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Smart Metering Systems

Cenkos: Smart Metering Systems Plc - 2019 interim results

Interim results featured growth in indexed linked annually recurring revenue (ILARR), the main driver of value, to £85.9m, up of 14.1% to £85.9m. The weak performance of the shares in recent months has presented investors with an opportunity to invest at an underpinned valuation in our view, with the core value of SMS clearly residing in the scale of its growing meter and data portfolio and our FY19E forecast £92m ILARR. The current order book of 2m smart meters supports our forecast 4m installed by 2022, from which our DCF forecast implies a valuation of 911p, c108% ahead of the current level.

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  • 17 Sep 19
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88 Energy

Cenkos: 88 Energy Ltd - Placing and Interim Results

Last week, 88 Energy successfully completed a A$6.75m placing through the issue of 540m new ordinary shares at 7p per share. The net proceeds, together with the 88 Energy's existing cash resources (which we estimate to be cA$5m) will be used to fund the ongoing evaluation of the conventional and unconventional prospectivity of the Company's existing assets, including any potential costs from the Charlie-1 well, due to spud during Q1/20, and exploit any new opportunities on the North Slope of Alaska. 88 Energy also released its interim results. For the period ended 30 June, the Company recorded a loss of A$29.3m, with the loss largely attributable to the impairment of the Winx-1, Icewine-1 and Icewine-2 exploration wells (A$28.8m). Cash as at 30 June 2019 was A$6.7m, with 88 Energy raising A$6.75m post period, putting the Company on a much stronger footing heading into the potentially transformational Charlie well in Q1/20.

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  • 17 Sep 19
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Rosslyn Data Technologies

Cenkos: Rosslyn Data Technologies Plc - Almost covered

Positive operating cash flow in FY19A was a first for Rosslyn. A significantly expanded product set materially enlarges the opportunity for Rosslyn and projected revenue growth this year should leave the company close to fully recovering its cost base. A demonstrable self-sustaining model will be the key for a re-rating and Rosslyn is almost there. Buy.

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  • 17 Sep 19
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Personal Group

Cenkos: Personal Group Holdings Plc - Improved recipe for future growth

Personal Group's H1/19A results show robust trading so far this year, with encouraging signs in SaaS and Let's Connect. However, new sales of the group's core insurance products are beginning to soften, while SEB's launch was later than expected. FY19E adj EBITDA is thus likely to be lower than forecast, but rpt PBT, EPS and DPS are expected to be in-line.

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  • 17 Sep 19
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Finsbury Food Group

Cenkos: Finsbury Food Group Plc - FY19A Annual results

A strong H2/19A meant Finsbury reported LFL revenue growth of +4% for the year, outpacing the market. FY19A was largely in line with our expectations, and we leave FY20E forecasts broadly unchanged. A heavy capex period is reaching an end, resulting in rising FCF for investors (c18% FCF yield for FY20E). Buy.

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  • 16 Sep 19
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Property Franchise Group

Cenkos: The Property Franchise Group - Resilient performance with more to come

TPFG has delivered a robust H1/19A performance despite increasing uncertainty harming sales transactions and the introduction of the tenant fee ban. Despite these headwinds, TPFG delivered +5% EBITDA growth and an +8% increase in DPS. This is testament to the resilience of the company's annuity-like lettings business, its diversity across 6 brands and its lean operating model, which produces high returns and material FCF.

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  • 10 Sep 19
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