UK Other Main Markets

UK Other Main Markets equity research

Explore the most viewed and latest equity research and media content for companies in the UK's other main markets.

Other UK Stocks

Broker research, valuations, & analysis on other UK stocks

12 Mar 19

Strong update, +14% beat to forecasts; technology-led service offering

WATR is a leading and geographically diversified specialist in precision, minimally-invasive leak detection and remediation in both drinking and waste water. Technology-led, the business uses solutions such as infra-red and acoustics and continues to expand its technology offering – a key differentiator against typical support services companies. The business has been a consistent performer with a history of delivering and exceeding expectations, although the share price, latterly, has marked time. WATR has today reported an FY18A PBTA result which is a 14% beat to expectations; and while the rating could be seen as high in the context of Support Services, the valuation should be seen in the light of similar franchise businesses and technology-led companies, reinforced by strong structural growth characteristics (see below). Strong results disclosed this morning show FY sales growing 44%, demonstrating growing momentum and ahead of the already strong Q1-3. No one-off, this continues an accelerating and compounding trend over the past three years, which we expect to be maintained. Insurance channel sales have nearly doubled and this momentum notably shows every sign of carrying on, opening up a very large US market in which WATR remains the only national player. The differentiated model – advanced technology integrated into multiple and efficient delivery channels – offers meaningful opportunities, while selective franchisee reacquisitions are also adding to the growth momentum and optimising the group’s capital structure.

Companies: Water Intelligence

13 Mar 19

LIBERUM: Charles Taylor* - Building a platform for growth

2018 was a busy year for the group. In addition to acquisitions which helped transform the scale of the InsureTech business, the group has built a truly global platform within Claims Services.

Companies: Charles Taylor

05 Mar 19

XP Power - Driving share gains with expanded product range

In FY18 XP reported strong organic growth and operating margins, generating EPS growth of 18%. After a series of acquisitions, it has a full portfolio of power solutions to meet all voltage and power requirements, and management is now focused on increasing its market share at key accounts. In our view, the stock is trading at close to trough multiples with a dividend yield above 4%.

Companies: XP Power

10 Mar 19

THE MONTHLY March 2019

In the investment world, before MiFID II, essentially every institution talked to every broker, and the whole, professional market could see every research note and the forecasts in detail. This was the ‘Age of Consensus’. Everyone had the same information (well, everyone except retail investors), and this transparency helped share price formation and liquidity

Companies: OPM AVO AJB AGY ARBB AVCT CMH CSH DNL GTLY GDR KOOV MCL OXB RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L

12 Mar 19

LIBERUM: Equiniti* - Delay is disappointing but fundamentals remain overly discounted

Although there are fewer positives than negatives with the FY18 results, on balance we still believe in the strength of Equiniti’s underlying business. This view is supported by the impressive organic revenue growth delivered in year (7.3%), and the 5% beat to our net debt forecasts.

Companies: Equiniti Group

13 Mar 19

LIBERUM: Equiniti* - Presentations highlight the strength of the franchise

In their presentations to the analyst community and our sales force, Equiniti’s management talked to the number of opportunities within the business. As a result of these they remain confident in the business’ ability to deliver 3-7% organic revenue growth and an improving trend in margins, despite the headwinds created by current market uncertainties.

Companies: Equiniti Group

19 Mar 19

All eyes on Capacity Expansion

Zotefoams has reported 2018 results in line with our expectations. The Group continues to execute well on its strategy, utilising best in class IP and technology to innovate new products and work with customers to target high value demand. Increasing capacity in 2019 and 2020 should provide further operational flexibility to allow Zotefoams to realise increasing value from its assets and drive earnings upgrades. We make small tweaks to earnings for 2019E but believe investors should focus on the multi-year expansion and significant opportunity. Reiterate Buy.

Companies: Zotefoams

18 Mar 19

LIBERUM: Volution* - Improving growth and Reading resolved

Volution has reported PBT up 8% to £19.2m, 1% better than we expected. The highlights of these results are that the Reading facility is now producing at normal levels, UK public RMI is growing again and acquisition integration is progressing well.

Companies: Volution Group

18 Mar 19

HCM UPDATE - 18.03.19 (EMR.L; IPEL.L; STHR.L)

Empresaria Group plc* (EMR.L, 72.5p/£35.5m) - Full year results to 31.12.18 (13.03.19) | Impellam Group plc (IPEL.L, 470p/£231m) - Full year results to 31.12.18 (14.03.19) | SThree plc (STHR.L, 300p/£392m) - Q1 trading update to 28.02.19 (15.03.19)

Companies: EMR IPEL STHR

12 Mar 19

LIBERUM: PureCircle* - 1H results reflect transition to Reb M

1H19 sales down 5%, a $24m inventory writedown, but adjusted EBITDA +49% illustrate the rapid shift PureCircle is making to its new, higher margin product range based around Reb M (derived from PureCircle's proprietary StarLeaf stevia variety). Customers are quickly reformulating existing products based on Reb A to the better-tasting Reb M.

Companies: PureCircle

12 Mar 19

First Light

WATR is a leading and geographically-diversified specialist in precision, minimally-invasive leak detection and remediation in both drinking and waste water. Technology-led, the business uses solutions such as infra-red and acoustics and continues to expand its offering – a key differentiator against typical support services companies. The business has been a consistent performer with a history of delivering and exceeding expectations, although the share price, latterly, has marked time. WATR has today reported an FY18A PBTA result which is a 14% beat to expectations; and while the rating could be seen as high in the context of Support Services, the valuation should be seen in the light of similar franchise businesses and technology-led companies, reinforced by strong structural growth characteristics.

Companies: Water Intelligence

13 Mar 19

Resilient performance

Lookers has delivered a credible performance in the context of significant trading headwinds, achieving strong market outperformance across all three business divisions led by used cars and aftersales. We maintain our forecast assumptions for 2019E and beyond reflecting our more conservative market outlook. While trading headwinds persist, we continue to believe Lookers is well positioned, with a robust balance sheet and proven management team to deliver shareholders returns over the long term

Companies: Lookers

15 Mar 19

LIBERUM: SThree* - An encouraging start to FY19

With growth in Continental Europe continuing to exceed our expectations, underlying gross profit growth of 9% in 1Q19 was marginally better than we had hoped. Whilst the UK performance was weaker, the strength in the group's core STEM markets suggests that the outlook for FY19 remains encouraging.

Companies: SThree

19 Mar 19

Long term value

Lookers recently delivered a credible set of 2018A results which demonstrated the robust nature of the business model in a challenging market. We maintain our 2019E headline earnings assumptions for now, but take a more conservative view of 2020E earnings, with net debt forecasts higher due to a higher 2018 base. We continue to believe Lookers is well positioned, with a robust balance sheet and proven management team to deliver shareholders returns over the long term.

Companies: Lookers

19 Mar 19

LIBERUM: Mears Group* - Focus on the balance sheet reduces profits

FY 18 FD EPS 6% lower than our estimate, as bid and mobilisation costs are written off. For FY 2019, we reduce our low FD EPS by 21% due to a loss in Developments as capital is re-allocated and an IFRS 16 change.

Companies: Mears Group

19 May 17

Leading UK fund manager, Gervais Williams, discusses investing, his outlook and two companies he's excited about

19 Mar 19

Bitesize briefing - ICG-Longbow SSUP

21 Sep 18

InnovaDerma PLC's growth trajectory 'very much back on track'

06 Mar 19

Vivo Energy plc - Full year 2018 results interview

07 Mar 19

Premier Oil - Full Year Results 2018

05 Mar 19

Capital Network analyst on a 'very strong' period of growth for GRIT Real Estate Income Group

04 Mar 19

Executive interview - XP Power FY18 results

26 Feb 19

Executive interview – Securities Trust of Scotland

15 Feb 19

121 Mining, Cape Town - Emmerson - Presentation

08 Feb 19

Bitesize briefing - Murray Income Trust

15 Mar 19

Avacta (AVCT) presentation at ShareSoc London 13th March 2019

07 Feb 19

Emmerson plc - Update

26 Feb 19

Capital Network's analyst Ed Stacey on Innovaderma's strong growth drivers being ready to kick in

05 Feb 19

Bitesize briefing - 4imprint

31 Jan 19

PHP - Full Year Results 2018

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ICG Longbow Snr Sec UK Prop Dt Inv

Bitesize briefing - ICG-Longbow SSUP

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19 Mar 19

PureCircle

PureCircle - Growing pains

PureCircle’s H119 results highlight the ongoing evolution in the company: sales declined 5%, partly due to phasing of deliveries, but also due to adoption of the superior-tasting, higher-margin Reb M product cannibalising the base business. Gross margins were up 240bp as a result of Reb M contributing positively to the mix. The innovation pipeline continues to strengthen and the company is well positioned to capitalise on the continued shift away from sugar and towards natural sweeteners.

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19 Mar 19
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Invesco Asia Trust

Invesco Asia Trust - Disciplined Asia specialist, solid long-term returns

Invesco Asia Trust (IAT) aims to provide significant capital returns over the long-term through investing in listed companies in Asia. It follows a rigorous bottom-up investment process with few constraints, to build a relatively concentrated 50–70 stock portfolio representing the manager’s highest-conviction ideas over a three- to five-year horizon. The approach also emphasises the valuation discipline and favours cash-generative companies, which is reflected in the underlying portfolio yield of c 3%. IAT has increased its annual dividend in seven out of the past 10 years and over that time has delivered an annualised NAV total return of c 16%.

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19 Mar 19
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JPJ Group

JPJ Group plc - International continues to drive growth

Driven by an impressive 42% organic growth in the Vera&John division, JPJ reported FY18 revenue growth of 10% to £319.6m with an EBITDA margin of 35.3%. International now comprises 43% of revenues and we expect this to increase as the company diversifies away from the UK. Cash generation remains strong and adjusted net debt/EBITDA has fallen from 3.6x in FY17 to 2.7x in FY18. Management is committed to a progressive dividend policy (once the ratio is sustainably below 2.5x) and would also consider share buybacks at that point. The stock is trading at the bottom of the peer group at 6.7x P/E and 8.2x EV/EBITDA for FY19e.

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