Broker notes, analysis and comments
SimplyBiz Group plc (LON:SBIZ) 1H results show digital acceleration as Defaqto and Intermediary Services have limited the impact of lockdown on revenue and EBITDA. Full year guidance remains at adj..
In this note, we explore Volta Finance plc (LON:VTA) portfolio positioning, increasing its CLO equity weight and reducing the CLO debt proportion. We show how this has helped deliver relative..
Post DWF Group plc (LON:DWF) results we consider key takeaways from the presentation and introduce our FY23 forecasts for the first time. YTD trading shows a clear recovery with the..
The most significant of several 2020 contract wins for Surface Transforms plc (LON:SCE) was announced on 14 September, from a new global customer, OEM 8. New order momentum is rising..
City of London Investment Group plc (LON:CLIG) results have beaten Zeus expectations at revenue, EPS and DPS. On 14 July CLIG provided an update which revealed $338m of net inflows..
Surface Transforms plc (LON:SCE) has announced a major contract win with a manufacturer of EVs. Lifetime revenue is estimated to be £27.5m. Our 2021e revenue forecast is lifted by c.80%..
CentralNic Group plc (LON:CNIC) has agreed to acquire Codewise, which consists of Zeropark, a monetisation business similar to Team Internet, and Voluum, a complementary online marketing SaaS provider. CentralNic is..
Real Estate Credit Investments Ltd (LON:RECI) released its quarterly investor update on 17 August and factsheet on 8 September. This note updates investors with the key developments in both these..
MORhomes (MH) is a pooled borrowing vehicle for housing associations (HAs). It offers its HA borrowers a flexible experience, rapid access to funds and potentially lower-cost funding. To its Social..
Neodecortech (NDT) shut its main plants for several weeks in March/April, but has traded strongly since reopening. We have cut our 2020 forecasts significantly, but see 2021 bouncing back close..
OnTheMarket plc (LON:OTMP) has announced record leads to advertisers during August 2020 and increased cash balance of £10m. Key points are: OnTheMarket delivered more than 2m leads in August 2020..
DWF Group plc (LON:DWF) final results were well flagged in the last trading update, with adjusted EBITDA coming in slightly ahead of our forecast. The decision to pay a final..
We called our 6 July initiation Outperformance through every stage of cycle. In this note, we explore ICG Enterprise Trust plc (LON:ICGT) resilience to a downturn in more detail. We..
Flowtech Fluidpower plc (LON:FLO) interim results provide detail to the comprehensive update released in late July (28th). The business traded profitably in each month of H1 apart from April, despite..
Artificial Solutions’ 2Q results confirmed high levels of resilience, posting YoY revenue growth of 22%. Within this metric, usage revenue continued to shine, up 80% YoY in 2Q, representing a..
Cambria Automobiles plc (LON:CAMB) has issued its Pre-Close Update indicating that it has seen a good recovery post lockdown from June, and appears to be consistent with what other operators..
Accrol Group Holdings plc (LON:ACRL) has announced audited Final Results for the year ended 30 April 2020, which show strong progress on a YOY basis and are ahead of our..
Over 10 years, Oakley Capital Investments (LON:OCI) has delivered a 156% total NAV return. Its investments in Oakley Capital’s (Oakley) private equity (PE) funds have delivered total realised returns of..
Escape Hunt plc (LON:ESC) offers high ROI and was growing rapidly ahead of lockdown. The company raised £4.3m in July to continue its rollout of new sites. We provide three..
GYG plc (LON:GYG) H1 trading update shows 12% decline in revenues for H1 2020 YOY due to COVID, with adjusted EBITDA ahead by €0.1m to €1.6m YOY driven by a..
