• 13 Sep 21
AFC Energy (AFC LN) - A solid future

AFC Energy’s statements and recent integration work with ABB highlight growing interest from customers which bodes well for orders in the months ahead. The forthcoming S-series of products will expand the Group’s portfolio and should deliver much high power densities and improved economics. The deployment of fuel cell technology is increasingly recognised by Governments and industry as a key tool in reducing global greenhouse gas emissions, which we expect will drive momentum for deployment in a

Companies: AFC Energy plc
  • 13 Sep 21
Somero Enterprises - Structuring the BUY case

Structuring the BUY case

Companies: Somero Enterprises, Inc.
  • 14 Sep 21
Proposed acquisition of ExpressVPN

Kape has announced the sensational acquisition of ExpressVPN, a well-respected rival, for a total consideration of $936m, payable in cash and shares, subject to conditions. The dramatic move doubles Kape’s subscriber base (to c. 6m), delivers significant earnings accretion and marks another tour de force moment for the Group and its shareholders (following on from PIA in 2019 and Webselenese in 2021). Completion is expected to occur in Q4 2021. ExpressVPN represents a bullseye for Kape’s acquisi

Companies: Kape Technologies Plc
  • 15 Sep 21
Interim results shine on strong metal prices

Higher metal prices saw CAML achieve a 52% and 131% increase in EBITDA and FCF respectively in the first half of 2021, facilitating an attractive 8p interim dividend declaration (up 2p on H1 2020). The H1 results are tracking our full-year estimates, which if achieved would put CAML on an undemanding EV/EBITDA multiple of just 4x and see the shares yield over 8% at current market price. Given average copper, zinc and lead prices across H2 to date are around 10% higher than our pricing assumption

Companies: Central Asia Metals Plc
  • 16 Sep 21
AFC Energy (AFC) - RNS Reach: Urban-Air Port Partnership

AFC Energy announced that it has entered a hydrogen fuel cell supply and collaboration agreement with partner, Urban-Air Port Limited (“Urban-Air”), a leading UK developer of ground infrastructure for the growing demand in autonomous airborne drones and electric take-off and landing passenger vehicles.

Companies: AFC Energy plc
  • 14 Sep 21
Strong interims, further upgrades

EKF has delivered another strong set of results, with the step change in the scale of the business firmly consolidated. H1 revenues increased 46.5% driven by an ongoing recovery in the core business and strong demand from a number of public and private sector customers for sample collection devices. The outlook remains positive and progress is being made against the new strategy set out earlier in the year. We upgrade our FY21 revenue forecasts by 7% and EBITDA by 13% noting this still implies a

Companies: EKF Diagnostics Holdings plc
  • 15 Sep 21
Interims show strong progress across all divisions

RBG’s interims offer no surprises, with performance strong across all divisions and progress on track against our FY21e forecasts (Revs: £45.5m, Adj. EBITDA: £11.8m). The Group’s diversified revenue model has proved resilient against a continued backdrop of uncertainty – driving revenues +53% YoY against a somewhat weak comparative, split +35% organic, +18% from Memery Crystal (despite only one month of contribution). Demand for services across all three businesses remains strong, and management

Companies: RBG Holdings Plc
  • 16 Sep 21
Cenkos: Duke Royalty Ltd - Record results – more to come by FY23E

Today's results include few surprises in terms of cash outcomes, which are in-line with our FY21E forecasts. These record results come despite the year being challenged by Covid-19, evidencing the resilience of Duke's operating model and royalty partners. Post-period, 4 new investments have been concluded, which should help drive cash results higher over FY22E, despite a further 2 exits from the portfolio. As the company approaches near full deployment by FY23E, we expect to see FCF p/s and DPS

Companies: Duke Royalty Limited
  • 13 Sep 21
Xpediator (XPD LN) - Resilience in turbulent supply chain times

XPD has reported strong H1 earnings with revenue up c.27% and adjusted PBT up c.74%; results were in line with our estimates. Revenue growth was strong across all three divisions - Freight Forwarding, Warehousing & Logistics and Transport Solutions. XPD benefited from continuing strong shipment and pallet flows in the CEE region, extra UK customs work related to Brexit, a partial turnaround in UK warehousing, and more DKV-linked fuel cards activity. Profit increased in Freight Forwarding and Tra

Companies: Xpediator Plc
  • 14 Sep 21
EQTEC* -

EQTEC have confirmed that they have completed acquisition of a 1.2MW gasification plant. The plant is expected to be operational by Q4 2022.

Companies: EQTEC PLC
  • 17 Sep 21
LIBERUM: Ceres Power - Still offers good value


Companies: Ceres Power Holdings plc
  • 14 Sep 21
Copper cash flow kicks off royalty build-out

Altus has acquired an effective 0.418% NSR over the producing Caserones copper mine in Chile. Altus’ royalty interest was acquired for $34.1m in cash as part of a strategic 50:50 partnership with EMX Royalty Corp. The acquisition was part financed with a $29m loan facility from major shareholder, La Mancha. The royalty is immediately cash generative and Altus expects the NSR to generate post-tax royalty flows of US$3.2m pa. Caserones is a large open-pit copper porphyry in Chile, operated by JX N

Companies: Altus Strategies PLC
  • 15 Sep 21
Jubilee Metals (JLP) - Increased ownership in Zambian copper-cobalt projects and £30m placing

Today's raise is a testament to support for Jubilee's copper strategy in Zambia and once again showcases Jubilee's keen eye for value enhancing deals. The increase in ownership in the Tailings projects to produce the raw material for the Sable and Leopard refineries will allow Jubilee to benefit more from the profits generated and also to make choices on development speed and product output to closely match the requirements of the Integrated refineries. Today consolidates Jubilee's position in

Companies: Jubilee Metals Group PLC
  • 14 Sep 21
Cenkos: Agronomics Ltd -- Follow-on investment: Formo

Agronomics has announced a follow-on investment in existing portfolio company, Formo (previously LegenDairy Foods). The company has invested €3.15m in Formo's Series A funding, and now holds c5.9% of the enlarged share capital. The fundraise has generated a 7.5x uplift for Agronomics original €1m investment (Dec-19) and values Formo at c€180m (post-money) versus c€16m post-money value following the Seed round. Formo now becomes Agronomics largest holding, c9.1% and has delivered a net uplift in

Companies: Agronomics Limited
  • 14 Sep 21
Powerhouse Energy - Funding De-risks European Project

Powerhouse’s partner HUI’s funding of long lead time items shows a commitment to the company’s first European project in our view. As with Powerhouse’s own funding of similar items at the initial UK project, this helps to de-risk the timeline and moves the company towards establishing a wider European market.

Companies: Powerhouse Energy Group PLC
  • 17 Sep 21
Yext Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 9/21

Yext delivered a surprisingly good quarterly result with $98 million in revenues driven largely by new customers and upsells. The company’s earnings also exceeded the management guidance and there was a visible effort by the management to increase operating efficiencies in order to maximize margins. A major positive takeaway from the result was that Yext’s unearned revenue increased 12% year-over-year to $165 million. The company’s ARR was $378 million, up 12% year-over-year and renders a strong

Companies: Yext Inc (YEXT:NYSE)Yext, Inc. (YEXT:NYS)
  • 17 Sep 21
Salesforce.com, inc.. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 9/21

Salesforce experienced a phenomenal top and bottom-line performance in the second quarter of 2021. The company saw strong demand across all of their products, regions and customer sizes. Their revenue grew by a staggering 23% year-over-year in the recent quarter and around 21% in constant currency with a 20.4% operating margin and strong cash flow generation. Salesforce saw an acceleration in the utilization of its Sales Cloud. The company’s artificial intelligence based offerings which help sal

Companies: salesforce.com (CRM:NYSE)salesforce.com, inc. (CRM:NYS)
  • 17 Sep 21
Hochschild Mining reveals 'profitable' PEA on its heavy rare earths project named Aclara in Chile
hochschild-mining-reveals-profitable-pea-on-its-heavy-rare-earths-project-named-aclara-in-chile
  • 17 Sep 21
NextEnergy Capital announce 'really exciting news' expanding into UK energy storage sector
nextenergy-capital-announce-really-exciting-news-expanding-into-uk-energy-storage-sector
  • 17 Sep 21
Mondo TV - Production value well ahead

Mondo TV’s interims show a big step up in production value to €17.5m at end June (+36% y-o-y), with delivery of 26 episodes of Disco Dragon from Mondo TV France a large element. The regular stream of newsflow of sales and licensing agreements continued through H1, underpinning forecast progress for FY22. The newer deals give a broader international reach, reducing the weighting of Asia in the mix. The €10.5m funding from Atlas Special Opportunities has secured the balance sheet, allowing for the

Companies: Mondo Tv (MTV:BIT)Mondo TV S.p.A. (MTV:MIL)
  • 17 Sep 21
Destiny Pharma Presenting at the One2One Virtual Forum - 16th September 2021
destiny-pharma-presenting-at-the-one2one-virtual-forum-16th-september-2021
  • 17 Sep 21
Poolbeg Pharma Presenting at the Proactive One2One Virtual Forum - 16th September 2021
poolbeg-pharma-presenting-at-the-proactive-one2one-virtual-forum-16th-september-2021
  • 17 Sep 21
Faron Pharmaceuticals presenting at the Proactive One2One Virtual Forum - 16th September 2021
faron-pharmaceuticals-presenting-at-the-proactive-one2one-virtual-forum-16th-september-2021
  • 17 Sep 21
Samarkand Group presenting at the Proactive One2One Virtual Forum - 16th September 2021
samarkand-group-presenting-at-the-proactive-one2one-virtual-forum-16th-september-2021
  • 17 Sep 21
Hybridan Small Cap Feast 17-09-2021

Joiners No joiners today. Leavers No leavers today. What’s cooking in the IPO kitchen? Responsible Housing REIT to join the Main Market (Premium) raising up to £250m. The Company's investment objective is to generate a consistent and sustainable income-based return from the provision of Supported Housing accommodation assets and aligned sectors. The Company is dedicated to the expansion of Supported Housing accommodation and aligned sectors in the UK and will acquire and create quality, fit

Companies: AQX CEPS GROW FARN HNG INFA LIFE RUA THR TMT

  • 17 Sep 21
Ernst Russ - Catching the tailwinds

In H121, Ernst Russ (ERAG) continued its fleet expansion with the acquisition of two multipurpose vessels, bringing the number of majority owned ships to 18. It also sold the Bremen Fund management subsegment, decreasing its assets under management (AUM) in the management services segment, by €0.2bn to €0.6bn at end-June 2021. On the back of robust market environment for container shipping and healthy operational performance, management introduced the FY21 guidance with targeted revenues ranging

Companies: Ernst Russ AG
  • 17 Sep 21
Hybridan Research: TMT Investments (TMT.L) 17 September 2021 - 3.5% NAV uplift generated in the last month with US$16.3m exits agreed and c.US$4.7m deployed

TMT Investments released a Portfolio Update this morning. We have published research on this which is attached and a snapshot of the research is below. 3.5% NAV uplift generated in the last month with US$16.3m exits agreed and c.US$4.7m deployed The venture capital company investing in high-growth technology companies, has updated on developments in the Company's portfolio since the publication of the Company's 2021 interim results on 18 August 2021. This includes US$16.3m of agreed ful

Companies: TMT Investments
  • 17 Sep 21
Checkit - Bringing visibility to deskless worker operations

Checkit grew normalised revenue 13% y-o-y in H122, with 16% h-o-h growth in annual recurring revenue (ARR). In H122, Checkit invested to grow its salesforce, enhance its technology platform and expand in the US, with the aim of capitalising on the opportunity in the deskless worker market. Management is confident about the outlook for the remainder of the year; our estimates are broadly unchanged.

Companies: Checkit plc
  • 17 Sep 21
Altus Strategies' 'transformational transaction', the $34mln deal with Caserones copper royalty
altus-strategies-transformational-transaction-the-34mln-deal-with-caserones-copper-royalty
  • 17 Sep 21
Food prices become a concern as gas prices soar

Yara and CF Industries, two leading ammonia producers, have announced they are to curtail quite a high share of their European production. This comes after the soaring gas prices, which can not be passed on to the farmers. The lower European production comes with the impact of Hurricane Ida. The heavy winds had caused severe damage and sudden shutdowns in the Mexican Gulf region, so the global supply balance has been hit. It looks to us as if this is becoming another perfect storm.

Companies: YARA INTERNATIONAL (YAR:STO)Yara International ASA (YAR:OSL)
  • 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
  • 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
  • 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
  • 02 Jun 21
Open Orphan has 'firmly established its core pharma services offering'
open-orphan-has-firmly-established-its-core-pharma-services-offering-
  • 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
  • 03 Dec 20
Market Report: Brexit woes and UK supermarkets' pay back government support
market-report-brexit-woes-and-uk-supermarkets-pay-back-government-support
  • 16 Jul 20
Market Report: FTSE 100 retreats as UK employment tumbles
market-report-ftse-100-retreats-as-uk-employment-tumbles
  • 11 Aug 21
Lowland Investment Company plc - Janus Henderson Investors
lowland-investment-company-plc-janus-henderson-investors
  • 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
  • 10 Mar 21
bet-at-home - executive interview
bet-at-home-executive-interview-10-03-2021
  • 21 Jun 21
FTSE dips into the red this Monday as worries over a sooner than expected hike to US interest rates
ftse-dips-into-the-red-this-monday-as-worries-over-a-sooner-than-expected-hike-to-us-interest-rates
  • 09 Dec 19
Open Orphan PLC's Cathal Friel details merger with 'sleeping giant' hVIVO
open-orphan-plc-s-cathal-friel-details-merger-with-sleeping-giant-hvivo
  • 20 Nov 20
bet-at-home - executive interview
bet-at-home-executive-interview-20-11-2020
  • 16 Jul 21
Bango: Building on strong foundations laid in 2020, sustaining high growth in first half of 2021
bango-building-on-strong-foundations-laid-in-2020-sustaining-high-growth-in-first-half-of-2021