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XLMedia

Cenkos: XLMedia Plc - Tender Offer

XLMedia has announced a Tender Offer to buy back 9.5% of the current issued share capital at 80p per share. If passed at the forthcoming EGM and fully tendered, then the earnings accretion in 2020E will amount to a 12% increase in fully diluted EPS. The company has also confirmed that current trading is in line.

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  • 17 Jul 19
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Venture Life Group

Cenkos: Venture Life Group Plc - Strong commercial development

Venture Life Group Plc has reported strong commercial developments across all three strands of its business - UK direct, international distributors and customer manufacturing. This announcement has seen the growth of UK distribution points for the newly acquired Dentyl and UltraDEX, new international product launches take place and new manufacturing agreements signed. This clearly demonstrates Venture Life delivering strong commercial progress in-line with the its organic strategy. This announcement is also timed with the commencement of a 10-day UltraDEX sampling campaign in London. We maintain our Buy recommendation.

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  • 17 Jul 19
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Cloudcall Group

Cenkos: CloudCall Group Plc - 30% Growth

CloudCall is expected to deliver revenue growth of +30% YoY in the six months to June. The company is making good headway into large enterprise accounts although sales cycles are somewhat elongated in this market segment. This growth performance continues the strong trajectory seen last year but is slightly below our run rate projections for 2019E and we are revising our forecasts accordingly.

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  • 16 Jul 19
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Trinity Exploration & Production

Cenkos: Trinity Exploration & Production Plc - Q2/19 Results

This morning, Trinity released its Q2/19 update. Production averaged 2,996bopd for Q2/19, with an average H1 production of 3,008bopd (an 8.6% YoY increase). Financial metrics for the quarter were equally positive, as cash increased from US$12.3m at the end of Q1/19 to US$17.8m as at 30 June 2019. Activity is expected to pick up significantly in H2/19, with the recommencement of the Company's onshore drilling campaign. The initial programme is for up to eight wells and significantly incorporates the Company's first high angle well, FR 996, which has the potential to yield initial production rates and reserves 2x those achieved from conventional vertical wells. We should start to see the results from the upcoming drilling campaign in Q3/19, with full year net average production guidance for 2019 expected to be in the range of 3,000-3,300bopd. Given Trinity's strong balance sheet, robust base production and upcoming work programme we reiterate our BUY recommendation.

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  • 16 Jul 19
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Finsbury Food Group

Cenkos: Finsbury Food Group Plc - Strong H2/19A

Finsbury Food has followed a robust H1/19A to finish the year slightly above our revenue forecasts. Group sales for FY19A increased 3.8% to £315.3m with sales in H2/19A being particularly strong, increasing 11.7% YoY. Organic sales growth grew 3.1% to £299.3m with H2/19A sales increasing 5.7% on a like-for-like basis.

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  • 15 Jul 19
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FairFX Group

Cenkos: Equals Group Plc - Signs are there for an excellent year

Equals Group (formerly FairFX) has released a H1/19E trading update highlighting recent operational achievements and strong, broad-based turnover growth. We see this as clear evidence that prior investments in customer experience and extending the product range have produced returns, which are set to continue. We expect further share price appreciation to follow given today's encouraging signs on FY19E trading, with our forecast 52% EPS growth coming at an attractive PEG of just 0.37.

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  • 10 Jul 19
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