The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Bullish News
Boku (Buy TP 145p) Trading update: strong ytd trend. Boku today updated the market on its first five months, with TPV up 35% YoY, boosted by stay-at-home behaviour changes. This increases our confidence around FY payment revenue expectations. Monthly active users were also up strong (+36% YoY in May) with impressive new user growth (+20%). New payment channels are being launched for existing merchants, with material progress in both the Wallet and Identity businesses. This alleviates our concerns around material disruption from Covid-19 on the supply side. While too early to change FY20E forecasts
(source PH)
I’m not clear if the DCC is referring to the dual-band HAN (Zigbee which communicates with the in home display and gas meter), or the dual-band WAN (RF Mesh which communicates with another meter which has a cellular connection to the DCC).
5.1.3 Dual-Band Communications Hubs
Dual-Band Communications Hubs will bring an additional 25% of properties in Great Britain within the scope of the smart metering programme, extending the coverage and benefits to approximately 95%1 of all GB premises. They have the capability to overcome some of the physical challenges which are holding back the smart meter roll-out, such as weaker signal strength in buildings with thick walls or in a block of flats where the meter is at the other end of the building and potentially out of range.
Dual-Band Communications Hubs will improve the installation process, cutting out the need for abortive assessment visits and reducing the number of failed installations caused by the limitations of Single-Band Communications Hubs.
In recent months, we have made good progress in the key test phases and validation of the new hubs to identify and resolve any design defects prior to launch, which is currently on schedule for the end of 2020, subject to completion of any further testing and subsequent approvals.
Following launch, we will look to refine and improve this capability further in line with the agreed Smart Energy Code (SEC) release schedule. We will also ensure that this aligns with our wider activity under the Network Evolution Programme (see Section 5.2).
https://www.trinitydelta.org/wp-content/uploads/2020/05/MaxCyte-Outlook-200526.pdf
MaxCyte: entering the sweet spot
Cell therapies are expected to become a major new class of therapeutic agent; and MaxCyte’s unrivalled expertise with flow electroporation puts it right at the heart of it. The strategic decision a decade ago to invest in and develop this now key enabling technology is set to pay off. MaxCyte’s ExPERT equipment range, coupled with proven processing skills, has resulted in a stream of collaborative partnerships with cell therapies’ leading players. Potential pre-commercialisation milestones now exceed $800m. The proprietary CARMA clinical programme is also reaching a pivotal moment and is expected to become self-financing by end-2021. We have updated our model to reflect the progress achieved, and £23.6m raise, which results in a valuation of £260m, equivalent to 340p a share.
FYI
India has announced a 20 trillion rupee ($264bn; £216bn) economic package to help the country cope with its prolonged coronavirus lockdown.
In a televised address Prime Minister Narendra Modi said the measures would support farmers and small businesses.
Finance Minister Nirmala Sitharaman is due to announce further details in the next few days.
India has more than 70,000 cases among its 1.3bn population and is expected to pass China's numbers within a week.
Mr Modi said the package, which is equivalent to 10% of India's gross domestic product, aimed to help people who have lost their jobs and businesses hit by the shutdown.
"The package will also focus on land, labour, liquidity and laws. It will cater to various sections including cottage industry, medium and small enterprises, labourers, middle class, industries, among others," he said.
He also said that strict stay-at-home orders would be extended beyond 17 May with a new set of rules.
In very simple term:
AMR (Advanced Meter Reading) is equivalent to SMETS1 (the meter sends a readings to the Headend Server)
And
AMI (Advanced Meter infrastructure) is equivalent to SMETS2 (the meter sends readings to the Headend Server and the Headend server can send instructions to the meter)
Commenting on the annual results, Doug Doerfler, CEO of MaxCyte, said: "2019 was a year of outstanding progress across all areas of our business. Our Life Sciences business continued to exhibit strong growth, reflecting MaxCyte's leadership as an enabler of next-generation cell-based therapies and resulting in a period of financial outperformance.
"Over the year we maintained progress with our lead CARMA candidate, MCY-M11, which is advancing through a Phase I clinical trial, demonstrating the feasibility of our one-day cell therapy manufacturing process. We remain fully committed to the MCY-M11 clinical development programme, though are prepared for an impact on timelines due to delays caused by COVID-19 restrictions. In March 2020, dosing in the 4(th) cohort commenced according to schedule and at the higher dosing level. I am really proud of this achievement and would like to thank everyone involved in the trial to date.
"With unprecedented restrictions in place due to COVID-19, we remain mindful of the potential impact on revenues through slowdowns in customer operations or delays in clinical trials. However, we remain confident that MaxCyte has a resilient business model underpinned by strong recurring revenues and prospects for continued growth.
"We have every reason to remain highly optimistic for the future. I believe we will continue to see long-term momentum in MaxCyte's business as a whole and, notwithstanding the COVID-19 situation, I look forward to updating the market with our continued positive progress."
Hammerman
The interesting point to me is that the lender has made a judgement call that CC will be around long enough to recover the tax credit. I believe the claim cannot be made until after the year-end (31 Mar) and that it normally takes 5 to 6 months for HMRC to process. I cannot imagine HMRC paying the tax credit if CC went bust and therefore I think it reasonable to assume CC has sufficient cash to remain solvent until at least Sept.