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Tasty

Cenkos: Tasty Plc - Efficient Capital Allocation

Tasty plc has announced its interim results for H1/18A. Revenue declined 5.7% YoY to £23.0m. The company continues to focus on its performing estate, whilst adapting its strategy in the face of unfavourable trading conditions. Management is maintaining focus on keeping its food offering relevant and reducing its cost base, whilst pushing forward with initiatives to fully understand its customer and strategic marketing opportunities. Given the uncertain outlook and lack of formal guidance we maintain our Hold recommendation.

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  • 21 Sep 18
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Venture Life Group

Cenkos: Venture Life Group Plc - Growth set to accelerate

As announced with its August Trading Statement, Venture Life Group has delivered revenues of £8.3m, representing growth of 6%; EBITDA of £0.7m also increased versus H1/17A. The acquisition of the Dentyl brand in August 18, increased listings for UltraDEX in the UK and order phasing at the Italian manufacturing facility on top of organic growth should see stronger H2/18E performance. Further, improved H2/18E gross margin (vs H1/18A), the Dentyl acquisition and debt repayments (post period) are expected to deliver increased profitability and cash generation. We maintain our Buy recommendation.

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  • 20 Sep 18
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Empyrean Energy

Cenkos: Empyrean Energy Plc - Chinese Treasure

Empyrean Energy is an international oil and gas company with a diverse portfolio of assets encompassing the full oil and gas lifecycle. The Company's foremost project is the exploration of Block 29/11, offshore China, with gross best case prospective resource of 774 million barrels (mmbbls). Beyond this, the Company is engaged in the appraisal and development of the Mako gas discovery in Indonesia, with 2C contingent resources of 373bcf and the exploration and production of gas within the prolific Sacramento Basin in California. With the recent uplift in prospective resources and oil migration study confirming the potential of Block 29/11, and with further upside potential in Mako Deep and Dempsey 1-15 coming onstream, these are exciting times for Empyrean. The next 12 months could be transformational for Empyrean. Foremost to the value proposition is the continued de-risking of the highly prospective Block 29/11, with the Company employing Gaffney Cline to undertake a third-party certification of the prospective resources. The Company will also continue to progress the development of the Mako gas discovery, whilst further delineating the high impact Mako Deep exploration target, which could be targeted via a 2019 high impact dual purpose exploration/appraisal well. In California, the Company will be drilling the low cost, high impact Alvares structure, with prospective resources of over 2tcf. We believe Empyrean offers a low-cost entry to investors seeking exposure to conventional, low cost onshore US production, with high impact international exploration. We initiate coverage with a price target of 20p and a BUY recommendation.

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  • 20 Sep 18
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Providence Resources

Cenkos: Providence Resources Plc - 2018 Interims

This morning, Providence Resources released its interim results, and announced an amended and restated Farm-out Agreement with APEC to complete a busy first half of 2018. The Barryroe farm-out includes a firm drilling programme comprising of four vertical wells (previously three) and one extended horizontal sidetrack, cash advances for certain operational costs of $19.5 million, plus the financing of two further optional wells. Subject to regulatory consents and appropriate arrangements with contractors, Providence expect drilling to commence drilling in Q2/19.

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  • 20 Sep 18
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Seeing Machines

Cenkos: Seeing Machines Ltd - Smooth transition for fleet

This morning, Seeing Machines released its FY18 results within which there is an increase in the forecast revenues from the five automotive OEM deals to A$138m (from A$110m), demonstrating the ever-broadening scope for DMS. The board has opted for a smooth transition to a license model for the fleet business and based on this we have substantially pared back our revenue expectations for FY19. Despite this, we believe Seeing Machines remains funded through FY19 thanks to lower expected cash requirements associated with the license model. We re-instate our BUY recommendation and adjust our target price to 15p (from 19p) to reflect recent events.

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  • 19 Sep 18
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Cello Health

Cenkos: Cello Group Plc - Renamed, refocused and delivering results

Cello Health has released positive interim results in-line with forecasts, indicating FY18E will be another year of steady growth. The Cello Health business continues to make mid-single digit underlying GP progress, driven by positive market dynamics and a high penetration of the global healthcare community. Cello Signal's digital expertise meanwhile are increasingly being leveraged into the healthcare space, giving rise to potential future margin appreciation. We expect the typical H2 weighting results to recur in FY18E in meeting our forecast +10% adj EPS growth.

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  • 19 Sep 18
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