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Making good progress

Update | Financials | 27 Oct 2017

Share’s third quarter update confirmed the positive trends reported in August, with further market share gains and continuing work on its digital transformation providing evidence of the fruits of the investment already made and signalling continued measures to improve the customer experience to underpin further, profit-enhancing growth.

Entree Resources

A royal premium awaits

Update | Mining | 26 Apr 2018

Entrée's carried interest in the JV (EJV) in part of the Oyu Tolgoi (OT) copper-gold mine in Mongolia confers the characteristics of a royalty company with the benefits of a producer. The key advantage is that Entrée’s JV partner, OTLLC, limits counterparty risk by affording Entrée a favourable debt account (c 5.2% interest pa dependent on RBC rates) to cover JV obligations. As Entrée’s share of OT production ramps up, debt repayments are made from 90% of attributable cash flows with excess amounts paid back to Entrée. This debt-carry mechanism effectively doubles the return on investment on Entrée’s shares relative to the IRR based on valuing the 2018 PEA outcome as a pre-development project level royalty. No other royalty company has this loan account mechanism positively affecting its cash flows. Entrée has also released its full NI43-101 technical report on the 2018 Reserve Case for developing Hugo North Extension (HNE) Lift 1, as well as a fully costed PEA-level scenario including HNE Lift 2 and its more distal project, Heruga (which is also within the area of the Entrée JV agreement) into the overall mine plan with HNE Lift 1.

Allium Medical Solutions

Wirion approved by FDA; new stents in Europe

Update | Pharmaceutical & healthcare | 26 Apr 2018

Allium has announced FDA approval of its subsidiary Gardia’s Wirion, which has become the only embolic protection system approved for all atherectomy procedures. Allium has reported FY17 results, with revenues up 5% y-o-y to NIS7.7m, and announced its first order in Mexico for NIS300k and approval of some of its stents in Russia. However, registration of the remaining stents and IBI Medical (EndoFast soft tissue fixation) in Mexico and Russia and stents in China has been delayed; we believe approval is possible in 2018. Mexico, Russia and China are the bulk of the distribution deals (NIS132m) and delays are the major reason for the slight decline in our valuation to NIS1.64/share (NIS1.68/share previously).

CFP Sanford DeLand Free Spirit Fund.

Fund manager interview - Rosemary Banyard

Edison TV: | Investment Companies | 24 Apr 2018

Rosemary Banyard launched the CFP Sanford DeLand Free Spirit Fund in January 2017. In this interview she gives an overview of the fund, her investment process, examples of the kind of stocks she likes to hold and shares her views on the issues that management of listed companies should be considering in light of MiFID II.


Outstanding first half

Update | Consumer Support Services | 24 Apr 2018

Focusrite has delivered an outstanding first half with substantial growth on all metrics, across all territories and in both product brand groups. Constant currency revenue growth of 26% is double that of FY17 although, after an unprecedented pre-Christmas period, it is possible that the shape of trading may be becoming more seasonal. The company has net cash of c £20m, and the share price appears to discount a return on that.

Pan African Resources

A second glance at the first half

Update | Mining | 23 Apr 2018

Pan African’s (PAF’s) shares have fallen by 41% since its operational update on 1 February, which revealed a 6.9% decline in gold production vs H117. This was reflected in a 78% decline in pre-tax profitability when interim results were announced in February. Notwithstanding the year-on-year comparison however, H118 results were, in fact, better than H217, with the exception of a large effective tax credit in the prior period (see overleaf). While PAF’s share price therefore reflects the difficulties being experienced at Evander Gold Mines (EGM) (pro-rata to production), it takes little or no account of likely recovery in H218, the start of production at Elikhulu in H119 or any of PAF’s three other immediate growth projects.

Keywords Studios

Deeper, wider, higher

Update | Technology | 20 Apr 2018

FY17 was a transformative year for Keywords with revenues growing by 57% and EPS by 52%. Like-for-like revenue growth accelerated to 15.1% (we estimate 18% stripping out recent acquisitions) highlighting the company’s strengthened position in the supply chain. With an expanded debt facility, we believe the company potentially has the acquisition firepower to more than double its EPS run rate exiting FY18, and see no obvious reason why the cycle should not repeat in FY19. The shares price in further strong progress, but nothing is new there, and sustained execution should continue to drive strong returns.

Global Yachting Group

Inaugural FY results show class

QuickView | Industrial Support Services | 20 Apr 2018

Global Yachting Group (GYG) has reported its first FY results since listing in July 2017. At €20.4m, the order book has reached a record level, building visibility for the group. FY17 revenue growth of 14.7% reflected a solid contribution from all business areas, while the acquisition of ACA Marine enhances the portfolio. Overall, GYG now has the financial strength to take on larger contracts, build on its market share and deliver earnings growth.


Strong Residential performance

Update | General Industrials | 20 Apr 2018

Newbuild residential was the standout sector for Polypipe in FY17 with relatively subdued performance in Commercial and Infrastructure. Overall, underlying PBT and EPS from ongoing operations rose by 7.9% and 10.1% with full year DPS up by 9.9%. Our estimates are slightly lower adjusted for a non-core business disposal but recent share price weakness is overdone in our view.

StatPro Group

Anticipating an acceleration in organic growth

Outlook | Technology | 19 Apr 2018

After nearly a decade developing its cloud services platform for the asset management industry, the investment at StatPro is starting to pay off. Fund administrators have begun to extend their use of Revolution and StatPro has beefed up its sales team to drive direct sales. The acquisition of Delta in May 2017 has added depth to StatPro’s front office capabilities, complementing its traditional middle office focus. Organic revenue growth was 2% in FY17 and management is optimistic that growth will accelerate over the next few years. Given the busy M&A backdrop, and the significant valuation disparity between StatPro and its US-listed financial software peers, we continue to see strong upside potential in the shares.


Expansion of fintech portfolio continues

Update | Financials | 18 Apr 2018

FinLab continues to expand its portfolio of fintech investments (currently nine holdings), putting special emphasis on opportunities in the blockchain and cryptocurrencies space. The company regards the expertise it has acquired in this area as a competitive advantage in the context of tightening regulations. Nevertheless, FinLab’s strong NAV growth in FY17 (c 41% y-o-y) was assisted by write-ups of its earlier investments: Heliad Equity Partners, Deposit Solutions and Kapilendo. As a result, FinLab’s shares are trading in line with the last reported NAV.

SNP Schneider-Neureither & Partner

Focusing on organic growth

Update | Technology | 18 Apr 2018

SNP has undertaken a series of acquisitions over the last few years that have transformed the scale and the geographical footprint of the business. The goal is to position the group for the anticipated surge in data migrations globally, particularly around SAP S/4HANA, and SNP has already completed more than 30 S/4 projects. In FY18, management is focused on driving organic growth. We have maintained our headline forecasts, although adjusted net debt rises due to higher-than-expected FY17 net debt. Given the favourable industry drivers and the potential for margin recovery, the shares look attractive on c 21x our FY19e earnings.