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"Beautiful products for every European home" - new Paris showroom (note and audio summary here: https://www.equitydevelopment.co.uk/research/beautiful-products-for-every-european-home)
UPGS today announced the opening of a new showroom in Paris, which will facilitate the expansion of its leading homeware brands not only into France but continental Europe overall. Furthermore, as demonstrated with Petra in Germany, stronger sales and an elevated business profile expands the scope to make growth-oriented acquisitions in the region.
We continue to place a fair value of 250p for UPGS’s shares, which in our view is reasonable given it implies 1.3x sales and 11x EV/EBITDA based on our FY2024 forecasts. Investors should also note that the company’s two most recent updates included better than expected outcomes on net debt and sales growth.
The Artisanal Spirits Company (AIM: ART), the owner of The Scotch Malt Whisky Society (SMWS), conducted a investor presentation following the release of their Interim Results for the six months ended 30th June 2023.
Andrew Dane (Chief Executive Officer) and Billy McCarter (Chief Financial Officer) discussed the growing opportunity in the Far East, including Taiwan and Korea, a new route to market in the form of casks, and their confidence in reaching EBITDA profitability at the full year. Management also answered a wide range of questions from investors.
The full video has been dividend into chapters as below:
0:00:03 Introduction & key points summary
0:04:05 KPIs and Financials
0:08:48 Pioneering Model
0:15:02 Long term global growth opportunity
0:16:25 Robust business primed to deliver
0:21:12 Current trading & Outlook
0:23:24 Questions & Answers
Link to video: https://www.equitydevelopment.co.uk/research/the-artisanal-spirits-company-investor-presentation-interimresults-sept2023
We hosted an investor presentation with the senior management of Strix Group plc, where Mark Bartlett (CEO), Raudres Wong (CFO) and Harry Kyriacou (CCO & Managing Director, Consumer Goods) discussed:
- the performance in Kettle Controls where improvement is slower than anticipated
- the transformational and EBITDA contributing acquisition of Billi
- highlighted the plan to reduce net debt / EBITDA to below 1.5x in the medium term
- discussed areas of new product development
- outlined revenue & gross profit projections for each business unit out to 2026.
Strix Group is the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components. Management were discussing their Interim Results to the period ended 30 June 2023, and the strategic business objectives for the group to end 2026 as outlined in their Capital Markets Day.
The video has been divided into chapters as below:
0:00:00 Introduction
0:00:30 H1 highlights in detail
0:10:29 Financials
0:20:33 Business Categories
0:27:38 Outlook
0:30:16 Strategic Business Objectives (SBOs)
0:32:54 Group financials
0:35:40 Strix Kettle Controls
0:42:05 Billi
0:48:25 Consumer Goods
1:03:05 Human Resource Strategy & ESG
1:10:45 Summary
1:12:07 Questions & Answers
Link to video: https://www.equitydevelopment.co.uk/research/strix-group-investor-presentation-and-capital-markets-day-september-2023
EEnergy (AIM: EAAS), the net zero energy services provider, is pleased to conduct an online investor presentation covering its results for the period to 30 June 2023.
The event will take place at 3.30pm on Thursday 28th September.
Harvey Sinclair (Chief Executive Officer) and Crispin Goldsmith (Chief Financial Officer) will be hosting the presentation and answering questions submitted by investors. The webinar is open to all existing and potential shareholders, and registration is free. You can sign up to register at the below link.
Sign up here: https://www.equitydevelopment.co.uk/news-and-events/eaas-investor-presentation-28sept2023
There were few surprises in Destiny Pharma’s interim results as the recent achievements on its two lead Phase 3-ready products had previously been announced. We have made minor changes to our forecasts but none to our valuation as a result of the interims.
Destiny’s new CEO delivered a polished and knowledgeable presentation only twelve days into the job handling analysts’ questions with ease and delegating to Destiny’s CFO and CSO where appropriate. We have delved into the details of the analysts’ meeting in the body of this note (see PDF below for full details).
Link to research report: https://www.equitydevelopment.co.uk/research/xf-73-3-the-competition-0
In today's H1 results Corero Network Security
- delivered double digit growth in order intake, revenue and ARR
- they don't need to come back to the market for more funding and
- have attractive operational gearing.
In our valuation:
- we assume a conservative 10% rev growth rate in FY23/FY24 (below both historical growth rates for CNS AND market forecasts
- We don't factor in any contribution from major new partnership agreements like the one from Akamai which should have a material impact
Our fair value is double the current share price
Full note here: https://www.equitydevelopment.co.uk/research/double-digit-arr-growth
Tough update from Strix (LON:KETL) today as profitability has declined on all measures.
- customers ordering frequently but in lower volumes
- dividend reduced to focus on reduction of debt
- The £6m reduction in Kettle Controls EBITDA offset the £5.2m contribution of Billi.
There is a CMD to accommpany results and this includes several new strategic objectives, with a plan to the end of FY26. The goals are:
- an uplift in revenues between FY22 and FY26 of 93% to £206m
- gross profit to £80m, equating to an unchanged margin of 38.8%.
Full note here: https://www.equitydevelopment.co.uk/research/recovery-slow-new-strategy-in-place
Springfield’s results to May ’23 are in line with expectations, confirming a record year of completions despite a challenging market backdrop. Decisive action has been taken to reduce costs (£4m annualised savings) and the main focus for FY24 is cash generation, which should result in a meaningful reduction in net debt by the year end. Whilst the broader market outlook remains uncertain in the near term, we are encouraged by recent developments in Affordable housing (increase in Scottish Government Affordable Housing Investment Benchmarks) and remain confident in the Group’s long term growth prospects, which are underpinned by the large land bank and a very strong market position (top three builder in Scotland).
As of 31st May, the Group had 6,712 owned plots and strategic options over a further 3,255 acres (equivalent of a further 33,000 plots). The gross development of the owned landbank is c.£1.9bn, providing firm underpinning for long term shareholder value. We recently initiated coverage (An undervalued, high quality growth story) and continue to see scope for a material re-rating of the shares. Our Fair Value / share is 110p, based on an undemanding rating of 0.9x Price/ Book.
Link to full research report & audio summary: https://www.equitydevelopment.co.uk/research/results-in-line-prioritising-cash-generation-in-fy24
Mattioli Woods plc (AIM: MTW.L), the specialist Wealth and Asset Management business, conducted an investor presentation by Webinar after their final results for the year ended 31st May 2023.
Ian Mattioli, MBE (Chief Executive Officer), Ravi Tara (Chief Financial Officer) and Michael Wright (Deputy CEO) ran investors through the purpose of Mattioli Woods and a review of financial period highlights - which included an increase in Assets Under Management and revenue, as well high ongoing levels of cash generation. Management discussed their organic growth initiatives, their integrated model and strategic plan, before answering a wide range of questions from viewers.
The full video has been divided into chapters as below:
0:00:00 Beginning & Agenda
0:00:29 Purpose (Ian Mattioli, CEO)
0:13:29 Highlights & Financial Overview (Ravi Tara, CFO)
0:28:22 Market opportunity, strategic plan, capacity for growth (Michael Wright, Deputy CEO)
0:49:57 Investment Case & Conclusion
0:54:49 Questions & Answers
Full video presentation: https://www.equitydevelopment.co.uk/research/mattioli-woods-investor-presentation-fy-results-september-2023
Brooks Macdonald Group plc, the AIM-listed investment management group, conducted an online presentation for investors following the release of their Full Year results to 30 June 2023.
Andrew Shepherd, CEO and Andrea Montague, CFO took investors through their continuing strategic progress underlined by strong financial performance, despite challenging market conditions. Highlights of the year included positive net flows, an increased dividend and two completed acquisitions. Management also updated investors on the progress of their growth strategy, and answered a range of questions from viewers.
The full video has been divided into chapters as below:
0:00:00 Beginning & Agenda
0:00:19 Highlights of the Financial Year (CEO, Andrew Shepherd)
0:04:00 Financial Results (CFO, Andrea Montague)
0:11:06 Update on strategy delivery
0:26:46 FY guidance & looking ahead
0:29:06 Questions & Answers
See video here: https://www.equitydevelopment.co.uk/research/investor-presentation-september-2023-fy-results-presentation
Springfield Properties (AIM: SPR), a leading housebuilder in Scotland focused on delivering private and affordable housing, will be conducting an online presentation for investors following the release of their FY results for the year ended 31st May 2023.
The event will take place at 8.30am on Thursday 21st September.
Innes Smith, CEO and Iain Logan, CFO will be hosting the presentation and answering questions submitted by investors. This is open to all existing and potential shareholders, and registration is free.
You can sign up to register at the link: https://www.equitydevelopment.co.uk/news-and-events/spr-fy23-investor-presentation-21sept2023
Interim Results published today - new research note from Equity Development is here: https://www.equitydevelopment.co.uk/research/western-growth-enhanced-by-eastern-promise
The Artisanal Spirits Company (ASC)’s FY2023 H1 results reconfirmed a strong Q2 as well as showing potential for sustained sales growth both domestically and overseas. Profits at EBITDA level remain on track to be positive in FY2023. With further membership expansion, resilient demand for ultra-premium Scotch and important Asian developments in place, we reiterate our view that fair value for the shares is 150p.
FUM closed FY23 (30 Jun 23) on £16.8bn, 7.5% up y-o-y (30 Jun 22: £15.7bn). This was the second-highest growth rate among adviser-channel-focused wealth management peers. Net flows totalled +£817m (FY22: +£785m), investment performance added +£363m, 2.3% of opening FUM, above the benchmark MSCI PIMFA balanced index which returned 1.6%. BM has flagged a healthy pipeline for FY24, although investor sentiment is still subdued.
We forecast FUM, revenue and underlying PBT growth of 10%, 2%, and 3% respectively for FY24 (down slightly from our previous forecasts) with BM expecting net flows to be muted but positive in FY24, while it continues to target organic net flows of 8-10% p.a. of FUM over the medium term (it has been attracting assets faster than competitors for some time now, evidence of a competitive, if not superior offering).
We remind readers that BM is in a huge market: c£1.2trn of UK household investable wealth is administered by advisory businesses. This market is subject to significant tailwinds, and advisers are increasingly outsourcing investment management to companies such as BM. BM also has a huge opportunity to grow its international business in the Channel Islands and Isle of Man.
Our fundamental valuation reduces from 3,100p to 3,000p per share, still 55% above the current share price. We also see potential for a sector re-rating (median PE of 17 versus 30 in late-2021) and for BM to command a premium rating given its outperformance compared to peers.
Link to full note: https://www.equitydevelopment.co.uk/research/revenue-profit-beat-forecast-but-outlook-cautious
Brooks Macdonald Group plc, the AIM-listed investment management group, will be conducting an online presentation for investors following the release of their Full Year results.
The event will take place at 11.00am on Friday 15th September.
Andrew Shepherd, CEO and Andrea Montague, CFO will be hosting the presentation and answering questions submitted by investors. This is open to all existing and potential shareholders, and registration is free.
You can sign up to register here: https://www.equitydevelopment.co.uk/news-and-events/bm-fy23-investor-presentation-15sept2023
New research report from Equity Development: https://www.equitydevelopment.co.uk/research/first-half-fy-23-results-orders-continue-to-grow
For the six months to 30 June 2023, Mpac Group reported revenue of £52.8m (+4%YoY) and a closing order book of £77.5m, compared to £67.2m at FY22 year end, with order intake of £62.4m (H1 22: £32.8m). The net debt position at December 2022 of £4.7m reverted to H1 net cash of £2.2m; we estimate c£2.5m net cash for the full year.
As the combination of order uptake cashflow progress demonstrates, the Group has re-established momentum; trading remains in line with management expectations. Reported H1 EPS was (2.2p)/share; on an adjusted basis 6.8p/share (H1 22: 3.6p).
Mpac reports progress on schedule in completing the Customer Qualification Plant (CQP) project for FREYR Battery in Norway, according to required specifications. Full commissioning is expected in H2.
At the January trading update, we raised our FY23 revenue outlook from £103.6m to £104.7m, and (adj.) EBITDA to £9.6m. After reviewing H1 performance, notably the strength of order inflow, we raise our FY 23 revenue outlook again to £106.6m (+2%). Our fair value for Mpac remains 485p/share, indicative of a FY24 EV/EBITDA multiple of 3.2x.
The senior management of Corero Network Security plc (AIM: CNS), a leading provider of distributed denial of service ("DDoS") protection solutions, will be conducting an Investor Presentation covering their Interim Results for the six months ended 30th June 2023.
The online presentation will be hosted by Jens Montanana, Executive Chairman and Phil Richards, Chief Financial Officer.
This event will take place at 11.00am on Thursday 21st September. The webinar is open to all existing and potential shareholders, and questions can be submitted during the presentation to be addressed at the end.
Link to register: https://www.equitydevelopment.co.uk/news-and-events/corero-investor-presentation-21sept2023
Mattioli Woods plc (AIM: MTW.L), the specialist wealth and asset management business, will be conducted an investor presentation with Q&A covering their final results for the year ended 31st May 2023.
The online presentation will take place on Friday 15th September at 12.30pm UK time, and will be hosted by Michael Wright (Deputy CEO) and Ravi Tara (CFO).
This event is open to all existing and potential shareholders and registration is free. Questions can be submitted during the presentation and will be addressed at the end of it.
https://www.equitydevelopment.co.uk/news-and-events/mattioliwoods-fyresultspresentation-15sept2023
Interims to 30th June 2023 show invested customers reaching 211k, with 28k added over H1-23 (+15%) and 52k y-o-y (+33%). Assets Under Administration was up £678m over H1 (+22% over 6m, +38% y-o-y), reaching £3.7bn, with £469m added from net client inflows and £210m from investment performance.
Encouragingly, increasing brand awareness and sophisticated data-driven marketing has resulted in ‘cumulative cost per invested customer’ continuing to decline (H1-22: £260; H1-23: £247). This has, in turn, resulted in strong growth continuing but with lower marketing spend (£12m spend in H1-22 v £7m in H1-23 whilst gross inflows were up 6%).
Revenue grew 32% to £10.9m (H1-22: £8.3m) with adjusted EBITDA trajectory (H1-22: -£14.9m; H1-23: -£7.9m) continuing on track to be positive in FY24, a target set at the 2021 IPO. Operational leverage continues with invested customers per staff member increasing from 919 in H1-22 to 1,026 in H1-23. Net cash remains solid at £14m with no new cash raising envisaged.
Investor interest in PBEE shares has continued to ramp up (see front page graph), and our fundamental valuation remains 150p per share.
Link to research report: https://www.equitydevelopment.co.uk/research/profitability-in-sight-with-investor-interest-building
For the three months to 30th June 2023, Benchmark Holdings reported revenue of £34.3m, -5.5%YoY (currency-adjusted -1%YoY), as 10%YoY growth in Genetics (42% of total) was offset by the impact of reduced demand in global shrimp markets, resulting in a 17%YoY decline in Advanced Nutrition revenues (47% of total). Adjusted EBITDA1 declined 23%YoY (£5.1m), a 14.8% margin (Q3 22: 18.1%); on a currency-adjusted basis -13%YoY. Net operating cash inflow of £1.7m contrasted with £(1.0)m outflow in Q3 22, with net debt of £45.7m (FY22: £59.3m) and healthy cash reserves of £32.9m.
Q3 under-performance in the Advanced Nutrition business area indicates a revision to our full year FY23 outlook and the basis for FY24 estimates; a 7.2% reduction in our FY23 (adj.) EBITDA outlook and -7.2% for FY24. We maintain our fair value at 63p/share, backed by sound cashflow management, confidence in Genetics salmon eggs demand and production capacity and prospects for Benchmark’s Ectosan®Vet and Clean Treat® treatments.
Link to full report: https://www.equitydevelopment.co.uk/research/a-strong-performance-in-the-year-to-date
Benchmark Holdings plc, the aquaculture biotechnology company, hosted an investor presentation following publication of their Q3 results (period to 30th June 2023).
Trond Williksen, CEO, and Septima Maguire, CFO took investors through details of the key operational and financial highlights in the period, which included continued growth in Genetics, offset by the impact of weak shrimp markets on Advanced Nutrition. The management team answered a wide range of investor questions and discussed the outlook for each business division.
The full video has been divided into chapters as below:
0:00:03 Introduction & Agenda
0:00:31 Highlights
0:06:19 Operational Update (Genetics)
0:16:38 Operational Update (Advanced Nutrition)
0:20:20 Operational Update (Health)
0:24:53 Financial Update
0:32:21 Outlook
0:39:15 Questions & Answers
Link to full video: https://www.equitydevelopment.co.uk/research/benchmark-holdings-investor-presentation-q3-results-august-2023