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Clearstar

ClearStar - Medical and direct sales continue to drive growth

The US-based provider of Human Capital Integrity technology-based services specialising in background and medical screening has released a strong set of Interim results; adj. EBITDA positive and well set to meet our FY growth forecasts. The ongoing sales growth continues to be driven by medical screening solutions and the provision of background checks to an expanding direct client base in the context of a very healthy US labour market. The strengthened direct sales team has been impressive, but in particular the medical business is offering a widening range of services to ever more customers in ever more industry verticals, utilising an increasing number of labs across the US. On that basis, we are lifting our sales forecast for the year but expect the additional margin to be reinvested to drive further growth in a buoyant market. We reiterate our 90p target, a 42% upside.

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  • 19 Sep 19
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Cambridge Cognition

Interims – re-based forecasts

Interim results to 30 June 2019 showed a 21% decline in revenues, partly reflecting delays to contracts as well as other short-term market factors, which led to a 50% increase in adjusted pre-tax losses to £1.66m given the higher (+25%) R&D investment. Period-end cash was £2.1m. With a renewed commercial focus on high-value clinical trials market as well as its suite of new products, eCOA (electronic clinical outcome assessment) and NeuroVocalix (voice biomarker), however, the company continues to generate interest from large pharma, which is reflected in a growing order book, up 4% from 31 December 2018. This underpins our expectations for growth in 2020. We reduce our forecasts to reflect the impact of short-term factors in 2019 and introduce a target price of 90p, which implies a 2020 EV/Sales multiple of 3.5x. The business is being managed to ensure that it becomes cashflow breakeven in Q4 2020, with sufficient cash to ensure that it gets to profitability.

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  • 19 Sep 19
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COG AAOG GTLY

Morning Note – 19 September 2019

Anglo African Oil & Gas (AAOG): Corp SNPC cost reimbursements | Cambridge Cognition (COG): Corp Interims – re-based forecasts | Gateley (GTLY): Corp Strong trading momentum

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  • 19 Sep 19
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Chariot Oil & Gas

Lixus licence additional prospects CPR

Chariot has released a Competent Persons Report for the five prospects not previously audited on its Lixus licence, offshore Morocco. This results in a 20% increase in block-wide gross gas resources to 2.2 tcf. It also reinforces the extent of drilling running room across this acreage, where Chariot is seeking to bring in a strategic partner to help fund appraisal/development/exploration activity. Progress with the Lixus farm-out is said to be encouraging, with several leads being pursued across a wide range of potential partners. Success should result in a material re-rating of the shares, which continue to trade below last reported cash.

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  • 18 Sep 19
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Avingtrans

FY results slightly ahead, good margin gains achieved

Full-year results were slightly ahead of recently upgraded forecasts, with an outlook that appears more confident than many in the sector and a further small upgrade in current-year expectations. The shares offer significant upside, and we maintain our 300p price target, although our SOTP valuation signals a much higher potential to be achieved on disposals.

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  • 18 Sep 19
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Quixant

Market share loss at key customers will leave H2 short

The Interims have been brought forward in light of a warning on H2. Quixant had previously flagged that 2019 would be heavily H2-weighted and H1 is weak but in line with expectations. However, a recent review of customer intentions reveals that H2 orders will not meet expected volumes. The global gaming machine market is still healthy but key customers (notably Ainsworth) have lost significant market share to Aristocrat in Australia and N. America. We cut our FY 2019 and FY 2020 forecasts; however, no customers have been lost and the concentration is much reduced while the long-term growth potential and cash generation remains strong.

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  • 18 Sep 19
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Morning Note – 19 September 2019

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  • 19 Sep 19
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AVG CHAR 9537 EOG IOF QXT ZAM ZOO

Morning Note – 18 September 2019

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Morning Note – 17 September 2019

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  • 17 Sep 19
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Morning Note – 16 September 2019

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  • 16 Sep 19
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Morning Note – 12 September 2019

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Morning Note – 11 September 2019

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