Most recent Company Broker Research articles, videos and podcasts

Games Workshop Group – A notable acceleration in Q225

Games Workshop Group’s (GAW’s) H125 trading update suggests the company enjoyed a strong Q225 in both its core business (due to the launch of the fourth edition of Age of Sigmar midway through Q125) and licensing (due to the success of the Space Marine 2 video game).

Avon Technologies – Record order book driving confident outlook

1 day ago

Avon Technologies’ FY24 results show the continued momentum seen throughout the year, with revenue growth of 12.2% y-o-y ($275m), adjusted operating profit growth of 53.4% y-o-y ($31.6m) and a record closing order book value of $225m, up 64.3% y-o-y. Return on invested capital (ROIC) grew 500bp y-o-y to 13.7%

Cohort: Equity Development

1 day ago

Cohort has announced a conditional sale and purchase agreement to acquire EM Solutions Pty Ltd., owner of EM Solutions (Europe) B.V., from Electro Optic Systems Holdings Ltd., for an enterprise value of AUS$144.0m, c.£75.0m This is Cohort’s largest acquisition to date. The purchase will be funded from Group cash resources, debt facility plus a share placing, and is expected to be EPS-accretive from FY25/26. For Cohort the acquisition adds complementary expertise in satellite communications for global naval and defence applications.

VietNam Holding: Edison

2 days ago

VietNam Holding delivered a 27.3% net asset value (NAV) per share total return over the last 12 months (ending 31 October) in sterling terms. The company outperformed a strongly appreciating market (Vietnam All Share Index (VNAS) at 20.6%), driven by the demand from retail investors.

Restore: Equity Development

2 days ago

Restore’s ten-month trading update reiterates profit expectations for both FY24 and FY25. Excellent progress is being made in delivering cost savings and driving profit margins, a clear priority for this management team. This has offset some market softness around the Autumn Budget as well as a £3m headwind for FY25 relating to increases in employer National Insurance Contributions and the National Living Wage. Absent these changes, we believe Restore would have been primed for an earnings upgrade looking into next year.

Solid State – Defence contract delay affects expectations

5 days ago

The delay of a major contract inevitably has an impact on short-term profitability. Solid State has a strong balance sheet and a growth strategy to develop into a higher value-added electronics components and systems business, as witnessed by the two recent small acquisitions. Post the current hiatus we expect this to drive growth and value creation.

Gear4music: Progressive

5 days ago

G4M’s interim results were in line with last month’s detailed trading update. More encouragingly and importantly, FY25E’s sequential quarterly improvement in revenue growth continues, with 5% revenue growth achieved in Q3 to date.

Duke Capital: Hardman & Co

5 days ago

In our April 2024 initiation, we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk.

Melrose Industries – H224 progress in line with guidance

5 days ago

Melrose Industries’ H224 trading has been in line with management’s expectations despite the volatility in the civil aerospace market, highlighting the strength of the business, in particular in the aftermarket. As 2024 draws to a close and investors look to focus increasingly on FY25, Melrose’s valuation becomes increasingly attractive.

Smiths News – Growth potential and a double-digit yield

5 days ago

Smiths News now has contracts in place for 91% of its core revenue to 2029, implying resilience. In addition, its non-core growth activities are beginning to gather momentum, which is already mitigating the structural decline of the core activity.

Avacta: Trinity Delta

5 days ago

Avacta’s growing knowledge base and expertise is cementing its leadership position in FAP-enabled biotherapeutics. Lead clinical asset, AVA6000 (FAP-Dox) is the first of a series of pre|CISION-based modalities that have the potential to improve the therapeutic index of many highly potent yet systemically toxic oncology drugs.

Apax Global Alpha – Transaction activity picked up in Q324

8 days ago

Apax Global Alpha (AGA) reported a Q324 NAV total return (TR) of 1.7% in euro terms on a constant currency basis (-0.2% including fx changes), with a 3.2pp positive contribution from earnings momentum across its private equity (PE) investments.

Pan African Resources – Tennant Creek acquisition

9 days ago

On 5 November, Pan African Resources (PAF) announced that it is to acquire privately owned Tennant Consolidated Mining Group (TCMG) in Australia’s Northern Territory for a total consideration of US$54.2m in an all-share deal that involves it issuing an additional 125.4m shares (or 6.5% of its existing share capital).

Braemar – On track to achieve FY25 targets

9 days ago

Braemar’s H125 results were in line with expectations, with modest revenue growth and some operational gearing evident in operating profit.

Custodian Property Income REIT – Significant uplift in fully covered DPS

10 days ago

Custodian Property Income REIT’s Q225 trading update points to strong H1 performance when results are released in December.

Regional REIT – Preparing the ground

10 days ago

Regional REIT has issued a Q324 trading update and has declared a quarterly DPS of 2.2p, in line with previous guidance.

Boku – Contract with Amazon Japan

10 days ago

Building on from its agreement to support local payment methods for Amazon Prime Video in South-East Asia, Boku has signed a separate contract with Amazon Japan to support e-commerce sales.

Dowlais Group – Resilient performance in a soft automotive market

10 days ago

Management action to reduce costs and drive commercial actions has enabled Dowlais Group to protect margins despite lower revenues from the weaker automotive market.

Renewi: Edison

10 days ago

The burden of the UK Municipal businesses has now been cut loose. This leaves a focused waste management and recycling group, for which the European legislative environment is clearly positive.

KEFI Gold and Copper: Edison

10 days ago

This morning, KEFI Gold and Copper announced it is in talks with its Saudi joint venture partner, ARTAR, to exit its Saudi Arabian joint venture, G&M. The exit will remove KEFI’s obligation to pay US$10m to maintain its beneficial interest in G&M at 25% (cf 15% otherwise).

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