• 26 Oct 21
LIBERUM: Sylvania Platinum* - Better on costs, guidance maintained


Companies: Sylvania Platinum Ltd.
  • 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)
  • 25 Oct 21
ITM Power - A Strong Position in a Strong Market

ITM Power is leading the world in PEM electrolyser manufacturing, and we believe it can use this to build sustainable advantage and grow market share in a rapidly growing hydrogen economy. The company is funded to add capacity and over time this should enable ITM to keep up with market growth to maintain a strong market share. The product is itself world leading which again creates competitive advantage. Demand itself appears secure with the IEA suggesting a major supply deficit by 2030. We init

Companies: ITM Power 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

  • 21 Oct 21
LIBERUM: Luceco* - Q3 trading in line


Companies: Luceco PLC
  • 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.
  • 26 Oct 21
Strix Group plc (KETL LN) - Product launch announcements indicate growth strategy ramping up

Strix has announced the commercial launch of two products Aurora, an appliance that dispenses instant hot and chilled water, and Dual Flo, a product with the usual characteristics of kettle but is able to deliver a single cup of boiling water. Both products fit with Strix’s sustainability strategy by saving water, energy, reducing the overall impact on the environment and bringing tangible benefits to consumers. The announcement is evidence of the organic growth strategy outlined at the Capital

Companies: Strix Group PLC
  • 21 Oct 21
Team17 - Differentiated Growth Story

The company has not put a foot wrong since IPO. We believe that TM17 has a differentiated business model, which combines premium independent gaming and Edutainment. The company is the partner of choice for independent developers; however, this strategy results in low-ish gross margins. TM17 is perhaps the most cautious of the UK stocks, in terms of near-term outlook. Buy

Companies: Team17 Group 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
  • 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
  • 26 Oct 21
Ion Energy Ltd. (TSXV: ION, OTCQB: IONGF, FRA: 5YB) – Maiden Drilling Programs Conducted at Flagship Project and Newly Acquired Property

• Ion Energy Ltd. (TSX-V: ION) (“ION”, or “Company”) has moved to the drilling stage, having completed maiden drilling at its flagship project. In addition, the company has acquired a new property in close proximity to Baavhai Uul, expanding its total portfolio to over 100,000 hectares. • Maiden Drilling at Baavhai Uul: ION has completed a 23-drill hole program covering 823 meters at its flagship project, with a potential near-term catalyst being assay results from the drilling due for announ

Companies: Ion Energy Ltd
  • 26 Oct 21
MP Materials Corp. (NYSE: MP) –Overvalued at the Current Price Level; Major Risk with NdPr Price Correction

Based on our analysis and valuation models, we are initiating coverage with a SELL rating and a fair value per share estimate of US$24.85 per share.

Companies: MP Materials Corp Class A
  • 26 Oct 21
Q3 21: no surprises

Thales has provided solid numbers which were globally in line with consensus. It has confirmed its new guidance (without the Transport division), where it seems well on track to achieve it. Overall, we are still impatiently waiting for an M&A opportunity to see which sector Thales will reinforce.

Companies: Thales (HO:EPA)Thales SA (HO:PAR)
  • 26 Oct 21
An eventful Q3 elevated by solid revenue growth across core businesses

Bolloré closed an upbeat Q3, posting impressive revenue growth for its Transportation & Logistics business, as well as a sales surge for Oil Logistics boosted by rising oil prices. On the Vivendi side, the de facto takeover bid of Lagardère following its agreement signed with Amber Capital points to the family’s next major move after the successful completion of the UMG spin-off, which has led to the Bolloré parent holding an 18% stake on the now independent crown jewel.

Companies: Bollore (BOL:EPA)Bollore SA (BOL:PAR)
  • 26 Oct 21
Strong Q4 trading performance

Ceconomy’s Q4 trading performance was in line with our expectations. Lfl sales slumped 1.2% on the back of a tough comparable base. We expect the company to gain further strength in the forecast years, especially on its domestic turf ‘Germany’. Overall, the adjusted profit should grow ahead of the top-line momentum. We maintain our optimistic stance on the stock’s valuation.

Companies: CECONOMY AG
  • 26 Oct 21
ContourGlobal - 9M21 Trading Update

ContourGlobal has posted a solid 9M21 performance, led by the acquisition of the Western Generation Portfolio earlier this year. Both operationally and financially ContourGlobal had a strong 9 months, with significant growth across both thermal and renewable production. It generated 14.4% higher EBITDA and 11.1% higher Funds from Operations, the dividend grew 10% YoY, as expected, and guidance was re-iterated. Management also undertook significant refinancing work in Brazil and the Caribbea

Companies: ContourGlobal Plc
  • 26 Oct 21
Supportive H1 but margin rebuilding under pressure

Despite the encouraging H1 performance, which was partially explained by the staycation-driven increase in demand, and a faster revenue recovery for its UK hotel business, Whitbread’s H2 profit generation should be limited by inflationary pressures and the restrained activities in Germany.

Companies: Whitbread PLC
  • 26 Oct 21
Delivering better on profitability

Alfa Laval’s results were a mixed bag when compared to the consensus but showed clear growth over Q3 20. Orders were again the strongest part of the release, whereas revenues and adjusted EBITA rose in single-digits. The service business also registered all round growth. Profitability continued to be better than expected. For Q4, the group expects an environment similar to Q3. This would imply that revenues are likely to decline over 2020 but profitability will clearly be better.

Companies: Alfa Laval (ALFA:STO)Alfa Laval AB (ALFA:OME)
  • 26 Oct 21
Biogen Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 10/26

Biogen has had a particularly rough year so far. After much anticipation, the company’s Alzheimer's disease drug, Aduhelm was launched amidst huge controversies with respect to its regulatory approval. The drug’s revenues were as low as $0.3 million in the recent quarter with wholesalers reducing inventories on account of lack of clarity on reimbursement. The company’s core portfolio of multiple sclerosis drugs is also witnessing a sharp drop of around 18% in the last quarter given the strong co

Companies: BIOGEN (BIIB:NYSE)Biogen Inc. (BIIB:NAS)
  • 26 Oct 21
Tesla Inc - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 10/26

Tesla has been one of the hottest stocks this week after the major announcement from Hertz of ordering 100,000 Teslas by the end of 2022. The car rental company making a significant investment to build a large EV rental fleet has propelled Tesla’s stock above the $1000 threshold and well above our last target price. The company’s recent financial performance has also been strong with a 57% top-line growth and a 73% year-over-year increase in vehicle deliveries. Its low-cost models i.e., Model 3

Companies: TESLA MOTORS (TSLA:NYSE)Tesla Inc (TSLA:NAS)
  • 26 Oct 21
International Business Machines (IBM) - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 10/26

IBM had a below-par result as it failed to meet market expectations causing a slight correction in the stock. If we exclude the upcoming spin-off of Kyndryl, the company’s revenue growth was around 2.5% for the quarter with many of its traditional businesses such as global financing and systems showing a negative growth. The systems division in particular has struggled given the cyclically lower sales of IBM Z and Power systems. IBM’s cloud and cognitive software revenues performed well and its

Companies: International Business Machines Corporation
  • 26 Oct 21
Newmont Corporation - Teething trouble at Boddington irrelevant

Since August, there have been a number of developments at Newmont Corporation pertaining to its operational performance for the remainder of FY21. Chief among these was the announcement on 5 October that it had delivered the gold industry’s first Autonomous Haulage System (AHS) fleet to its Boddington mine in Western Australia. Notwithstanding COVID-19, the fully autonomous haulage fleet was delivered on time and on budget and will improve both mine safety and productivity as well as its life. N

Companies: Newmont Mining (NEM:NYSE)Newmont Corporation (NEM:NYS)
  • 26 Oct 21
‘Record’ Q3; well-positioned to withstand near-term cost headwinds

Thanks to material (aluminium) price tailwinds and healthy market demand (across most divisions), Norsk Hydro reported ‘record’ Q3 results. The performance was led by Primary Metal and was well-complemented by other divisions (excluding Metal Markets). While cost escalation (especially for energy) is a key near-term challenge for the industry, the Norwegian giant is well-covered via material internal generation of renewable energy. Hence, our positive stock recommendation is reiterated.

Companies: NORSK HYDRO (NHY:STO)Norsk Hydro ASA (NHY:OSL)
  • 26 Oct 21
Strong momentum but little scope for upside

Penalised by a slight margin EBIT miss and cautious tone regarding Q4. The market seems to expect more from a company now, perhaps too expensive?

Companies: Davide Campari-Milano (CPR:BIT)Davide Campari-Milano N.V. (CPR:MIL)
  • 26 Oct 21
Share price jumps as Energy stars in Q3 perfromance

Wärtsilä’s stock price soared >10% (at the time of writing) following the better-than-expected Q3 results today — as the group continues to see improvements in its two end-markets. Accelerated demand for energy storage solutions underpinned the order-intake and sales, while profitability benefited from a favourable sales mix. We will raise our estimates and target price, but see limited upside given the subdued activity levels in the cruise vessel segment and muted margin profile associated with

Companies: Wartsila Oyj Abp
  • 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
  • 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
  • 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-
  • 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
  • 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-
  • 11 Oct 21
Jim Mellon, co-founder of Agronomics - ETV Interview
jim-mellon-co-founder-of-agronomics-etv-interview-11-10-2021
  • 21 Oct 21
Bango says key message from annual Strategy Day is simply growth with 'massive opportunities ahead'
bango-says-key-message-from-annual-strategy-day-is-simply-growth-with-massive-opportunities-ahead-

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