We highlighted last month the (first) Santa Rally arrived early (unlike some other festive gifts). The second Claus(e) relief rally was prompted by the agreement between the European Commission and the UK on its future cooperation with the EU. Markets also reacted positively to the $900bn stimulus package agreed in the US. While the FTSE 100 and FTSE 250 indices rose by 1.6% and 1.7% respectively on the first trading day after the holiday and the FTSE 100 has recovered 28% from its low point in
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We note the announcement released at 07.00 on 10th December ‘Possible cash offer’. Applegreen is deemed to have commenced an offer process and we therefore withdraw forecasts.
Companies: Applegreen plc
Applegreen’s H1 2020 results (6 months ended 30th June 2020) reflect the considerable impact of Covid-driven lockdowns, with sales down 27%, and an underlying EBITDA decline of 57%, leading to a €13.8m loss at the CPTP level. However, post-lockdown trading is improving, with traffic volumes rebuilding and so supporting fuel and food activities, while retail was already proving to be resilient. Period end net debt is reported at €551m, up a modest €26m, though at the end of August it had fallen t
Applegreen’s interim results (20th September) revealed another period of outstanding growth driven by an attractive combination of LFL growth in the UK & RoI, the first contribution from the transformational Welcome Break (WB) acquisition and bolt-on activity across the US. In this note we reconfirm our forecasts, with short/medium-term EPS forecasts little changed but with tweaks to the make-up of between WB and the core Applegreen activities, which has modest implications for EBITDA and cash f
Applegreen has reported results for six months to 30th June 2019 that confirms a period of very strong growth, underpinned by LFL growth in the UK and RoI, the Welcome Break (WB) acquisition and bolt-on activity across the USA. The quality of said growth also further improved with a 187% rise in non-fuel gross profit (including LFL growth of 6%), supporting a >200% increase in EBITDA to €58.9m (+37% pre-WB). Group CPTP jumped 133% to €23.8m, with EPS growth a very impressive 36% to 12.8c (noting
Applegreen has announced it has conditionally acquired a 40% holding in 23 on-highway service plazas in Connecticut, USA, through a consortium shareholder agreement with IST3 Investment Foundation and TD Greystone. The Consortium has entered into a securities purchase agreement to acquire Project Services LLC which operates the Connecticut Service Plazas (“CT Service Plazas”). We believe the acquisition makes strong strategic sense, providing an estate of well-invested and well-located sites, br
Applegreen has today confirmed it has reached agreement to acquire a leasehold interest in 46 sites located in the states of Michigan, Minnesota and Wisconsin, USA. Applegreen is entering into an initial 10-yearlease agreement with CrossAmerica Partners (an existing real estate partner in North East USA) and affiliates to lease the property assets and commence trade at the service stations, with favourable terms and extension options said to have been negotiated so further applying the “capital
Applegreen’s AGM statement covering the first five months of FY2019 has confirmed trading for the overall Group has been “in line with expectations”. As such, we leave our forecasts unchanged, looking for CPTP of €69.5m and EPS of 32.2c, yoy growth of 26% which, in part, reflects the first full year contribution from the positively transformational Welcome Break acquisition (completed October 2018). Applegreen’s stock is trading on a FY2019 PER of 16.3x, and an EV/EBITDA multiple of 7.9x, both u
Anexo -specialist integrated credit hire and legal services group. Offer TBA. Due 19 June. i-nexus—develops and provides strategy execution software to assist global enterprises in effective execution of their strategic plans and initiatives looking to jon AIM. Offer TBC, expected 19 June
Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply
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VR Education Holdings—a virtual reality software and technology company. Raising £6m, mkt cap c €22m. Due 12 March
SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money.
Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd
Core Industrial REIT—established to invest in Irish-based industrial properti
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SpringfieldProperties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Offer TBA. Due 20 Sep |
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Andes Energia PLC—Sch1 on admission the Company will change its name to Phoenix Global Resources plc will be an Argentinian independent oil & gas exploration and production company, offer TBC but market cap to be £844m and admission date 10 August 2017 | Verditek PLC—Sch1 update from holding company in the clean technology sector with subsidiaries operating within what it considers are emergent and fast growing sectors (industrial treatment of solids, air purification, water de-odourisation, zer
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Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July.
Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m.
AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July.
Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money.
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Brighton Pier Group Plc (BPG) has traded remarkably well during the first 13 weeks of its financial year, with net sales up 44% versus the same period (pre-Covid) in 2019. BPG also successfully settled its business interruption insurance claims in full, meaning it will now receive £2m more in FY21E than we had forecasted (£5m in total). We update our FY21E forecasts to account for this, as well as materially upgrading our FY22E projections (Adj EPS raised 85% to 11.9p) to reflect the very positi
Companies: Brighton Pier Group Plc
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