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Restore
Cenkos: Restore Plc -- Terminate Coverage

Cenkos Securities plc has terminated coverage on Restore Plc. Our previous recommendation (BUY) and forecasts can no longer be relied upon. Please contact Cenkos for further information.

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  • 24 Jan 20
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MJ Hudson Group
Cenkos: MJ Hudson Group Plc -- The Best Alternative

MJ Hudson (MJH) is a financial services infrastructure platform business. The company is capitalising on the shift in the asset management industry to alternative investments, and filling a vacuum left by banks withdrawing their support for the sector in the aftermath of the global financial crisis. We estimate MJH's fair value to be up to c30% higher than its current share price, noting that the peer group has performed strongly since the company's IPO. We initiate with a Buy recommendation.

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  • 21 Jan 20
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Corero Network Security
Cenkos: Corero Network Security plc -- 30% growth in ARR

Significant DDPaaS contract wins in FY19E meant that while there was a revenue shortfall versus our target, underlying cash generation was better than would otherwise have been expected. The stock is trading on around 3.5x recurring revenues which is a low multiple for the sector.

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  • 21 Jan 20
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Seeing Machines
Cenkos: Seeing Machines Ltd -- The DMS challenge palpable at CES2020

Interior and Occupant Monitoring was a notable theme of CES2020 with around fifteen different concepts demonstrated, up from three in 2019. However, these did not outnumber Driver Monitoring System (DMS) demonstrations and did little to deflect from the openly discussed challenge of sourcing and designing reliable primary safety DMS at appropriate costs for the automotive mass market. This task is being exasperated by a confluence of factors including vehicle design complexity and regulatory time pressure, and especially in the absence of knowing what technical specifications are required to meet the forthcoming Euro-NCAP and EC certification standards. We view the many demonstrations of IMS/OMS and emotional analysis as a distraction from the DMS challenge and, in this respect, our primary thesis for Seeing Machines remains unchanged following what we saw at CES2020: We believe Seeing Machines remains on track to win the largest market share of the DMS safety system market. We maintain our Buy recommendation and 12p DCF derived price target which is based on a 16% discount rate.

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  • 20 Jan 20
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88 Energy
Cenkos: 88 Energy Ltd -- Quarterly Update

This morning, 88 Energy released its quarterly update ahead of the spudding of the potentially transformational Charlie-1 well in February. Charlie-1 will appraise BP's 1991 Malguk-1 well, which encountered oil shows across multiple horizons but was not tested due to operational complications. Charlie-1 will intersect seven stacked targets, with a total gross mean prospective resource of 1.6bnbbls (480mmbbls net to 88 Energy). As part of farm-out to Premier Oil, Premier will fund the cost of the well up to a cap of US$23m. With everything on track for a February spud, we look forward to one of the most anticipated onshore wells in 2020. We maintain our 4.8p price target and our BUY recommendation.

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  • 20 Jan 20
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Trinity Exploration & Production
Cenkos: Trinity Exploration and Production Plc -- Strong Cash flow Generation

Trinity has ended 2019 on a high, increasing year-on-year cash balances whilst continuing with its onshore drilling programme. Year-on-year production increased by 5%, with the full impact of the 2019 drilling campaign only being realised during Q4/19, with an exit production rate c3,400 bopd. Through SCADA and the Company's hedging programme Trinity has put in place measures to protect bottom-line free cash flow generation and ensure a resilient financial performance, with the impact of oil price and tax take mitigated. We update our model, maintaining our 37p buy target and our BUY recommendation

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  • 20 Jan 20
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