N+1 Singer - Cineworld Group - Joining the sector consolidation

Cineworld has responded to press speculation confirming that it is in advanced discussions with Regal Entertainment Group in the USA re a possible cash offer. The proposed price is $23 implying a market cap of c.$4bn - so effectively a reverse takeover. Funding will come via a mixture of debt and a “material equity raise by way of a rights issue”, with management (who own 28% of the equity) committed to invest in the fund raise. The deal would equate to a c.9x FY18 EV/EBITDA which is a c.5% disc

N+1 Singer - Morning Song 29-11-2017

Brewin Dolphin Holdings (BRW LN) Solid FY17 outturn, positive strategic progress | Cineworld Group (CINE LN) Joining the sector consolidation | Clinigen Group (CLIN LN) Quantum to add multiple growth opportunities | Findel (FDL LN) Digital transformation gaining momentum | Futura Medical (FUM LN) Good progress in Eroxon® licensing discussions; PK trial underway | Photo-Me International (PHTM LN) Snap it up | Raven Russia Ltd (RUS LN) Completion of Sever logistics park acquisition | Redcentric

N+1 Singer - Cineworld Group - On track to deliver double-digit EPS growth for the year

As anticipated an in line trading update from Cineworld this morning, which should go some way to reassuring investors about the full year outcome given weak industry data for Q3. Sales growth YTD is reported at c11%, which is marginally below our full-year working assumption of 14%. However, management, like us, expect a strong final 6 weeks of the year given weak comps and a strong film slate which includes the top blockbuster – Star Wars VIII. Accordingly, it is guiding to no change to the fu

N+1 Singer - Cineworld Group - Shares oversold - addressing recent concerns

We expect a reassuring trading update from CINE this week. Post a weak industry Q3 we anticipate a strong start to Q4. The next 6 weeks are critical to the full year out-turn but the film slate is strong (including local movies in eastern Europe). The period culminates with the blockbuster Star Wars: The Last Jedi. We feel the weak Q3 is not indicative of a structural trend and fears around competitive threats are overdone. We are buyers ahead of the update on growth and cashflow considerations.

N+1 Singer - Cineworld Group - Blockbuster interims – upgrading back to Buy

An excellent set of interims from Cineworld this morning, encapsulated by a 4% EBITDA beat vs our forecast. Overall, the Group has delivered an impressive 21% uplift in EPS on 18% (12% cc) revenue growth and rewarded investors with a 15.4% DPS hike. The general tenor of the results is positive and whilst there is nothing fundamentally new this morning, we are encouraged by reference to strong July trading. Comps admittedly are stiff for the rest of Q3, but the H1 beat and expectation of a strong

N+1 Singer - Cineworld Group - Key takeaways from Israel trip

Cineworld hosted a very productive site trip to Israel over the last 2 days. The quality of assets and huge financial success in the country over the last decade was clearly in evidence. The key investment takeaway, however, was the read-across for the UK in terms of growing shareholder value in a perceived mature market by upgrading facilities. Whilst the UK is currently on this journey, the trip brought into sharp focus what can be achieved given the success evidenced in Israel. It has also ma

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Vertu Motors PLC (VTU LN) - Continued positive momentum

Vertu has released an AGM Trading update that communicates a continuation of the strong trading announced on 11 May. The trends of constrained supply and high margins continue. We leave forecasts unchanged today, but this positive update for the first third of FY23 helps to underpin our full year forecasts.

SHORE CAPITAL - XP Factory+ (XPF) - House Stock at 20p

SHORE CAPITAL - XP Factory (XPF) - House Stock at 20p

Hybridan Small Cap Feast 28/06/2022

Joiners: No Joiners Today. Leavers: Raven Property Group has left the Main Market. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req

SHORE CAPITAL - Marks & Spencer+ (MKS, House Stock at 138p)

Hybridan Small Cap Feast 01/07/22

1 July 2022 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives

Remarkably solid pricing fosters margin rebuilding

Despite no further surprise in terms of the H2 capacity outlook, easyJet’s H1 trading update pleased the market with a better-than-expected pre-tax headline loss. It is worth highlighting the group’s more-than-robust pricing power, which is expected to largely offset the unhedged fuel costs and the recent activities disruptions/cancellations at UK airports.

Guild Esports (GILD LN) - H1 results

Revenues grew to £1.1m, driven by sponsorship signings. Loss before tax increased to £5.0m but the company expects losses to reduce going forward due to continued growth in sponsorship revenues and cost-cutting (-20%). Net cash was £6.1m the end of March and £6.5m currently (£3.5m net of accruals). The company is in discussion with relevant parties regarding this year’s £3m fee to Footwork Productions Limited, a David Beckham company.

Zeus: Video Games Sector Quarterly review - July 2022

In the June edition of Zeus’ Video Games quarterly report, we note that sector activity has declined for a second consecutive quarter but that activity remains well above pre-pandemic levels. Share prices have fallen across all subsectors with the Continental European PC and Console focused subsector topping performance and the UK PC and Console focused subsector lagging in the quarter. In the current environment, earnings reliability and diversity are being valued at a premium, leading to highe

Various Eateries (VARE) - Interim results; trading in line with expectations

This morning's results illustrate a robust performance in a challenging time for the wider sector, this reflects the strength of the Various Eateries concepts and structural changes taking place across the industry. We anticipate the new site pipeline will continue to build and that management's experience will be key in successfully managing the various headwinds faced by the industry. With the strategy remaining unchanged, a focus on the highest quality sites and the size of the opportunity ha

Hybridan Small Cap Feast 07/04/22

Joiners: Ajax Resources (AJAX.L) a special purpose acquisition company established to deliver shareholder value through the acquisition of businesses or production and development assets in the energy and natural resources sector, joins the Main Market. Raising gross proceeds of £1,342,000 at a price of £0.04p per IPO Share, of which the Board of Directors has invested an aggregated amount of £130k. Leavers: No leavers today. What’s cooking in the IPO kitchen? Financials Acquisition Corp, a spec

WH Ireland: Pittards (PTD) - Full year results in line and order book ahead; cautious on cost inflation

Pittards is a specialist producer of technically advanced leather and luxury goods for retailers, manufacturers and distributors. The group has this morning released full year results to 31 December 2021, in line with February's trading update, and marking a return to profitability after a particularly challenging FY 2020A. The group has continued to invest in new production equipment to broaden both its product ranges and end market exposure. While we have cautiously increased our underlying co

Walmart Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 8/21

Walmart had another rock solid quarter with a revenue growth of 7.6% in constant currency and a staggering 24.1% growth in operating income at constant currency. Moreover, Walmart Connect, their advertising business in the United States, more than doubled in size as compared to the prior-year quarter, with more than 170% growth in active advertisers. The management provided a series of interesting updates with respect to various innovative initiatives. Their latest investments aim to increase as

LIBERUM: Loungers* - Ready for the reawakening