Broker Notes, Comments and Analysis

Broker notes, analysis and comments

Cambria Automobiles “expect the balance sheet position to be robust” says Zeus Capital

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 “has successfully returned to its pre-IPO foundation” says Zeus Capital

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..

Oakley Capital Investments “When it rains gold, put out the bucket”

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 “shareholders will benefit from significant operational gearing” says Zeus Capital

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 “very comfortable with the investment case” says Zeus Capital

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..

Vertu Motors “will emerge from this crisis stronger” says Zeus Capital

Vertu Motors plc (LON:VTU) has reported robust trading across the month of July, building on the strong trend seen over June. A July adjusted PBT of £7.4m (including £0.7m of..

Marshall Motor Holdings “a creditable and reliable platform” says Zeus Capital

Marshall Motor Holdings plc (LON:MMH) has announced H1 results, which were largely impacted by lockdown through key months of the year. Despite the obvious challenges, the cash performance has remained..

Pantheon International 2020 results: positioned for sustained growth

The key results message was the outlook, where Pantheon International plc (LON:PIN) is “generally well placed to withstand and, in certain cases, to benefit during a period of significant economic..

Serinus Energy Q&A: ‘A very encouraging set of numbers’ say Arden Partners

Serinus Energy plc (LON:SENX) is the topic of conversation when Research Director at Arden Partners Daniel Slater joins DirectorsTalk. Serinus Energy have published H1 2020 results, Daniel what did you..

Volta Finance a solid 17% annualised yield based on the end of July NAV

Following on from AXA IM’s published Volta Finance Ltd (LON:VTA) monthly report for July, DirectorsTalk caught up with Andrew Worne of Cenkos Securities Plc who highlighted to us that despite..

Diurnal Group Flow of regulatory approvals

Diurnal Group plc (LON:DNL) is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its products are targeting rare conditions where medical need is currently unmet, with..

Primary Health Properties Strong set of results, confirming ongoing rent rises

Primary Health Properties plc (LON:PHP) 29 July interims showed a 7.1% EPRA EPS increase, rising NAV and a continued rise in DPS. Illustrating the growth, rents rose 20.4%, and adjusted..

CentralNic Group revenues 11% ahead of Zeus Capital’s forecasts

CentralNic Group plc (LON:CNIC) provided an H1 trading update that demonstrated strong organic revenue growth and solid EBITDA performance. The company continues to generate cash although currency movements may have..

OnTheMarket continues to grow as branches come off Rightmove

What’s new: Rightmove interims show 6.0% YoY fall in agent branches to 15,727 (June 2019: 16,768; June 2018: 17,585): 3.5% fall YTD. Over the past two years while Rightmove lost..

Epwin Group strong demand driven by changing consumer behaviour

RMI demand, c. 75% of Epwin Group plc (LON:EPWN) revenue, has been stronger than expected since the recommencement of operations. Extrusions revenue in June and July were up +10% yoy...

Inchcape: Zeus Capital reinstate FY20 forecasts

Following Inchcape plc (LON:INCH) interim results reported last week, with H1 profitability and cash generation ahead of our previously published scenario analysis, we reinstate forecasts for FY20E and beyond today...

Purplebricks Group: Rebound post lockdown

What’s new: Purplebricks Group plc (LON:PURP) results for the year to 30 April 2020, show the Australian and US units as discontinued; but include the Canadian unit sold for C$60.5m..

OnTheMarket “revenue may exceed £32m” says Zeus Capital

What’s new: OnTheMarket plc (LON:OTMP) Chairman, Christopher Bell, is expected to make the following observations at the AGM later today: OnTheMarket had £9.4m net cash at end June 2020 (end..

Inchcape “scope for further significant cost savings and efficiencies” says Zeus Capital

Inchcape plc (LON:INCH) has delivered H1 results, which are heavily impacted by COVID-19, but are ahead of our initial modelling expectations published in our last note. The Group appears to..

JTC: “impressed by growth in new business of 8.5%” says Zeus Capital

What’s new: Ahead of its interims, which are due on Tuesday, 15 September, JTC (LON:JTC) pre-close trading update confirms “interim results will be in line with management expectations”, namely: Medium..

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