Broker notes, analysis and comments
In our 6 September initiation report on Pantheon International (11.9% average annual NAV growth since 1987, PIP, ticker PIN), we noted i) PE funds earn better returns than quoted companies,..
Diurnal (LON:DNL) is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its two lead products, Alkindi and Chronocort, are in late-stage clinical trials, with Alkindi already..
Genedrive (LON:GDR) is a commercial-stage company focused on point-of-care molecular diagnostics. Its Genedrive® molecular diagnostic platform is at the forefront of this technology, offering a rapid, low-cost, simple-to-use device with..
Incanthera is a spin-out from the Institute of Cancer Therapeutics at the University of Bradford to exploit development opportunities generated from this prestigious organisation. This has provided the company with..
Cambria Automobiles has delivered another strong set of FY results, which were ahead of our forecasts despite numerous upgrades during the course of the year. We upgrade our 2020E and..
Trading remains difficult, and cost reduction measures continue to be implemented. Chamberlin is still on track strategically, and the group continues to develop its product offering most favourably. The group..
CentralNic Group (LON:CNIC) has announced the acquisition of Team Internet for a total consideration of $48m. The acquisition will be financed in part by a further €40m bond issue under..
Non-Standard Finance (LON:NSF) has issued a trading update highlighting a 4%-5% reduction in consensus estimates due to softer trading in 3Q (primarily lower loan volumes in guarantor loans, a market..
We believe now is an interesting time to invest in Northgate, with a new executive board and a capable management team in place who have already delivered progress on an..
Neodecortech (NDT) has performed well in 2019, in our view, against a difficult economic backdrop. 1H, 3Q and October revenue rose 2%, 6% and 9%, respectively. We are forecasting the..
Advanced Oncotherapy‘s (LON:ONC) goal is to deliver an affordable and novel proton beam therapy (PBT) system, based on state-of-the-art technology developed originally at the world-renowned CERN. In the past 18..
Revising 2020E and 2021E We update our forecasts following Inchcape’s Q3 IMS on 7th November, and focus our attention on 2020E and 2021E estimates after the Group confirmed it was well..
We update our forecasts following Lookers announcement on the 1st November that trading has continued to deteriorate and the now expects adj. PBT in 2019E of £16m (vs ZC forecast of..
Why Invest Positives Strategy: To fund fast-growth companies in data, digital, education and healthcare, which have existing products, and support them in scaling up. Issues Track record: No exits to date from..
Filta Group (FLTA) provides cleaning services to commercial kitchens in North America, the UK and, mainland Europe. The company reported that EBITDA for 2H19 would be similar to 1H19 and..
Diurnal (LON:DNL) is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its two lead products are targeting rare conditions where medical need is currently unmet, with..
Shield Therapeutics (LON:STX) is a commercial-stage company delivering specialty products that address unmet medical needs, with an initial focus on treating iron deficiency (ID) with Feraccru®/Accrufer®. FDA approval of Accrufer..
REA Holdings‘ 1H’19 results showed a small, 3.1%, increase in own-crop production levels to 335,177mt and a 7.7% increase in CPO production to 96,514mt. Revenue for the period was up..
The re-focusing and re-orientating of the business with a major cost-saving programme are progressing well. Commercial developments are also progressing well, and medium-term financial issues have now been addressed. The..
Surface Transforms‘ results, announced 9 September, were in line with expectations. Since then, ST has secured a further £0.4m revenue, prompting us to upgrade FY19 PBT estimates by £0.25m. Historical..
