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RBG XSG XSG
Morning Note – 5 March 2021


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  • 05 Mar 21
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Xeros Technology Group (XSG:LON)Xeros Technology Group Plc (XSG:LON)
Xeros - Fundraise to catalyse strategic ambitions

Xeros has raised £8m (gross) to productise the extremely promising XFiltra product and to assist with some pandemic-induced licence slippage.

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  • 05 Mar 21
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K3C SAV AGL TRCS
Morning Note – 4 March 2021


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  • 04 Mar 21
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AGY SOLI ARB
Morning Note – 3 March 2021


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  • 03 Mar 21
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Allergy Therapeutics plc
Allergy Therapeutics - Interims – strong underlying momentum

Allergy Therapeutics reported six-month results to 31 December highlighting the underlying momentum within the business and the operational leverage afforded by its high-margin products. Revenues increased 5% (CER) to £54.0m with pre-R&D EBIT up 19% to £20.5m, reflecting the gross margin leverage and a 1% increase in underlying overhead. Adjusted pre-tax profits (ex-£3.2m litigation payment) rose 21% to £15.7m. We leave forecasts unchanged, which assumes a substantial uplift in H2 costs (+£6.2m) compared with H1 (+£0.3m), and therefore potentially providing some upside to our forecasts. Given the balance sheet (£48.3m cash), which is sufficient to fully fund its core R&D projects, we believe the risk/reward profile is highly attractive and reiterate our 45p target price, pointing out the substantial and unwarranted discount to its nearest peer (ALK-abello - 6.9x EV/Sales). This target also excludes the value of US market entry via the Grass MATA MPL vaccine (c.12-17p) or VLP Peanut allergy vaccine (c.5-10p).

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  • 03 Mar 21
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Solid State plc
Solid State - Acquisition of Willow and AEC: 9.4% EPS enhancing

The group has made its second acquisition this week, announcing the acquisition of the Willow Technologies Group for an initial effective consideration of £5.5m. It is a good strategic fit, offering a springboard into the US and enhancing the group’s existing product offering, with good exposure to growth markets. We maintain our FY21 forecasts, with a full contribution in FY22 enhancing EPS by 9.4% to 55.2p. We likewise raise our PT by 9.4% to 950p, pointing to a fair value of 17.2x, attractive compared with the current P/E of 14.4x

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  • 03 Mar 21
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