Event in Progress:
Discover the latest content that has just been published on Research Tree
Update to forecasts – Neutral
Companies: Videndum PLC
Updating Forecasts – remain neutral
Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.
Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CSRT TIDE CYAN JET2 DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC HBR RBW RMM RBGP RSW RNO ROR SUS SEN SHG SOLG SOM TM17 INCE TWD TRAK TRI VNET VID ZOO ZTF REDD
Vitec has reported interim results with revenue down 2.2% at constant FX at £184.2m and operating profit of £25.8m, broadly flat YoY with operating margin of 14%. PBT is down 4% reflecting increased debt levels but the interim dividend is up 7% to 12.3p. The outlook for 2019 is unchanged and with a significant 2H weighting and lacklustre market, we stay neutral
In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.
Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CSRT TIDE CYAN JET2 DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC HBR RBW RMM RSW RNO RKH RBGP ROR SUS SHG SOLG SOM TWD TRAK TRI VNET VID ZOO ZTF REDD
Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. £28m raised. Half primary, half shareholder sell down expected 29 May 2019. Mkt cap £72.6m. Issue price 151p.
Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 201
Companies: VID EPWN APC MAB1 RENX MRIT BOKU
We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underl
Companies: ARS CYAN LIT SOM AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CSRT TIDE JET2 DEMG EMR FPO FST GTLY GENL INCE GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF CRDL MANO MOD MKLW OXIG PCA PANR APP PXC PHC HBR RBW RMM RSW RNO RKH RBGP ROR SUS SHG SOLG TRAK TRI VNET VID ZOO ZTF REDD
See what's trending this week...
The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium term market dir
Companies: 7DIG AMS ANX ARS ATYM AVON BLVN PIER CGS CAML CSRT TIDE JET2 DEMG ELM EMR FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KCT KGH LAM MACF MOD MKLW OXIG PCA APP HBR RBW RMM RSW RNO RKH RBGP ROR SUS SHG SOLG TWD TRAK TRI VNET VID ZTF REDD
We update our forecasts for the recent acquisitions of Amimon and Rycote. Our 2018 EPS forecasts remained broadly unchanged but with a good boost of 6% in 2019 as the benefits of Amimon come through. The deal makes strategic sense, providing some vertical integration and makes use of the Group’s strong cashflow and balance sheet, a key part of our investment thesis, while adding further organic growth potential so we maintain our buy rating.
The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.
Companies: ARS GTLY GENL KEYS KGH CRDL RBGP TWD 7DIG AMS AMER ANX ATYM AVON BLVN PIER CGS CAML CSRT TIDE JET2 DEMG ELM EMR FPM FPO FST GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA APP CAKE PDG RBW RMM RSW RNO RKH ROR SUS SHG SOLG TRAK TRI VNET VID ZTF REDD
In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a ris
Companies: AMER EMR HMI JOG PDG AMS AVON BLVN PIER CGS CSRT TIDE JET2 DEMG ELM FPM FPO GTLY GENL INCE GEEC HDY HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD LAM MACF MKLW NAH OXIG PCA APP CAKE RBW RSW RNO RKH ROR SUS SHG KCT TRAK TRI VID ZTF REDD
Vitec FY2017 results were slightly better than expectations on a continuing basis helped by new product launches, business mix and new acquisitions. The outlook statement points to confidence in further growth in 2018. We raise 2018E EPS by 10% to 83p (new consensus 82p), introduce 2019E EPS of 88.6p and maintain a buy rating.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Videndum PLC.
We currently have 133 research reports from 5
Finals from Trakm8 Holdings plc (TRAK.L), the global telematic and data insight provider, were in line with previous guidance with revenue increasing 13% to £18.1m and a £0.3m positive swing in adj. PBT to breakeven. Momentum built during FY22 with a number of contract awards and extensions secured in H2 and the outlook is positive although the company must navigate the challenges around component supply and inflationary pressures. Trakm8’s integrated model (software and hardware, design, manufa
Companies: Trakm8 Holdings PLC
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to ta
Companies: IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M
No Joiners Today.
No Leavers Today.
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 request an overdraft from their
Companies: ARS CCS D4T4 OHG ORR SYM XPF MWE
Stock up by 5% following the Q2 release.
The market welcomes indeed the return of dividends and the effective deployment of BT’s ultrafast fibre network. Moreover, the group has hit its £1bn cost savings target 18 months early and now brings forward its 2024/25 target for £2bn of savings to 2023/24 with further savings in 2024/25.
Here is the rub: the sales recovery is still not there. We maintain therefore our opinion at Add on the stock.
Companies: BT Group plc
A correct release globally in line with expectations (slight slowdown in revenue growth in Q4 but a slightly better than expected FCF for the full year) but the outlook given by management for 2022/23 is quite cautious (this is the upper range of the guidance which corresponds to our estimates).
We maintain our opinion at Buy. Note, however, the CEO Nick Read is rather under fire after missing opportunities in Italy (Iliad), Spain (Orange-Masmovil merger) and with Vantage.
Companies: Vodafone Group Plc