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Northland Capital Partners View on the City - Immedia, ImmuPharma & Fishing Republic.

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IMMEDIA (LON:IME)

SECTOR – TECHNOLOGY

RATING – CORP*

MARKET CAP – £3.8m

CURRENT PRICE – 26.5p#

ANALYST – MIKE JEREMY

 

Year-end Dec

2016A

2017A

 

 

 

Revenue (£’000)

2,610

3,549

 

 

EBITDA  (£,000)

(83)

(513)

 

 

Pre-tax Profit (£’000)

(201)

(693)

 

 

EPS (P)

(1.38)

(4.61)

No forecasts provided

 

DPS (P)

N.M.

N.M.

 

 

Net Cash/(Debt) (£’000)

115

47

 

 

P/E (x)

(20.0)

(6.0)

 

 

Dividend yield (%)

N.M.

N.M.

 

 

EV/EBITDA (x)

(47.7)

(7.7)

 

 

 

SOURCE: Northland Capital Partners Limited estimates. #Priced at prior day’s close. *Northland Capital Partners Limited Acts as Broker to Immedia and therefore this information should be viewed as a Marketing Communication.

 

3-year contract with Nationwide Building Society

 

NORTHLAND VIEW

  • Immedia has named Nationwide Building Society as its client for a three-year contract to provide radio facilities to “a major UK high street financial institution” noted in earlier releases.  Immedia will produce and deliver Nationwide Live.  This is a high-quality, live, presenter-led radio service that enhances the in-branch experience and Nationwide member engagement by offering a range of targeted music and brand appropriate information, as well as amplifying Nationwide's work in the community. Richard Newland, Director of Branch Transformation at Nationwide Building Society, commented: "We first trialled radio in December 2016 and had great feedback from our people and our members. We're pleased to be working with Immedia to extend this service to our branches up and down the country."
  • Immedia also announced that it has extended the reach of its multi-media content offering to smart devices and other audio platforms such as Amazon Alexa, Google Home, Apple Podcasts, Overcast and iHeart, engaging with voice aggregator Spoken Layer to offer content ingestion and distribution.

In 2017 Immedia undertook a thorough restructuring of its operations. Nationwide is a major addition a client list that includes leading names such as HSBC, Shell, Subway, BP, Superdrug, JD Sports, O2 and BMW.

COMPANY DESCRIPTION

Immedia is a technology and content specialist that enables brands to convert owned media channels, both digital and physical, into entertainment and customer engagement platforms.  The Group offers a wide range of 'live' branded channels specifically to retail locations across the UK and Europe with an estimated listening audience of 8.5m/week. 

 

 

IMMUPHARMA (LON:IMM)

SECTOR – HEALTHCARE

RATING – CORP

MARKET CAP – £17m

CURRENT PRICE – 12.25p

ANALYST – LIAM GASCOIGNE-COHEN

 

Year-end Dec

2015A

2016A

2017A

2018E

 

Revenue (£m)

0.1

0.2

0.2

 

EBITDA (£m)

-

-

-

 

Adj. pre-tax Profit (£m)

(4.5)

(6.3)

(7.0)

 

Adj. EPS (p)

(4.4)

(4.5)

(4.8)

Under

DPS (p)

-

-

-

Review

P/E (x)

-

-

-

 

Dividend yield (%)

-

-

-

 

EV/EBITDA (x)

-

-

-

 

 

SOURCE: Northland Capital Partners Limited estimates. Priced at prior day market close. *Northland Capital Partners acts as Nomad and Joint Broker to ImmuPharma and therefore this information should be viewed as a Marketing Communication.

 

Company Update

 

NORTHLAND VIEW

  • ImmuPharma is progressing its plan to make Lupuzor™, its drug candidate for lupus, available to patients via a Managed Access Programme. A MAP provides early access to unapproved treatments for eligible patients. The Company is making the regulatory and logistical preparations and aims to begin patient recruitment in France and the UK and then roll out to other EU countries
  • The Lupuzor™ open label extension study now has 62 patients recruited and remains on track to report results in Q2-2019
  • Tim McCarthy, Chairman of ImmuPharma commented: "We are delighted to be progressing the necessary activities for the Managed Access Programme, allowing Lupus patients early access to Lupuzor™. In conjunction, in the medium term we remain focussed on achieving the full regulatory approval of Lupuzor™, which we are confident has the potential to be a ground breaking drug for Lupus patients.”
  • As announced on 7 September 2018, ImmuPhama signed a 'Heads of Terms' on a clinical development collaboration for its Nucant cancer programme, with Incanthera. The Company is finalising a 'Definitive Licence Agreement' with Incanthera within the exclusivity period up to 31 December 2018 granted by ImmuPharma to Incanthera. In consideration for this exclusivity period, ImmuPharma was granted warrants to subscribe for 363,637 ordinary shares in Incanthera at any time over five years. The warrants have an exercise price of £5.50p per share, for an aggregate exercise value of £2 million.
  • ImmuPharma is continuing the process of divesting the Ureka subsidiary and intends to engage with a specialist R&D and advisory firm to support the evaluation of the business.

 

COMPANY DESCRIPTION

ImmuPharma PLC is a late clinical stage drug development business specialising in the area of autoimmune disease.

 

 

 

Fishing Republic (LON:FISH)

SECTOR – LEISURE GOODS

RATING – CORP*

ANALYST – MIKE JEREMY

 

Year-end Dec

2016A

2017A

2018

2019

 

Revenue (£’000)

5.799

9.153

 

 

 

EBITDA (£’000)

0.491

(0.707)

 

Adj. pre-tax Profit (£’000)

0.403

(1.549)

No

Adj. EPS (p)

0.9

(4.0)

Forecasts

DPS (p)

-

-

Provided

Net Cash/(Debt) (£’000)

2.056

0.360

 

P/E (x)

5.9

(1.4)

 

Dividend yield (%)

-

-

 

EV/EBITDA (x)

5.2

(3.6)

 

 

SOURCE: Northland Capital Partners Limited estimates. *Northland Capital Partners Limited acts as Nomad and Broker to Fishing Republic and therefore this information should be viewed as a Marketing Communication.

 

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