Broker notes, analysis and comments
20/20 vision For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it..
Accrol Group Holdings (LON:ACRL) results came in as expected at the headline level, with adjusted EBITDA (post IFRS 16) of £3.2m (adj. EBITDA of £1.9m pre-IFRS 16), which compared to..
Inter alia, we reviewed social infrastructure investment companies in our note “Secure income” REITs – Safe harbour available, published on 22 March 2019. In this note, we consider how RM..
What’s new: OnTheMarket (LON:OTMP) has announced strategic investment for a 20% share in Glanty Ltd, the owner and developer of ‘teclet’, an automated portal for the lettings industry, designed to..
Real Estate Credit Investments (LON:RECI) pays investors a high (7.1%) dividend yield, covered by predictable income streams generated by an increasingly diversified portfolio of real-estate-backed debt. Its credit record has..
Why invest Positives Strategy: To invest in a portfolio of unquoted media companies that will generate meaningful IP. Issues Time to invest: The target time to invest of 15 months is longer..
Tis rare that a company reports on the same day as a general election. Okay, Titon Holdings (LON:TON) gestation was the longer ‒ but the conclusions are the same. “It’s..
B-North is raising capital ahead of getting its banking licence (due spring 2020). It will then attack the huge, profitable and poorly-served SME lending market. B-North combines i) state-of-the-art technology..
DWF Group (LON:DWF) has released solid H1 results and appears to be making good progress on achieving its strategic objectives set out at IPO. The Group has also announced the..
What’s new: OnTheMarket has announced that “as at 2 December 2019, over 3,000 more offices had been signed under new paying contracts to list all their residential properties at OnTheMarket . The progress builds on the support from thousands of..
The goal of Advanced Oncotherapy (LON:AVO) is to deliver an affordable and more effective proton beam therapy (PBT) system, based on state-of-the-art technology developed originally at the world-renowned CERN. In..
Boohoo Group has released a brief statement confirming ongoing strong trading across its key brands (boohoo.com, PrettyLittleThing, Nasty Gal and BoohooMAN) and another record-breaking performance over the all-important Black Friday..
Palace Capital (LON:PCA) 1H’20 results were announced on 19 November. Seventeen lease events have been completed. Impressively, these were 25% above passing rent and 3% above ERV (i.e. previous estimated..
Artificial Solutions (ASAI) is a market leader in the conversational artificial intelligence (AI) segment. Its customers include some of the world’s largest enterprises across market sectors, while partners include many..
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..
