Latest Content

IDP SRT BLV GDR
Morning Note – 10 July 2020

Belvoir Group (BLV): Corp Moving the strategy forward | genedrive (GDR): Corp Trading and COVID-19 Test Update | InnovaDerma (IDP): Corp FY trading update | SRT Marine Systems (SRT): Corp Projects business recommences after lockdown

 View

  • 10 Jul 20
  • -
  • -
AGY TRCS TCM
Morning Note – 9 July 2020

Allergy Therapeutics (AGY): Corp Regulatory update – Phase III birch allergy trial | Elixirr (ELIX): Corp Thriving on change | Telit (TCM): Corp Earnings well protected during COVID slowdown | Tracsis (TRCS): Corp Worst case avoided

 View

  • 09 Jul 20
  • -
  • -
Telit Communications
Earnings well protected during COVID slowdown

This is a positive trading update for a period impacted by the pandemic restrictions and uncertainty. The COVID-related global slowdown caused an 8% LFL YoY revenue decline to $166.5m in H1, but an improving gross margin and management’s temporary cost controls have protected earnings sufficiently to be ahead of H1 LY (adj. EBITDA of $16.0m). ‘Profit in cash’ (adj. EBITDA less capex and lease payments) is also ahead of the $2.6m seen LY. In fact, cashflow has been very healthy, net cash rising from $48.2m to $55.7m in the period, notably boosted by collections from the divested automotive business. A pleasing aspect of H1 is the continuing growth in higher-margin IoT services, up 12% YoY despite COVID. Easing of restrictions in H2 should see a return to more usual revenue and profit levels, and our FY 2020 earnings growth expectations remain unchanged despite revenue falling YoY – thanks to the cost savings management implemented. Looking further out to next year, a return to revenue growth and continued profit improvement is anticipated for FY 2021, due to pent-up demand and greater IoT adoption on concerns over physical restrictions in future pandemics. At the interim stage, Telit is well positioned to continue to deliver its impressive track record for earnings growth (we expect 9% adj. EBITDA growth this year and 19% next). Currently on an EV/EBITDA multiple of just 3.3x, the shares are deeply undervalued for a stock delivering such consistent profit progress with a very solid balance sheet in these uncertain times.

 View

  • 09 Jul 20
  • -
  • -
ALT AVG PHTM PCIP LPA ORPH
Morning Note – 7 July 2020

Altitude Group (ALT): Corp | Avingtrans (AVG): Corp | LPA Group (LPA): Corp | Open Orphan (ORPH): Corp | PCI Pal (PCIP): Corp | Photo-Me (PHTM): Corp

 View

  • 07 Jul 20
  • -
  • -
Photo-Me International
Restructuring and cutting costs

Photo-Me was trading in line with expectations until COVID-19 hit in the final months of FY 2020. FY 2020 sales declined by -5.6% to £215.4m including £22.7m sales lost due to COVID-19 as consumer activity was impacted significantly. The Board believes that activity levels could take a long time to return to pre-COVID-19 levels; a thorough review of the business is underway and restructuring programmes are being implemented to better align operations to the current trading conditions. Net cash at April 2020 was £7.9m, comprising gross cash of £66.5m and drawn debt facilities of £58.5m. A €30m additional credit facility was received in May and June.

 View

  • 07 Jul 20
  • -
  • -
Avingtrans
Trading update and contract wins

The year-end trading update was encouraging, with expected results showing good YoY growth, modestly below but close to our earlier expectations. Trading has been resilient, particularly in safety critical areas such as its nuclear exposure, with some weakness being seen in oil & gas, where there is limited exposure. Two new contract wins in the nuclear sector have also been announced today. FY 2021 forecasts remain under review. With strong finances, the company is well positioned to maximise M&A opportunities, through its PIE strategy.

 View

  • 07 Jul 20
  • -
  • -
 

finnCap Research and Daily Commentaries

Research Tree offers finnCap research, providing ongoing coverage of 290 shares , as well as macro-economic categories including: Economic Data, Commodities - Metals & Mining, and Indices and Markets. We offer 2848 reports from finnCap on Research Tree.

  • Research reports provided by finnCap

  • Companies covered by finnCap

  • Sectors covered by finnCap


Related Content

View the latest research on other companies in the sector. 

Morning Note – 10 July 2020

Belvoir Group (BLV): Corp Moving the strategy forward | genedrive (GDR): Corp Trading and COVID-19 Test Update | InnovaDerma (IDP): Corp FY trading update | SRT Marine Systems (SRT): Corp Projects business recommences after lockdown

IDP SRT BLV GDR

  • 10 Jul 20
  • -
Morning Note – 9 July 2020

Allergy Therapeutics (AGY): Corp Regulatory update – Phase III birch allergy trial | Elixirr (ELIX): Corp Thriving on change | Telit (TCM): Corp Earnings well protected during COVID slowdown | Tracsis (TRCS): Corp Worst case avoided

AGY TRCS TCM

  • 09 Jul 20
  • -
Morning Note – 7 July 2020

Altitude Group (ALT): Corp | Avingtrans (AVG): Corp | LPA Group (LPA): Corp | Open Orphan (ORPH): Corp | PCI Pal (PCIP): Corp | Photo-Me (PHTM): Corp

ALT AVG PHTM PCIP LPA ORPH

  • 07 Jul 20
  • -
Morning Note – 6 July 2020

Filtronic (FTC): Corp

Filtronic

  • 06 Jul 20
  • -
Morning Note – 2 July 2020

Omega Diagnostics (ODX): Corp COVID-19 update – ELISA test approved in India

Omega Diagnostics Group

  • 02 Jul 20
  • -
Morning Note – 1 July 2020

HML Holdings (HMLH.L): Corp | Wameja (WJA): Corp

HML Wameja

  • 01 Jul 20
  • -