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Other Market Cap equity research

Explore the most viewed and latest equity research and media content we have for listed companies that don't quite fit our market cap filter.

Other Stocks

Broker research, valuations, & analysis on other stocks

20 Jun 17

Online brokerage leader

FinTech Group (FTG) is growing strongly. Management has created an integrated online broking business which can offer products across the value chain, from white labelled technology platforms to banking services. In our view, this gives it a significant advantage over its peers. The online broking sector in Germany has been consolidating and the fintech sector remains buoyant. Despite being the fastest growing major broking business in Europe, the shares trade at a discount to the sector.

Companies: FINTECH GROUP AG

29 Jun 17

Nestlé launches CHF20bn share buy-back

Nestlé has announced CHF20bn share buy-back by 2020. If any sizeable acquisitions take place during this period, the share buy-back programme will be adapted accordingly. The volume of monthly share buy-backs will depend on market conditions but is likely to be backloaded in 2019 and 2020 to allow the pursuit of value-creating acquisition opportunities. The company expects a net debt/EBITDA ratio of c.1.5x in 2020.

Companies: Nestle

29 Jun 17

Exploration & Production review

Pace of new investment slips significantly in May; June will be better but the annualised figure might remain subdued ahead of the summer; as the sector suffers from the oil price entering a bear market.

Macros: Commodities - Energy

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

09 Jan 17

Core business restructuring starts to pay off

eServGlobal reported FY16 results in line with its recent trading update. The turnaround in the core business is evident with H216 revenues 58% higher than in H116 and adjusted EBITDA losses significantly reducing over H216. Continued contract momentum combined with good cost control puts the company on track to generate positive EBITDA for FY17. At the same time, the HomeSend joint venture expects to see revenue contributions from new partners coming on line and continues to target break-even in CY17.

Companies: ESERVGLOBAL

23 Jun 17

Real estate assets in Dresden

RCM Beteiligungs (RCM) is primarily a residential property developer focusing on the refurbishment of assets in the area of Dresden, Saxony. Additionally it invests in financial assets. RCM acquires low to medium value residential multi-family homes and modernises them. The objective is to achieve rent increases and an appreciation of the asset value. RCM realises value by selling the asset and re-investing in new real estate assets and opportunistic financial participations. While the real estate business accounted for 89% of revenues and represented 70% of the balance sheet total of €55m in 2016, the financial holdings and participation business represented 11% of revenues and tripled in value to €5.5m.

Companies: RCM BETEILIGUNGS NA. O.N.

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

30 May 17

Rude Health

Significant uptick in R&D output. After a very disappointing 2016, as measured by the number of new drugs approved by the FDA (23), we have seen 22 new product approvals year-to-date. We now expect the 2017 output to be above the 16-year median of 22 NDAs (New Drug Application) and 5 BLAs (Biologic Licence Application). As previously commented on, BLAs are expected to represent an increasing proportion of overall approvals. The most notable approval in the past quarter was AstraZeneca’s Imfinzi (durvalumab), not because of its use in metastatic bladder cancer but for its potential use as a first-line therapy in surgically unresectable Non-Small Cell Lung Cancer (NSCLC) following an interim analysis of a Phase III trial (PACIFIC), which showed a statistically significant increase in progression-free survival.

Companies: ABZA AKER AGY APH AVCT BVXP BYOT COG CTH LID MTFB ODX OPTI NIPT PRM SDI TSTL

29 Jun 17

HomeSend looking ever more exciting

The focus is on the growing strength of the JV with Mastercard and BICS in the first 6 months of a 14-month period to December. At a headline level, sales in the core PayMobile mobile money business are down 30% on timing of pipeline conversion, seeing a H1 adj. EBITDA loss of A$6m despite significant cost cutting. This was exacerbated by A$4.3m exceptional trade debt/WiP impairment. Meanwhile, HomeSend delivered a A$1.9m loss in H1 as it begins a sales function expansion, transitioning from its setup stage to commercial rollout, signing major agreements with large banks and supporting Mastercard Send. The management team is clearly very excited by the ever-increasing prospects for this global payment network, emphasising an anticipated increase in value, even above previous hopes. However, the group’s H1 -A$6.1m FCF left a cash balance of just A$2.9m at 30 April (A$10.6m net debt) and to address this, a further A$4.2m (£2.5m) of debt has been secured from a major shareholder on the same terms as the existing facility, but with a covenant on net asset growth in H2.

Companies: ESERVGLOBAL

21 Jan 15

Hybridan - Small Cap Wrap

The Hybridan Small Cap Wrap is a weekly review of some of the most interesting small cap stories of the past week. Our review will usually be of those companies whose market capitalisations are less than £50m although we may occasionally cover larger companies.

Companies: OPM ACT ATQT EYE ERGO FFX GAL KBT OPTI REDX RDT SAR SPRP XLM

12 Feb 16

EMR Capital - Update at 121 Mining Investment

29 Jun 17

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15 Dec 16

Executive Interview - Paragon

26 Jun 17

Executive interview - UMT

27 Apr 17

Capital Network's Lionel Therond on SDX Energy

26 Jun 17

Executive Interview - Carmat

23 May 17

Capital Network's James Dolman on Midpoint Holdings Ltd

24 May 17

Executive Interview - Reworld Media

15 Feb 16

Plateau Uranium - Update at 121 Mining Investment

22 May 17

Executive Interview - Reworld Media

29 Nov 16

Executive Interview - Canacol

02 May 17

Executive Interview - Oryzon

05 Jan 17

Executive Interview - Touchstone Innovations

17 Mar 17

Capital Network's David Eaton on Hibernia REIT

07 Jul 16

Minomic develop a new non-invasive test for prostate cancer.

Latest Content

DeA Capital

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29 Jun 17

Commodities - EnergyCommodities - EnergyCommodities - EnergyCommodities - EnergyCommodities - EnergyCommodities - EnergyCommodities - EnergyCommodities - Energy

Exploration & Production review

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29 Jun 17
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ESERVGLOBAL

HomeSend looking ever more exciting

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29 Jun 17
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UTW RCN RGD ESV

Morning Note

Utilitywise* (UTW): Estimates corrected (CORP) | Redcentric* (RCN): Prelims set the base line (CORP) | Real Good Food* (RGD): New expansion capital (CORP) | eServGlobal* (ESG): HomeSend looking ever more exciting (CORP)

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29 Jun 17
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SHAMARAN PETROLEUM

GMP FirstEnergy ― UK Energy morning research package

Jadestone Energy (JSE CN); Speculative Buy, C$1.00: Corporate update | ShaMaran Petroleum (SNM CN) (not covered): Operations update in Kurdistan | World crude oil markets: Trimming our price expectations on slower global rebalancing

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29 Jun 17
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NB Private Equity Partners

Waiting for the data

The detail in NBPE’s Q1 investor call was uncontroversial (see below). What was missing was a sense as to whether the portfolio’s EBITDA growth rate (7%, LTM 31 Dec) was slowing given the weak earnings growth data reported by S&P.

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29 Jun 17
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WSG VNET ZIOC OPP MLVN CHRT AFC SPE HCM RENE

Small Cap Breakfast

AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. | Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Offer TBA. Expected mid July. | NEXUS Infrastructure—Offer TBA. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. | Tatton Asset Management –Sch 1. Provider if services to FCA authorized financial advisers. Raising £10m at 156p. Secondary offer £41.6m. Due 6 July. | GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | FFI Holdings— Specialist in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. Raising £59m at 150p. Expected 30 June.| QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe |Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.

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29 Jun 17
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NeuroVive Pharmaceutical

Mitochondrial medicine specialist

NeuroVive Pharmaceutical is a mitochondrial medicine specialist with a diversified asset portfolio. It employs a two-pronged strategy and has a portfolio of drug candidates for orphan mitochondrial diseases, which it aims to develop internally; more recently, it has also identified in-house assets suitable to tackle larger indications, which NeuroVive aims to out-license in pre-clinical development. The most advanced projects are Phase IIb ready NeuroSTAT for traumatic brain injury and KL1333 in Phase I for various mitochondrial diseases. We value NeuroVive at SEK1.5bn.

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29 Jun 17
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Nestle

Nestlé launches CHF20bn share buy-back

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29 Jun 17
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H & M Hennes & Mauritz

Faster growth in Q2

The growth pace has accelerated slightly in Q2. Sales were up 5% in local currencies and 9.6% reported to SEK51,383m. The gross margin has retreated by 50bp to 57.1%, bringing the gross profit to SEK29,345m (+8.8%). The operating margin has stepped up 10bp to 14.9%, increasing the operating profit by 10% to SEK7,650m. Net profit was up 10% to SEK5,897m. In the six months, sales surged by 8.6% (+5% in local currencies) to SEK98,368m. The operating profit was up 5.7% to SEK10,809m, i.e. an operating margin of 11% compared to 11.3% the year before. Net profit amounted to SEK8,354m (+5.7%). As regards regions, H1 sales were boosted by the outperformance of the UK (+6% in local currencies) and China (+11% in local currencies) as well as other growth markets. The momentum remains challenging in the main markets such as Germany (-1% in local currencies) and the USA (+1% in local currencies). Inventory issues are persisting with an increasing stock in trade of 26.9% to SEK32,148m by the end of May. In June, the company expects sales growth of 7% in local currencies.

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