Initiation Report archive

Innovaderma Plc - Recent news-flow reinvigorates the investment case


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, with the UK & Ireland and Australia currently its biggest markets.

Published: 15:34, 13 Aug 2018

Avacta Group - Exciting partnership with Bach BioSciences


Avacta Group Plc (LON:AVACT) has recently finalised a co-development partnership with Boston-based Bach BioSciences, to exploit the potential of the Affimer platform for the development of a novel class of drug conjugates.

Published: 08:34, 30 Jul 2018

Sanderson Group Plc - Company Update


We had a management meeting with Sanderson after their successful round of investor updates post their 1H 2018 results. The group’s trading results were slightly better than management’s expectations, with both revenue and adj. operating profit increasing 34% YoY. On a like-for-like basis, excluding the Anisa acquisition, the top-line grew 3.6% (after adjusting for a...

Published: 14:17, 23 Jul 2018

Tag Oil Ltd - Positioned for progress in FY 2019


TAG Oil (TSE:TAO) recently published results for the financial year to March 31, 2018. The company reported revenues up 1.4% at C$23.67mln, and operating netback per barrel of oil equivalent (see table footer for definition) of C$30.66 versus C$24.88 in the previous year. Oil and gas production was 1,120 boe (barrels of oil equivalent), coming primarily from TAG Oil’s...

Published: 13:30, 05 Jul 2018

H&T Group Plc - Defensive / Growth investment


H&T Group PLC (LON:HAT) is the UK market leader in pawnbroking, with a chain of 182 high street stores across the county, offering consumers secured credit against items such as gold, watches, and jewellery. In addition to the core pawnbroking activity and related jewellery and watch retailing, H&T Group offers a range of other financial services, detailed in...

Published: 14:10, 04 Jul 2018

Plastics Capital PLC - Organic growth Accelerates


Plastics Capital PLC (LON:PLA) has reported a strong set of results for the financial year ended March 2018. Revenues of £76.7mln and earnings per share (EPS) of 9.5p are both slightly ahead of our forecast, which was last updated at the time of the detailed Plastics Capital trading update on May 2. The most important headline metric, in our view, is the organic...

Published: 10:18, 02 Jul 2018

Rose Petroleum Plc: Positive results from CPR


Rose Petroleum (LON:ROSE) announced on June 22nd the result of the competent person's report ("CPR") by Gaffney Cline & Associates ("GCA") relating to Rose Petroleum’s acreage in the Paradox Basin, Utah. The CPR analyses the results of a 3D seismic acquisition completed in late 2017. The report provides a classification of Rose’s contingent resources, outlined in the...

Published: 14:24, 25 Jun 2018

Staffline Group PLC: Structural growth – interesting entry point


Staffline (LON:STAF) is a leading outsourcing organisation, operating mainly in the UK and Eire, through two divisions – Staffline Recruitment and PeoplePlus. The shares have been one of the top growth plays in the staffing services sector in the last 15 years, but are currently trading at a discounted valuation.  

Published: 11:41, 11 Jun 2018

MTI Wireless Edge - Building on momentum


MTI Wireless Edge Limited (LON:MWE) is a world leader in developing and manufacturing  high quality and cost effective antenna solutions for commercial and military applications, as well as control systems for remotely operated smart irrigation systems. The company has achieved strong growth in recent years, with a three-year revenue compounded annualises growth...

Published: 08:02, 31 May 2018

PCF Group - Interim results to end of March '18


The group announced interim results on the May 23, reporting significant progress across the business as it builds scale while at the same delivering credible financial and operational performance. These results were achieved despite the twin constraints of upfront capital investment and equity capital raised previously, nevertheless, PCF continues to grow according to...

Published: 15:47, 30 May 2018

Custodian Reit Plc - Strong returns, strong foundations


Custodian Reit (LON:CREI) ) has performed strongly in recent years, delivering a total shareholder return of 10% a year over the last three years, and with lower volatility than the REIT sector or the stock market. In this report, we look at the fundamentals that drive this performance.

Published: 15:27, 29 May 2018

Apollo Minerals Limited - Reopening the world's highest grade tungsten mine


Apollo Minerals Limited (ASX:AON) is an Australian Securities Exchange-listed tungsten-gold company with projects in the Pyrenees region of Southern Europe. In May 2016 the company was restructured with new management and capital that enabled it to acquire an 80% interest in the Couflens Project (July 2017) in southern France and a 75% interest in the Aurenere Project...

Published: 08:20, 15 May 2018

Sumo Group Plc - Playing for Keeps


Sumo Group (LON:SUMO) provides creative and development services to the video games and entertainment industries, through two main operating businesses: 1) Sumo Digital, representing 90% of group revenues, is a key co-development partner and turnkey video games developer with a history of working with blue-chip clients such as Sony, Microsoft, Sega and EA (among others);...

Published: 13:58, 09 May 2018

Plastics Capital Plc - Trading update


Plastics Capital (LON:PLA) released a trading update on May 2, for the year ending March 31. The company reports that trading remains broadly in line with market expectations. The statement confirms a strong annual revenue growth, reflecting the contribution from the acquired CCM creasing matrix business and also increased organic growth, led by the Films division. The...

Published: 10:43, 02 May 2018

PCF Group - Funding Update


PCF Group ( LON:PCF) has announced that deposit funding from retail investors, which only started in July 2017, has increased substantially again and now exceeds £100m. This compares to previous announcements of £53m at the end of September ‘17, and £81m at the end of February ’18. We estimate that compared to the last reported Group total liability dated September ‘17,...

Published: 14:46, 17 Apr 2018

Avacta Group - Rapid Progress of Immuno-oncology Programs


KEY INVESTOR MESSAGES Faster than expected development of the second immuno-oncology (I-O) program, a LAG3 inhibitor, allows company to evolve its lead program into a more ambitious LAG3/PD-L1 bispecific aiming to enter the clinic in 2020 Good progress of the ongoing external collaborations in two key areas: gene delivery (Moderna, OncoSec, FIT Biotech) and...

Published: 09:00, 16 Apr 2018

Summit Therapeutics Plc - Stock Valuation Undemanding


- Key inflection point: topline data readout from the PhaseOut DMD phase 2 trial in Duchenne (DMD) expected in 3Q 2018 - Imminent start of a pivotal phase 3 study for ridinilazole in C. difficile infections (CDI) - Recent Discuva acquisition reinforces novel antibiotics discovery capabilities  - Current valuation (market cap of c. $165 mln) undemanding given...

Published: 12:24, 03 Apr 2018

Kasbah Resources - Exposure to the Tin Market


Kasbah Resources Limited (ASX:KAS) was listed on the Australian Stock Exchange on 27th April 2007 with the objective of bringing the Achmmach tin project in northern Morocco into commercial production. After completing the major evaluation steps and analysis, Kasbah Resources Limited (ASX:KAS) is in the final stages of preparing a definitive feasibility study to develop...

Published: 08:11, 29 Mar 2018

e-Therapeutics - FY 2018 Results Show Good Progress


e-therapeutics reported results for the full year to Jan 31st 2018; business updates reflect good progress on the main research programs. Cash balance of £9.6mn was slightly higher than we expected, thanks to careful cost management.  

Published: 13:02, 28 Mar 2018

Judges Scientific PLC - FY 2017 Results


Judges Scientific (LON:JDG) reported strong full-year 2017 results posting record high revenues, adjusted operating profit, adjusted earnings per share, and dividends. Overall earnings came stronger than expected driven by healthy organic growth as well as contributions from new acquisitions. The company’s priority in delivering returns to shareholders remains unchanged.

Published: 08:28, 22 Mar 2018

Genedrive PLC - Interim Results for the six months to December 2017


Genedrive's PLC (LON: GDR) HepC test just entered the commercial phase as partner Sysmex launched in EMEA and APAC territories  in recent weeks Re-design of the mTB test in progress, launch date to be announced in the next fiscal year Discussions for the disposal of the Services business entered an exclusivity period, expect an update by the end of...

Published: 10:15, 21 Mar 2018

Midatech Pharma PLC - Addressing high unmet need in cancer markets


A fully integrated specialty pharma company, Midatech Pharma (LON:MTPH) is rapidly progressing the development of three lead R&D programs. They have developed three proprietary drug delivery technologies (Q-Sphera, Gold Nano Particle and Nano Inclusion) to improve and expand the therapeutic potential of validated drug products. At the same time Midatech has built a...

Published: 13:32, 14 Mar 2018

BB Healthcare Trust - Positioned to Maintain Returns


Healthcare remains a highly attractive sector, supported by a tidal wave of innovation in both therapeutics and the provision of healthcare services BB Healthcare team is now building up on 2017 outperformance (+4.9%, despite currency headwinds) and asset growth Expect 2018 stocks' performance to be driven more by fundamentals (and M&A), less by political issues...

Published: 13:19, 06 Mar 2018

IQE PLC - Semiconductor Wafer Pioneer


IQE is a leading global supplier of advanced semiconductor wafers that are used in various applications ranging from mobile communications to industrial power. The company boasts a diversified global customer base and a unique IP portfolio with over 150 patents that enables the firm to provide a unique service to its customers. Headquartered in Cardiff, Wales, IQE shares...

Published: 11:39, 06 Mar 2018