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MIDWEST ENERGY EMISSIONS COR
MIDWEST ENERGY EMISSIONS COR
28 Apr 17
N+1 Singer - T3 Trend spotting - Strategy update
In our third edition of Trend spotting we stick with our suggestion at the end of March to up European exposure and we review the recent market moves and macro trends. We comment on the recent strong performance of our growth, quality and momentum styles which we expect to continue and we examine what happened to sectors around the last general election period in 2015, adding some new colour.
Companies: AUG GNS IQE NTG SDL SPH SDY TRI VEC XAR GHT BOY CRW EMIS VCT ECK GLE GHH DATA AVON CHH DPH HILS SDM ZYT MUR RPS LWB EKF SUN UDG SYNT CINE DOTD MPM FUM CLIN RENE ATQT SERV ERGO BCA BUR DRV SCS JUP FDP GBG GTLY HW/ EAH SFR PHD CXENSE KNOS NETD G4M GFIN FUTR ULS RHL RAT FEN LOOP MYSL
28 Apr 17
N+1 Singer - Morning Song 28-04-2017
Bagir Group (BAGR LN) NED appointment and acquisition update | T3 Trend spotting Strategy update
Companies: AUG GNS IQE NTG SDL SPH SDY TRI VEC XAR GHT BOY CRW EMIS VCT ECK GLE GHH DATA AVON CHH DPH HILS SDM ZYT MUR RPS LWB EKF SUN UDG SYNT CINE DOTD MPM BAGR FUM CLIN RENE ATQT MYSL SERV ERGO BCA BUR DRV SCS JUP FDP GBG GTLY HW/ EAH SFR PHD CXENSE KNOS NETD G4M GFIN FUTR ULS RHL RAT FEN LOOP
25 Apr 17
N+1 Singer - Morning Song 25-04-2017
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Companies: CAU VP/ ELM CPR RAT
27 Apr 17
Building the healthcare offering
The mission has extended the range of its capabilities in the healthcare segment with the acquisition of RJW & Partners, announced this morning. RJW, a consultancy specialising in pricing and market access strategy, has a wide range of high-profile clients including AstraZeneca, Shire and Novartis. The purchase is for £1.75m (plus £0.23m for cash balances), payable 95% in cash, 5% in shares. Consensus forecasts indicate that it should enhance earnings in FY17e and FY18e by 3% and 4%, respectively. Mission’s shares continue to trade at an unwarranted discount to its peers.
Companies: Mission Marketing
25 Apr 17
Fenner (FENR): Forecast upgrades follow strong interims (BUY) | Omega Diagnostics* (ODX): In-line trading update and FY18 estimates (CORP) | Minds + Machines* (MMX): Prelims pressing ahead (CORP) | Imaginatik* (IMTK): Year-end trading update (CORP) | OptiBiotix* (OPTI): FY16 results in line with expectations (CORP) | Europa Oil & Gas*, (EOG): Irish seismic contractor (CORP) | Sound Energy (SOU): Schlumberger investment (HOLD) | CityFibre* (CITY): Strategy proof point (CORP) | Connect (CNCT): Investment being made to drive growth (BUY)
Companies: FENR ODX MMX IMTK OPTI EOG SOU CFHL CNCT
07 Apr 17
Conviction List Q2 2017
Since its inception in 2010, the Panmure Gordon Conviction List has outperformed the market, returning 275% against a Small Companies index that would have returned 212%.
Companies: ALD AVON CTH EPWN INF MCB MRO NOG POLY SNR SMS STJ STJ WIZZ
10 Apr 17
BlackRock Smaller Companies Trust is considering ending the restriction on AIM investment in its portfolio. Currently, the trust is not allowed to invest more than 40% of its portfolio value in AIM-quoted companies. If the required consents and regulatory approvals are received, a resolution may be put forward at the annual general meeting in June. Vets practices owner CVS is currently the largest investment in the trust’s portfolio and wound management firm Advanced Medical Solutions is also in the top ten. The rest of the top ten are fully listed companies. The best performer in February was telematics equipment and services provider Quartix. BlackRock is considering this change at a time when the Small and Mid-Cap Investors Survey 2017 suggests that there is a positive change in attitude towards AIM. Overall, investors believe that AIM is better than it has ever been. The average size of companies continues to rise and this is taken as an indication of maturity but there is still concern about the lower end of the market. There is little pressure on AIM companies to move to the Main Market even if they are relatively large for AIM. There are currently eight companies on AIM valued at more than £1bn, accounting for around one-sixth of the total market value of AIM.
Companies: MANX INS FRAN ACSO NAH GMAA TCM
25 Apr 17
Prelims pressing ahead
Prelims are in line with January’s positive year-end update and confirm a continuation of key themes established in H1, namely strong billings growth and cost discipline – together achieving FY16 adj. EBITDA of $3.7m. This is a complete turnaround from the heavy losses sustained in previous years and is testament to the business’s evolution. Encouragingly, traction has continued in FY17 and even accelerated in certain geographies, with domains under management up by c.40% by number since year-end.
Companies: Minds + Machines
23 Mar 17
Small Cap Breakfast
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
Companies: PIL GFIN SOLI CBP CRW IDEA SIS PGY VELA VLG
27 Apr 17
A slow start to the year
WPP’s Q1 17 revenues (including the full impact of digital billings, i.e. linked to acquiring digital media space on its own account) rose by 16.9% to £3,597m. They were up 3.6% at CER (reflecting the continued weakness of sterling against most currencies: forex impact of +13.3%) and +0.2% organically, therefore slightly outperforming competitor Publicis (-1.2%) and Havas (+0.1%) but behind Omnicom +4.4%. Consolidated net sales (after direct costs, i.e. a better indicator for underlying performance, although not used by competitors…) improved by 18.5% after a 13.7% positive impact from currencies and improved by 0.8% on an organic basis. The Q1 profits and margin (which are not released at this stage) are said to be “well above budget and ahead of last year”. The FY17e guidance remains cautious for an “around 2%” top-line organic growth with a stronger H2 partly helped by easier comparatives (H2 16 at c.+2% after H1 16 at c.+4% for net sales). Management said that this includes the recent Unilever and P&G announcements of cutting their marketing budgets… The headline operating margin on net sales target remains at a 30bp improvement at CER (off a constant currency base margin of 17.3%). Coming as a positive, the net new businesses is improving, having risen by 18% compared to last year to $2.1bn.
25 Apr 17
N+1 Singer - Centaur Media - Bigger steps
While the guidance downgrade signalled in our results comment was disappointing, continued improvement was evident in the results (digital and events up to 85% vs 77%, print down to 15% vs 23%). Moreover the management are now accelerating change via portfolio management. The first step, as we see it, is the disposal of Home Interest. The unit has performed well under the CEO’s lead, but is not pure B2B so is up for sale. A disposal should see Centaur in a net cash position and looking for an acquisition to bolster the Marketing and/or Legal portfolios. We also think that the value in the Finance business could be crystallised via disposal, given the fundamental overhaul and the likely progress this year. All this means that Centaur should be better focused in areas with scale, momentum and have less advertising exposure. While the short term picture is unhelpful (UK election), executing bigger steps will deliver focus, help reveal the intensive fundamental overhaul of the remaining portfolios and potential for healthy consistent growth. Remains a Buy.
Companies: Centaur Media
27 Mar 17
The Joy of Techs
Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.
Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO
10 Mar 17
We have run our new quantitative Slide Rule over the Support Services sector. Of the c.500 stocks we have ranked on a Quality, Value, Growth and Momentum basis in the small to mid-cap space, 21 Support Services stocks appear in the top 100. Fulcrum leads the pack, ranked no. 6 out of 500 (and not coincidentally our top pick for the year), closely followed by Brainjuicer (no.7), Sanne (no.8), Learning Technologies (no. 12) and Next Fifteen (no.16). These stocks have high ROCE on both an EBIT and cash basis, strong growth prospects, earnings and share price momentum and valuations that, in this context, remain attractive. At the other end of the spectrum, HSS, Management Consulting, Serco, Mitie and Lakehouse appear towards the bottom of the rankings. Strong returns could, of course, be made if any of these turn their fortunes around, and management has been changed at Lakehouse, Serco and Mitie.
Companies: FOUR ACL CLL CMS CNCT FCRM LOK PPH RNWH SVCA STAF UTW WATR
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
Companies: LRM FDEV TAX ACL FENR MMX
27 Apr 17
Poll surprise ahead of annual ‘Sell in May …’ debate
Surprisingly we have seen continued outperformance of smaller company market indices. The table below shows the recent picture. The UK election and the first round of the French election caused some volatility, with a relief rally subsequently following the latter. At home, corporate action continues apace. The majority of results continue to be in line with expectations, with some surprises and setbacks. Near term the focus will remain on the domestic political landscape. In Share News & Views we have covered EU Supply*, FDM Group*, Lakehouse* Northbridge* Petards, Synectics* and Tricorn.
Companies: BMS CRPR ECSC EUSP FDM PCF PPIX QRT SNX SPRP SQS TCN TRI W7L