should hopefully prove to be overly conservative estimates.
Companies: Yourgene Health Plc
Hot on the heels of signing up Adler as US distributor for its range of surgical instruments, SUN has further strengthened its US market position by appointing Microline Surgical to distribute its range of port access devices and trocars. This is a five year exclusive agreement and comes after SUN achieved 510k approval for its Yelloport Elite device in late 2019. This opens up a ~$380m market opportunity for SUN and even modest penetration would result in material additional revenues over the next few years. Whilst we currently have no outer year forecasts given the ongoing uncertainty caused by Covid on elective surgical volumes, this latest announcement adds to a string of positive recent developments which we believe could collectively transform the growth prospects for the group.
Companies: Surgical Innovations Group plc
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. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” 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. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions. In FY20 the Group delivered pro forma revenue of £52.3m, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3m pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected 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 £5 million. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc recently set out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Deal details TBC but media reports suggest a £100m valuation. Targeting 2nd 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.
Companies: OTMP MNO FNX NSCI CNIC CHAR RBD CLP DXSP CUSN
Benefiting from new product launches and improving ophthalmic market conditions, both the Surgery and Vision care segments returned to growth in Q4 20. In our view, the recently-introduced products (Vivity, Precision1 for Astigmatism and Pataday), along with the geographic expansion of PanOptix and Prescision1, should bolster the top line in the mid-term. Moreover, the favourable product mix and cost-cutting should result in sustained operating margin expansion. Nonetheless, the uncertainty around the pandemic would remain a near-term headwind.
Companies: Alcon, Inc.
RUA Life Sciences, through its operating companies, is the rights holder to the novel bio-compatible polymer, Elast-Eon, provides third-party medical device development and manufacturing services and is internally developing Elast-Eon based medical devices to treat cardiovascular conditions. Financially, the company combines established recurring revenue streams with significant upside potential from its pipeline products. We believe the structure and financial opportunities RUA is targeting makes it an attractive investment opportunity and initiate coverage with a Buy recommendation.
Companies: RUA Life Sciences Plc
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. 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. 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.
Companies: PMI RMM SUN BOIL ITM TRMR MLVN 88E IME ANP
