Progressive Equity Research Equity Research & Stock Reports
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Results in line but longer term is the key focus
27 Mar 17
K3’s H1 2017E results are in line with January’s trading update and reflect the sales slippage in December and continued investment. K3 states that deals expected in H1 are now starting to come through and highlights a £2 million-plus contract with the British Heart Foundation. It also says that the operational reorganisation is largely complete and that changes have been implemented to create a more streamlined platform. The announcement reports an increase in recurring revenues while the move towards higher own-IP sales and cloud delivery continues. We don’t believe that a difficult first half has affected the ongoing strategic refocus. We note that news of a strong pipeline and deals coming through are reflected in the Board’s optimism in future prospects. Following changes in January, we make no further alterations to estimates today.
FY 2016 Final Results
27 Mar 17
SDX Energy has reported its final results with the company reporting a loss after tax of US$28.00 million due to an impairment charge and the write down of its assets in Cameroon. These results are largely immaterial due to the recent acquisition of Circle Oil’s Egyptian and Moroccan assets on 27 January 2017 which will provide a material step change in production, profitability and cash flow. The company is in strong financial health with net cash balances at the end of February of US$18.3 million which will allow management to grow the business. In the short term, the market will focus on the SDX-1 exploration well, onshore Egyptian, where success would prove to be transformational in terms of reserves and significant for shareholders. The well is expected to be completed early Q2 2017.
Or, helping a juggernaut turn on a dime
24 Mar 17
Sopheon has spent many years evolving a state-of-the-art platform allowing Enterprise customers to manage and monitor their pipelines of innovation. As this market matures and on the back of some major reference client wins, Sopheon’s Accolade product is beginning to see material success on a number of fronts. This note describes the marketplace, the technology, and the progress now being achieved.
FY 2016 results confirm further strong delivery
21 Mar 17
Gamma’s FY 2016 revenues, Adjusted EBITDA and Adjusted EPS numbers were a touch ahead of our estimates. We make small upward adjustments to forecasts for all three years of our forecast horizon reflecting that performance. Gamma is capitalising on its position as a nimble player in an attractive marketplace. It made strong progress in 2016 as Voice over IP technology drove uptake of SIP Trunking and Hosted PBX services - both areas where Gamma has strong platforms. In addition, data services reflected Gamma’s investment in its network, channel partner numbers increased again and the indirect business accordingly showed strong revenue growth. The Direct Business also produced good growth and won some significant new contracts. The outlook statement is ’enthusiastic’ about the current year and comments that the Board ‘remains open to suitable M&A opportunities and areas for strategic capital investment’. Overall, an optimistic picture, in our view.
South Disouq well spuds
20 Mar 17
SDX Energy has this morning announced that it has started drilling its first exploration well, SDX-1, on the South Disouq licence which is located onshore Egypt just to the North of Cairo. SDX has a 55% working interest in this licence. This well is probing a significant prospect with gross mean prospective resources of 490 BCF of gas and 16.3 mmbbl of condensate (100 mmboe in total). There is also the potential of deeper oil play in the licence which will also be tested with this well. Success at this well would prove to be transformational in terms of reserves and significant for shareholders. The well is expected to take approximately 30 – 45 days to drill.
Glass (at least first) half full
16 Mar 17
The top three brickmaker’s FY 2016 results announcement gave an upbeat outlook, for at least the first half of the current financial year, driven by “strong” house-building levels and a reduction in the stock overhang among builders’ merchants. It maintained guidance for FY 2017E. We have trimmed back our estimates, which were slightly ahead of consensus, principally to reflect a higher depreciation charge than we had modelled. We continue to believe that Forterra offers long-term growth, fuelled by Government housing policy.
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