reports
- Sean Conroy
Ultimovacs - Steadfast commitment to UV1 progression
Despite the recent setback with the INITIUM trial (first-line treatment of patients with unresectable or metastatic malignant melanoma), Ultimovacs has reinstated its commitment to press on with its clinical development of its cancer vaccine, UV1, across other target indications. The principal near-term focus will be on the anticipated results of Phase II FOCUS (head and neck cancer) and DOVACC (ovarian cancer) trials in Q324 and H125, respectively, and will inform its subsequent strategic direc...
- Sean Conroy
OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle
OSE has announced that its licence agreement with AbbVie has cleared antitrust review and has become effective. As previously noted, this is expected to support OSE’s runway extension into 2026, past key milestones and readouts for in-house assets Tedopi (non-small cell lung cancer, US Phase III trials expected to commence in Q224) and Lusvertikimab (ulcerative colitis, Phase II readouts expected in mid-2024). Following the Federal Communications Commission (FCC) mandatory waiting period, OSE is...
- Martyn King
Foxtons Group - FY24 underpinned by market share gains
Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilis...
- Toby Thorrington
Jersey Electricity - Decarbonisation fuelling growth
Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh...
- Pedro Fonseca
Manx Financial Group - Executing on a high-growth strategy
Manx Financial Group (Manx) posted record PBT of £7m, a 35% increase year-on-year. Manx benefited from strong volumes, a full year contribution from Payment Assist Limited (PAL) and a £1.9m gain on debt securities, which offset funding cost pressures from higher average interest rates. Alongside a 24% increase in lending to £362.7m, it maintained robust credit quality, with its cost of risk (CoR) decreasing by 20bp y-o-y to 1.3%. As a result, the group delivered a strong return on average equity...
- Toby Thorrington
Carr's Group - An enhanced value creation strategy
Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include: value realisation of the Engineering Division; the ability to significantly reduce central costs; and longer-term value creation in the Agriculture Division as a focused business with recovery potential and a strategy to leverage its strong market positions for growth.
- Alison Turner
Arcadium Lithium - When one plus one equals three
Alongside Albemarle and SQM, Arcadium Lithium is the third largest producer of downstream lithium chemicals outside China, capturing the full value chain from lithium resource to battery-grade lithium chemicals. The company has strong exposure to high value-add lithium products and boasts a pipeline of advanced development projects that could potentially more than triple its lithium capacity by 2030. Thanks to its established low-cost asset base and cash flow-generative business, Arcadium should...
- Toby Thorrington
ABO Energy - Global growth generates record net profit
ABO Energy reported strong financial results for FY23, as revenue grew by 29% y-o-y to €300m and net profit increased by 11% to €27.3m. Revenue growth was partially driven by a substantial increase in billed construction services, which totalled €154.6m, up from €96.2m the previous year. Additionally, management has proposed a 11% increase in the dividend to €0.60 per share.
- Fiona Orford-Williams
Next 15 Group - Baked in AI opportunities
Next 15 Group's net revenues grew 2.5% in the year to January, despite difficult markets. Adjusted operating margin rose from 20.2% to 21.0%, helped by head office cost savings. In common with much of the sector, spending by tech clients was soft, down 17% like-for-like. The group did well, though, in growing spend from non-tech clients, up 11%, making for a strong overall performance in a market beset by ongoing macro uncertainty. Next 15 has been building its AI capabilities for some time and ...
- Toby Thorrington
Severfield - Multiple positives should excite investors
Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear...
- Richard Williamson
IP Group - Several potential portfolio catalysts on the horizon
IP Group’s NAV declined by 13% in total return (TR) terms in FY23, affected by continued soft valuations across venture capital (VC) markets, as well as funding delays at some of its holdings. That said, management indicated that many of IP Group’s portfolio companies continued to make strong progress. Its maturing portfolio offers a number of potential NAV triggers and is now available at a wide 59% discount to NAV. We note that, as at end-2023, only 14% of IP Group’s portfolio was valued based...
- Sean Conroy
Actinogen Medical - First patient dosed in Phase IIb XanaMIA study
Actinogen Medical announced that the first randomised patient in its Phase IIb XanaMIA trial of lead candidate Xanamem received their first treatment on Friday 12 April. This study is designed to enrol c 220 patients with cognitive impairment (CI) associated with biomarker-positive mild-to-moderate Alzheimer’s disease (AD), as confirmed through an elevated level of phosphorylated Tau-181 (pTau-181) protein in their blood at baseline. The study has commenced at 13 Australian sites and will concen...
- Sean Conroy
Cereno Scientific - CS014 (thrombosis) progresses towards the clinic
Cereno Scientific has taken a step closer to advancing its second asset, CS014, a novel HDAC inhibitor with epigenetic effects, to the clinic with the submission of the clinical trial application (CTA) to the European Medicines Agency (EMA). The CTA is for the first-in-human Phase I trial for CS014, which Cereno is developing for thrombosis prevention, without increased risk of bleeding. We believe this has the potential to address the main limitation of current standard-of-care antithrombotic m...
- Pedro Fonseca
Tetragon Financial Group - FY23 growth driven by idiosyncratic factors
Tetragon Financial Group (Tetragon) posted a 6.4% net asset value (NAV) per share total return (TR) in US dollar terms in FY23. Tetragon’s returns normally have a low correlation with broader markets, and therefore its FY23 performance was below the 26.3% return of the S&P 500 Index, which rallied on the artificial intelligence (AI) theme. Tetragon’s FY23 return on equity (RoE) of 5.5% was below its target of 10–15% pa. That said, its performance since listing was within the target range at 11.3...
- Toby Thorrington
Cloudberry Clean Energy - Transformative FY23 with revenue rocketing
Cloudberry Clean Energy recorded a strong performance for FY23. Revenue nearly tripled compared to FY22 (NOK217m), reaching NOK610m. EBITDA also significantly increased to NOK263m (FY22: NOK151m). The company’s total portfolio capacity grew to 494MW (FY22: 316MW), with 267MW of producing assets. This expansion was reflected in Cloudberry’s increase in net assets, which rose to NOK6,691m (FY22: NOK4,603m). Despite the company’s substantial growth throughout FY23, it maintained a strong financial ...
- Toby Thorrington
Arctic Paper - FY23 focused on margin management
Arctic Paper’s FY23 results highlight the resilience of its business model in a year of cyclical weakness. Management successfully focused on margins, which were broadly protected through the implementation of cost containment measures and adjusting capacity to match demand. The FY23 EBITDA margin stood at 13%, substantially higher than the historical average of 10%. The cash flow and balance sheet remained strong with net cash of PLN348m, an increase from the FY22 level (PLN276m).
- Kate Heseltine
Domino's Pizza - Growing the base
Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.
- Richard Williamson
Checkit - New product launch and contract wins
Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.
- Pedro Fonseca
abrdn Asian Income Fund - All looking good in terms of income and grow...
abrdn Asian Income Fund (AAIF) recently posted an upbeat set of results. In FY23, the company outperformed its reference index (MSCI AC Asia Pacific ex Japan), there was a significant increase in the dividend, which was fully covered and has now risen for 15 consecutive years, and AAIF’s board has negotiated a more competitive fee structure. AAIF is managed by abrdn’s well-established Singapore-based Asian equity team. This location is an advantage in terms of communication and developing strong...
- Pedro Fonseca
Murray Income Trust - Delivering income and capital growth
Murray Income Trust (MUT) invests in high-quality, mainly UK-listed stocks. It has achieved both its dividend and capital growth objectives over the long term. The trust boasts 50 years of continually rising dividends. It paid a dividend of 37.5p per share in FY23 (ended 30 June 2023 (FY22: 36.0p)), and the board has indicated the dividend will rise to at least 38.0p in FY24. This represents a prospective yield of 4.5%. Late last year the company decided to take action to allow shareholders to a...
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