UK Other Main Markets

UK Other Main Markets equity research

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Other UK Stocks

Broker research, valuations, & analysis on other UK stocks

19 Sep 18

FY 2018 results – Boots to range Skinny Tan

Full-year results were in broadly line with the 19 June trading statement, with revenues rising 21% to £10.7m (£0.3m shortfall attributed to timing and despatch of June sales into July), resulting in a pre-tax profit of £0.7m and year-end cash of £1.9m. Confirmation that Boots is to range Skinny Tan online and in 1,250 (50%) of its UK stores from February/March 2019 significantly expands the retail footprint to more than 2,000 stores (2.7x), whilst Roots should benefit from a 4x expansion to more than 1,600 stores by year-end. We retain a 220p target price, which implies a calendar-adjusted 2019 P/E, EV/EBIT and EV/Sales of 24x, 14.0x and 1.8x, respectively. Strong growth expectations justify these premia.

Companies: Innovaderma

12 Sep 18

Share & share alike

Here we go again – the company reporting season is gathering pace. The MPC is likely to leave rates unchanged although expectations still remain for an increase next year. The UK economy expanded at a faster pace in July helped by the weather and better retail sales. General sentiment continues to be impacted by tariff concerns, combined with Brexit uncertainty. As Table 1 shows, all major indices have fallen over the last month. In Share News & Views, we comment on AorTech*, Bonhill*, DeepMatter*, EU Supply* James Fisher, Haynes, Hunting , Location Sciences*, Marshall Motor and Synectics*.

Companies: AOR APC BMS CRPR DMTR ESC EUSP FDM FA/ GETB LSAI PCF SNX TCN W7L

12 Sep 18

Game Digital - Part of the retail answer

Even as Game Digital (GMD) faces short-term trading pressure, its developing BELONG gaming arena concept is arguably part of the answer of what to do with the UK’s high streets and shopping centres. The first BELONG sites under the February 2018 agreement with Sports Direct are now opening. With GMD’s share price still less than net cash of 32p, neither the existing business, which currently contributes £10m of EBITDA, nor BELONG which we value at 23p, are attributed any value by the market. Our total valuation is 75p.

Companies: Game Digital

12 Sep 18

Growth in a critical global market

Water Intelligence has reported another strong set of results providing further evidence of the scale of the opportunity and ability of management to execute. H1 sales increased +39% on last year and adj. EPS +38%. The group is building a scaleable, technology-backed distribution platform for water solutions in a range of international markets. With the focus on reducing water leakage continuing globally, we see the recent share price weakness as an opportunity.

Companies: Water Intelligence

14 Sep 18

Avon Rubber - Delivering growth

Avon Rubber’s pre-close trading statement demonstrates the underlying growth in both divisions. Success continues to flow from the enhanced product portfolio and order progression is building visibility. We have made modest changes to our forecasts to reflect currency and the Merrick’s acquisition.

Companies: Avon Rubber

19 Sep 18

Interims Confirm Growth Optimism

With positive sales growth, even faster EBITDA expansion and a sustained 38% world leading market share in kettle safety controls, Strix’s interim results leave the company well-placed to match full year expectations. Moreover, the US performance complemented a recent announcement regarding coffee in that market. Strix proposes a 2.3p interim dividend confirms both an intended 7.0p full year outcome and 7.7p in FY2019.

Companies: Strix Group

19 Sep 18

Solid interims underpin FY18

Strix has announced a solid set of interim results providing a high level of confidence in the FY18 profit before tax forecast of £29.1m. Revenue increased 1.5% to £42.9m (HY17: £42.2m) and gross profit increased 3.5% to £16.3m (HY17: £15.7m) on margins increasing 70bps to 37.9%. Adj. Operating margins increased 120bps to 27.9% and on proforma numbers profit before tax increased 10.4% yoy to £11.0m (HY17: £10.0m). The mix within the controls business has better balance. Regulated Markets continue to grow strongly at c. 3%, albeit down from the 5% in FY17, being driven by the growth market of North America. China has returned to growth reporting 6% and Less Regulated grew 8%. We leave PBT forecasts unchanged across the forecasts period but reduce the assumed tax rate from 19% to c.4% based on management guidance. This increases EPS by c. 19% in each year. On new earnings estimates the shares trade on 12.1x and yield 4.2% with the management confirming its commitment to pay 7.0p of dividend in FY18 followed by 7.7p in FY19.

Companies: Strix Group

17 Sep 18

LIBERUM: MJ Gleeson Group* - Confidence shown in 33% dividend rise

Management has demonstrated confidence in future demand and the sustained cash generative nature of its business by raising the dividend for 2018 by 33% as the cover has been reduced from 2.0x to 1.75x. Management is confident that demand will remain strong as its customers are mainly first time buyers who are under-served by mainstream builders and find it cheaper to buy than to rent.

Companies: MJ Gleeson

17 Sep 18

Annual Report & Accounts in line with pre-close statement

CLIG’s audited accounts released this morning are in line with its preclose statement for the year to 30 June 2018, released on 17 July, which revealed strong growth, despite the recent fall in market values.

Companies: City Of London Investment Group

03 Sep 18

The Monthly September 2018

September’s Hardman Monthly features an article from guest contributor, Tim Ward. Tim is the Chief Executive of the Quoted Companies Alliance (QCA), an organisation that champions the interests of small to mid-size quoted companies.

Companies: OPM AVO AGY APH ARBB AVCT BNO CMH DNL EVG GDR INL KOOV MCL MUR NSF OXB PHP RE/ REDX SCLP SCE SIXH TRX TON VAL W7L

12 Sep 18

Buying opportunity in structural growth market leader

Medica is the UK market leader in teleradiology, providing outsourced image analysis and reporting services to the NHS and private sector. It is benefitting from structural growth in demand for complex medical images and an NHS struggling to manage workflows efficiently. We view the current share price weakness as being temporary and offering a strong buying opportunity. The valuation is very attractive given the strong mid-teens organic growth outlook. We initiate coverage with a Buy recommendation and 186p TP, offering a TSR of 30%.

Companies: Medica Group

14 Sep 18

LIBERUM: SThree* - Continued momentum supports upgrades

With continued momentum in the US and EU businesses, underlying gross profit growth of 13% in 3Q18 was ahead of our expectations. With an encouraging outlook for both these regions, combined with the potential for a sequential improvement in the UK, the company is well positioned going into 4Q18.

Companies: SThree

13 Sep 18

LIBERUM: Ricardo* - UK uncertainty but global drivers intact

FY18A results were in line with our estimates. Order intake, revenue and profit achieved record levels despite difficulties in UK Automotive, testament to the resilience and diversification now present in the business.

Companies: Ricardo

21 Aug 18

Off to the races as NFL season draws closer

The US sports betting market has the potential to be significantly large. However, lack of federal level legislation, sluggish state by state legislative processes, and other limiting factors will cause a likely drag on the sport betting market’s full potential. The American Gaming Association estimates at least $150bn is wagered annually with offshore books, which implies a $10bn - $12bn revenue market. We estimate, onshore online sports revenue in 4 - 5 years of $6bn (table 6, p14) should be achievable across 25 States where Daily Fantasy Sports is legal in 22 states, if we include California, implies a market as large as $7.5bn in revenue. UK listed operators not necessarily only winners as US operators, Stockholm listed and some private companies make early inroads. Sports betting live in New Jersey, Mississippi, Delaware and Nevada, with West Virginia and Pennsylvania expected to follow soon.

Companies: GVC WMH PPB PTEC SPO 888 GAN NKTN KAMBI GIG SGMS IGT

13 Sep 18

FLASH: 1H18 results

1H18 production of 11.4 mboe/d and net cash of US$75 mm at the end of the period had already been reported. The company has impaired the value of Fortuna in Equatorial Guinea to US$300 mm (US$604 mm at YE17). 2018 pro-forma production guidance, post the Santos transaction which closed in September, is 27.5 mboe/d (GMP FEe: 27.2 mboe/d).

Companies: Ophir Energy

19 May 17

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

20 Sep 18

Primary Health Properties PLC - UK Acquisition

16 Sep 15

Trifast - Trading update

20 Sep 18

Executive interview – Regional REIT

24 Aug 18

Henry Boot - Interim Results 2018

20 Sep 18

SOCO International Plc - Acquisition of Merlon Petroleum

23 Aug 18

Premier Oil - Half Year Results 2018

20 Sep 18

SOCO International Plc - Message to colleagues

30 Jul 18

XP Power H118 interim results

14 Sep 18

Downing Strategic Micro-Cap Investment Trust plc

15 Feb 16

Gem Diamonds - Update at 121 Mining Investment

05 Sep 18

Primary Health Properties - Irish Portfolio grows to over €100 million

24 Nov 15

Leading the Charge - Ranger Direct Lending Fund

31 Jul 18

Avacta Group's Bach BioSciences deal 'an exciting step' - Capital Network analyst

13 Oct 16

Advanced Oncotherapy - Progress update

Latest Content

Primary Health Properties

Primary Health Properties PLC - UK Acquisition

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20 Sep 18

Regional Reit

Executive interview – Regional REIT

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20 Sep 18

Soco International

SOCO International Plc - Acquisition of Merlon Petroleum

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20 Sep 18

Soco International

SOCO International Plc - Message to colleagues

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20 Sep 18

XPS Pensions

Review of investment case

Review of investment case Using reported results for XPS Pensions Group (“XPS”) published in June, we have calculated proforma revenues, profit and adj EPS assuming Punter Southall had been included for the full year to March 2018. Key points are: Total proforma revenue for the year of £106.0m includes a £51.5m contribution from Xafinity (excluding HR Trustees which was sold) and £54.5m contribution from Punter Southall (post acquisition actual reported: £12.8m); Proforma EBIT margin of 24.2% reflects a full year of Pension Admin which has lower margin and includes the positive impact of the TSA agreement, with 28.5% EBIT margin from Xafinity and 20.0% EBIT margin from the Punter Southall businesses. Proforma adj diluted EPS of 9.3p based on proforma PAT of £19.2m and 206m shares (N.B. reported adj EPS using only post acquisition profits and the average shares in issue is co-incidentally also 9.3p a share).

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20 Sep 18
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PVR RRE MATD SIA ECO ELA

GMP FirstEnergy ― UK Energy morning research package

Cuadrilla: Granted fracturing consent in the UK | Providence Resources (PVR LN) (not covered): Farm out in Ireland | RockRose Energy (RRE LN) (not covered): 1H18 results | Petro Matad (MATD LN) (not covered): Dry hole in Mongolia | SOCO International (SIA LN) (not covered): 1H18 results & proposed acquisition in Egypt | Eco (Atlantic) Oil and Gas (ECO LN) (not covered): Increased WI in Tamar Block, Namibia | Eland Oil & Gas (ELA LN) (not covered): 1H18 results in Nigeria

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20 Sep 18
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Strix Group

Strix - Interim results 2018

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19 Sep 18

ASO COG CLL HDD IDP NIPT QXT UNG TSL

Morning Note – 19 September 2018

Avesoro Resources (ASO): Corp New Liberty mineral resource upgrade | Cambridge Cognition (COG): Corp NeuroVocalix – first contract | Cello Health Group (CLL): Corp Trading well with good visibility | Hardide (HDD): Corp Upbeat trading update | InnovaDerma (IDP): Corp FY 2018 results – Boots to range Skinny Tan | Premaitha Health (NIPT): Corp Settlement with Illumina – freedom to operate globally | Quixant (QXT): Corp Weighting on a record H2 for gaming platforms | ThinkSmart (TSL): Corp Credible innovator, now developing new opportunities | Universe Group (UNG): Corp Interims

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19 Sep 18
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AAZ KRS LMI PGM WRES

SP Angel – Morning View

Anglo Asian Mining* (AAZ LN) – Gedabek JORC mineral resource at 1moz | Keras Resources* (KRS LN) – Ogaro prospect identified at Nayega Lonmin | PLC (LMI LN) – SACC approval | Phoenix Global Mining* (PGM LN) – Latest drilling hits high grade feeder zone at the Empire mine | W Resources (WRES LN) – Drilling results from Regua

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19 Sep 18
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XPS Pensions

2 contingent deals

On Tuesday 18 September 2018, XPS Pensions Group (”XPS”) announced two contingent deals:  The proposed acquisition of Kier Pensions Unit (“KPU”) from Kier Group for total max consideration of £3.5m in cash conditional, inter alia, on a threshold percentage of KPU’s existing clients agreeing to transfer their contract to XPS. The acquisition is expected to add approximately 4% to XPS’s revenues.  The proposed disposal of Healthcare Consulting Business (“HCB”) to Punter Southall Group Ltd (“PSGL”) for total consideration of £1.25m in cash conditional upon the amount of revenue generated by HCB in the twelve months after the disposal.

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