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Intercede's final results confirmed that it is making progress against its key medium term goals. Chief amongst these are the consolidation of MylD's position within the core customer base, a strengthened financial position, the recruitment of key personnel and the launch of new applications for its software. Since the year end, Intercede has been awarded further contracts from its pipeline, brought in credible sales experience from ARM and launched MylDaaS. We believe that the pace of news flow is likely to accelerate over the coming year as the Group continues to extend its involvement in key eco-systems within the mobile transaction and loT environments. As a result, our new 2020 forecasts imply furthergrowth and underpin a higher theoretical value.
26 Jun 17
Intercede Group’s core intellectual property sits at the heart of the development of global cybersecurity. Providing critical elements of Multi-Factor Authentication (MFA), the company’s addressable market is poised to expand from the historic, occupational focus to a much wider transactional basis with the clear long term potential to participate in the Internet of Things (IoT). While there have been short term timing issues with key orders, this is more representative of Intercede’s history than its prospects. We view current and prospective regulatory change within national IT infrastructures, critical organisations and financial services as the catalyst for significant revenue growth, a return to profitability and share price appreciation.
06 Mar 17
Full Year 2016 Results
GlobalData has now transitioned itself into an integrated, multi-platform provider of business data. The FY2016 results are in many respects, the first full year in the new format with GlobalData trading as one global business. At the same time as rebranding and integrating core data platform acquisitions, GlobalData has delivered double-digit organic revenue and EDITDA growth. It is now well positioned to leverage sales across a global geographic platform and continues to invest accordingly. The business is evolving rapidly but the fundamentals remain the same. The business generates significant and recurring cash returns from the provision of proprietary content to large national and international clients. It is scalable, recession-resistant and has high barriers to entry.
03 Mar 17
Low & Bonar
Full Year 2016 Results
The FY2016 results for Low & Bonar were ahead of our estimates despite the underperformance of the CTT division, which had been flagged early in the year. The other three divisions generated strong constant current profits growth, through a combination of organic revenue increase and margin improvement. There is clear evidence that strategy to focus on higher margin markets at the expense of commodity businesses, or areas in which it does not have a strong market position, is now gaining traction. The company has further potential to leverage its manufacturing expertise and intellectual property in order to expand through a combination of organic growth and selective M&A activity. The new Colback plant in China is performing well and will be expanded this year. The current rating still reflects the Group’s historic trading difficulties and the subsequent uncertainties over the new management team with a revised strategy. However, recent evidence suggests that a more optimistic view is now appropriate.
24 Feb 17
Interim Results and Initiation of Coverage
For investors who were looking for evidence that GlobalData could repeat the performance of Datamonitor before its timely sale to Informa in 2007, the recent 1H16 results will have been encouraging. Having integrated the acquisitions of significant healthcare and consumer data assets within the past year, GlobalData is now poised for strong organic growth. The model has moved on since the Datamonitor days, with most content now provided on a subscription basis via multiple channels. However, the fundamentals are much the same. The business generates significant and recurring cash returns from the provision of proprietary content to large national and international clients. It is scalable, recession resistant and has high barriers to entry.
24 Aug 16
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