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Align Research: Catenae Innovation (CTEA) Strategic turnaround provides exposure to high value, high growth, blockchain driven products

Catenae Innovation, formerly Milestone Group, is an AIM listed media and technology group which has recently completed a major restructuring under a new senior management team. The refocused strategy concentrates on the areas of media and fintech, delivered via a portfolio of synergous products, via subsidiaries and partnerships which take advantage of blockchain and distributed ledger technology.

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  • Strategic change focusses on high growth blockchain driven industries

    In September last year Catenae commenced a major restructuring under interim CEO Tony Sanders. Along with the cessation of its previous social activities, several contracts in the fintech area deemed unable to deliver satisfactory results were also terminated. The new strategy concentrates on the areas of media and fintech, with the company set to launch a suite of products which use blockchain technology in the coming months.

  • Joint venture with music industry veteran leads new approach

    In March 2018, Catenae signed a joint-venture agreement with a company majority owned by music and technology industry specialist Martin Heath. The JV, named Trust in Media, will produce payment processing and intellectual property solutions, initially within the media industry, using a combination of private and public blockchain technologies.

  • Fintech division provides further opportunities

    Catenae is also launching a range of virtual banking and KYC/AML products. Since the company’s review and subsequent cancellation of an agreement with Nasdaq listed Black Cactus Global, Catenae has identified alternative partners to ensure it can provide solutions in this area on a best of breed approach.

  • Valuation suggests 107% upside

    On a near term EV/EBITDA valuation basis we set an initial target price of 0.28p per share, in excess of X2 the current share price. Recent management stock conversions of accrued fees at a premium to the current stock price underpins further our confidence in prospects for the immediate term. We therefore initiate coverage with a stance of Conviction Buy.


    Catenae Innovation is a research client of Align Research. Align Research & a Director of Align Research own shares in Catenae Innovation. For full disclaimer information please refer to the last page of the full document. This investment may not be suitable for your personal circumstances. If you are in any doubt as to its suitability you should seek professional advice. This note does not constitute advice and your capital is at risk. This is a marketing communication and cannot be considered independent research.

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Daily Actions – UK Main & AIM markets 23022016

IntellisysLogoDaily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.

AIM Market

ST Rec. changed
From To
Basic Resources    
Firestone Diamonds Buy Neutral
Regency Mines Buy Neutral
Paternoster Resources Neutral Buy
Mountfield Group Neutral Buy
Financial Services    
ADVFN Buy Strong Buy
FastForward Innovations Neutral Buy
Tengri Resources Neutral Buy
Legendary Investments Buy Neutral
Northacre Neutral Buy
Health Care    
Omega Diagnostics Group Neutral Buy
Industrial Good & Services    
Croma Security Solution Group Neutral Buy
Milestone Group Neutral Buy
Oil & Gas – Producers    
Baron Oil Neutral Buy
Simigon Neutral Buy

Main Market

ST Rec. changed
From To
HSBC Neutral Buy
Heavy Construction    
North Midland Construction Neutral Sell
House Construction    
Bovis Homes Group Neutral Buy
Engineering & Machinery    
Halma Sell Neutral
General Retail    
Darty Neutral Sell
Leisure & Hotels    
Millennium & Copthorn Hotels Buy Neutral
Media & Entertainment    
St. Ives Sell Neutral
Personal Care & Household Products    
Reckitt Benckiser Group Sell Neutral
Pharmaceuticals & Biotechnology    
Dechra Pharmaceuticals Neutral Sell
Support Services    
AMEC Foster Wheeler Buy Neutral
Bunzl Sell Neutral
RPS Group Neutral Buy
Telecommunication Services    
Cable & Wireless Communications Neutral Sell



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