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Seeing Machines

FY 2017 in line; Fleet and Automotive progress

The recent trading update saw the group expect to meet its revenue forecasts in FY 2017, driven by the Fleet roll-out and growth in distributors. The OEM Automotive business continues to make steady progress; it is launching a production car model and is now collaborating with another Tier-1 supplier (Autoliv) but continuing to invest heavily. Assisted by government grants, the group ended FY 2017 with A$22m cash. We adjust our revenue forecasts as we gain greater understanding of these new markets. At the same time, management is suggesting that it could significantly increase the scale of the OEM prospects should it receive additional funding and is investigating strategic investment opportunities. We examine what the financials and opportunities might look like in that scenario.

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  • 17 Aug 17
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Capital Drilling

Good Interims but Tanzania overhangs sentiment

The group has announced positive Interim results, with a return to profitability helped by an increase in exploration and production activity as well as improved operational efficiency. Revenue guidance has been eased slightly with profit forecasts maintained. There continues to be good operational momentum, although the Tanzanian situation continues to overshadow the shares and makes a target valuation problematic.

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  • 17 Aug 17
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CAPD ACP WRL GEMD

Morning Note

Capital Drilling* (CAPD): Good Interims but Tanzania overhangs sentiment (CORP) | Armadale Capital* (ACP): Drilling programme completed (CORP) | Wentworth Resources (WRL): Operational update (BUY) | Gem Diamonds (GEMD): Interim results (BUY)

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  • 17 Aug 17
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Cyanconnode H&T Group

Morning Note

CyanConnode* (CYAN): New $10m contract lifts the order book to £28m (CORP) | H&T Group (HAT): Interims best in a milestone year (BUY)

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  • 15 Aug 17
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Arcontech Group

Ticking along nicely

Prelims to June are in line with expectations, with sales and adj. net income up 8% and 24% respectively. Cash conversion was also typically robust at 181% (FCF/adj. PAT), resulting in year-end net cash of £2.6m. We leave FY18 forecasts essentially unchanged – suggesting top-line growth of 9% and, in combination with continuing margin expansion, EPS +13%. Maiden FY19 forecasts reflect a continuation of this theme and form the basis of our valuation methodology and as such, we increase our target to 85p – equivalent to an undemanding 8% FY19E FCF yield.

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  • 14 Aug 17
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Savannah Resources Arcontech Group

Morning Note

Arcontech* (ARC): Ticking along nicely (CORP) | Savannah Resources* (SAV): Progress in Mozambique (CORP)

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  • 14 Aug 17
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CAPD ACP WRL GEMD

Morning Note

Capital Drilling* (CAPD): Good Interims but Tanzania overhangs sentiment (CORP) | Armadale Capital* (ACP): Drilling programme completed (CORP) | Wentworth Resources (WRL): Operational update (BUY) | Gem Diamonds (GEMD): Interim results (BUY)

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  • 17 Aug 17
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Cyanconnode H&T Group

Morning Note

CyanConnode* (CYAN): New $10m contract lifts the order book to £28m (CORP) | H&T Group (HAT): Interims best in a milestone year (BUY)

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  • 15 Aug 17
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Savannah Resources Arcontech Group

Morning Note

Arcontech* (ARC): Ticking along nicely (CORP) | Savannah Resources* (SAV): Progress in Mozambique (CORP)

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  • 14 Aug 17
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Horizonte Minerals

Morning Note

Horizonte Minerals* (HZM): Interim results (CORP)

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  • 11 Aug 17
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LID SAV SSY

Morning Note

LiDCO* (LID): Trading update and first US HUP contract (CORP) | Savannah Resources* (SAV): Progress in Portugal (CORP) | SCISYS* (SSY): ANNOVA success for SCISYS (CORP)

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  • 10 Aug 17
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Trakm8 Firestone Diamonds

Morning Note

Trakm8* (TRAK): Calor Gas contract helps underpin FY 2018 (CORP) | Firestone Diamonds (FDI) Production guidance update (BUY)

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  • 08 Aug 17
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