Report

'Eze-ing along nicely

​VLG confirmed its July trading update with strong interim results, notable for a first positive EBITDA result. A buoyant outlook, aiming to capitalise on significant growth plans for UltraDEX, further new products (as they reach the market) and a growing order book for Development & Manufacturing services, should translate into higher revenues, a higher level of operating gearing and high trajectory profit growth from 2017.

Step change in performance starts with UltraDEX. This newly-acquired product brightened Brand division H1 revenue results, contributing £0.9m to the period's £1.2m total. A UK 'refresh' campaign for UltraDEX is planned for the autumn.

A premium growth story. We forecast CAGR for revenues of 16% from 2016 and a move to sustainable profitability from 2017. These interim results and a forward forecast CAGR for EBT of >75% pa are starting to attract investor interest. Our DCF analysis supports a fair value of 120 pence per share.

Underlying
Venture Life Group

Venture Life Group is a holding company, engaged in the development and commercialisation of healthcare products. Co.'s products address healthcare issues from oral healthcare, women's intimate health, neurology, cardiovascular and dermatology. Co.'s products include UltraDEX, a product range for the treatment of halitosis. Co.'s other brands are: NeuroAge™, a food supplement indicated for short-term memory loss and cognitive function; Myco Clear™ , indicated for the management of onychomycosis; Rosa calma™, a range of three topical products that treats this inflammatory skin condition; and Procto-eze™ Plus, a range of medical devices and cosmetics for the treatment of haemorrhoids.

Provider
Equity Development
Equity Development

​Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.

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