|Name||Price||Mkt Cap||52 Week||QTD (%)||YTD (%)|
|Upgrade to view||45.0||46.5m||45.0 - 45.0||0.0||0.0|
|Upgrade to view||17.5||17.4m||10.8 - 29.0||0.0||0.0|
|Upgrade to view||67.7||142.0m||46.2 - 70.4||0.0||0.0|
|Upgrade to view||105||248.9m||78.4 - 177||-6.6||-6.6|
|Upgrade to view||138||644.2m||115 - 150||20.0||9.7|
|Upgrade to view||80.0||39.2m||78.0 - 168||4.6||-8.2|
|Upgrade to view||118||1,423m||77.0 - 153||43.1||8.1|
|Upgrade to view||552||277.7m||490 - 789||-0.4||-1.3|
|Upgrade to view||15.0||7.79m||14.5 - 47.0||-21.0||-43.4|
|Upgrade to view||148||1,393m||124 - 170||0.0||0.0|
|Upgrade to view||40.9||71.5m||39.8 - 59.5||-5.9||-2.1|
|Upgrade to view||28.0||23.9m||18.2 - 31.0||0.0||0.0|
|Upgrade to view||12.2||16.0m||7.8 - 14.2||-6.0||20.5|
|Upgrade to view||27.0||14.4m||20.0 - 103||25.6||0.0|
|Upgrade to view||70.5||13.0m||56.5 - 90.5||2.8||-2.0|
|Upgrade to view||1,105||390.8m||1,015 - 1,202||0.0||0.0|
|Upgrade to view||17.9||63.7m||16.5 - 48.5||0.1||-3.2|
|Upgrade to view||77.5||9.13m||75.0 - 110||-1.3||-14.8|
|Upgrade to view||1,025||708.8m||950 - 1,075||0.0||0.0|
|Upgrade to view||84.1||251.7m||66.1 - 111||0.0||0.0|
|Upgrade to view||31.5||6.15m||27.5 - 40.5||0.0||0.0|
|Upgrade to view||2.1||1.13m||2.1 - 5.0||0.0||-44.7|
|Upgrade to view||525||8.23m||525 - 525||0.0||1.9|
|Upgrade to view||61.0||36.2m||34.5 - 61.9||10.9||60.5|
|Upgrade to view||142||7.01m||97.5 - 155||34.8||38.0|
|Upgrade to view||48.0||40.5m||39.5 - 50.5||14.3||15.7|
|Upgrade to view||344||1,534m||258 - 353||32.9||22.9|15 May 18
LIBERUM: Elegant Hotels* - Outlook improved with top-line growth accelerating
Elegant offers a 9% FCF yield, 5% dividend yield, and is trading at a 40% discount to NAV. The group has seen improvement in occupancy in all its hotels and revenue visibility for the rest of the year sits at 95%, with greater confidence in the outlook vs. the same time last year.
Companies: Elegant Hotels Group
15 May 18
Elegant has this morning announced H1 results that should position it well to deliver our FY expectations. YoY improvements have been delivered across most KPIs and the company has confirmed trading is in line with expectations, we are therefore leaving our full year forecasts. We believe the shares represent good long-term value, trading below IPO price and at a 41% discount to NAV, with a yield of 4.7% which remains ahead of the sector average with solid cover in excess of 2.3x.
Companies: Elegant Hotels Group
16 May 18
Electrifying aviation motivated by cost-saving potential and environmental implications – whilst electrification is profoundly impacting the automotive industry, there is a growing case for electrification in the aerospace industry. 40% aggregate powertrain energy cost saving potential, combined with clean sky initiatives is driving expanding research and investment across the sector. Rising urbanisation is creating congestion solutions focusing on electric Vertical Take-off and Landing (eVTOL) innovate technologies.
Companies: ABM AMC AAZ JAY bmn GEO KOD MKA PGM SOLG URU
15 May 18
Acquisition of eMenka NV
Harvey Nash has announced the acquisition of Belgian IT solutions company eMenka, a focused provider of Microsoft specialists on both a contracted and permanent basis. The deal is a good strategic fit for the Group’s existing Belgian operations and cements Harvey Nash’s market leading position in this specific skills niche. eMenka is the Group’s third acquisition in the last year, following the purchase of Swedish HR consultancy PAT Management AB in July 2017 and UK technology talent provider Crimson last September, and proves management are delivering on the acquisition strategy that motivated their move to AIM last June. The shares have performed strongly over the last 12 months, up 34% YOY but still offer an attractive entry point to a business that is delivering against its stated objectives, supported by a solid balance sheet with FY19 net debt/EBITDA of just 0.1x. The shares trade on an FY19 PE of 7.5x offering an attractive 4.4% yield.
Companies: Harvey Nash Group
21 May 18
Allenby Capital HCM Update 21.05.18 (HVN.L; NBB.L; STAF.L)
Harvey Nash Group plc (HVN.L, 103p/£75.8m) Acquisition | Norman Broadbent plc (NBB.L, 11p/£5.8m) Final results to 31 December 2017 | Staffline Group plc (STAF.L, 970p/£270m) AGM Statement
Companies: HVN NBB STAF
21 May 18
Continuing to move ahead
With its move to the Main Market of the LSE completed, Palace recently provided an update on trading for the year to March 2018, ahead of preliminary results on 11 June. Management expects to report adjusted earnings (excluding revaluation movements and other one-offs) ahead of market expectations. Looking forward, the portfolio, enlarged by the RT Warren acquisition, offers significant asset management opportunities, while management seeks further accretive acquisitions, neither of which is reflected in our estimates. The shares offer an attractive yield and trade at a significant discount to NAV.
Companies: Palace Capital
08 May 18
The end of printing for St Ives
St Ives has sold its Books unit. That was the last physical print business that St Ives owned. The group is now a pure services business and over 90% of EBIT is derived from Strategic Marketing. The remaining piece is a print management services unit that we expect to be sold given the likely healthy interest. While there is a dilutive effect on earnings from the disposal the business has become far more attractive and is likely to gain a better reception from investors. Both explicit growth forecasts and long term potential rise as a consequence of the enhanced focus. Leverage falls (again), another factor that has been weighing on investor sentiment. We expect the Strategic Marketing core to continue to grow which in turn should be reflected in the valuation. With this in mind we lift our TP to 145p (from 123p) based on our “high” FY19 SOTP and reiterate our Buy rating. We expect the stock to continue to perform strongly as the sentiment recovery continues and St Ives delivers good results.
Companies: St Ives
16 May 18
LIBERUM: Volex* - Proposed placing and acquisition
Volex announce a proposed placing to raise £36m and the acquisition of Silcotec. We present provisional estimates (including the recent acquisition of MC).
02 Oct 17
HCM Update 02.10.17 (DSG.L, HVN.L, NBB.L)
Dillistone Group plc (DSG.L, 58.5p/£11.5m) Interim results to 30.06.17 (28.09.17) | Harvey Nash Group plc (HVN.L, 89p/£65.4m) Interim results to 31.07.17 (28.09.17) | Norman Broadbent plc (NBB.L, 11p/£4.6m) Interim results to 30 June 2017 and £1.23m placing (29.09.17)
Companies: DSG HVN NBB
26 Jan 18
The year of the Great Exhibition
2018 is the year of the Great Exhibition of the North. This summer, Newcastle and Gateshead will play host to a government-sponsored, 80-day marathon of events. Billed as the largest event in England this year, the Great Exhibition will showcase the best of the North East’s art, culture, design and innovation and we expect it to highlight the region’s ongoing success in high-end engineering, technology and life sciences. It may also reflect on the success of the North East’s plcs, the most striking example of which is Sage’s transition from 1980’s start-up to £9bn FTSE100 stalwart. We remain on the look out for the next Sage and expect the region to continue to produce attractive IPO candidates following Ramsdens’ success last year. Overall 2017 was a positive year for the region’s listed companies, one highlight of which was the takeover of Quantum Pharma, an N+1 Singer client, by Clinigen for £150m. We are confident that 2018 will be another successful year. Our top regional picks this year are Hargreaves Services, Zytronic and Applied Graphene Materials.
Companies: AGM BWY GRI GRG HSP IDH KMK NTG RFX UTW VNET ZYT
07 Mar 18
UK North Sea M&A – Smaller company potential
This book is split into two parts. The first part is thematic and focuses on the UK North Sea, where we discuss the potential for smaller companies to benefit from making acquisitions of producing assets. This is based on a screen of potentially available assets, and their likelihood of being available for sale. In the second part, we include profiles of the oil and gas companies in our coverage, and take the opportunity to update several of our models and recommendations. We intend this to be the first in a series of periodic publications focusing on themes within the oil and gas sector.
Companies: JOG IOG RRE SQZ FPM PMO ENQ PMG AMER BLVN GENL GEEC HDY HTG HUR IOG LAM RKH
01 Apr 18
Two former AIM companies could be in the FTSE 100 index in the near future following the successful bids by Melrose Industries for GKN and GVC for Ladbrokes Coral. Melrose has been on the brink of the FTSE 100 for a while and if a constituent company of the FTSE 100 is acquired than it can be replaced by the acquirer when it is eligible. Melrose is already on the reserve list for inclusion in the FTSE 100, following the March 2018 quarterly review.
Companies: PTSG JDG TRCS SRB TAP KETL
12 Mar 18
Good results – high yields
A welcome first revaluation uplift since 2013 saw Raven Russia’s adjusted diluted NAV increase year on year to 76.5¢ and beat our estimate by 8%. Furthermore, a surprise 50% increase in the final shareholder distribution to the equivalent of 3p per share provides an effective running yield of 9.3%. While reversionary effects continue to impact net portfolio income, the company sees opportunities to offset these with attractively priced acquisitions. With local market conditions showing tentative signs of improvement amid some recovery in the Russian economy, the 22% discount to a NAV based on high valuation yields looks likely to reduce significantly.
Companies: Raven Russia
14 Mar 18
Trading in line
Marshall Motor Holdings (MMH) has delivered strong growth in what remains a challenging conditions, showing good outperformance against the market. We are maintaining our forecasts, with our estimates below consensus ahead of what we anticipate to be a difficult Q1 and March trading period. That said, we do believe the shares offer good long-term value at this juncture and point towards a prospective P/E of less than 8x and EV/EBITDA below 4x, which remains at a discount to the sector. In addition, MMH has a strong balance sheet and a prospective dividend yield in excess of 4%.
Companies: Marshall Motor
14 Mar 18
Outperforming its markets
Marshall Motor Holdings (MMH) delivered FY17 results that exceeded our earnings estimates despite the challenges of softer UK car markets that are persisting into FY18. The dilutive disposal of the leasing activity leaves MMH effectively ungeared and in a strong position to pursue its growth strategy. As previously, we forecast a modest organic earnings decline for FY18, which may be augmented by value-adding M&A if suitable opportunities arise.
Companies: Marshall Motor
02 Mar 17
Molins - Final results
14 Mar 18
Marshall Motor Holdings - Full Year Results 2017
09 May 18
Vertu Motors - Analyst Interview - Zeus Capital
14 Mar 18
Empresaria Group plc (EMR) Full year results 2017
09 May 18
Vertu Motors - Full Year Results 2018
22 Jan 18
Serabi Gold - A strong final quarter
23 Mar 18
Final Results 12 months to July 2017
11 Jan 18
Marshall Motor Holdings - Pre-close Statement
26 Apr 18
Serabi Gold - Operational Review of First Quarter 2018
28 Dec 17
Highlights 2017: The Mission Marketing Group sponsors of The Good Web Guide Website of the Year Awards 2017
10 Apr 18
The Mission Marketing Group - 2017 Results: Executive Chairman’s video
22 Dec 17
Serabi Gold - Acquisition
11 Oct 17
Vertu Motors - Interim Results
11 Dec 17
Serabi Gold - Updated Mineral Resource and Mineral Reserve Statement
24 Apr 17
Management change and AGM update
Empresaria is an international staffing group operating a multi-brand strategy and addressing both permanent (FY16 revenues 40%) and temporary (FY16 revenues: 60%) recruitment markets. Earnings growth of 8% in FY17 highlights the benefit of a broad spread of geographies and acquisition delivery that has contributed to compound organic profit growth of 6% p.a. over the past four years.
02 May 18
The Mission Marketing Group
Krow: Bar raised
The mission has delivered good FY17 results and announced the purchase of Krow Communications, a well-regarded London advertising agency. Initiatives on shared back-office functions and tech-enabled collaboration are starting to lift group operating margins, up 20bp to 11.7%, on the path to the FY20 goal of 14%. Strong cash generation reduced end FY17 net debt by £4.1m to £7.2m (£14.5 including previous acquisition obligations), amply covering the initial cash consideration of £2.75m for Krow. The lengthening record of delivering on expectations and of earnings growth is not consistent with the deeply discounted rating.
11 Apr 18
Princess Private Equity Holding Ltd-Ord
Diversified global portfolio with high dividends
Princess Private Equity Holding (PEY) offers investors access to the private equity and debt expertise of global manager Partners Group ($74bn AUM), as well as selected co-investments with third-party managers. It has followed a direct investment strategy since 2011, when it refocused away from third-party funds of funds, and has seen solid NAV and share price performance over most periods of five years and shorter. Partners Group’s differentiated global approach includes a highly selective process of deal sourcing (c 99% of potential investments are declined each year), and an in-house value creation team who can plan and implement initiatives to help investee companies achieve superior growth. PEY has a high dividend policy, targeting a payout of 5-8% of the opening NAV each year.
06 Apr 18
The benefits of experience
FY17 results confirmed the anticipated recovery vs FY16, attributed to a strategic focus on core UK and German operations. Appropriately for a business which capitalises upon footfall rather than underlying retail trends, brand experiences were SAL’s largest source of revenues last year. Client wins both during 2017 and post the year end have enhanced its venue portfolio and the potential attractions for major brands. SAL venues now include Network Rail, Broadgate Estates and an extended list of Landsec properties.
26 Mar 18
Record profits achieved in spite of challenges
Empresaria, the diversified recruitment company, published its results for the financial year to 31 December 2017 which represented the third consecutive year of record profits and the eighteenth consecutive quarter of year-on-year (yoy) growth in net fee income (NFI). The fact that this was achieved during a year which saw one of its largest brands, Headway, under margin pressure from German labour reforms is a testament to the strength that resides within the Group’s highly diversified business model. Our forecast for 2018 is unchanged and sees an increase in adjusted PBT of 5% and EPS of 2%. We view 2019 with some caution at this early stage given the macro-economic uncertainty surrounding Brexit and currency.
14 Mar 18
FY17 results – no change to forecasts
Earnings growth of 8% in FY17 highlights the benefit of a broad spread of geographies and acquisition delivery that has contributed to compound organic profit growth of 6% p.a. over the past four years. Our FY18 estimates take a cautious view of the impact of structural changes in Germany and this appears fully factored in the valuation following the share price reaction postdowngrade in November 2017. Sentiment should move in the group’s favour as it delivers to current expectations on the back of generally robust global staffing markets and the business demonstrates a strongly cash generative profile. This, in turn, will allow the 37% discount to the sector average to progressively narrow providing meaningful scope for outperformance from these levels.
14 Mar 18
LIBERUM: Communisis* - Setting strategic targets
Communisis has delivered FY17 results slightly ahead of forecasts which show EPS up 5% and a further reduction in Net Debt. The board has also outlined a Value Enhancement Programme to deliver greater value to clients and in the longer-term retain higher margins for the Group.
08 Mar 18