MarketsEuropeThe FTSE-100 accomplished yesterday’s affair 1.23% college at 6,338.10, whilst the FTSE AIM All-Share base bankrupt 0.64% college at 726.92. In continental Europe, markets assured acutely higher, led by assets in auto and cyberbanking stocks. Investors anxiously watched the developments accompanying to the Brexit vote. France’s CAC 40 and Germany’s DAX avant-garde 1.9% and 1.8%, respectively.Wall StreetWall Street assured in the blooming as investors accessible the aftereffect of the Brexit vote. A abatement in US abandoned claims adequate the labour bazaar and additional agent sentiment. The S&P 500 rose 1.3% amidst assets in banking and absolute stocks.AsiaEquities are trading acutely lower afterwards the UK’s acclamation after-effects adumbrated a Brexit. The Nikkei 225 confused 7.9% as the deepening of the yen adjoin the dollar fuelled selling. The Hang Seng was trading 4.3% bottomward at 7:00 am.OilYesterday, Brent prices added 2.1% to US$50.91 per barrel, while WTI oil prices rose 2.0% to US$50.11 per barrel.
HeadlinesBritain votes to leave EUBritain has voted to leave the European Union afterwards 43 years. The after-effects of the Brexit acclamation captivated bygone showed that 51.8% voted in favour of abrogation the EU compared with 48.2% that voted for the UK to abide as a allotment of the bloc. Voter assembly was recorded at 71.8%, or added than 30 million, the accomplished assembly at a UK acclamation back 1992. London and Scotland voted in favour of blockage in the EU; however, this was account by poor after-effects in the arctic of England.
Armadale Capital (, 1.88p) – Speculative BuyArmadale Capital, the advance aggregation focused on accustomed ability projects in Africa, appear bygone that it has aloft £825,000 through the agreement of 41.25M new accustomed shares at a amount of 2p per share. The funds will be acclimated to abutment the development of the Mahenge Liandu graphite activity in south-east Tanzania, which Armadale is in the action of accepting (see RNS 2 June 2016). The awful -to-be Liandu activity is amid in an breadth of accurate advance flake, aerial cast graphite assets and is adjoining to ‘ (KNL.A) Epanko and ‘s (BKT.A) Mahenge graphite projects. High-grade graphite mineralisation of up to 33.8% Graphite Content (TGC) has been approved through assay of dent samples from the activity area. Fieldwork will activate on the activity afterward achievement and is targeting a beginning ability appraisal in 2016. Administration believes the proposed graphite transaction will accompaniment Armadale’s Mpokoto gold activity in the DRC, which has a accepted ability of 678,000oz of gold allocation 1.45g/t.
Our view: With the proposed graphite accretion Armadale is focused on diversifying its portfolio in the African ability sector. The aggregation is attractive to capitalise on the advancing advance in the graphite bazaar apprenticed by accretion applications decidedly in the activity accumulator market. We attending avant-garde to updates afterward achievement of the transaction as able-bodied as added developments on the Mpokoto gold project. In the meantime, we advance a Speculative Buy appraisement on the stock.
Beaufort Securities acts as a accumulated agent to
Amphion Innovations (, 3.50p) – Speculative BuyAmphion (‘AMP’), the developer of medical and technology businesses, bygone appear its audited final after-effects for the year to 31 December 2015. Banking highlights for the aeon included the Group’s Net Asset Value/ allotment ascent to 3.8p by period-end, an access from 0.7 pence/share in 2014. During the year, AMP aloft £2.1 actor through a allotment agreement (June 2015) and the exercise of warrants; as a result, banknote assets were about US$0.9 actor and absolute liabilities bargain by US$1.4 million. Key Partner Aggregation highlights included the acknowledged IPO of in April 2015, adopting £2.8 actor at 20p/share, followed by a added £22m accession at 50p/share (July 2015) with institutional investors; additionally aloft £11 actor in August 2015 through a agreement of new shares. Acquirement in 2015 was US$519,855 while absolute authoritative costs were US$4,680,212 (2014: US$3,494,351). The consistent operating blow for the year was US $4,160,357 (2014: US $3,009,651). Acquirement remained beneath that of above-mentioned years due partly to the absence of licensing assets from DataTern and partly from the disability of Partner Companies to accord administration fees. General aerial and operating costs excluding those accompanying to DataTern, the address bottomward of receivables and the fund-raising expenses, remained deeply controlled at US$1,769,809 (2014: US$1.5 million). Post period-end, Amphion’s Board oversaw the restructuring of loans amounting to US$6,308,600 attributable to the acreage of above Chairmen forth with adapted or connected Convertible Promissory Notes totalling £5,707,738, which larboard the arrangement of liabilities to absolute assets at the end of 2015 at about 72%.
Our view: Amphion is a circuitous agent with a cardinal of decidedly agitative opportunities which are run calmly by a awful committed administration team. The absorbing acceleration of the Group’s 2015 NAV was mainly due to the access in the amount of its backing in Motif Bio plc. Afterward its acknowledged IPO in April 2015, Motif assured a added costs in July to accession £22 actor (before expenses) through a agreement with several arch institutional investors at a cogent exceptional to the IPO price. Indeed, appropriate now the bazaar weights Motif as the Group’s arch ‘bonanza’ opportunity; as a about backward date (Phase III trials commenced in March 2016) developer of atypical therapies in the antibiotics space, accomplished advance suggests the absolute befalling to commercialise its aboriginal adumbration in 2018 and that its awaiting NASDAQ advertisement will admit a cogent re-rating. While Kromek shares accomplished the year about absolutely area they started, AMP’s administration accept that the realisable amount of the bookish acreage assets captivated by DataTern is essentially in balance of its accustomed value; added to this, the incremental investments actuality fabricated in the following of parties anarchic DataTern’s IP are additionally accepted to accomplish a cogent approaching profits. These three companies, calm with m2m, the resonance imaging affection aggregation which could additionally arch for a bazaar citation this year or next, will abide the focus of amount conception activity forward. On this basis, Amphion’s aerial amount portfolio of aboriginal date tech, IP and concrete science investments appears decidedly undervalued. Notwithstanding this, Amphion charcoal a bargain way into Motif Bio, while additionally award itself positioned to action agitative newsflow from its portfolio in the advancing months, including abeyant account befalling from favourable IP litigation. Speculative Buy.
Meggitt (, 396.50p) – BuyYesterday, Meggitt Safety Systems, a business assemblage of Meggitt, won a five-year indefinite-delivery/indefinite-quantity arrangement account up to US$21m for the two-place bench awning actuator on the F16 Fighting Falcon multirole fighter aircraft. Meggitt has won the arrangement from the US Defense Logistics Agency (DLA) Aviation, Hill Air Force Base (Hill AFB).
Our view: Meggitt’s arrangement win acutely showcases its backbone in the market. The company’s artefact architecture offers a drop-in backup for the aboriginal actuator with low operating stresses, avant-garde apparatus and accomplishment techniques that accommodate bigger reliability. Aftermost month, Meggitt won a five-year National Individual Standing Action (NISO) account up to US$35.0m from Canada’s Department of National Defence. Recently, Meggitt appear its Q1 2016 trading updates, which were in band with expectations and said it charcoal on clue with attention to cost-cutting plans. Meggitt is acceptable to account from a stronger US dollar and the two blended acquisitions completed appear the end of 2015. The aggregation has undertaken initiatives to advance R&D investments and access new platforms targeting abiding acquirement growth. In addition, the deployment of the Meggitt Assembly System resulted in several absolute improvements in abounding operational and chump achievement metrics. Meggitt’s aerial focus on artefact quality, operational ability and programme administration would access the company’s affability as a supplier of best to accommodated the alteration chump needs. Thus, in the appearance of connected centralized improvements and assorted arrangement wins, we advance a Buy appraisement on the stock.
(, 412.50p) – BuyYesterday, DS Smith, a recycled packaging company, declared its after-effects for the year assured 30th April 2016. During the period, acquirement avant-garde 6.0% y-o-y to £4.1bn. Adapted operating accumulation added 13% to £379m. As a result, adapted pre-tax accumulation surged 12% to £332m, arch to an EPS of 27.4p, up 12% from the antecedent year. Return on sales added 50 base credibility (bps) to 9.3%, while ROACE rose 80bps to 15.4%. Net debt at the end of aeon stood at £1.1bn (30th April 2015: £651m). On the operational front, the aggregation completed bristles acquisitions for £433m, accretion its attendance in 13 countries. Post the period, the aggregation acquired Creo, a specialist in point of auction and affectation articles and casework for in-store marketing, in the southeast of the UK and added appear the proposed accretion of Gopaca in Portugal. DS Smith proposed a final allotment of 8.8p, demography the full-year allotment to 12.8p, 12% college than the aftermost year.
Our view: DS Smith delivered accomplished achievement in FY 2016 apprenticed by affection acquisitions during the period. Corrugated box volumes grew 3.1% on a like-for-like basis, with abiding advance throughout the year. The aggregation recorded advance in all regions with able amoebic aggregate advance and advance in margins. DS Smith broadcast its business to 13 countries. In addition, DS Smith appear a 24% abridgement in the blow abundance amount and abatement in emissions of greenhouse gases for every tonne of production. The aggregation is avant-garde able-bodied in affiliation to the affiliation of the acquired firms. The multichannel retail ambiance is evolving. Furthermore, the accent of the packaging business has grown, as it is a acute allotment of the accumulation chain. DS Smith affairs to advance high-quality packaging and added aggrandize its footprint. We are encouraged by the company’s advance and attending avant-garde to added updates. Therefore, we advance a Buy appraisement on the stock.
(, 167.80p) – HoldTesco, the UK’s better bazaar chain, bygone provided its trading updates for the 13 weeks assured 28 May 2016 (‘Q1 FY2017’). During the aboriginal quarter, Group sales avant-garde by 1.8% at actual, and 1.1% at connected barter amount as weaker admirable adjoin Euro created absolute adaptation effect. Group like-for-like (‘LFL’) sales bigger by 0.9%, absolute of; UK 0.3%, Republic of Ireland 0.3%, Europe 2.8% and Asia 3.3%. UK sales volumes grew 2.2% while all-embracing sales aggregate was up 2.7%. On the operational front, the Group launched seven new, absolute beginning aliment brands in March which saw able antecedent chump acknowledgment with over two-thirds of Tesco’s chump accept purchased articles from the new range. Tesco’s CEO, Dave Lewis commented “We are encouraged by the advance we are making. By growing volumes, transforming the way we assignment calm with our suppliers, and added optimising our abundance operating archetypal we are rebuilding advantage in a acceptable way. I am assured that the improvements we are authoritative for barter are alive and will actualize abiding amount for our shareholders”.
Our view: Tesco fabricated a acceptable advance in the Q1 FY2017, admitting its bazaar actual arduous with amount abiding deflation. It delivered a additional after division of absolute LFL sales advance beyond all regions. This is the aftereffect of its action to put greater focus on its amount UK operations, area the Group abide to advance in prices, adorning its beginning aliment brands and advancement its cast agreement arrangement in adjustment to abide aggressive adjoin peers, including the brand of abatement supermarkets chains Aldi and Lidl who accept been rapidly accretion their UK bazaar share. The Group acclaimed that absolute amount of a account boutique at Tesco is now -6% lower comparing to September 2014. On top of this, it continues to analysis its abundance amplification while closing barren food in adjustment to enhance its LFL abstracts and profitability. Post the period, as a allotment of its ‘core focus’ strategy, Tesco has agreed auction of its Dobbies Garden Centres, Giraffe restaurant alternation and proposed a auction of Kipa, a 95.5% endemic business in Turkey, forth with yesterday’s advertisement which proposed the auction of Harris Hoole to Caffè Nero. It has recognised the charge to acknowledge to alive chump behaviour, area barter are now accustomed out added common topup shopping, as against to account aggregate purchasing. Tesco, therefore, has connected to advance its abundance operating archetypal and bigger chump acquaintance which was reflected in 2% access in its chump achievement admeasurement forth with the Group actuality blue-blooded ‘Britain’s Favourite Supermarket’ at the Grocer Gold Awards aftermost week. We accept Tesco has adequate its business archetypal and continues to move in the appropriate direction. However, we accede there is still added to be done afore we feel assured abundant to accomplish a absolute change to our recommendation, abundantly due to its awful aggressive ambiance where, in accession to abatement supermarkets, online e-Commerce giant, Amazon, has afresh launched its Amazon Fresh, a abounding online bazaar service, in some allotment of London. Amazon is planning to aggrandize its account beyond the UK, which could become confusing not alone to Tesco but additionally to its peers. As this is alone aloof been launched and yet has its attendance in UK, it will be a bearings Tesco has to adviser carefully. Considering advancing amount of investment, the about apathetic clip of advance in profitability, while not attractive historically bargain about to its sector, we would like to see added acknowledging evidence. Until then, we absorb our Hold appraisement on the stock.
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