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Https://www.airmedandrescue.com/latest/news/gama-aviation-begins-medical-repatriation-service

"Gama Aviation begins medical repatriation service
11 May 2022

Combining its aviation assets in the north and south of the UK with its medical team, the company will provide turnkey medical repatriation services for insurers, governments, and private individuals

Gama Aviation is continuing to build its medical services offer with a new medical repatriation service focused on repatriating patients to and from the UK.

The service will combine Gama Aviation’s Dorset-based medical team with its own dedicated air ambulance aircraft, those of audited third parties, and commercial airlines to provide medical care when repatriating patients into the UK or from the UK. The service has been in trial during the previous two months after the abatement of Covid-19 commercial flight restrictions.

“We have now successfully delivered a number of these missions including supporting patients moving from Qatar, India, Indonesia and Europe. We expect an increase in seasonal repatriation requests as both the business and leisure markets open up after nearly two years of stasis due to Covid-19,” commented Dr Simon Forrington, Medical Director for Gama Aviation Special Mission.

etc"

Continued:

"Investment in new cases explains why year-end net debt increased by half to £63mn, or two times current year operating profit estimates, despite cash collections rising by a fifth to £119mn. The group's post-tax return of 16.5 per cent on equity warrantsthe investment.

Interestingly, Anexo has been tapping new income streams, having invested £1.7mn in 2,000 cases last year for tenants makingclaims against landlords under The Homes(Fitness for Human Habitation) Act 2019.The Act came into force to make sure thatrented houses and flats are fit for humanhabitation. The unit delivered a tenth(£2.5mn) of group pre-tax profit, havingsettled a quarter of those cases with 1,500still ongoing. Investment in new housingclaims will be doubled this year, a sensible decision given the bumper profits to be made and the short working capital cycle tosettlement.

Anexo is also starting to actively sourceclaims against Mercedes Benz in relation tothe German group’s emission scandal.Sellers says that the market could be doublethat of VW, another positive for windfallgains. Analysts expect Anexo’s claim againstGerman carmaker Volkswagen on behalf of13,000 motorists (who suffered in theemissions scandal) to reach settlement wellbefore the year-end. Anexo couldpotentially earn £16mn of operating profitwhen these cases are settled, a hefty returnon its £4.5mn investment to date. This isnot embedded in Panmure’s current yearforecasts which point to group pre-taxprofit and earnings per share (EPS) rising afifth to £29mn and 19.9p, respectively, onsix per cent higher revenue of £125mn. Postresults, the brokerage also raised their 2023EPS forecast again by a further 10 per centto 22.6p.

On this basis, the shares are rated on acurrent year forward price/earnings (PE)ratio of 6.5, offer a prospective dividendyield of 1.4 per cent and are priced in linewith year-end net tangible asset estimatesof 129p a share. A cash windfall fromsettlement of the VW claims would not onlydeleverage Anexo’s balance sheet, but is anobvious catalyst for an overdue re-rating.Buy"

in the IC as follows:

"Bargain Shares: Priced to motor
Business is buoyant for a vehicle credit hire and legal services group and it could be in line for a windfall gain, too. That’s certainly not reflected in a current year PE ratio of 6.5.

May 11, 2022
By Simon Thompson

2021 pre-tax profit up 50 per cent to £24.1mn on 36 per cent higher revenue of £118mn
Cash from case settlements recycled into new claims to support ongoing growth
Potential for bumper windfall on emissions scandal claim against German carmaker Volkswagen
Analyst earnings upgrades post results

Liverpool-based Anexo (ANX:130p), a provider of a complete litigationclaims process focused on the recovery of credit hire and repair costs fo rthe impecunious non-fault motorist involved in a road traffic accident, has delivered a better than expected earnings recovery than I had anticipated when I included the shares, at 136.9p, in my market beating 2021 Bargain Shares 2021 Portfolio.

In fact, following a robust pre-close trading update in January, Panmure Gordon pushedthrough 11 per cent plus earnings per share(EPS) upgrades for the 2021 to 2023forecast period. More importantly, thestrong momentum shows no sign of abating.In fact, chairman Alan Sellers says theopportunities within the group’s credit hiredivision “have never been so strong”, andthat’s after the average number of vehiclesout for hire increased by a fifth to 1,834 lastyear. Currently, around 2,000 vehicles inthe fleet are being hired out.

The withdrawal of several competitors fromthe market and the introduction of the CivilLiabilities Act, which severely curtails the ability of personal injury solicitors torecover substantial legal costs, has certainlyplayed into Anexo’s hands. Moreover, byoffering both credit hire and legal services,Anexo is exploiting a competitive advantageover pure credit hire companies (who lackthe in-house capacity to litigate acustomer’s claim), and solicitors (who lacka vehicle fleet to offer to motorists).

True, a decline in road usage during national lockdowns still had an impact, but less so on Anexo given that a large numberof credit hire customers are classed as keyworkers, including couriers (who have beenextremely active throughout the pandemic)as well as health professionals, teachers,nursery staff, emergency workers andsupermarket personnel. In fact, despite thelockdown in the first half of 2021, Anexo’scredit hire division provided vehicles to10,625 individuals, a 36 per cent year-on-year increase.The group’s focus on motorcycle credit hire is worth noting, too. That’s because take-on costs are significantly less than for cars, but claims have a similar value, a positive for the working capital cycle and return on investment. Statistics show that motorcyclists are particularly vulnerable to personal injury in non-fault accidents."

RNS just out - great to see an American investment company increasing its stake in ACSO.

Long Path partners have bought another 250,000 shares or so and now own 4.55m shares, or just over 11%:

Https://www.investegate.co.uk/accesso-technology--acso-/rns/holding-s--in-company/202205121242083103L/

"Long Path Partners is a privately-owned investment firm that seeks to compound capital by investing in a limited number of high quality, predictable businesses that we intend to own for the long term."

Https://longpathpartners.com/

Here's a new article about SDI from the Armchair Trader, with an interesting perspective on the continuing potential for Atik's PCR testing going forward.

In these markets SDI are looking even better value now considering they're trading ahread of expectations and have already upgraded expectations for the year to April'23:

Https://www.thearmchairtrader.com/scientific-digital-imaging-sdi-share-price-forecast/

FYI Shore Capital have issued an update note today reflecting the new products announced today, but also picking up on the cybersecurity sector comment:

"We note that KAPE also highlights that the cybersecurity sector is "delivering its strongest quarter on quarter growth to-date,and so the new privacy and security solutions could be said to be hitting the market at an opportune time".

For this year they forecast 40.6c EPS, rising to 46.5c EPS next year, i.e 37.6p EPS - a P/E of just 9.1.

The crucial part of the RNS as regards current trading is this extract which should instil much confidence:

"Following completion of the Acquisition and the mobilisation of a number of new contracts won during H1, the Board expects to deliver adjusted EBITDA for the financial year ending 30 September 2022 of approximately GBP1.3 million."

Don't worry, with a 28.51% stake and Booard representation I'm pretty sure DBAY will be coming along with another bid at some stage if the share price continues to fail to reflect ANX's progress......

It's good to see the variety and number of new digital security and privacy products being introduced by KAPE in today's announcement.

But just as interesting is the following, which hopefully reflects KAPE hinting as to the strength in current trading:

Https://uk.advfn.com/stock-market/london/kape-technologies-KAPE/share-news/Kape-Technologies-PLC-Kape-expands-service-offerin/88084165

"The launch of a number of highly innovative new products, in addition to enhanced features on existing solutions, is closely aligned with significant demand across the digital privacy sector. With the cybersecurity sector delivering its strongest quarter on quarter growth to-date, Kape continues to be firmly focused on delivering best-in-class privacy and security solutions that safeguard consumers' digital lives".

Pleasing to see the options issued today to the CFO and other employees have a 143p exercise price. None of this nil cost rubbish often used by other companies.

Hopefully the timing of thie issue also reflects FNX's belief that this is as good (i.e low) a strike price as the eligible employees will get.

Looks very good as an earnings-enhancing commercial operation which can be scaled up, which has good synergies with the existing operations, and which should enable lots of cross-selling in particular.

Great to see REAT utilising almost the entirety of the monies raised on its Target A within weeks of having raised those monies, delivering on its promises as opposed to other companies who simply sit on the monies raised and are unable to deliver.

Good value too - paying £7.1m for £1.4m historic PBT and high recurring revenues plus deferred consideration.

I note that the H1 trading numbers are unimpressive to say the least, due to the (presumably Covid-related) lower level of reactive work and investment in mobilising new contracts. However, the outlook for this H2 is very confident given all the new contract wins already RNSd together with those listed today. Perhaps those H1 numbers explain the 1.2p placing price and are therefore already priced in:

Https://uk.advfn.com/stock-market/london/react-REAT/share-news/React-Group-PLC-Acquisition-of-LaddersFree-Ltd/88084005

And here's Progressive Equity's new summary FYI:

Https://progressive-research.com/company/anexo-group-plc/

"FY22E – Our revenue forecast is increased by 5% to £132.4m, reflecting the benefits of investment made in FY21 across all businesses. The expenses forecast is increased by 8% to £60.7m, reflecting a higher FY21 cost base and continued investment in FY22. As a result, operating profit and adjusted operating profit are increased by 7% to £32.1m and £32.8m, respectively. Profit before tax and adjusted profit before tax (before share-based payments) are broadly unchanged, reflecting increased finance costs, attributable to the levels of net debt discussed above.

Reported and adjusted EPS are maintained at 19.1p and 19.7p, respectively.

FY23E – New estimates for 2023 assume an 9% revenue increase and 4% administrative
expenses growth, resulting in 15% operating profit and adjusted operating profit growth compared with FY22. Higher finance costs attributable to higher net debt levels slightly temper profit before tax (reported and adjusted) growth rates to 13% in FY23. We forecast reported and adjusted EPS of 21.7p and 22.3p, respectively, 13% above FY22."

Arden today reiterate thier Buy and 280p target price following the excellent results.

They see 18.3p EPS this year and 20.1p EPS next year, with 1.6p and 1.8p dividends.

They summarise:

"Stronger than expected results:

Trading was robust last year, with FY21 group revenues +36.2% to £118.2mn. Anexo had guided in January that pre-tax profits would significantly exceed market expectations and adj. PBT of £24.1mn for the full year was +49.7% y/y, broadly in line with our revised forecast. This was even after significant investment across the group, which together with a favourable market backdrop, under-pins our FY22 forecasts, with an upward bias to FY23. Finally, we continue to expect Volkswagen AG to negotiate a settlement before the scheduled court hearing in January 2023. Reiterate Buy."

Progressive have today increased their operating profit forecast for 2022 by 7%.

They also now have an EPS forecast of 19.7p EPS, rising to 22.3p EPS next year.

Arden's last target price was 280p, so still a long way to go.

Agreed - the resultslook excellent, being in line with previously upgraded forecasts.

The 16.8p EPS is bang in line with Progressive's forecasts, as is the £23.8m reported PBT. The 1.5p divi is slightly less than the 1.7p forecast, which I assume is due to the increased debt in turn resulting from the big investment in the various new and old divisions which took advantage of competitors' problems during Covid.

The outlook is confident, supported by the KPI's re cars on the road, number of fee earners etc, and targeting improved working capital with efficiencies in numbers of vehicles.

The VW Dieselgate case may well conclude this year bringing in a big lump sum, and it's good to see ANX initiating a similar case against Mercedes-Benz.

The forecast for this year is for 19.2p EPS, which makes ANX look absurdly good value.

The wait continues for both (1) the rainy season and therefore full CPO production to commence and (2) cashew equipment to arrive and be installed.

Fortunate then that this H1 is still delivering a very strong performance in financial terms due to the huge rise in CPO prices over last year, and also the pleasing rise in extraction rates.

Very frustrating. Huge progress is seemingly always just weeks away....

With the rains apparently improving and the cashew machinery on its way, and with June perhaps seeing increased cashew production at 50% of capacity, we can once again see the light at the end of the tunnel...hopefully:

Mark Watson-Mitchell updated on FNX on Master Investor on Friday night as follows. The share price has inevitably slipped a little in the current markets, so looks even better value imho.

MWM has now increased his target price to 180p - plenty of room for him to increase again towards Finncap's 230p target!

"Fonix Mobile (LON:FNX) – I set a new Target Price

Simon Beresford, Director of Fundraising and Marketing of the Disasters Emergency Committee, stated that:

“We’re thankful to Fonix for enabling mobile donations so quickly and to the generous UK public whose donations will go on to make such a difference. As humanitarian needs continue to grow, the money raised will help to provide vital support to families caught up in this devastating conflict.”

Fonix has been the mobile donation partner for the Disasters Emergency Committee (DEC) Ukraine Humanitarian Appeal.

Over £6.8m has been made in mobile donations since the beginning of March.

This is a wonderful example of how Fonix can work. It provides mobile payments and messaging services for clients across media, telecoms, entertainment, enterprise and commerce.

When donors or consumers make payments, they are charged to their mobile phone bill. This service is primarily used for ticketing, digital services, memberships and also for charity and other donations.

Over the last few years this £150m capitalised group has been gradually building up its revenues and its profitability.

From £31.1m revenue in 2019, £40.1m in 2020, last year to end June it saw £47.7m total.

Its adjusted pre-tax profits, in the same time period, have grown from £5.2m, to £7.3m then £8.3m last year.

Analysts Michael Hill and Andrew Darley at brokers finnCap are estimatin, g that this year, to the end of next month, the group will report £53m revenues and £9.6m profits, earnings of 7.9p (6.9p), covering a 6.0p per share dividend (5.2p).

The analysts suggest that the group’s shares have a lot further to climb. They see current year figures of £58.4m sales, £10.6m profits, 8.8p earnings and 6.6p dividend per share. Their price objective is 230p.

Last night the group’s shares, which last May peaked at 179.95p and fell to a Ukraine conflict low of 118p, were looking much stronger at 15op.

I now set a new Target Price of 180p."

Well, the shareholder list just gets better and better.

Christopher Mills via Harwood Capital and Oryx Growth has taken 4.14% of REAT in the placing, or 39.93m shares:

Https://www.investegate.co.uk/react-group-plc--reat-/rns/holding-s--in-company/202205101051229400K/

Octopus and Helium both greatly INCREASED their shareholdings in REAT, as I first posted.

It was only their percentage holdings in REAT that fell overall because of the quantum of the placing shares.

Shore Capital have initiated coverage on MWE this morning with a 24 page note.

They have a 90p fair value based on "conservative" forecast assumptions "as organic growth is likely to be boosted by bolt-on acquisitions such as P.S.K in January 2022".

Their 90p valuation is based on MWE's peer group average EV/EBITDA of 13.7, which is far above MWE's current EV/EBITDA ratio of 9.7. The peer group's P/E and EV/sales are also well above MWE's - and MWE also provide a "premium dividend yield" at around 4%.

I'll read the rest of the note tonight!