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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)
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
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
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
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
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
Although GSK witnessed a sales recovery in Q4, fresh lockdowns meant the top line was still in the red – Consumer Healthcare and Pharmaceuticals were the key drags, though Vaccines posted a strong show. Given the COVID-19-related disruptions, management anticipates a soft H1 21 with normality guided for H2. Ergo, the FY21 EPS is seen mid-to-high single-digit lower (vs. FY20: -4%). The spin-off of Consumer Healthcare remains on track for FY22 but a couple of recent R&D setbacks raise questions over the company’s innovation/acquisition capabilities.
Companies: GlaxoSmithKline 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
Today’s interims is the latest evidence that the strategic progress made in 2020 is translating into financial results and improved fundamentals. Headline H1 revenue growth of 593% vs. H1’20 and 259% vs. the entire of FY’20 is eye-catching (albeit from a low base), but for us the encouraging factor is that this performance is on a much leaner cost base with losses in the period significantly narrowing. We believe this is the first step along a path towards sustainable growth and profitability, and we are confident in the management’s ability to meet our forecasts and make no changes to our numbers at this stage. We reiterate our view of Oncimmune as one of our Best Ideas for 2021.
Companies: Oncimmune Holdings 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
ANGLE raised £19.6m (gross) to capitalise on the first-mover advantage that the FDA clearance for Parsortix will create, catalysing ANGLE’s ability to exploit the emerging multi-billion dollar liquid biopsy market. It will enable ANGLE to pursue multiple parallel revenue streams: (i) as a service provider to the pharma industry particularly looking to improve on immunotherapy patient outcomes (companion diagnostics) and (ii) to develop a number of specific clinical applications. Not only does it strengthen the balance sheet ahead of partner discussions but it provides the resources to develop in parallel relevant laboratory developed tests and fund the necessary clinical utility studies that will accelerate clinical adoption. We re-introduce forecasts and raise our target price to 150p (c.£310m EV), which is supported by risk-adjusted DCF and peer group analyses.
Companies: ANGLE plc
Shield Therapeutics’ (STX’s) shares fell sharply in December 2020 on the announcement that a US partnering deal would not be completed in 2020 and that the company is considering launching Accrufer itself in the US. We believe the market reaction has been overdone and the current share price fully discounts any value from the US and China opportunities. Until STX provides further clarity, we have continued to evaluate it based on a US partnering deal. Our modelling suggests an STX-led US launch could more than double longer-term shareholder value, but this is accompanied by increased near-term financial and investment risk, as STX will need to raise funds to establish a small but focused US marketing organisation. We value STX at £298.5m.
Companies: Shield Therapeutics Plc
The announcement that Omega has agreed a manufacturing contract with the UK Government to produce lateral flow antigen tests, as part of its plans to control the spread of the coronavirus, is a significant endorsement of Omega’s capabilities and competencies, as the government seemingly seeks to ensure the security of supply of such tests from within the UK. We have adjusted FY 2021 forecasts downwards to reflect the concomitant trading update, which highlights a c.£3.3m shortfall in revenues, largely attributed to COVID-19 disruptions. With confirmation that Omega is on track to produce c.2m tests per week (c.100m tests per annum), the financial impact to the business could be very substantial in FY 2022; however, we await news of future purchase orders from the UK Government. Thus, we leave our FY 2022 forecasts and target price under review.
Companies: Omega Diagnostics Group 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
