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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

12 Jan 21

Building on its proven growth track record

Robust FY21 performance forecast, despite pandemic

Companies: SDI 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

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

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

Positive FY20 update generates yet more upgrades

Ongoing strong demand for EKF’s products, both in the core business and the Primestore MTM Covid-19 sample collection device, means the FY20 outturn will be “comfortably ahead” of already upgraded expectations. This pattern is expected to persist throughout Q1’21 and beyond and management is confident that the performance in Q1 will be materially ahead of expectations. Having previously left FY21 estimates untouched, we are today putting through the first in what we expect to be a series of material upgrades. Given the dynamic situation around Covid-19, we expect regular updates throughout the course of the year and will adjust our forecasts accordingly as visibility over ordering patterns increases.

Companies: EKF Diagnostics Holdings plc

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

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)

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

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

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

04 Jan 21

Cenkos: HeiQ Plc - Pioneering materials for life

HeiQ is a materials innovation technology company, marketing products that increase the functionality of technical, medical and consumer textiles. The company's core products are at the leading edge of innovating the c$25bn textile chemicals market, while the recently launched antimicrobial technology, HeiQ Viroblock, enables the forward integration into the c$10bn antimicrobial textile market and OTC textile medical devices. The company is grounded on three strategic success factors, materials innovation, mass manufacturing and ingredient brand marketing, which will support the company's ambition to grow its revenues from $30m to $300m in the medium term. HeiQ has listed on London's Main Market via a reverse takeover, raising £20m in new equity. We initiate coverage with a BUY.

Companies: HeiQ 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

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

12 Jan 21

XP Power - Strong finish to the year

XP reported a strong finish to 2020, with Q4 revenues up 24% y-o-y and 4% ahead of our forecast, driving FY20 profitability ahead of expectations. Order intake has normalised to pre-COVID-19 levels, reflecting continued strong demand from the semiconductor sector. We have revised our estimates to reflect strong Q420 performance and the weaker dollar, driving a 3.0% increase in FY20 EPS and a 2.3% cut to our FY21 EPS.

Companies: XP Power Ltd.

18 Jan 21

WHI First Light: Caledonia Mining (CMCL) - Record Full year production from Blanket

Caledonia announces record production from its Blanket mine in Zimbabwe. The mine produced 57.9koz gold in 2020 (WHIe 55.5oz) up from the 55.2koz produced last year and beating its previous record production in 2017 of 56.1koz gold. Final quarter production of 15koz put Blanket in this position which bodes well for next year's production guidance of between 61 – 67koz (WHIe 65.8koz at the upper end of guidance) as production through the Central Shaft is expected to finally initiate.

Companies: Caledonia Mining Corporation PLC

18 Jan 21

IQGeo Group - FY20 beats expectation and the outlook is bright

Today’s positive trading update provides further encouragement for investors. The shares have been appreciating steadily on the back of last month’s fund raise and acquisition, followed by a major contract win and the £2.5m sale of the remaining RTLS stake, which had previously been largely written off. Both FY20 revenue and adj. LBITDA are better than forecast and YE net cash is particularly healthy. The integration of OSPi is underway, with all staff already transferred. We adjust FY20 forecasts and reiterate future forecasts. Future cash expectations are lifted by the higher YE balance as well as the sale of the remaining RTLS holding.

Companies: IQGeo Group PLC

18 Jan 21

Remarkable recovery

Crude correction continues Monday on virus worries Forecast raised as all indicators point to recovery strengthening Further improvement seen in ‘22 as demand above trend, supply to lag

18 Jan 21

Union Jack Oil# - Further Biscathorpe stake acquisition

Further Biscathorpe stake acquisition

Companies: Union Jack Oil Plc

18 Jan 21

Serinus Energy* - M-1008 production well spudded

M-1008 production well spudded

Companies: Serinus Energy plc

18 Jan 21

FIG Fortnightly: Reinvigorating markets

Talking points - Updates from Fund and Wealth Managers have been upbeat, despite ongoing uncertainty over the timing of rollout of Covid-19 (see chart of the moment). - Net inflows to UK fund managers reached record levels in November 2020 with Global Mandates being major beneficiaries (see page 2). - UK Supreme Court rules against the appeal by 6 Business insurers (e.g. Amlin, Hiscox, RSA, Zurich) and for the FCA and hundreds of thousands of policyholders. - Next week Lord Hill’s UK Listings Review will pose the question “what single measure would reinvigorate public equity markets?”

18 Jan 21

Cenkos: Oil & Gas Sector -- 88 Energy, Trinity Exploration & Production, United Oil & Gas, Getech Group, Total SA and Apache Corporation, Hurricane Energy, Wentworth Resources, Lamprell, Energean, Pantheon Resources, Independent Oil & Gas, PetroTal Corp, G

Oil slid by the most in three weeks as a stronger dollar and weak US economic data stoked concerns over an economic rebound. Futures in New York tumbled 2.3% on Friday after a rally in oil earlier in the week pushed the benchmark into overbought territory. The US dollar strengthened, reducing the appeal of commodities priced in the currency. US consumer sentiment cooled more than forecast in January and other economic data such as sluggish retail sales and producer prices also portray the obstacles still facing the country as it emerges from the pandemic. Meanwhile, President-elect Joe Biden said he will ask Congress for $1.9 trillion to fund immediate relief for the US economy that has been pummelled by the pandemic. But the large price tag and inclusion of initiatives opposed by many Republicans set up the aid package for a drawn out legislative battle. Despite the pullback in oil futures, vaccine breakthroughs and Saudi Arabia's pledge earlier this month to deepen output cuts are expected to support prices. JPMorgan Chase & Co said a “nasty deficit” could emerge in the oil market later this year. Meanwhile, technical indicators had been flashing warnings signs all week. The 14-day Relative Strength Index for both US and global benchmark crude futures traded above 70 this week in a sign they were overbought, though both slipped under that level Friday. Prices  West Texas Intermediate for February delivery fell $1.21 to settle at $52.36 a barrel. Futures rose less than 1% this week.  Brent for March settlement lost $1.32 to end the session at $55.10 a barrel. The contract fell 1.6% during the week. The market's structure has also softened. Brent's prompt timespread dipped back into contango on Friday, a bearish structure where nearby prices are cheaper than later-dated ones. This week has seen the annual commodity index rebalancing take place -- a move that was expected to see as much as $9 billion flow into the oil market. Since it began last Friday, there has been a surge in so called trading-at-settlement volumes, an instrument often used by participants with index exposure. For Brent, average volumes over the last five days have reached a record. Other oil-market news:

Companies: FO PRP 88E DGOC EME TRIN UOG

18 Jan 21

Slightly disappointing Q4 update

Q4/20 operational EBIT of EUR 49m (Arctic: EUR 59m, Cons.: EUR 65m) NIBD of EUR 1,460m vs EUR 1,459m in Q3/20 and EUR 1.4bn target Harvesting volumes of 127’t – 1.8’t below expectations Full Q4/20 report due 17 February

Companies: Mowi ASA

17 Jan 21

Banks are going the same way rates are – UP!

The Norwegian banks recorded a strong finish to 2020 along with the rest of the market. We find a stronger macro outlook, increased likelihood of rate increases, as well as regulators removing restrictions on distribution - all supportive for valuation. We increase our target prices for all our Norwegian banks and reiterate our Buy recommendations. Top picks are SpareBank 1 SMN (MING), Sbanken (SBANK) and SpareBank 1 Nord-Norge (NONG).

17 Jan 21

Stage set for a better valuation

As detailed in our sector report we raise our targets for the Norwegian banks as we see the firmer macro outlook, potential for a late-2021 rate hike and more clarity on dividends as drivers for a rerating. Our estimate changes are more modest, but we now expect an EPS of NOK 9.6/10.8 for 2021/2022 respectively. With an ROE around 10% we believe this warrants a higher valuation and lift our TP to NOK 118 (88) and reiterate our Buy recommendation.

Companies: SpareBank 1 SR-Bank ASA

17 Jan 21

A strong yield case is materialising

Sbanken ASA will report Q4 on February 11th and the share has been soft post the Q3 numbers filed in mid-November. Sbanken is one of the banks that will be able to pay a decent DPS this spring and we also hope the company increases its targeted pay-out from 30% to 50% as there is plenty of room with its current capital position. With a strong 11% RoE for the coming two years, Sbanken is one of our top picks amongst the Norwegian banks.

Companies: Sbanken ASA

17 Jan 21

FX headwind and AML provision in Q4

DNB’s Q4 report is due on February 10th and we have only made minor estimate revisions this time around, including a NOK 400m provision in Q4 for the potential AML fine from the Norwegian FSA. We see lower risk on credit quality going forward following successful vaccines and initiated mass vaccination, but the offshore and travel sectors will remain difficult through 2021. We have lowered our 2020e EPS 6% and 2021e/2022e 2% and reiterate our Hold for now.

Companies: DNB ASA

17 Jan 21

Rates, values, stocks

Rates: Cape advancing / Tankers remain depressed Asset values: Positive adjustments for bulkers and tankers Best stocks (30 days): SB (+60%), NM (+59%), NMM (+54%) Worst stocks (30 days): NAT (-6%), FRO (-3%), AMSC (-1%)

17 Jan 21

Records in European power markets

Arctic perspective: Records in European power markets Nel: 20MW PEM contract by Iberdrola confirmed Siemens Gamesa/Siemens Energy: Investing in offshore wind to green H2 Quantafuel: Agreement to acquire 40% of Geminor Invest Ørsted: Exceed 2020 EBITDA guidance and introduced 2021 Equinor: Equinor and BP secured wind offtake to New York State Equinor: Will test floating solar in rough waters Plug Power: Forming JV with Renault Chevron: Investing in carbon capture start up