"We believe Ridgeway to be a quality business that Marshall Motor Holdings (MMH) has acquired at an attractive price. The deal has been financed with existing debt facilities. We had underestimated the flexibility of the balance sheet, but note that the transaction has increased the leverage of the company, increasing the adjusted net debt/EBITDA to 1.6x (adj. net cash pretransaction) which is ahead of its peers. The latest data from the SMMT show a second consecutive monthly decline in private registrations, suggesting that..." Scraped this from ResearchTree, it's by Zeus this morning
Zeus Capital published a note this morning on ResearchTree: "DX has released a trading update for H216 indicating that trading is in line with management’s expectations. That management has made the statement four weeks from the period end is indicative of the fact that the important DX Exchange renewal season has not seen a further deterioration in subscriptions from the guidance given back in November 2015. The statement should be taken reassuringly by the market and we now expect the FY16 outcome to be broadly in line with our £11.6m PBT estimate, albeit we acknowledge that we believe..."
Trading Update out this morning: New note from Zeus Capital on Research Tree: Strong start to the year: Q1 growth of 41% and positive outlook, nudging up our FY forecasts boohoo reports headline revenue growth for the three months to 31 May of 41% (42% CER) YoY, delivering Q1 sales of £58.2m. Growth continues to be powered by the UK, which delivered 42% growth, albeit this is somewhat flattered by the impact of third party sales, which are recognised as part of UK sales (we estimate UK growth excluding third party sales to be c.31%). boohoo continues to gather momentum in international markets, with growth reported in Rest of World at 37% (40% CER), while Rest of Europe grew at 40% (43% CER). It's up on Research Tree
"Interim results show a difficult Q1 but a recovery in Q2; with greater sales growth anticipated in H2, the group remains on track to achieve our existing forecasts. The shares are trading on a premium rating to the company's peers but also continue to progressively outperform. Having weathered a difficult period, and looking to a strongerH2, this gives us encouragement; therefore we remain enthusiastic supporters of the group’s technology-enabling and strategically important products as well as its longer-term growth strategy..." finnCap note out this morning on Research Tree
"Since our last update note on 10 March, KEFI has announced a £1.75m equity raising; confirmation that the Ethiopian government is to take an additional 20% interest in Tulu Kapi in return for a US$20m funding commitment relating to infrastructure (vs our prior expectation of 25%); a reduced capex estimate and modified funding requirement mix; and, replaced the construction contractor with market leader Lycopodium..." Just scraped this from Research tree...
"Prelims to March are in line with the April trading update, bar a significant uplift to the dividend. The Cloud Services division (formerly ‘Hosting’) delivered 19% revenue growth (9% organic) with consistently strong adjusted EBIT margins, reduced churn and diminished pricing pressure, while Easyspace delivered consistent revenue at an improved margin. As iomart continues to embrace the evolution of cloud services demands from public and private enterprise, it is now an Advanced Partner of Amazon Web Services, and a key..." note from finnCap this morning on Research Tree
"Iofina has announced a comprehensive restructuring of its Convertible Notes, which shows clear support from note holders Stena and Panacea. The elimination of short/medium-term liquidity risk increases... Refinancing becoming of critical concern. A concern for the market has been the looming 2017 maturity of $20m of convertible debt. With conversion prices around 100p per share, it was looking..." scraped this from Research Tree
"The company has accelerated the drilling of the Skipper appraisal well in the UK North Sea; it will now commence in July and take 22 days to complete. The well will be funded via equity, debt and deferred payments to contractors. The Skipper field is estimated to have 34.1mmbbl of contingent resources." finnCap note out this morning on Research tree
"Idox has delivered a steady set of results revealing the typical underlying strength in the Public Sector Software division, and recovery in the problem child that the EIM division formerly represented. With 5% underlying group organic growth and 26% headline growth, momentum is clearly restored with the tried and tested mix of acquired and organic growth which Idox deployed so well up to 2013. The share price has responded with evidence of the return to form, and in the absence of upgrades (with management comfortable with performance "at least" in line with unchanged market expectations)." finnCap's note from this morning, taken from Research Tree
"Full-year results were slightly better than our expectations, with double-digit sales growth for a second year and a 28% increase in divisional operating profit. Growth was especially strong in LED technologies, though strong in both its two main divisions, with sales boosted by recent capex that has increased the group’s capacity and capabilities. We raise our trading profit forecast. The shares have traded towards the top end of their recent range but still look good value... with another good year expected as new programmes and capacity come on stream." finnCap's note out this morning on Research tree