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Today's update from WEY reveals the strong trading momentum within the business which is said to be trading “significantly ahead of budget and market expectations”. We have put in place a new FY22E forecast showing revenues and PBT rising 27% and 82% YoY respectively, highlighting both the very strong underlying growth as student numbers expand rapidly in response to successful marketing campaigns plus significant structural drivers, and the operational gearing effect, given that few extra costs are required operationally as major increases take place in student numbers. At the same time, our FY2021E revenue forecast is raised by 23% and, allowing for extra investment, forecast PBT is raised by 10%. Based on today's announcement and our new forecasts, we feel that WEY has already achieved its target of reaching the size of a Multi-Academy Trust, while also generating healthy gross margins, good levels of cash and a highly sustainable business growth model with much further to run.
Companies: Wey Education PLC
Today's news & views, plus announcements from JET, PSN, SONG, HWDN, MSLH, PAGE, WMH, ASC, BGO, CUSN, CAY
Companies: Bango plc (BGO:LON)Persimmon Plc (PSN:LON)
Although 2020 will probably go down in history as one of the most challenging years experienced during our lifetime, it will also likely be chronicled as one of the best years for the recognition and appreciation of science. As we entered 2020, the COVID-19 pandemic was in its infancy. However, it rapidly evolved through the exponential rise in infections and mortality globally. Much has been achieved during the past 12 months in the fight against COVID-19, but, as we enter 2021, there are considerable concerns about the emergence of a mutant version of the virus and the second wave that we are now facing.
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX SCE TRX SHED VTA YEW
What’s new: SimplyBiz’s capital markets day “CMD” set out “how” its core business would transform shareholder returns over the next two to three years: - Core organic revenue growth of between 5% and 7% p.a. - Core EBITDA margin of between 35% and 40% (n.b. Zeus forecasts 2020 Core EBITDA margin of 32% rising to 33% in 2021). - Cash flow conversion on an EBITDA basis of between 70% and 80% (ceteris paribus this is 90% to 100% conversion of adj PAT to taxed free-cashflow). - SaaS and subscription revenues of between 70% and 80% of revenues (i.e. an increase from c 59% at present, as institutions adopt DaaS “Distribution as a Service” – see page 7, Exhibit 6).
Companies: SimplyBiz Group plc
Anglesey Mining (AYM LN) – Mineral resources and PEA for Parys Mountain Castillo Copper (CCZ LN) – Further assay results from drilling at the Big One project in Queensland Central Asia Metals (CAML LN) – Stable production reported in 2020 with final dividend to be announced in March IronRidge Resources* (IRR LN) – Sale of non-core gold project Keras Resources* (KRS LN) – Keras increase stake in the Daiamond Creek organic phosphate mine to 51% Power Metal Resources* (POW LN) – Molopo Farms drilling highlights nickel and PGM potential Tertiary Minerals* (TYM LN) – Progress of Nevada exploration
Companies: POW AYM CAML KRS TYM CCZ IRR
Despite the impact of COVID, Gateley has reported H1 2021 adj. EPS growth of +7%. The Group traded profitably and was cash positive throughout H1 and continues to do so in H2. Net cash was £9.3m at October 2020. Management remains confident that the reinstated expectations can be achieved, and we make no changes to our forecasts. With corporates needing support from trusted advisers as they adapt to the new market conditions and demand drivers, and the prospect of improved efficiency following the success of home working, we believe upgrades are likely once the short-term uncertainty subsides.
Companies: Gateley (Holdings) Plc
Like Rome, great SaaS companies aren’t built in a day. They take patience, money, 1 st class products, & ultra-secure cloud infrastructure, alongside brand recognition & adept sales conversion to create economies of scale and expanding, high margin, recurring revenues. Big Data Procurement, AI & Customs Management software firm Rosslyn is presently in the final stage of this journey. Having, as a result of its £6.8m (net) oversubscribed placing in May’20, cultivated a bumper crop of ‘ready-to-pick’ prospects.
Companies: Rosslyn Data Technologies PLC
Activity levels have seen a sustained increase following a -20% decline in Q1. YTD, cumulative activity levels crossed over to positive territory over in November. Activity levels hit 100% effective utilisation in November with continued strength in December. This increase has been driven by the return of transactional activity, which is expected to continue in to the next financial year.
WEY Educaon (WEY) – Corporate – Trading significantly ahead; strong momentum prompts new ’21/’22E forecast Touchstar (TST) – Corporate – Update points to a robust trading performance and strong cash generaon in the year
Companies: Wey Education PLC (WEY:LON)Touchstar plc (TST:LON)
Full year results were well trailed in the Group’s trading update in November and are in-line with expectations. December 2020 saw the Group raise £7.1m (net) to strengthen the balance sheet and to provide the resources to capitalise on the building opportunity for hydrogen storage solutions and to accelerate growth in Integrity Management services. The Group has entered FY2021 with a strong and growing order book for defence, nuclear and hydrogen customers that underpins management’s confidence in the outlook, despite still challenging conditions in the oil & gas market. Trading in the first quarter is noted to be inline with expectation and five hydrogen refuelling station contracts worth £0.5m were secured in December alone in this rapidly developing sector. There is a strong pipeline of hydrogen refuelling opportunities, supported by ongoing development of products and services, and the Group’s long-standing presence and reputation in gas storage and safety.
Companies: Pressure Technologies plc
Rosslyn is broadening and lengthening the scope of its customer engagements and this is being felt in the rising value of new business in its sales pipeline. The payback on recent investment in sales and marketing has not yet been felt financially and we see huge value to be unlocked in both future revenue momentum and stock rating terms.
Today's news & views, plus announcements from KGF, JMAT, LAND, GFTU, VTY, PTEC, BME, YEW, APP, BLV
Companies: LAND APP YEW
Sales performance continued to improve in the seasonally important Q321 period. Core billings were well ahead of the prior year and December was the strongest month ever. Management is confident H221 will see the normal swing back to profitability, with the full-year performance at least in line with its expectations that underlay the H121 reinstatement of dividends. Accelerated digitalisation of the business has mitigated the effects of the pandemic, supported the Q321 progress, and positions it well for sustainable growth beyond the current financial year.
Companies: Appreciate Group plc
Gateley has reported solid interim results with profits and cash position improving despite COVID measures although much of this was known from the recent trading update. The Group intends to reinstatement dividends at the year end which could support the stock at this time but we see better recovery potential elsewhere in the sector and some strategic challenges in Gateley's business. Neutral
Gateley has reported highly resilient interims (revenue -2.6% to £50.5m, PBT +13.2% to £7.5m). The impact of the pandemic in the early months of the year was almost entirely offset by the contribution from acquisitions and a recovery in activity as the half-year progressed. The Property platform continues to perform well and Corporate has seen a strong pick-up in recent months, underpinning full year expectations. Cash generation was a highlight (net cash of £9.3m at the period end), which we expect to support a return to the dividend list at the full year alongside bonus payments. In our view, Gateley remains attractively valued (Cal’21 P/E rating of 15x relative to peers on 21x) and well positioned to build on its impressive track record of growth over the medium term.
