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.


 

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Broker research, valuations, & analysis on other stocks

  • 15 May 18

Opening up a significant market

The Supreme Court of the USA (SCOTUS) yesterday voted 7-2 in favour of repealing the Professional and Amateur Sports Protection Act of 1992. Seven justices voted in favour of repealing with the court quoting: “Congress can regulate sports gambling directly, but if it elects not to do so, each State is free to act on its own. Our job is to interpret the law Congress has enacted and decide whether it is consistent with the Constitution. PASPA is not. PASPA “regulate[s] state governments’ regulation” of their citizens, New York, 505 U. S., at 166. The Constitution gives Congress no such power. The judgment of the Third Circuit is reversed.”

Companies: GVC WMH PPB PTEC

  • 16 May 18

£2 FOBT limit and self-help estimates

A £2 max stake, is a worst-case scenario for operators with betting shops, we estimate (table 1, p2) it will reduce operators’ revenues and profits significantly, though these estimates exclude any self-help initiatives available to management teams, such as shop closures, automation (SSBTs) and further omnichannel rollout to mitigate the impact of lower B2 limits. Furthermore, we estimate increasing POC tax from 15% to 20% for online (table 3, p4), would offset the taxes lost on FOBTs for the Treasury and help fund losses to the horse racing industry, the latter likely to be affected by the lower B2 limits. The increased POC tax would likely lead to further consolidation in a highly fragmented UK online market.

Companies: GVC WMH PPB PTEC

  • 22 May 18

Banking on HomeSend

eServGlobal enters FY18 with a reduced cost base and a fully funded balance sheet; we are forecasting the core business to be close to EBITDA break-even in FY18. With access to Mastercard’s sales force and financial institution customer base, HomeSend has signed up a number of banks to use its cross-border payment platform. As these banks shift volumes onto the platform, this should drive strong growth in volumes and move the joint venture towards profitability.

Companies: eServGlobal
  • 02 May 18

The Monthly

Prior to the financial crisis of 2008/09, it was widely believed in the stock market that certain sectors – most notably utilities, pharmaceuticals, food retailing and tobacco – were far less vulnerable to market downturns.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF OXB NIPT PHP RE/ REDX SCLP SCE SIXH TRX TON VAL

  • 18 Apr 18

LIBERUM: GAN plc* - Positive contract news in Italy and the USA

This week GAN has announced further market share gains in Italy and a key extension with Paddy Power Betfair in New Jersey. Both of these deals support forecasts.

Companies: GAN Plc
  • 17 May 18

FLASH: 1Q18 results

End 1Q18 cash was c. US$29mm mm (GMP FEe: c. US$26 mm) with no debt. Overall 1Q18 production was c. 3.0 mboe/d (GMP FEe: 3.6 mboe/d). 1.8 mboe/d was from NW Gemsa in Egypt (GMP FEe: 2.1 mboe/d). 558 bbl/d was from Meseda in Egypt (GMP FEe: 660 bbl/d). 664 boe/d was from Morocco (GMP FEe: 750 boe/d).

Companies: Sdx Energy
  • 09 Apr 18

UK Housebuilding Sector

This ominous-sounding term originated from the work of famed Swedish meteorologist, Tor Bergeron (1897-1977), but it only entered popular vernacular this year – and there have been ample opportunities in 2018 to use it.

Companies: ABBY BDEV BWY BKG BVS CRN CSP CRST GLE INL MCS PSN RDW SPR TW/ TEF WJG

  • 18 May 18

Another strong quarter (again and again)...

Natixis released its numbers for Q1 18. Total revenues at €2.41bn were 2% higher than expected beating expectations in all operating divisions. Total expenses were just 0.5% higher than expected. Hence, profit before loan losses at €618m was 7% above expectations. Natixis has once again been beating the market this quarter (especially at a time when its French peers have been struggling to present investors with decent numbers). We maintain our Buy recommendation on the stock as we believe its special position within BPCE should provide more value (in asset gathering, insurance and the fast-growing market of payments).

Companies: Natixis
  • 09 Nov 17

AIM Journal


Companies: RWS G4M SRC PIM GAN ARTA

  • 28 Feb 18

PayMobile looks to a bright future after a tough year

eServGlobal changed its year-end from October to December to align itself with its key HomeSend subsidiary. To that end, it has released a set of 14-month accounts to December 2017, detailing the extra two months trading from the October 2017 12-month results, released just after Christmas. The results are weaker than expected; sales of A$12.2m and adj. LBT of A$27.5m, against our forecast of A$12.6m and A$23.4m respectively. The core mobile-money operation has been struggling for some time and although these results are poor, 2017 was a year in which many of the issues in that business were addressed and resolved. It starts 2018 in much better shape and with a brighter future. Investor focus and value lies in the 35.69% of the HomeSend JV with Mastercard. It has pivoted away from MTOs in the remittance market and is gaining momentum in the far larger and more lucrative global payments industry; now with over 20 banks signed and a very exciting pipeline of contracts.

Companies: eServGlobal
  • 17 May 18

Q2 earnings burdened with €0.6bn from Toll Collect

The German Government and the owners of Toll Collect (Daimler and Deutsche Telekom) have had a dispute for the last 14 years. This was the result of the delayed and unsatisfying implementation of collecting tolls from trucks on German highways. Toll Collect will pay a total compensation of €3.2bn to the Government. According to Daimler, it has provided for some of this compensation payment, but another €0.6bn has to be booked to the current quarter’s accounts. It will burden the profit of Financial Services. Strangely enough, the divisional full-year 2018 profit number is now expected to come in at last year’s level and not down. The divisional profit was up by only €24m in Q1 and our current projections see it increasing by €80m in the full year. As a result of the above, the full-year divisional EBIT number cannot be at last year’s level. Daimler’s consolidated EBIT was down by €436m in Q1 and we currently see it rising by €318m in the full year. Management’s new full-year consolidated EBIT is ‘slightly up from last year’. Again, this sounds odd in the wake of the above charge.

Companies: Daimler
  • 17 May 18

Ambition for competition

Performance in 2017 was one of progress at the core accompanied by a sharp reduction in net debt, aided by significant property sales proceeds. Progress is apparent in Williams Advanced Engineering (WAE) but the Formula One (F1) racing team remains the heart of the business. Performance on the track is a key determinant of group financial returns, but the changes to produce a more equal distribution of commercial rights are only likely in the medium term. Until then, progress will probably remain volatile, especially as competition on the track has intensified.

Companies: Williams Grand Prix
  • 18 May 18

Richemont disappoints in 2017 due to headwinds in watches

Richemont has released disappointing full-year results. Sales were up 8% at CER and the operating profit increased by 5%. Forecasts and target price will be downgraded.

Companies: Compagnie Financiere Richemont
  • 22 May 18

FLASH: Kelvin-1X exploration well result, Egypt

The sands at the Kelvin-1X exploration well at South Disouq, (SDX 55%, op) had low gas saturation and were not deemed commercial. The Kelvin-1X well was located structurally updip of the SD-1X discovery and thought to potentially be connected to the original SD-1X structure by a continuous gas bearing section.

Companies: Sdx Energy
  • 11 Nov 15

Troubled waters...

Fifteen or so years ago the oil price was on its back (around $10 a barrel) and Tech Boom (v.1) was in full swing. I recall trying to sell a BP call warrant, at its intrinsic value. “No Thanks...” said a renowned guru investor - who was probably the equivalent of Neil Woodford before Neil Woodford was Neil Woodford - “...but what have you got Nokia 3 month ATM calls?” So I sold him some of those at 75% implied vol.

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  • 01 May 18

Base Resources: Overview

base-resources-overview-01-05-2018
  • 21 Mar 18

Bitesize briefing - Auriant Mining

bitesize-briefing-auriant-mining-21-03-2018
  • 24 Apr 18

Executive interview - Takung Art

executive-interview-takung-art-24-04-2018
  • 02 Mar 18

VolitionRX reports their Full Year 2017 Earnings

volitionrx-reports-their-full-year-2017-earnings-02-03-2018
  • 24 Apr 18

Bitesize briefing - NeuroVive Pharmaceutical

bitesize-briefing-neurovive-pharmaceutical-24-04-2018
  • 14 Feb 18

Executive interview - Canadian General Investments

executive-interview-canadian-general-investments-14-02-2018
  • 22 May 17

Executive Interview - Reworld Media

executive-interview-reworld-media-22-05-2017
  • 07 Feb 18

Kenmare Resources plc - Update from Mining Indaba

kenmare-resources-plc-update-from-mining-indaba-07-02-2018
  • 21 Mar 18

Bitesize briefing – Vermillion Energy

bitesize-briefing-vermillion-energy-21-03-2018
  • 31 Jan 18

Executive interview - Tetragon Financial Management

executive-interview-tetragon-financial-management-31-01-2018
  • 27 Apr 17

Capital Network's Lionel Therond on SDX Energy

capital-network-s-lionel-therond-on-sdx-energy-27-04-2017
  • 19 Dec 17

Bacanora Minerals - An Introduction

bacanora-minerals-an-introduction-19-12-2017
  • 24 May 17

Executive Interview - Reworld Media

executive-interview-reworld-media-24-05-2017
  • 05 Dec 17

Executive interview - Genkyotex

executive-interview-genkyotex-05-12-2017
  • 08 Sep 16

EXTENDED Executive Interview with VolitionRX’s CEO Cameron Reynolds

extended-executive-interview-with-volitionrx-s-ceo-cameron-reynolds-08-09-2016

Latest Content

Accor

Accor’s delicate shareholder relations

After JinJiang internationals, Accor’s largest shareholder with 12.32%, HuaZhu Hotels Group (China Lodging Group Ltd, NASDAQ: HTHT) announced its strategic investment in AccorHotels during its Q1 18 release and also indicated that they already hold 4.5% of Accor’s capital (just below the minimum reported level of 5%).

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  • 22 May 18
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TAKUNG ART CO

Takung Art - Growing the retail base

Takung Art’s Q118 results show it is making progress at reorienting its user base more towards the retail market, which significantly increases its potential reach. There has also been some success in the quarter in increasing the average listing values of the items listed on the trading platform and in diversifying the offering, with five new pieces of sports memorabilia listed in the period. The FY17 reconstruction makes direct comparison with Q117 figures of limited use. The share price is yet to reflect the scale or quality of the potential opportunity.

 View

  • 22 May 18
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PDL BIOPHARMA

PDL BioPharma - First quarter results

PDL’s recent Q118 results reported that revenues of $38.5m were down 15.2% compared to Q117 as the company transitioned away from royalties related to the Queen et al. patents to product revenue related to its Noden and LENSAR subsidiaries as well as royalties from the Depomed assets. Excluding Queen et al. royalties, revenues were up 14.2%. Also, while the revenues associated with the Tekturna assets sold by Noden continue to be weak, LENSAR is now EBITDA positive. PDL has also repurchased approximately $12.6m of stock since March 2018 and has $12.4m available under its current repurchase program.

 View

  • 22 May 18
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Siemens

Consolidation process in the railway industry continues

Wabtec has entered into an agreement to combine the GE Transportation division. The transaction is valued at US$11.1bn when adjusted for a net tax benefit of US$1.1bn. The combined company is valued at 11.75x adjusted EBITDA 2019. GE will receive US$2.9bn in cash and will have a stake of 50.1% in the new company. With respect to valuation, we are surprised that GE Transportation will not only receive US$2.9bn in cash but also hold a majority interest in the company. We see the higher profitability of GE Transportation and the large order backlog having mainly influenced the valuation of the new entity.

 View

  • 22 May 18
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Sonae SGPS

Solid start to the year

The holding company’s achievements over Q1 18 exceeded the management’s targets for FY18 with all businesses reporting increased turnover and an improved underlying EBITDA in comparison with Q1 17.

 View

  • 22 May 18
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FRR NOG SEN ZOL SDX

GMP FirstEnergy ― UK Energy morning research package

Jadestone Energy (JSE CN); Speculative Buy, C$1.00: Update on new contract for Ogan Komering, Indonesia | Frontera Resources (FRR LN) (not covered): Operating update in Georgia | Nostrum Oil & Gas (NOG LN)6; BUY, £4.50: 1Q18 results & production guidance reduction | Serinus Energy (SENX LN/SEN CN)1: Speculative Buy, £0.25; Moftinu–1007 well spud in Romania | Zoltav Resources (ZOL LN) (not covered): Final results | SDX Energy (SDX LN/CN)1,6: BUY, £0.80; Kelvin-1X exploration well result, Egypt

 View

  • 22 May 18
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Sdx Energy

FLASH: Kelvin-1X exploration well result, Egypt

The sands at the Kelvin-1X exploration well at South Disouq, (SDX 55%, op) had low gas saturation and were not deemed commercial. The Kelvin-1X well was located structurally updip of the SD-1X discovery and thought to potentially be connected to the original SD-1X structure by a continuous gas bearing section.

 View

  • 22 May 18
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eServGlobal

Banking on HomeSend

eServGlobal enters FY18 with a reduced cost base and a fully funded balance sheet; we are forecasting the core business to be close to EBITDA break-even in FY18. With access to Mastercard’s sales force and financial institution customer base, HomeSend has signed up a number of banks to use its cross-border payment platform. As these banks shift volumes onto the platform, this should drive strong growth in volumes and move the joint venture towards profitability.

 View

  • 22 May 18
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Oryzon Genomics

Phase IIa trial in Alzheimer’s disease initiated

According to the latest news from Oryzon, the first Alzheimer’s disease (AD) patients (3/90) were recruited into the Phase IIa ETHERAL clinical trial testing ORY-2001, a dual LSD1/MAOB inhibitor for CNS indications. The trial is expected to be finalised in Q419, but Oryzon plans to report preliminary data in early 2019, which is one of the main catalysts in the near term. The second Phase IIa trial with ORY-2001 SATEEN in multiple sclerosis (MS) continues to enrol patients, with the preliminary readout planned in early 2019, another key catalyst for the share price. Our valuation is marginally higher at €322m or €9.4/share (vs €315m or €9.2/share previously).

 View

  • 22 May 18
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JAY bmn SGZ

SP Angel – Morning View

Arc Minerals (ARCM LN) – Ann Gloag, founder of Stagecoach, takes 3% stake following consolidation of Zamsort stage | Bluejay Mining* (JAY LN) STRONG BUY – Target Price 45p – 100mt of high-grade titanium mineral sand targeted at Iterlak in summer work program | Bushveld Minerals* (BMNLN) BUY - Target 25p – Imaloto Power Project concession agreement with government of | Madagascar Scotgold Resources* (SGZ LN) BUY – 61p (from 58p) – Cononish funded to production

 View

  • 22 May 18
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