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Initiation Report archive

Itaconix - Gaining global reach

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Itaconix PLC (LON:ITX) designs and manufactures functional polymers for applications in consumer and industrial products. The company creates new products through its proprietary polymerisation process that uses Itaconic acid, which is a bio-based building block produced by fermentation using corn as a source of sugar. There are three major...

Published: 10:15, 21 Mar 2019

CUI Global - Preparing to step on the gas

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CUI Global (NASDAQ:CUI) has reported strong results for the full year (FY) 2018, with revenues of US$96.8mln versus our forecast of US$92.8mln. The FY order backlog stood at US$37.5mln versus US$32.8mln at the end of 2017. The company reported an underlying loss (statutory LBITDA) of USS$14.0mln versus our forecast of a loss of...

Published: 09:25, 19 Mar 2019

MTI Wireless Edge - Strong progress continues

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MTI Wireless Edge (LON:MWE) reported results on 11 March for the full year to 31 December 2018. The results show continued strong progress following the August 2018 merger of MTI Wireless Edge with MTI Computers. Revenues increased by 35%, or 2% organically, operating profit +21% organically, and earnings per share (EPS) +14%. The statement...

Published: 10:32, 12 Mar 2019

Gfinity makes strong H1 progress

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Gfinity PLC (LON:GFIN) reported results for the first-half period to December 2018, on March 4, demonstrating very strong progress. Revenues grew 143% year-on-year, with 104% growth for the Managed Services business and 387% for the Owned Content business. Managed Services increased its revenues by 189% on a like-for-like basis (based on...

Published: 13:22, 06 Mar 2019

GRIT Real Estate Income Group - Succeeding by design

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GRIT Real Estate Income Group (LON:GR1T) is a pan-African (excluding South Africa) real estate company, generating high levels of US dollar and euro-denominated rental yield underpinned by a blue-chip tenant base. The company has achieved good progress since its London Stock Exchange (LSE) listing in July 2018. Results for the...

Published: 13:43, 05 Mar 2019

Synnovia PLC: Latest update

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Synnovia (LON:SYN) released a trading update on 19 February, confirming that trading in the full year (FY) to 31 March is broadly in line with expectations. We continue to forecast growth in revenue and earnings; however, we are lowering our FY earnings per share (EPS) forecast from 11.9p to 10.4p to reflect a slower increase in profit margins...

Published: 13:52, 27 Feb 2019

Strong growth drivers ready to kick-in

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InnovaDerma (LON:IDP) reported results on 21 February for the first half of the full year (FY) to June 2019. Results were in line with January's trading statement, with first half (H1) revenues down 7.5% driven by disruptions to the direct-to-consumer (DTC) sales channel. The company has indicated that a number of elements are in place to drive...

Published: 12:10, 25 Feb 2019

Ceylon Graphite: Back to Graphite's Original Source

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Ceylon Graphite Corp, is listed on the TSX Venture Exchange. The company is an explorer for graphite and engaged in the development of graphite mines in Sri Lanka. The company holds exploration rights over a land package of around 121km². These rights cover areas of historic graphite production from the early twentieth century and represent a...

Published: 10:27, 19 Feb 2019

Gfinity - Game on

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Gfinity (LON:GFIN) is a world leader in the fast-growing market for esports. The company provides full end to end esports solutions, including bespoke content, tournament and event solutions for commercial partners via its proprietary online platform and live broadcasting studio, plus it is building its owned Elite Series brand and hosting its...

Published: 10:35, 06 Feb 2019

Custodian REIT - Strategy still winning

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Custodian REIT (LON:CREI) released its quarterly net asset value (NAV) updated on 29 January. This was in line with our expectations. NAV Total Return +1.0% in the quarter. Portfolio net initial yield (a measure of property income yield) of 6.6%. Balance sheet gearing remains low at LTV (loan-to-value) ratio of 24.7%. We...

Published: 08:04, 29 Jan 2019

MTI Wireless Edge (LON:MWE) - Post-merger, all on track

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During the last week, the company has made two significant announcements: The nomination of Moni Borovitz as CEO, from finance director previously, subject to the annual general meeting on 14 March. A share buyback of up to £150k, commencing 28 January The company came into being in its...

Published: 16:03, 25 Jan 2019

Positioned for the Tungsten Resurgence

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+ Thor is one of the survivors in the Tungsten space after the ranks of explorers/developers were brutally thinned out since 2011+ The company has two Tungsten projects under development, one in the Northern Territory of Australia and another in the state of Nevada in the US+ Recent acquisition of further blocks in the Northern Territory are the makings of a whole Tungsten...

Published: 09:20, 14 Jan 2019

Plastics Capital - Delivering balanced growth

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Plastics Capital (LON:PLA) has reported first half  (H1) results to September 2018 showing revenue growth of +11.4%, underlying earnings (EBITDA) growth of +42.8%, and adjusted earnings per share (EPS) growth of +67.9%. These results reinforce our confidence in our full-year (FY) March 2019 forecasts, including our EPS growth forecast of 25.3%.

Published: 10:53, 03 Dec 2018

CUI Global Inc - Growth opportunities taking shape

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CUI Global Inc (NASDAQ: CUI) reported third-quarter (Q3) results on November 7th, showing revenue of US$24.7mln (Q3 2017: US$21.8mln) and a reduced earnings per share (EPS) loss of US$0.05 (Q3 2017: -US$0.09). These compare with the consensus forecasts of US$23.5mln revenue, an EPS loss of US$0.07 (from market sources). The performance reflects strong execution in the...

Published: 14:49, 09 Nov 2018

Safety Pays

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Custodian REIT PLC (LON:CREI) issued its quarterly NAV (net asset value) update for the three months ended September 30,  on October 23. The company reported a NAV total return per share of 2.3% for the period (NAV increase plus dividend approved), and a reduction in net gearing to 20.5% loan-to-value, from 21.0% on June 30. Custodian acquired five new properties...

Published: 11:45, 25 Oct 2018

MTI Wireless Edge - Examining the enlarged company

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MTI Wireless Edge (LON:MWE) is a technology group focussed on communication and radio frequency solutions. The applications addressed include civil and military communications, wireless irrigation controls, and speciality consulting services in the antennas and electronics space.

Published: 09:39, 11 Oct 2018

Grit Real Estate Income Group: Big yields blue-chip asset base

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Grit Real Estate Income Group (LON:GR1T) is a multi-listed (LSE, JSE, SEM) property company with a focus on selected African countries with a combination of economic growth, investment friendly policies and political stability. Rental income is underpinned by a blue-chip multinational tenant base, hard currency leases, and high occupancy rates.

Published: 09:36, 03 Oct 2018

Judges Scientific PLC - 2018 Interim Results

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Judges Scientific reported results for the first half of 2018. The period included a first-time contribution from Oxford Cryosystems, which was acquired in July 2017. Organic growth of order intake and sales was solid and well in line with the full year target.

Published: 11:51, 21 Sep 2018

InnovaDerma PLC - Quality is more than skin deep

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InnovaDerma (LON:IDP) specialises in the development, manufacture and marketing of clinically proven products in life sciences, beauty, and personal care. The company operates a portfolio of strong innovative brands, reaching customers in the UK and Australia, and increasingly in North America, Asia, and EU.

Published: 16:13, 20 Sep 2018

Castillo Copper Limited - Demarcation point

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Castillo Copper (ASX:CCZ) is a metal explorer primarily focussed on Copper, Zinc, Cobalt, and Nickel. The bulk of Castillo’s assets are in Eastern Australia, comprising 4 tenure groups in Queensland and New South Wales (NSW). The flagship project consists of three prospects at Jackaderry in NSW which are highly prospective for Copper-Cobalt-Zinc.

Published: 08:58, 11 Sep 2018

CUI Global - Disruptive technology moving ahead

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CUI Global (NASDAQ: CUI) is a platform company focussing on the acquisition, development and commercialization of new, innovative technologies. The company operates through two divisions – Power & Electromechanical, and Energy. The strategic focus for CUI Global is the Energy segment. We believe that this business is entering a phase of transformational growth....

Published: 10:30, 10 Sep 2018

Legendary Investments - Hidden value potential

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Legendary Investments (LON:LEG) creates value through privately held and pre-market investment opportunities with the potential for outsized returns. The company has a strong track record with: Total investments valued at of £6.2mln (from zero in 2011) Out of 12 investees in total, five are exhibiting multiple returns from 1.3x to 35x Two crystallised...

Published: 08:19, 03 Sep 2018

H&T Group PLC - Disciplined Growth in H1

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H&T Group PLC (LON:HAT), the UK market leader in pawnbroking, released results on August 14 for the first half of 2018, showing sustained growth both in the core pawnbroking and other financial services. The company delivered pre-tax profit growth of 10.9%, and earnings per share growth of 15.5%. The biggest drivers were the pawnbroking and personal loans...

Published: 13:17, 15 Aug 2018