• 19 Oct 21
AFC Energy (AFC LN) - Attractive ahead of COP26

The forthcoming UN Climate Change Conference (known as COP26) should result in an acceleration of governments’ actions to reduce CO2 emissions. This will result in an acceleration of customer end-user adoption rates which would be positive for AFC Energy which is developing zero-emission solutions for the EV-charging, construction, data centre and marine markets.

Companies: AFC Energy plc
  • 22 Oct 21
LIBERUM: Bango* - Strategy day spotlights massive growth outlook


Companies: Bango plc
  • 20 Oct 21
LIBERUM: SigmaRoc* - On track and good Nordkalk meeting


Companies: SigmaRoc Plc
  • 19 Oct 21
Vast Resources+ (VAST, House Stock at 5.4p)

We are initiating coverage of VAST Resources (VAST), which has wholly-owned Baita Plai and Manaila polymetallic mines plus an interest in two exploration projects, all located in Romania. At this stage, Baita Plai is the main driver for our valuation as it is currently being ramped up to 14kt per month. As such, we expect Baita Plai’s Cu eq output to reach c 2.4ktpa in FY23F followed by 3.3ktpa in FY24F. This, coupled with Manaila’s potential re-start of an additional 3ktpa of Cu eq over the sho

Companies: Vast Resources plc
  • 20 Oct 21
Phoenix Copper (PXC) - Update on Red Star magnetic survey

Phoenix copper today provides an update on its ground geophysical survey over the Red Star prospect near its Empire copper project in Idaho. The Red Star skarn mineralisation (lead and silver ± copper, zinc) is associated with magnetite; the survey just undertaken was to better understand the distribution and orientation of magnetite to find potential mineralisation and to inform the location and direction of a further drilling programme.

Companies: Phoenix Copper Ltd. (United Kingdom)
  • 21 Oct 21
Frontier Developments - Great Expectations

The market (and FDEV) is projecting an ambitious step-change in financial performance in FY 22 and FY23. Investors however may recall that Elite Odyssey updates have been delayed. For a variety of reasons, we believe there is some residual risk of disappointment here. Hence, we prefer to sit on the side-lines. Buy

Companies: Frontier Developments Plc
  • 20 Oct 21
Active Net Zero Clean Energy Index

Longspur Research and Radnor Capital Partners have launched the Active Net Zero Clean Energy Index to allow investors to measure the performance of companies actively enabling climate solutions.The key emphasis is on the word “active”. This pan-European index eliminates greenwashing by penalising fossil fuel activities and focuses on actual achievement and positive contribution, rather than promises for the future. Our proprietary selection methodology is systematic, rules based and quantifiable

Companies: DRX ITM PHE SAE SIT STRLNG VLS

  • 19 Oct 21
Tremor - Tremor’s end-to-end platform strengthens with CTV acquisition

Tremor has announced the complementary $14.7m acquisition of Spearad, which is a global Connected TV (CTV) ad server and media management platform. It enables broadcasters and TV content companies to deliver seamless TV-like ad experiences in CTV and OTT environments, through a platform that can centrally manage and optimise both direct-sold and programmatic CTV campaigns. The Spearad platform will be integrated into Unruly’s Supply Side Platform (SSP), and enable Tremor to offer new and existin

Companies: Tremor International Ltd.
  • 25 Oct 21
LIBERUM: Plus500* - Accelerating investment for growth


Companies: Plus500 Ltd.
  • 21 Oct 21
LIBERUM: Luceco* - Q3 trading in line


Companies: Luceco PLC
  • 22 Oct 21
Question mark regarding the pricing/volume trade-off

Mixed feelings following the Q3 results: the maintained FY margin guidance reassured in the current inflationary environment, but the Q3 volume decline raises questions about the trade-off between pricing and volumes.

Companies: Unilever PLC
  • 18 Oct 21
Cenkos: Diversified Energy Company Plc -- The Consolidator of Choice

Diversified Energy Company (DEC) has announced a fourth acquisition within the Company's Central Region, acquiring a portfolio of upstream assets and related infrastructure from Tapstone Energy Holdings LLC and its related party, KL CHK SPV LLC. Oaktree Capital will co-invest in the acquisition, representing Oaktree's third co-investment since May this year. Importantly, Oaktree's participation provides important third-party validation whilst also affording Diversified additional liquidity and l

Companies: Diversified Energy Company PLC
  • 19 Oct 21
Palace Capital* - Encouraging Trading Update

Palace Capital has released a good trading update of for the 6 months to 30 September. The Group has achieved good progress both across the portfolio and in sales achieved at Hudson Quarter. With cash reserves rising, the Group continues to look for value creative opportunities to recycle capital which should realise value for shareholders. Buy

Companies: Palace Capital plc
  • 25 Oct 21
Deployment continues, £400m pipeline, move to Premium List

Updating at the end of H1, Urban Logistics REIT (“ULR”) continued to deploy capital, with 2 further transactions in the last weeks of H1 bringing the total to £103m since the last raise (£109m in Jul-21). There is a further £50m in advanced stages and a £400m pipeline beyond that. Yields are in line with expectations and assets are pregnant with active management opportunities, which ULR thrives on. The board is seeking to move to Premium List to facilitate future growth. We leave forecasts unch

Companies: Urban Logistics REIT plc
  • 18 Oct 21
Bioventix - FY 2021 – normality returning

Bioventix reported FY 2021 results that showed an improvement in H2 revenue growth (+11% vs +1% in H1), suggestive of a return to pre-pandemic testing volumes and growth, resulting in FY 2021 revenues +6% to £10.9m. Adjusted pre-tax profit, however, fell 3% to £8.1m, impacted by c.£0.5m (-6%) FX movements. A 38p special dividend was proposed, resulting in a full-year dividend of 143p, up 1%. FY 2022 will be a transition year, impacted to some extent by FX headwinds (c.-5%) and the loss of c.£1.2

Companies: Bioventix Plc
  • 26 Oct 21
Briggs ready to rig up

Canterbury Resources Limited (ASX:CBY) is a junior minerals explorer established in 2011, listed in 2019 and assessing large-scale copper-gold plays in the south-west Pacific region. The company has a number of active projects in PNG and Queensland. As highlighted in our note of 23-Aug, a return to drilling at the Briggs Project is now imminent with Africa Energy Resources (ASX:AFR) to fund a 3,000m RC drilling campaign focusing on the higher-grade central porphyry zone. The aim of the campaign

Companies: Canterbury Resources Ltd.
  • 25 Oct 21
Cypress Development Corp. (TSXV: CYP) – Starting Up Pilot Plant Testing Operations and Entering into Water Rights Purchase Agreement

• Cypress Development Corp. (TSX-V: CYP) (“CYP”, or “Company”) continues to advance with its major near-term development initiatives, with the successful set up of its pilot testing plant close to the Clayton Valley Project as well as entering into a purchase agreement for local water rights. We expect these wins to support further advancement of Clayton Valley to the FS stage. • Successful Completion of the Pilot Plant: The company has assembled its pilot testing facility south of the Clayto

Companies: Cypress Development Corp.
  • 25 Oct 21
Solid Q3 21. Guidance surprisingly re-iterated leaving room for near and mid-term forecast upgrades.

Sartorius Stedim delivered another strong quarterly showing (+48/61.3% sales/EBITDA growth, respectively), trumping estimates on the top as well as the bottom line. However, the re-iterated guidance implies a very conservative end to FY21. Moreover, with pandemic tailwinds expected to persist in FY22, a mid-term (FY25) guidance upgrade is likely. We will upgrade our estimates to factor in the strong showing as well as quicker than expected mid-term execution.

Companies: Sartorius Stedim Biotech (DIM:EPA)Sartorius Stedim Biotech SA (DIM:PAR)
  • 25 Oct 21
Allergy Therapeutics' set for phase III trial after positive results from grass pollen immunotherapy
allergy-therapeutics-set-for-phase-iii-trial-after-positive-results-from-grass-pollen-immunotherapy
  • 25 Oct 21
SourceBio International 'uniquely positioned to help NHS reduce backlog as a partner'
sourcebio-international-uniquely-positioned-to-help-nhs-reduce-backlog-as-a-partner-
  • 25 Oct 21
Support Group - finnCap Support Services quarterly sector note

Bullet 1 Video provides a powerful way to help you prove your point. When you click Online Video, you can paste in the embed code for the video you want to add. You can also type a keyword to search online for the video that best fits your document. To make your document look professionally produced, Word provides header, footer, cover page, and text box designs that complement each other. For example, you can add a matching cover page, header.

Companies: FOUR BLV DSCV

  • 25 Oct 21
Q3: net debt temporarily higher on surging gas

The results were in line with consensus, on the back of the higher oil price and with the upstream division contributing 85% of the EBITDA. The market was spooked (-4% at pixel time) by a large build in working capital, pushing net debt back above the target. In our view this seems overdone, with management guiding for an improvement in the coming quarters and taking into consideration this temporary issue when deciding on the variable distribution at the year end.

Companies: Galp Energia SGPS (GALP:ELI)GALP Energia SGPS SA Class B (GALP:LIS)
  • 25 Oct 21
Better-than-expected Q3 update; FY EBITDA guidance raised

Edenred reported its Q3 FY2021 sales update, slightly ahead of market expectations. Operating revenue grew c.13% yoy underpinned by a recovery in business activity, and the rollout of new and existing solutions. Backed by the strong sales performance in 9M FY2021 to date, management upgraded its EBITDA guidance for the year. Overall, a strong update. We will revise upwards our estimates and target price, but retain our cautious stock recommendation.

Companies: Edenred (EDEN:EPA)Edenred SA (EDEN:PAR)
  • 25 Oct 21
Morning Note – 25 October 2021


Companies: BMS CHAR TIDE

  • 25 Oct 21
Resilient revenues in lockdown

Millennium Services Group Ltd (ASX:MIL) has released its FY22 September quarter activities report incorporating some trading commentary. Revenues for the quarter were $65.6m (RaaS $65m), 2% above Q1FY21 but 5.3% below Q4FY21. Both Q1FY21 and Q1FY22 were impacted by COVID-related lockdowns at shopping malls but considering the extent of the most recent lockdowns, contracted and ad hoc revenues are proving very resilient. Despite lockdowns lifting we expect quarterly revenues for the remainder of

Companies: Millennium Services Group Ltd.
  • 25 Oct 21
BlackRock Latin American Inv. Trust - Improving fundamentals, undemanding valuations

BlackRock Latin American Investment Trust (BRLA) has two experienced managers, Sam Vecht and Ed Kuczma. They comment that Latin America is attractively valued both versus its history and compared with other regions. Within emerging markets, due to regulatory pressures there has been some rotation away from Asian technology companies whose shares have been favoured by investors over the last five to 10 years and have crowded out Latin American equities in emerging market indices. Vecht and Kuczma

Companies: Blackrock Latin American Investment Trust PLC
  • 25 Oct 21
Bidstack presents opportunities for new ad format for brands with its new 'in-menu' offering
bidstack-presents-opportunities-for-new-ad-format-for-brands-with-its-new-in-menu-offering
  • 25 Oct 21
Tinexta - Strong growth ambitions

Tinexta provides IT solutions, information and consulting services in niche markets, predominantly to corporate clients, with leading or strong market positions in most of its businesses. Structural growth drivers include the transition to a digital economy and enhanced online security; governments’ desires to stimulate innovation and growth; and the internationalisation of trade. Management’s strategy of diversifying its services and geographic expansion via M&A and subsequent organic growth ha

Companies: Tinexta SpA
  • 25 Oct 21
Zscaler Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 10/21

This is our first report on Zscaler, a company known to provide a wide variety of digital transformation & cybersecurity solutions. Its stock has been a high-flyer over the past quarters given the phenomenal growth rate and the strong set of results making it one of the most expensive tech companies today based on its valuation multiples. The company has a disruptive cloud-native platform which is particularly relevant for the prevailing work-from-home environment in many global organizations as

Companies: Zscaler Inc (ZS:NYSE)Zscaler, Inc. (ZS:NAS)
  • 25 Oct 21
Domino's Pizza Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 10/21

This is our first report on Domino's Pizza, the world's largest pizza delivery business. The company has been one of the best foodservice performers after it managed to generate a double-digit top-line growth in the pandemic year when the rest of the industry was struggling to survive. The past few months have also been good for Domino’s though it does face its fair share of challenges with respect to inflation, labor shortages, and possibly increased competition. Domino’s is known to operate on

Companies: Domino's Pizza (DPZ:NYSE)Domino's Pizza, Inc. (DPZ:NYS)
  • 10 Jun 21
Agronomics (LON:ANIC) Presenting at the Cenkos Growth & Innovation Forum - Tuesday 8th June 2021
agronomics-lon-anic-presenting-at-the-cenkos-growth-innovation-forum-tuesday-8th-june-2021
  • 16 Jul 20
Market Report: FTSE 100 retreats as UK employment tumbles
market-report-ftse-100-retreats-as-uk-employment-tumbles
  • 22 Sep 21
FTSE upbeat ahead of Fed interest rate decision despite gas price hikes dominating UK headlines
ftse-upbeat-ahead-of-fed-interest-rate-decision-despite-gas-price-hikes-dominating-uk-headlines
  • 06 Jul 21
FTSE sinks lower as traders await the US markets' opening with little major domestic news to chew on
ftse-sinks-lower-as-traders-await-the-us-markets-opening-with-little-major-domestic-news-to-chew-on
  • 24 May 21
Agronomics set to 'completely disrupt the agricultural sector'
agronomics-set-to-completely-disrupt-the-agricultural-sector-
  • 11 Jun 21
Sirius Real Estate grows dividend by over 10%, revealing 'good year' in terms of output and results
sirius-real-estate-grows-dividend-by-over-10-revealing-good-year-in-terms-of-output-and-results
  • 21 Jul 20
Morning Report: Vaccines and EU package lift FTSE 100
morning-report-vaccines-and-eu-package-lift-ftse-100
  • 26 Aug 21
FTSE in the red off back of disappointing Asian session while NHS are latest to endure supply issues
ftse-in-the-red-off-back-of-disappointing-asian-session-while-nhs-are-latest-to-endure-supply-issues
  • 13 Sep 21
Chesnara 'expands size of UK business as consolidator' with Sanlam Life & Pensions UK Limited (SLP)
chesnara-expands-size-of-uk-business-as-consolidator-with-sanlam-life-pensions-uk-limited-slp-
  • 18 Aug 21
Deltic Energy present details of farm-out deal with Cairn Energy PLC and how it benefits the firm
deltic-energy-present-details-of-farm-out-deal-with-cairn-energy-plc-and-how-it-benefits-the-firm
  • 07 Sep 21
Bango delivers strong rise in first-half revenue as online spending surges
bango-delivers-strong-rise-in-first-half-revenue-as-online-spending-surges
  • 06 Oct 21
FTSE 100 staggered badly in early deals on rising inflation, shortages and a general mood of pessimism
ftse-100-staggered-badly-in-early-deals-on-rising-inflation-shortages-and-a-general-mood-of-pessimism
  • 02 Jun 21
Open Orphan has 'firmly established its core pharma services offering'
open-orphan-has-firmly-established-its-core-pharma-services-offering-
  • 10 Mar 21
bet-at-home - executive interview
bet-at-home-executive-interview-10-03-2021
  • 11 Oct 21
Jim Mellon, co-founder of Agronomics - ETV Interview
jim-mellon-co-founder-of-agronomics-etv-interview-11-10-2021

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