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XLMedia

Cenkos: XLMedia Plc - Very high FCF yield

2019E should see the beginning of a recovery phase. Development effort into existing assets and diversification away from gambling should help reduce the volatility seen of late. The free cash flow yield is pricing in no recovery whatsoever.

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  • 08 Nov 19
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XLMedia

Cenkos: XLMedia Plc - Focus on Publishing assets

By focusing on Publishing activities and reducing exposure to its Media interests, the announced strategic update should deliver a higher quality business. Investment in Publishing assets will continue and there will be a focus on growth opportunities in the US market. The progressive dividend policy is maintained including a pay-out ratio of 50%+ of net profits.

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  • 08 Nov 19
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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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  • 08 Nov 19
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Diversified Gas & Oil

Cenkos: Diversified Gas & Oil Plc -- The Diversified Difference

Diversified Gas & Oil (DGO) is an Appalachian Basin focussed E&P Company, with a portfolio of long-life, low operational cost, low decline assets. By acquiring high quality assets, with synergies to the Company's existing portfolio, DGO can reduce operating costs and enhance margins, thereby creating significant shareholder value. DGO looks to acquire non-core producing assets from the shale focussed E&P's, before maximising and optimising production to extend well life. This long well life underpins the Company's well retirement programme, with DGO negotiating agreements covering more than 98% of its total oil and gas wells, providing clear visibility into the Company's future expenditure whilst also building trust with the state regulators. Following recent updates by the Company and the recent change in USD/GBP FX rate we lower our price target to 141p and maintain our BUY recommendation.

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  • 08 Nov 19
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Breedon Group

Cenkos: Breedon Group Plc -- Stick with the fundamentals

Breedon again finds itself victim of the curse of ‘technicals' rather than ‘fundamentals'. After being caught in the Woodford maelstrom, this time the secondary placing of M1 Cement's 139.7m shares yesterday has de-coupled the price to almost a 12-month ‘low' (and 24% below its ‘high'), where, we believe, the shares are seriously undervalued. On broadly consensus numbers the stock now trades on a 2020E EV/EBITDA multiple of just over 6x and a PE of under 11x with strong FCF potentially paying down debt in excess of £90m per annum. These are ratios that are not only cheap in their own right but also by peer comparison. Once the dust settles on the placing, we believe this price level will prove to have been an excellent buying opportunity and have no hesitation in re-iterating our Buy recommendation.

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  • 07 Nov 19
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Seeing Machines

Cenkos: Seeing Machines Ltd -- Business update shows strong fleet progress

Seeing Machines has provided a business updated ahead of its Capital Markets Day in London today. It has announced a renewed and strengthened supply chain agreement with Xilinx, the confirmation of a 21% hardware cost reduction with its contract manufacturer for the Guardian Gen 2 product, and good momentum in the Fleet division with new distributors, insurers and expansion into new fields of use.

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  • 06 Nov 19
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