Research Tree | Equity Research for Investors

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

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)

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

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.

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

25 Oct 21

LIBERUM: Plus500* - Accelerating investment for growth

Companies: Plus500 Ltd.

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

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

20 Oct 21

UK Net Zero Strategy Helpful

We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T

Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS

25 Oct 21

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'

25 Oct 21

Support Group - finnCap Support Services quarterly sector note

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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

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

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)

25 Oct 21

Rising vacancy in French offices in Q3 21 indicates worse to come in our view

Following stabilisation in Q2 21, vacancy was up 130bps sequentially in French Offices. Guidance unchanged. Nothing more about the Icade Santé IPO.

Companies: Icade (ICAD:EPA)Icade SA (ICAD:PAR)

25 Oct 21

Hybridan Small Cap Feast 25/10/2021

Joiners Arrow Exploration Corp. (AIM:AXL; TSXV:AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has joined AIM, alongside a fundraise of approximately £8.8m. Leavers No Leavers Today What’s cooking in the IPO kitchen? ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas com

Companies: SPA ECR KP2 SAR SYM