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C&C - Capital Markets Day
The Scottish government, an administration which has no powers to raise duty but has powers to manage the region's NHS on an independent basis has implemented Minimum Unit Pricing for alcoholic drinks. Unusually high per capita consumption of alcohol in Scotland was responsible initially for the move towards minimum pricing. Importantly, a minimum price is being set for alcohol in its own right rather than for an alcoholic drinks category.
29 Jun 17
Imperial Brands’ (IMB LN, BUY, T/P 5100p) hosted an investor webinar yesterday, 27th June. Alison Cooper, CEO chaired the webinar with Amal Pramanik focusing on portfolio opportunity and Marcus Diemer on portfolio strategy. The emphasis of the webinar was acceleration of the principal growth brands, where the company targets 1%-4% revenue growth in FY2018. The webinar also included a deep dive into brand migration and rationalisation. Overall, we perceive the updates to be positive.
28 Jun 17
Tullow Oil – H1 TS broadly inline
Tullow’s H1 trading statement was broadly inline. FY production guidance for West Africa remains unchanged, despite a temporary issue at TEN, although Europe gas production has been marginally revised down for the FY. The financials all looked inline with our estimates. We don’t expect to make any material changes to our model. We remain with our BUY recommendation ahead of potential removal of certain overhangs in Q3.
28 Jun 17
Price target upgrade on medium term margin potential
IMImobile has today released its year to March 2017 Full year results. The results are very much in line with the trading statement released on the 27th April. IMImobile has experienced strong trading across all regions and business units. We upgraded our numbers at the EBITDA level by 4.2% at the time of the trading statement. We are not changing any of our forecasts today. We are however upgrading PT on the back of medium term margin potential.
28 Jun 17
Acquisition of assets from RadiumOne/Trading in Line/New CEO
RhythmOne has announced the asset purchase acquisition of the Demand Side Platform and Data Management Platform assets of RadiumOne. Trading since the FY results is in line. They have also announced that Ted Hastings the CEO of recently acquired Perk will take over as group CEO from Brian Mukherjee who remains with the company as an advisor.
27 Jun 17
Blue Prism Group
Blue Prism Interim Results ahead of expectations upgrades to revenues, Buy, PT 946p
PRSM has announced interim results for half year to end April. Revenues came in at £9.3m vs our expectation of £8.2m, this was 133% YoY growth. EBITDA loss at £2.7m was in line as they continue to reinvest heavily in the business. Monthly Recurring Revenue exited the period with a run rate of £1.72m, again ahead of our expectations, up from £0.95m at the year end and up from £0.66m at the previous half year. Recurring revenue was 91% up from 83%.
27 Jun 17
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