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Open Orphan has announced that hVIVO has signed a new contract for an RSV human challenge study clinical trial with a top 3 global pharmaceutical company. The contract shows the Group's ability to convert the existing hVIVO pipeline and engage with the top customers in the industry providing great encouragement for investors in the medium term. Reiterate Buy
Companies: Open Orphan Plc
Open Orphan (LON:ORPH) has rapidly restructured and integrated its Venn and hVIVO subsidiaries, and is delivering on its growth strategy by maximising its specialist capabilities and is converting a pipeline with an estimated value of over £100mln, to deliver long-term, profitable contracts. This w
Anexo's interim results reflect a natural slowdown in activity through H1 as covid-19 related lockdown restricted credit hire and legal services activity. However, in this context we believe the results demonstrate the benefits of the integrated direct capture model and the Group's reinstatement of financial guidance for 2020 is testament to a strong bounce back in credit hire activity and wealth of opportunities that bode well for the medium term. We reinstate our buy rating and 315p target price.
Companies: Anexo Group Plc
WSG reported H120 financials results with another period of double-digit revenue growth as well as positive EBITDA and EPS for the first time.
Companies: Westminster Group Plc
Anexo’s interim results show a solid performance in a period affected by COVID-19, in our view. While revenue was flat versus H1 19, the Group continued to invest in future revenue opportunities and cash collection capacity. Adjusted operating profit consequently reduced by 33.9%. The second half is expected to see a strong recovery as vehicle numbers on the road return to higher levels and the investment in capacity in the Legal Services business bears fruit. The Group has proposed an interim dividend of 0.5p. Management has given guidance for the full year and we reintroduce estimates for this year and next which reflect the base from which the Group can now build. Clearly, there is considerable uncertainty as to what COVID-19 may yet bring. However, Anexo’s management team takes a positive view on the Group’s future performance.
Yesterday's announcement from VDTK highlights a string of contracts which have been awarded in recent months since the appointment of new CEO Rob Richards, who took office in May 2020. These orders underline (1) the commercial drive that the new CEO has instilled in the business, including bringing on board a new sales team, (2) this is an in-demand product, (3) the company's manufacturing facility has proved its ability to implement and despatch the orders that have been won effectively and ahead of delivery dates. All of this is very positive, in our opinion, and it is notable that the most recent order, the meaningful, $US2.2m / 1.5MW, contract by SAF Group followed on from a rigorous evaluation process which included the placing with SAS earlier in the period of a smaller order, again reflecting the quality and potential of the product to provide a renewable solution in sectors and geographies where the weight and relative fragility of conventional panels previously made this impossible.
Companies: Verditek Plc
For this Monthly, we are delighted that Rooney Nimmo and 24Haymarket have allowed us to reproduce a recent report they jointly published, entitled An analysis of UK exits (2015-2019), which provides a granular analysis by sector of the activity in our dynamic private companies world. We hope you find the insights of interest.
Companies: AVO AGY ARBB ARIX CLIG ICGT NSF PCA PIN PXC PHP RECI SCE TRX SHED VTA
The ongoing pandemic only serves to underline business models that are robust, and those that aren’t. This morning’s trading update from UPGS puts them firmly in the winners’ category. As the company approaches the final weeks of FY2020, it not only reports “better than expected progress” against an uncertain business backdrop, but also that revenue and key profit measures for the year should be ahead of current market expectations. Furthermore, online as a portion of total business should record a fourth consecutive increase, providing additional flexibility and strength in the case of a second wave.
Companies: UP Global Sourcing Holdings Plc
Anexo has released a good AGM trading update with trading performing in line with management expectations. The Group indicates it intends to reinstate financial guidance for 2020 at the interim results in August which should give investors added comfort that the business is performing well and seeing improving underlying trends, a strong message to the market.
Driver has today announced the opening of its new US office in New York. This is in line with the Group’s strategy to diversify and grow into new markets, the US representing one of the largest markets for the Group’s services. The opening is supported by the appointment of two leading experts, Simon Braithwaite and Robert Otruba. Simon is a Quantity Surveyor and testifying Quantum, Delay and Damages expert. He has been based in the US for over 20 years. Robert is an experienced Forensic Delay Analyst with a strong record of testifying experience. The new office opening enhances Driver’s ability to serve its clients in North America, working closely with its existing network of offices in Canada and providing improved access to important South American markets.
Companies: Driver Group Plc
Avacta (AVCT.L): Adeptrix COVID-19 Diagnostic Test update | Diaceutics (DXRX.L): New contract win
Companies: Avacta Group Plc Diaceutics Plc
According to Ergomed’s H120 trading update, the business successfully navigated the COVID-19 pandemic in H120. Underlying revenues in the PrimeVigilance segment grew 36.0% (or 62.1% including the recent acquisition), while the CRO segment, unsurprisingly, saw a modest decline as a result of the widespread lockdowns. The growth prospects, however, remain intact in our view. Ergomed has proved to be a resilient business, which we attribute to a diversified and well-balanced pharma services offering (pharmacovigilance and CRO). Strong H120 sales and a record order book at 30 June 2020 should see Ergomed carry its strong momentum into 2020 and beyond. Net positive revisions to our estimates and a material expansion of peer multiples has led to a significant upgrade to our valuation to £345m or 713p/share.
Companies: Ergomed Plc
As is characteristic of this company, management has acted swiftly to execute an additional acquisition, putting the placing proceeds to work with another immediately earnings-enhancing acquisition, creating a Group with diversified revenue and profits, significant growth potential and greater visibility in a post-COVID world. We reintroduce estimates with CAGR in revenues of 29% between FY 2021 and FY 2023 and a CAGR in EBITDA of 34%. Quantuma, an insolvency and restructuring specialist targeting SMEs, is being acquired for £26.95m from existing resources to give an EBITDA multiple of 7.47x (EBITDA March 2020: £3.6m). Our forecasts take into account the greater visibility and predictability that the recent acquisitions bring to the Group. Our new SOTP valuation arrives at a reinstated price target of 300p.
Companies: K3 Capital Group Plc
In Keywords Studios’ trading update, management expectations are for H120 revenues of approximately €173.5m, delivering organic growth of 8% and a rise of 13% over H119 (€153.2m). Adjusted EBITDA is expected to be €30.8m (17.8% margin), a 19% increase on H119 (€25.8m), with adjusted PBT of €21.7m, 18% higher than H119 (€18.4m). Given the impact of COVID-19, this represents a strong performance, helping to demonstrate the benefits of a diversified services business, with a global footprint. We maintain our view that Keywords is well placed as the only games service provider on a global scale. The P/E rating, though undoubtedly high (52.8x FY20e, 40.1x FY21e), reflects the increasing recognition of Keywords’ resilient growth credentials, but should fall further as Keywords executes its buy-and-build strategy. Following its placing in May, Keywords has c €200m of dry powder to convert a ‘strong and attractive’ M&A pipeline.
Companies: Keywords Studios Plc
We are initiating coverage on specialist pharmaceutical services provider Ergomed. We believe it should prove relatively resilient during the COVID-19 crisis and has the fundamentals in place to execute its growth strategy. Ergomed announced impressive audited numbers for FY19, with revenue up 26% to £68.3m and EBITDA up 5.5x to £12.5m. The FY19 announcement is effectively Ergomed’s fourth profit upgrade for FY19 and a small beat on recently reset FY19 expectations. Ergomed trades at a discounted EV/EBITDA of 10.1x vs the contract research outsourcing (CRO) sector average of 11.5x (FY20). We value Ergomed at £186m or 399p/share. Ergomed’s strong organic growth is benefiting from a clear strategic focus on high growth pharma sectors, margin control and order book growth (up 15% to £125m in FY19, giving 90% visibility to 2020).