Broker Notes, Comments and Analysis

Broker notes, analysis and comments

Epwin Group No respite from cost pressures or operating environment

Epwin Group (LON:EPWN) At the time of the interim results in September forecasts were unchanged with the results stating that profit before tax in FY18 was anticipated to be in..

Tissue Regenix 2018 in review: foundations laid for osteobiologics

Tissue Regenix (LON:TRX) has a broad portfolio of regenerative medicine products for the biosurgery, orthopaedics, dental and cardiac markets. It has two proprietary decellularisation technology platforms for the repair of..

Boohoo Group Plc Trading update confirms record Black Friday; trading comfortably in line

Boohoo Group Plc (LON:BOO) has released a short trading statement this morning confirming that trading to date remains strong, with record Black Friday sales seen across the group. The group..

Safestyle UK Plc Progress in turnaround leads to upgrade in FY19

Safestyle UK Plc (LON:SFE) We upgrade FY19 estimates on today’s trading update. Revenue increases 3.1% to £131m (prev. £127m) leading to an 18% increase in profit before tax to £5.3m..

OnTheMarket Plc Firms take up full tariff

OnTheMarket Plc (LON:OTMP) has announced that it has listing agreements with UK estate and letting agents with more than 12,000 branches. This increase of more than 6,500 branches since Admission..

Purplebricks Group Plc UK delivers material profit growth

What is new: Purplebricks Group Plc (LON:PURP) Interims reveal profitable growth in the UK driven by volume growth, rising average revenue per transaction, increasing gross profit margins and strong cost..

DP Poland Plc Slowing revenue growth

DP Poland (LON:DPP) announced this morning that, while EBITDA for 2018 will be broadly in line with expectations, revenue will be lower, due to unseasonally warm weather and competitive marketing..

Genedrive plc Accelerating into fiscal 2019 with first sales

Genedrive plc (LON:GDR) is a commercial-stage company focused on point-of-care molecular diagnostics. Its Genedrive® molecular diagnostic testing platform is at the forefront of this technology, offering a rapid, low-cost, simple-to-use..

Gateley Plc Strong trading and industry opportunity

Gateley Plc (LON:GTLY) trading statement in respect of 1H 2019 was sparkling, with 20% revenue growth in 1H and a highly confident outlook for 2H. We expect to revise our..

Avacta Group Plc Wake-up call for the market

Avacta Group Plc (LON: AVCT) is a pre-clinical stage biotechnology company and the proprietary owner of Affimer technology. Affimers represent a radical alternative to the established antibody technology. The significant..

Inchcape PLC Initiation of coverage – Follow the cash

Inchcape PLC (LON:INCH) is a unique global distributor operating in 32 markets globally across the automotive value chain. The group has a long track record in effective capital allocation, delivering..

Ceres Power H1/FY2019 update confirms upgrade

Ceres Power (LON:CWR) Further to Tuesday’s meaningful update on Weichai, Ceres has provided positive guidance ahead of its H1/FY2019 end. Management anticipates revenue to be at least £7m for the..

Non-Standard Finance Reading the runes: strong, controlled growth

On 3 December, Non-Standard Finance (LON:NSF) held an investor day at the Reading branch of Everyday Loans (EL) and its head office in Bourne End. Investors and analysts thus got..

Ceres Power Plc Second investment from Weichai rounds off a good 2018

Ceres Power Plc (LON:CWR) has confirmed that the second tranche of the equity investment from Weichai Power (Weichai) is being made as planned for £28.0m. This takes Weichai’s equity holding..

Lookers Plc Deep value

Lookers Plc (LON:LOOK), We note the recent under performance of the shares of late and believe the current price to be an attractive entry point for investors. Lookers has a..

REDX Pharma RXC006: first anti-fibrosis development candidate

REDX Pharma (LON:REDX) is a clinical-stage biotechnology company focused on drugs targeting oncology and fibrotic diseases. An extensive review, led by the new CEO, has reinforced the vision of a..

XPS Pensions Group 1H shows impact of PS deal

XPS Pensions Group (LON:XPS) interim results to 30 September 2018 are the maiden results for the combined group (Xafinity acquired businesses from Punter Southall Group in January 2018). In summary..

BCA Marketplace PLC Adjusted EPS +18.5%, on track

BCA Marketplace Plc (LON:BCA) has delivered another strong set of results, which are 6% ahead of our forecasts at the adjusted PBT level. The strong YOY growth delivered across all..

Palace Capital Interim results to September 2018 reported

Palace Capital (LON:PCA) reported 1H’19 (six months to September 2018) results on 26 November, in line with expectations. We reduce our forward estimates due to disposal and minor trimming of..

Redx Pharma Streamlined, focused and good value

Redx Pharma (LON:REDX) is a clinical-stage R&D company focused on drugs targeting oncology and fibrotic disease. 2018 was a year that reset the benchmarks – new management team, restructured organisation..

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