Latest Content

Zotefoams

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.

 View

  • 19 Mar 19
  • -
  • -

Haydale Graphene Industries

£5.8m fundraise; new management team HAYD.L 1.85p

We upgrade our recommendation from Neutral to Buy. Having raised £5.8m of capital the Group now has, in our view, sufficient funding to achieve cash breakeven. We are confident that Management can continue to make developments within Inks as it has done in the previous six months, whilst further enhancing the cash generation from the SiC business in the US. We believe this topline expansion will be done with a tighter handling of the cost base to ensure that the Group moves in line with customer demand as opposed to before.

 View

  • 15 Mar 19
  • -
  • -

Frontier Smart Technologies Group

Update to FY18E no.s and release of FY19E forecasts

We release FY19E forecasts for FST and align FY18E numbers with guidance issued in their trading update last month. Whilst we downgrade our FY18E revenue from $46.6m to $41.3m, EBITDA was broadly in-line, and Net Debt beat with $2.1m vs expected $3.0m. Looking ahead, we highlight early enjoyment of licensing revenues (NRE at this stage) in FY19E and expect maiden revenues from the Company’s exploration of non-voice IoT applications. Continued price weakness since summer 2018 is in our view unwarranted, with the shares currently trading on just 0.4x FY19E revenues. We believe this materially undervalues a company with exposure to a healthy midterm pipeline of opportunity and re-iterate our PT of 62p. Buy.

 View

  • 13 Mar 19
  • -
  • -

Empresaria Group

FY18 results in-line; Dividend raised 52%

The Group has reported a solid set of results in line with expectations; NFI and Adjusted PBT grew 4% as reported in the January trading statement. Strong cash generation, a diversified model and a renewed focus on organic growth and margin improvement is not currently reflected in a highly modest FY19 P/E of 5.6x. We believe that the Group is well positioned for a re-rating once it demonstrates effective implementation of its strategy to provide additional central support to its niche brands. We re-iterate our Buy rating.

 View

  • 13 Mar 19
  • -
  • -

Rainbow Rare Earths

Interim results for H1 2019

Successfully raised funds – US$2.0m from an equity placing in August 2018, and an equity drawdown/convertible facility signed shortly after period end for up to US$7.75m, with a fund managed by Lind Partners LLC.

 View

  • 12 Mar 19
  • -
  • -

Cyanconnode

Set for a meter-oric rise

We believe CyanConnode’s commercial plan is accelerating. Growth in India is due to build on earlier success in the Nordic markets and drive a transformation of the group. As a result, we forecast a 62% two year sales CAGR and break-even profitability by FY20E (supported by a £4.6m cash position exiting FY18E), alongside unprecedented pipeline visibility. The shares have fallen by 18% YTD and trade on 1.3x EV/sales. We view the current price as a compelling entry point and initiate coverage with a Buy rating. Our 12m PT, based upon a peer multiple analysis, is 12p.

 View

  • 07 Mar 19
  • -
  • -
 

Arden Partners Research and Daily Commentaries

Research Tree offers Arden Partners research, providing ongoing coverage of 110 shares. We offer 713 reports from Arden Partners on Research Tree.

  • Research reports provided by Arden Partners

  • Companies covered by Arden Partners

  • Sectors covered by Arden Partners


Related Content

View the latest research on other companies in the sector. 

BowLeven

Rig contract for Etinde appraisal wells

Etinde announced yesterday afternoon that the operator of its Etinde licence New Age has entered into a rig contract for the jackup Topaz Driller for the drilling of the two planned appraisal wells on the licence in 2018. The contract is for 150 days and spudding of the first well (IM-6) is expected during Q2.

 View

  • 02 Feb 18
  • -
  • -