Hardman & Co Equity Research & Stock Reports
- Professional research and all the latest forecasts, valuation opinions and multiples from Hardman & Co's expert analysts.
- Real-time updates from analysts following company announcements and other events.
- Near-live share prices, user-friendly dashboard, charting and company content.
A transformational year driving growth
Alliance Pharma’s buy-and-build strategy to evolve into a profitable, cash generative, specialty pharma business is clearly bearing fruit. Acquisition of the dermatology and woundcare products from Sinclair Pharma was transformational, doubling the size of the company and providing a more internationally-oriented business. The enlarged group is also a more attractive and credible partner for in–licensing and M&A opportunities. 2017 looks set to be an exciting year for the group: not only is there solid underlying growth potential in the re-focused group, but also regulatory approval of Diclectin offersfurthersignificant growth potential.
25 May 17
Having completed a major integration, and a good FY17 management can focus on carefully controlled growth. In the Home Collect (HCC) business, management reports the expected increase in agents looking to join the group. MCL will be very selective about new agents, but this is a material, if at present unquantifiable, opportunity. Management is also using technology to improve efficiency and distribution. In related areas, where MCL has existing competitive advantages, new products are being carefully rolled out. New relationships and partner agreements add to the potential down the line. We see 32% valuation upside.
25 May 17
Affimers 2 – Antibodies 0
Avacta is the proprietary owner of Affimer technology for the development of biotherapeutics, diagnostic tests and research reagents. Affimers represent a radical alternative to established antibody technology which dominates the drug industry despite itslimitations. Avacta has made considerable progress towards its strategic goal to have a first-in-man Affimer therapeutic by the end of 2019. Meanwhile, recognition that Affimers can hit specific targets in areas where antibodies have failed, has resulted in the signing of two distinct agreements with US-based biotechs to provide highly specific Affimers for in-house research programmes.
24 May 17
On-track; Turbo-charging into a new growth phase
Chamberlin is on track both strategically and operationally following its recent repositioning move. The Group is developing its product offering to the automobile turbocharger industry through expansion of its principle operational facilities. The risk/reward profile remains favourable and the shares remain attractively valued both against its peer group and on a DCF basis.
23 May 17
Fulham Shore’s proven management team is expanding both its main brands, Franco Manca and The Real Greek, ahead of expectations. FY17 saw a 55% rise in restaurants open, to 45. We estimate 60 by end FY18, more than double the end FY16 figure. The authentic, good value, casual dining experience produces average ROCE at restaurant level of over 20%. Most openings are in Headline EBITDA profit from month one. The 3rd April trading update highlighted trading in line with (ambitious) expectations, which is in comparison to many other US and UK brands, which have found the past year difficult. Fulham Shore has clearly demonstrated robust, strong growth, expanding from London and out to provincial locations, with eventual potential for franchise, a third brand and international expansion.
15 May 17
60 percent ABV
Three score percent is a big number and even bigger when it measures ‘alcohol by volume’ i.e. in science 60% ABV equates to 105 proof. The latter number is also the suffix for Glenfaclas’s best-in-class malt whisky; and the eponymous distillery remains in founding family hands. Titon has distilled its own 60 percenter in H1 profits and its founder still sits on the Board: absolute best value.
12 May 17
Hardman & Co Research and Daily Commentaries
Research Tree offers Hardman & Co research, providing ongoing coverage of 70 shares , as well as macro-economic categories including: Economic Data and Housing Market. We offer 189 reports from Hardman & Co on Research Tree.
Research reports provided by Hardman & Co
Companies covered by Hardman & Co
Sectors covered by Hardman & Co