Vox Markets Logo

Company Broker Research

Gamma Communications: Edison

Gamma Communications: Edison

1 hour ago

We see Gamma Communications as being at an inflection point as it moves from AIM to the London Main Market on 2 May.

SIG: Edison

SIG: Edison

2 hours ago

SIG has endured tough trading conditions and some questionable strategic initiatives over the last 10 years. Assuming that underlying construction markets in SIG’s core geographies can muster some growth from H225, the combination of top-line growth and reduced costs could drive the EBITDA margin towards management’s 8% target.

Genuit Group: Edison

Genuit Group: Edison

4 hours ago

Genuit’s FY24 revenue declined by 4.3% y-o-y to £561.3m due to subdued demand. However, market conditions stabilised in H224 with a 0.5% y-o-y revenue decline versus a 10.6% decline in H124. Reported operating profit decreased by 4.5% y-o-y to £59.2m, while underlying profit margin increased 40bp y-o-y to 16.4%, driven by productivity gains through the company’s Genuit Business System (GBS) and purchasing savings

S4 Capital: Edison

S4 Capital: Edison

4 hours ago

S4 Capital’s FY24 results are as it indicated in January, with net revenue down 11% like-for-like. The operational EBITDA margin of 11.6% was up from 10.7%, signalling tight cost control. FY25 guidance is for net revenue and operational EBITDA to be broadly flat, with further improvement in net debt.

Team Internet Group: Edison

Team Internet Group: Edison

21 hours ago

While Team Internet’s Search business faces ongoing challenges, Comparison had a breakout year (revenues +43% y-o-y) and appears to have established an effective model for international expansion. DIS continues to generate solid growth and margins.

Zanaga Iron Ore: Edison

Zanaga Iron Ore: Edison

21 hours ago

Zanaga Iron Ore is an exploration and development company focused on iron ore, with its flagship asset being the 100%-owned Zanaga Iron Ore Project in the Republic of the Congo.

Gamma Communications: Progressive

Gamma Communications: Progressive

1 day ago

The results for the year ended 31 December 2024 are in line with expectations, as reconfirmed in the January update. Revenue of £579.4m is 11%% above FY23 and gross profit of £300.3m is a 12% improvement. On an organic basis, the growth in revenue and gross profits is 5% and 6%, respectively. Gamma finished the year with net cash of £153.7m, up from £134.8m last year. UK operations showed good growth. Europe was mixed, with both Germany and Spain managing to deliver growth. Management expects satisfactory group organic growth and strong overall group growth in FY25. We are excited by Germany and how the recent acquisitions, most importantly STARFACE, translate into longer-term growth engines.

Xaar: Progressive Research 

Xaar: Progressive Research 

1 day ago

Xaar delivered an in-line FY24 result (Adj EBITDA £3.7m, vs our £3.6m estimate) with a notable beat to cash, £8.7m, vs our £8.2m estimate. Revenue was down 13% Y/Y to £61.4m, £70.2m last year. Xaar’s precision inkjet technology uses high viscosity inks, which are thicker and permeate less into surfaces, so OEMs see improved print consistency, uniformity and lower cost while using fewer precious environmental resources. Recent years have shown the difficulty in developing these new markets, yet today’s results deliver evidence of a burgeoning demand environment. Xaar has inked contracts with an array of OEMs and those partners are starting to debut new products. While some of the KPIs urge caution for the immediate term, there are positive signs that this market is braced to ‘unclog’. Despite the potential for this restoring confidence, the shares currently trade on just 0.6x EV/Sales, a sharp discount to wider tech (3.0x).

AO World: Equity Development

1 day ago

AO has ended FY25E on a high with Adj. PBT rising c.30% (c.9% above consensus expectations), driven by its continuing commitment to excellent customer service. Despite the macro cost-headwinds in FY26E, we forecast a 20% CAGR in Adj. PBT FY25E-FY28E which we think is undervalued, trading on under 14x cal 2026 PER. We raise our Fair Value from 140p to150p, equating to a cal 2026 FCF yield of 5%.

Kingfisher: Equity Development

1 day ago

Kingfisher is an industry-leading home improvement retailer that is primed, ready for a recovery in “big-ticket” spending. Over the next three years we forecast c.40% growth in Adj. PBT and our upside scenario analysis suggests 90% potential growth. Whilst investors wait for this, we forecast a 10%+ FCF yield and substantial cash returns.

Ultimate Products: Equity Development

1 day ago

In Ultimate Products plc’s FY2025 H1 results, organic European sales growth was offset by a setback in the UK. The coincidence of higher shipping costs with lower sales prompted a fall in profits. However, a combination of substantial growth headroom in Europe and the potential for both Salter and Beldray (around 60% of group sales) to benefit from their re- brands is reassuring for future growth. We maintain our 165p fair value for the shares.

ANGLE: Trinity Delta

2 days ago

ANGLE has successfully completed three assay development projects as part of its Pharma Services business with existing large pharma partners. Development of the prostate cancer AR (androgen receptor) assay and the multi cancer DDR (DNA damage response) micronuclei assay for AstraZeneca (AZ) have been completed, with both now approved for internal use by AZ. In addition, ANGLE has completed its contract with Eisai, demonstrating the ability of the Parsortix-based HER2 (human epidermal growth factor receptor 2) assay in longitudinally measuring HER2 CTC status in breast cancer patients.

Premier Miton Global Renewables Trust: Edison

2 days ago

Premier Miton Global Renewables Trust’s investors will be presented with a continuation vote at the AGM on 24 April. The board is recommending that investors vote in favour of continuation and is offering a range of options for realising value.

Games Workshop Group: Edison

5 days ago

Games Workshop Group (GAW) has declared its fifth dividend of FY25. We believe this reflects enhanced cash generation as a result of the success of the video game Space Marine 2, which has passed through its minimum guarantee income, on top of the strong growth provided by the FY25 launch of the latest edition of Age of Sigmar.

KEFI Gold and Copper: Edison

6 days ago

aving required KEFI to work through regulatory overhauls and security threats, its host countries have now taken the brakes off, with the result that KEFI is launching its projects with a serendipitous tailwind of high metal prices.

Filtronic: Edison

6 days ago

iltronic and SpaceX have expanded their strategic agreement, originally signed in April 2024, to support higher order volumes for E-band solid state power amplifier (SSPA) modules, which are being used in the Starlink constellation.

The Pebble Group: Edison

7 days ago

The Pebble Group’s FY24 results were broadly in line with January’s trading update, with revenue up 1% and a nudge up in gross and adjusted EBITDA margins.

Softcat: Edison

7 days ago

The Softcat machine rolls on. H125 results provide no hint of UK economic and geopolitical uncertainty. Gross profit per customer grew by 10.7% to £43.1k and the customer base expanded by 1.4%, to 10.3k

Boku: Edison

7 days ago

Boku reported FY24 revenue growth of 20% and adjusted EBITDA growth of 22%. While direct carrier billing (DCB) maintained double-digit growth, revenue from other local payment methods (LPMs) grew 56% y-o-y, making up 26% of group revenue.

1Spatial: Edison

7 days ago

1Spatial’s FY25 trading update indicates that the company’s transition to a higher-margin, recurring software business continues to make solid progress, with term licence and SaaS revenues up over 35% y-o-y to £11.5m. Delays to a large, lower-margin services project suppressed total revenues (£33.4m vs Edison’s estimate of £35.8m), but the improved mix means that EBITDA of ‘at least £5.6m’ is essentially in line with our £5.7m estimate.

Watchlist