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14 Jan 21

boohoo Group plc (BOO LN) - Strong peak trading

Boohoo has delivered strong results over the peak trading period for the four months ended 31 December 2020. Group revenue is +40% YOY, with robust growth seen across all brands and regions. The Agenda for Change programme is progressing at pace, demonstrating the Group’s commitment to setting a new standard for ethical supply chains in the fashion industry.

Companies: boohoo group Plc

13 Jan 21

Substantial airborne Covid detector opportunity

As a nation, we love knocking ourselves. However in truth, we’re actually a pretty pioneering bunch. For instance, the experts at Oxford University & AstraZeneca have developed one of the world’s 3 most important vaccines in double quick time. Plus, many other British firms are creating similar breakthrough Covid inventions, such as Kromek.

Companies: Kromek Group Plc

13 Jan 21

WHI Morning Comment: WEY Education (WEY) - Trading significantly ahead; strong momentum prompts new '21/'22E forecast

Today's update from WEY reveals the strong trading momentum within the business which is said to be trading “significantly ahead of budget and market expectations”. We have put in place a new FY22E forecast showing revenues and PBT rising 27% and 82% YoY respectively, highlighting both the very strong underlying growth as student numbers expand rapidly in response to successful marketing campaigns plus significant structural drivers, and the operational gearing effect, given that few extra costs are required operationally as major increases take place in student numbers. At the same time, our FY2021E revenue forecast is raised by 23% and, allowing for extra investment, forecast PBT is raised by 10%. Based on today's announcement and our new forecasts, we feel that WEY has already achieved its target of reaching the size of a Multi-Academy Trust, while also generating healthy gross margins, good levels of cash and a highly sustainable business growth model with much further to run.

Companies: Wey Education PLC

13 Jan 21

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from JET, PSN, SONG, HWDN, MSLH, PAGE, WMH, ASC, BGO, CUSN, CAY

Companies: Bango plc (BGO:LON)Persimmon Plc (PSN:LON)

13 Jan 21

Central Asia Metals: Q4 2020 Operations Update

Central Asia Metals (CAML LN) has reported Q4 2020 production with 3,365t of copper taking full year output to 13,855 in line with our forecast of 13.9kt and at the top end of guidance. Q4 lead output was 7,442t meaning 29,741t over the full year, up 2% YoY and in line with our forecast of 30kt while zinc output of 5,848t took full year output to 23,815t again in line with our forecast of 24kt and up 2% YoY despite the disruption at Sasa which CAML has overcome rapidly as we expected.

Companies: Central Asia Metals Plc

12 Jan 21

THE MONTHLY January 2021

Although 2020 will probably go down in history as one of the most challenging years experienced during our lifetime, it will also likely be chronicled as one of the best years for the recognition and appreciation of science. As we entered 2020, the COVID-19 pandemic was in its infancy. However, it rapidly evolved through the exponential rise in infections and mortality globally. Much has been achieved during the past 12 months in the fight against COVID-19, but, as we enter 2021, there are considerable concerns about the emergence of a mutant version of the virus and the second wave that we are now facing.

Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX SCE TRX SHED VTA YEW

13 Jan 21

Cenkos: Kromek Group Plc -- Getting back on track

H1A delivered a very resilient performance given the backdrop of halted deliveries and reduced manufacturing capacity. Orders and shipments are resuming and a ramp up in activity levels is expected in H2. A cash outflow in H1A has been supported by new committed facilities and gross cash levels look set to support the business successfully through the second half and beyond.

Companies: Kromek Group Plc

14 Jan 21

Target Price Increased – 127p

Capital Limited has released its Q4 and FY2020 trading statement this morning. Overall it shows 2020 was a strong year for the company with revenue growing 18% and most other operating metrics growing positively with it – see Fig 1. We have adjusted our forecasts accordingly and also to take into account the mining services contract for the Sukari Mine which the company won late last year. The latter is a game changer for Capital and its investment case in our view; turbo charging revenue growth, enhancing margins and diversifying cashflow all of which should lead to materially higher valuation multiples. We raise our PT to 127p.

Companies: Capital Limited

19 Jan 21

EBITDA ahead on strong financial performance

Kape has issued a trading update for what was a very productive year for the Group and in which it exhibited a strong trading performance. Revenue for FY 2020E is expected to be at the top end of the expected range while Adjusted EBITDA is ahead of guidance. We increase our estimates by 1% and 8% respectively to be in line with the anticipated outturn for the year. It now has around 2.5m paying subscribers across its core markets of North America and Europe. Kape also completed the integration of Private Internet Access (PIA) ahead of schedule and launched new products, including its privacy suite. Kape expects to increase R&D spending further in FY 2021E to build on the successful additions to its product range and customer experience. With good momentum going into FY 2021E, the Group continues to demonstrate its ability to drive customer numbers and retention through the execution of a clear strategy for meeting the growing demand from consumers for digital privacy and security solutions.

Companies: Kape Technologies Plc

14 Jan 21

Successful peak trading drives upgrades

We were bullish about the ongoing effects of strategic/operational initiatives at G4M, seeing forecast upside risk. It has not disappointed. Q3 sales and margin outperformance drive a 30% upgrade, and a shift into net cash. Extensive planning and systems/delivery changes have helped it after Brexit too, with trading stronger than expected so far in Jan. Valuation looks undemanding given upgrade momentum and the discount to lower margin peers.

Companies: Gear4music (Holdings) PLC

15 Jan 21

WHI Morning Comment: Jubilee Metals (JLP) - Strong FY first half performance

Jubilee put out an intraday press release yesterday updating on the performance in the first half (ending Dec 2020) of the FY 2021. Once again Jubilee delivers; significantly increased revenues and profits from its chrome and PGM division in South Africa and a small, but important, contribution from Zambia. Notably this improvement isn't just from commodity price performance; rather increased production, productivity, throughput, renegotiated contracts and all set alongside the strong performance of commodity prices –rhodium, palladium and platinum. We see this as still only the start for Jubilee as we look forward to the first copper oxide concentrates from the Roan project in Zambia to the Sable Refinery – where the Roan plant is currently under construction. Once again we are struck by the speed at which Jubilee moves to advance its projects and, with its South African cash engine showing no signs of slowing down. Jubilee can choose to move its wider ambitions in Zambia forward from internally generated cash flow. On the back of the strong performance we put our forecasts under review.

Companies: Jubilee Metals Group PLC

15 Jan 21

CCS Support Both Sides of the Pond

2020 ended with two positive moves for carbon capture and storage (CCS) which should benefit Velocys clients. In the US, the signing of the COVID 19 stimulus bill extends and adds support for CCS in the US where the Bayou project is working with CO2 offtaker Occidental to deliver a negative emissions project. The UK government has also published guidance on CCS funding making this option an additional opportunity for the Altalto project. Velocys remains one of the very few opportunities for investors to play negative emission technology. We see both these moves improving the operating environment for the company’s clients and their projects, stimulating demand for the Velocys technology.

Companies: Velocys plc

18 Jan 21

Trading update confirms resilient FY2020

Today’s update confirms a strong recovery in H2 FY2020E as expected and a full year adjusted PBT at least in line with FY2019, despite a material impact from Covid and the depressed oil price resulting in a decline in Augean’s North Sea Services business. The FY2020E outturn demonstrates the resilience of the Group and the strong attractions of its growing EfW activities that now account for c.70% of Group profit. Augean is very well positioned in the EfW residue market and with c.40% of the UK’s hazardous landfill capacity. We forecast Group earnings growth of 15% and 21% for FY2021E and FY2022E, and expect further strong cash generation. EV/EBITDAs for FY2021E and FY2022E are 5.7x and 4.5x respectively, substantially below sector constituents and transaction multiples.

Companies: Augean PLC

14 Jan 21

Strong Q3 sales and gross margin growth...

…..drive further forecast upgrade

Companies: Gear4music (Holdings) PLC

13 Jan 21

In-line trading update

Avingtrans has announced that it has continued to perform well in H1 FY2021 and is trading in line with market expectations. Our cautiously framed forecasts anticipate adjusted EPS growth of 17% in FY2021E and 10% in FY2022E, including the benefit of cost reduction measures. The Group confirmed high levels of order cover for FY2021E at 85% at the end of September and orders taken since then will have provided further comfort. The shares have given ground YTD and now trade on a forward EV/sales multiple of 0.9x and prospective PERs of 13.8x and 12.7x for FY2021E and FY2022E respectively which are well below sector metrics. Management is also making great progress within the medical division where the potential for its small scale MRI is substantial.

Companies: Avingtrans plc

20 Jan 21

Solid Q4 closes a record strong year

The company is seeking to refinance its secured bond maturing in June 2021 with a new secured bond (targeted volume of NOK 300m and a tenor of 3 years). Ahead of the contemplated issue, the company released a trading update this morning showing solid earning figures for Q4/20. Despite operating in a low-margin business and experiencing a back-loaded cash flow pattern, the credit case finds comfort in a strong cash position in combination with a high order backlog.

20 Jan 21

Surface Transforms - SCE raises funds for future expansion

SCE is raising £20m through a placing and open offer as the future commercial pipeline now justifies building the next manufacturing cell (“Cell 2”). Cell 2 will essentially double production capacity and transform the potential of the business. When operating at full capacity, we estimate that SCE would be capable of £35m revenues, £15m EBIT and £12.5m Earnings. This would equate to EV/EBIT of 7.1x and P/E of 9.5x based on the enlarged capital base. Recent trading updates have highlighted that trading is strong and in line with expectations, while longer term ASP expectations have increased significantly.

Companies: Surface Transforms plc

20 Jan 21

Sirius Real Estate - Great returns, solid foundations

Sirius Real Estate has been a stand-out performer within the UK listed commercial real estate sector over the last three years, delivering a total shareholder return of 107%. The shares also offer a valuable portfolio diversifier for investors, with a geographic focus on Germany, and a focus on pro

Companies: Sirius Real Estate Limited

20 Jan 21

Aker diversifying with style

Oil markets: Prices resume rally as recovery expectations grow Aker: Diversifying with style Nel: Capital markets day tomorrow APA 2020: 30 companies offered licence shares Borr Drilling: Receives credit approval Prosafe operational update Q4/20 Nel: Launches large scale PEM electrolysers Renewables: USD 500bn invested in 2020 energy transition

20 Jan 21

Struggling through the lockdowns

M&B’s poor trading performance in Q1 FY20/21 was not a surprise. Lfl revenue in the current quarter is also likely to remain deep in the red. Management is exploring an equity issuance to remain afloat / meet the fixed cost and debt service obligations. After all, the cash coffers are fast depleting and the choice on the table is limited.

Companies: Mitchells & Butlers plc

20 Jan 21

WHI First Light: UK Oil & Gas (UKOG) - Completion of Commercial Agreement with AME

Following the previously announced formal governmental consent for UKOG to acquire a 50% interest in the Basur Resan licence in Turkey, the company announced today it has now also completed the transaction with Aladdin Middle East Ltd (“AME”); as a result, the conduct of UKOG's operations will now be governed by the joint operating agreement (“JOA”) with AME in respect of the Basur Resan licence area.

Companies: UK Oil & Gas PLC

20 Jan 21

Morning Note – 20 January 2021

Companies: EOG SNG PPC

20 Jan 21

Galliford Try - January Trading Update Note

This brief but important update has underlined that Galliford Try is coping admirably with the seemingly constantly changing COVID restrictions, with all sites open (as they have been since the start of the financial year in July 2020) and trading at “normal” levels – in line with management expectations. Crucially, a return of profitability and dividends (as previously flagged) is expected with the half year results, due to be released on 4th March. Consensus is for a 2.5p dividend for the year ending in June 2021, growing rapidly to 4.0p for 2022 and 5.4p for 2023.

Companies: Galliford Try Holdings PLC

20 Jan 21

Cenkos: Corero Network Security plc -- growth in 2020E

FY20E order intake growth of 61% means Corero's revenue for last year of $16.8m will exceed our prior forecast. The trading update confirms c73% annual growth in revenues and further expansion of the annualised recurring revenue base. This performance highlights the increasing prioritisation of protecting networks against cyber and DDoS attacks. Buy.

Companies: Corero Network Security plc

20 Jan 21

Independent Oil and Gas - Valuation and forecast update

Valuation and forecast update

Companies: Independent Oil & Gas Plc

20 Jan 21

City of London Investment Group (CLIG LN) - FuM doubles to US$ 11 billion

What’s new: Ahead of the publication of the Group’s interims results for the six months to 31 December 2020, CLIG has released a detailed trading update which reveals:  Group consolidated FuM of US$11.0 billion (£8.0 billion), which is twice the FuM of US$5.5 billion (£4.4 billion) at the Group’s year end on 30 June 2020;  The merger with Karpus Management Inc ("KMI") added c US$3.6 billion from 1 October 2020;  Investment performance across CLIG’s investment strategies was “strong”, following “significant discount narrowing” and “good NAV performance”;  Rebalancing of client portfolios resulted in US$ 290 million of net outflows.

Companies: City of London Investment Group PLC

20 Jan 21

Same info, new reaction

Oil ignores IEA forecast cut, rallies on stimulus hopes Global inventories plunged in Q4 as demand recovery continued Shale output continues to slide as activity remains too low

19 Jan 21

Several potential triggers during 2021

Hydro will report its Q4 results on 12 February and we now expect an underlying EBIT of NOK 1,364m (1,245) vs consensus at NOK 1,385m. We have raised our 2021/22 estimates by 37%/30% on the back of a firmer LME price, to some extent offset by a stronger NOK. We see several potential triggers during 2021, mainly related to Hydro’s renewable growth initiatives. We stick to Buy and lift our target price to NOK 45 (35) following our earnings revision.

Companies: Norsk Hydro ASA

19 Jan 21

Condor Gold adds second drill rig as they look to ramp up drill program at La India Project

19 Jan 21

Emerging scope for brighter days ahead

Alstom delivered a positive Q3 FY20/21 update with organic revenue growth and an improved order intake. Management maintained its FY and mid-term outlook, raising the scope for a robust Q4 in terms of order intake. With all necessary regulatory approvals received, the Bombardier Transportation acquisition is expected to be completed by the end of this month.

Companies: Alstom SA