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04 Mar 21

LIBERUM: Plus500* - Conditions remain attractive

In addition to highlighting the relatively attractive underlying conditions that prevailed in February, in this note we introduce our FY23 estimates. We believe that the latter helps to further highlight the attractive valuation and growth potential offered by the group, as well as the significant valuation discount that Plus500 trades on relative to its peers. We see the latter as inappropriate given the clear benefits of the group’s best-in-class platform, its scalable technology and agile marketing algorithms. We expect these factors to drive continued market share gains and superior financial returns, and as a result, we reiterate our BUY rating.

Companies: Plus500 Ltd.

01 Mar 21

Digital momentum building

Reach’s prelims were ahead of N1S estimates for H2 sales and EBITDA (1% and 3% resp.) and showed excellent progress with both the customer value strategy (‘CVS’) and business transformation agenda. Whilst FY’20 Group sales were 15% y/y lower as CV19 impacted Print, Digital revenue grew +11% y/y to £118m (H2: +20% to £70m), supported by a strong uptick in user engagement with content (page views/user: +39% y/y) and further progress in signing up new registered users (Feb’21: 5.8m; Dec’20: 5.0m; Dec’19: 0.7m). Meanwhile quick action to mitigate CV19 impact on Print volumes and execution on the business transformation plan saw AOP margins increase 50bps y/y, with Group H2 AOP down just 4% y/y (FY’20: -13%). Looking ahead, there were highly encouraging results from initial campaigns on the Group’s ReachID platform (+10%-40% uplift in click-through rates on early campaigns), whilst further cost savings of £11m are announced through rationalisation of the Group’s Print sites. Strong cash performance was reflected in £42m of cash inflow (post pension and historic legal and contractual payments), which gives management confidence to declare a final cash dividend of 4.26p/share. The path to sustainable top-line and FCF growth remain very much open, with FY’21E adj FCF of £120m generating an 11% yield at current valuation.

Companies: Reach plc

01 Mar 21

AFC Energy (AFC LN) - Final results

Final results from AFC are very close to our projections, with net cash slightly ahead of our expectations. There is no new news in this announcement, and we marginally edge up the losses in 2021E and 2022E due to increased activity levels as the Group looks to capitalise on the vast opportunities available. We remain excited about the long-term investment thesis we set out recently and maintain our target valuation of 191.5p per share. As we have previously highlighted, our valuation excludes what we consider to be significant growth opportunities highlighted in the note.

Companies: AFC Energy plc

05 Mar 21

RBG Holdings - Promising Outlook for 2021 – Updating Earnings

The recent capital markets day presentations provided a clear strategic direction and purpose to the RBG Holdings strategy and the resulting diversification of operations. The quality of Rosenblatt law has continued to show through and the flexible approach to staffing, allied to the business mix and fee arrangements, provides excellent margins. The branching out into other related professional services is strategically sensible and recent updates from the Group suggest execution is improving, particularly this morning's announcement of further deal completions at Convex. There's lots to like in Rosenblatt's business and we maintain our buy rating while seeing medium term strategic and competitive challenges for other mid-market UK focused law firms.

Companies: RBG Holdings Plc

02 Mar 21

WHI Morning Comment: AFC Energy (AFC) - AFC Energy's Final Results

AFC Energy's Final Results for the year ended 31 October 2020 indicate the company is in a position of strength and at inflection point of sales growth. Results were better than we had forecast with a reported loss of £4.2M (WHIe £4.5M) and cash flow from operations of £4.3M (WHIe £4.2M). Most importantly, the company ended the period with a stronger cash balance than we had expected of £31.6M (WHIe £29.9M) reflecting the capital light strategy the company is applying. The year-end confirmed order book of £1.1M indicates that AFC Energy, after decades of investment, is past the inflection point that is translating its globally unique technology into a highly-compelling, long-term commercial growth opportunity.

Companies: AFC Energy plc

04 Mar 21

LIBERUM: Futura Medical* - Financing positive, Asia deal struck and EU approval on-track

Futura has secured £1.5m from convertible loan notes with a Hong Kong based PE fund. There is potential for a further £0.5m through warrants. It has also signed a commercial deal for its erectile dysfunction product MED3000 for certain Asian countries including China. Under the deal its partner will fund all development and related costs with Futura set to receive 50% of future profits. Lastly, its EU regulatory filing remains on-track with approval likely in the coming months in our view. We think this update gives management the room to deliver an EU approval which can unlock a major out-licensing deal whilst it also secures costless access for the Asian opportunity. This will put the firm on a strong footing to execute its US study this year that should lead to a further value inflection. BUY.

Companies: Futura Medical plc

02 Mar 21

Delivering sustainable, quality growth

Begbies Traynor’s track record demonstrates its ability to generate consistent growth in increasingly sustainable revenues across the economic cycle. This stems from a strategy driven by value-accretive acquisitions over the past six years, designed to build both upon existing and develop new, complementary disciplines. Returns have also been enhanced by organic investment in service line expansion, employee development / recruitment, and processes focused upon improved working practices and client service. The results are clearly visible in 16% CAGR in EPS from FY16-FY20, consistently positive cash generation and 8% pa dividend growth since 2017. Earnings growth is significantly ahead of the UK insolvency market (4% CAGR FY16-FY20), reflecting improved market shares from an increasingly diversified business, divisional cross sales / referrals, and the benefit of the acquisition strategy.

Companies: Begbies Traynor Group plc

02 Mar 21

Emphatic validation on Oxgene sale, plus upgrades

Mercia has validated the model emphatically with the sale of Oxgene, the second-largest portfolio investment, for £30.7m. This is nearly double the carrying value and a £14.6m realised gain, equating to a 5x return/51% IRR. 3rd party funds also benefited. This underscores embedded value, prudent carrying values and the “Complete Connected Capital” model. An accompanying update points to strong underlying performance which drives a 56% FY21e adj. EBITDA upgrade and +13-15% in outer years. The shares trade at an unwarranted ~30% discount to our revised NAV (+12%) and a ~40% discount to our SOTP intrinsic value.

Companies: Mercia Asset Management PLC

25 Feb 21

Small Cap Feast

tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard). Has raised £13M in an oversubscribed placing. £25m mkt cap. Due 26 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc has out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Anticipated mkt cap £110m. Raising £13m in new money and vendor sale of £34.9m . Due 2nd March. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.

Companies: YEW IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M

01 Mar 21

Resilient results, strong outlook

Results were well trailed in January’s trading update. In the event, adjusted PBT emerged marginally ahead of FY2020, despite material impacts from Covid-19 and a depressed oil price. Although biomass incinerators were closed for much of the second quarter, the Group grew sales from residues from Energy from Waste (‘EfW’) by 15% and signed a further 6 new contracts, maintaining its high win rate. The outlook for EfW remains very strong with c.40 plants in planning or construction that provides the opportunity for Augean to double its current EfW revenues and profits of c.£20m and c.£14m over the longer term. Group operating margins are forecast to reach 25% and cash generation is strong, supporting a 3.5% yield on a resumed forecast dividend. EV/EBITDA multiples for FY2021E, FY2022E and FY2023E are 6.2x, 5.3x and 4.3x, which are well below established industrial sector metrics.

Companies: Augean PLC

02 Mar 21

Strong FY20 Results

Shanta Gold (AIM: SHG), the East Africa-focused gold producer has, this morning, released its full year results for 2020. The company previously announced production and operational figures for 2020 alongside group-wide reserves and resources update. As such the figures reported today are in line with our forecasts down to EBITDA level, but generally better than expected elsewhere– see Fig 1. Overall it has clearly been a strong year financially with revenue, EBITDA and EPS up by 31%, 34% and 270% respectively from the previous year. The company has also kept to its promise of a maiden dividend with 0.10p per share payable in April as part of a semi-annual programme.

Companies: Shanta Gold Limited

03 Mar 21

Small Cap Feast

Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Subject to EGM on 21st March. Rogue Baron plc have announced its application for admission to the AQSE growth market. Rogue Baron owns five subsidiaries, namely: Shinju Spirits, Inc., Shinju Whiskey LLC, Mazeray Corporation, STI Signature Spirits Group LLC and Legacy Retail Group LLC. The Company’s goal is to build each of its brands that makes them a buyout target. Deal size TBC an expected admission date 12th March 2021. Global review platform, Trustpilot has announced its intention to float on the premium list of the LSE. Trustpilot provides an open platform, which creates a place where businesses and consumers can gain actionable insights and collaborate. Consumers are able to share feedback, at any time, about any business with a website and review feedback left by other consumers. Total revenues were US$64.3 million, US$81.9 million and US$102.0 million for the years ended 31 December 2018, 2019 and 2020, respectively. The Offer would comprise new Shares to be issued by the Company (raising gross proceeds of approximately US$50 million to support Trustpilot's growth plans and repay indebtedness) and an offer of existing Shares to be sold by certain existing shareholders, directors and employees. Timing TBC. In The Style, the e-commerce womenswear fashion brand with an influencer collaboration model, announces their intention to float on AIM. In The Style is a pure-play e-commerce fashion brand with a l customer base of women predominantly aged between 16 and 35. Founded in 2013, the group has delivered £35.4 million net sales and £3.6 million Adjusted EBITDA in the nine months to 31 December 2020, with sales up 159% from £13.7 million for the nine months to 31 December 2019. Admission is expected to take place on or around 17 March 2021. Deal size TBC. Media reports video game firm, Catalis is mulling a London IPO, just over a year after being bought by a private equity firm. Catalis’s accounts are reportedly expected to show revenues increasing to £60m in 2020, up from £43m, with adjusted earnings of £15m. Deal details and timing TBC. tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo is expecting to release its IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.

Companies: LND GDR GAMA SOLI SHED RLE CRU WRES SBI MNO

05 Mar 21

Convex motoring ahead; another deal completed

Another deal from RBGP’s CF division brings YTD completions to four, with today’s netting the Group a fee of £1.5m (£2.6m deal fees YTD). Our bullish view on 2021 M&A activity levels (set out here) continues to be substantiated, and a further eight deals are expected to complete in the short to medium term. As we learnt at the recent CMD, Convex has focused on building a portfolio of potential deals across multiple COVID-resilient sectors, with a strong pipeline beyond the near term. On current forecasts, RBGP trades on a 13.1x PER FY21E (9.4x EV/EBITDA). We leave forecasts unchanged and will look to revisit them once FY20 results are published on April 20th 2021.

Companies: RBG Holdings Plc

02 Mar 21

Regional REIT - Q420 dividend as guided

Regional REIT’s (RGL’s) Q420 DPS, in line with the company’s previous guidance, takes the aggregate FY20 DPS to 6.4p, and is supported by continuing strong rent collection. The company has previously indicated that it was targeting dividends to be fully covered by EPRA earnings and we expect this to be confirmed when detailed FY20 results are released on 25 March.

Companies: Regional REIT Ltd.

04 Mar 21

Cenkos: HeiQ Plc -- Synbio Inside: Chrisal acquisition

HeiQ has announced the acquisition of a 51% stake in Chrisal, a Belgian company developing pre- and probiotic formulations (Synbiotics) to support a healthy, stable microbiome on the surfaces to which it is applied. HeiQ will pay €7.5m (in cash and shares) for its majority holding, providing access to a complementary technology platform and adjacent markets such as cosmetics, surface hygiene treatment and water purification. Chrisal generated revenues of €5.5m in the 12-months to Dec-20 and an operating profit of €1.6m. We maintain our Buy recommendation on HeiQ.

Companies: HeiQ PLC

05 Mar 21

Cenkos: Budget 2021 -- Construction remains in favour

Since, even preceding, the Prime Minister's ‘Build Back Better' campaign and ‘build, build, build' mantra, the housing and construction markets have enjoyed a centre stage role in this Administration's policy manifesto. The latest Budget in many respects endorses and extends this sense of favouritism albeit that there are only a limited number of new initiatives relevant specifically to the sector.

Companies: Brickability Group PLC (BRCK:LON)TClarke plc (CTO:LON)

05 Mar 21

The return to decent profitability levels remains a distant objective

The group managed to post almost breakeven second-half profits thanks to cost control and a sharp reduction in the cost of risk. The return to decent profitability levels remains a distant objective despite the strong planned cost reduction and the expected fast cost of risk normalisation thus evidencing structural troubles.

Companies: AIB Group PLC

05 Mar 21

Primary Health Properties - Resilient growth set to continue

With its properties performing an essential role in the fight against the pandemic, and with 90% of rents paid directly or indirectly by governments, Primary Health Properties’ (PHP’s) portfolio was extremely resilient in FY20. DPS growth was uninterrupted due to consistently strong operational cash flows, and after a Q1 DPS increase of 5.1% in the current year, PHP is in its 25th year of unbroken dividend growth. With capital values also benefiting from a flight to quality, the FY20 total accounting return was 10.1%.

Companies: Primary Health Properties PLC

05 Mar 21

SDX Energy - WEST GHARIB PSA EXTENDED FOR 10 YEARS

05 Mar 21

Georgia Capital - Solid positive revaluations in Q420

Georgia Capital (GCAP) posted a 27.2% NAV total return (TR) in local currency terms in Q420 on the back of solid valuation uplifts across all key portfolio holdings. This, together with the Q320 revaluation of GHG after it was made private (see our initiation note for details), offset the weak performance of GCAP’s hospitality and commercial real estate business and the subdued share price performance of Bank of Georgia in 2020. Consequently, GCAP’s FY20 NAV TR reached 2.7% in local currency (though -13.3% in sterling terms). The NAV uplift helped reduce GCAP’s loan-to-value (LTV) at the holding level from 44.1% at end-March 2020 to 28.9% at end-2020. GCAP’s new investments remain centred around renewable energy and education.

Companies: Georgia Capital Plc

05 Mar 21

SP Angel Oil & Gas Daily Flow: 05/03/21

Market Update - 05/03/2021

Companies: Touchstone Exploration Inc (TXP:TSE)SDX Energy PLC (SDX:LON)

05 Mar 21

Shield Therapeutics - Accrufer coming to America

Shield Therapeutics (STX) has placed c 83m shares at a deep discount (30.0p/share) to the market price, resulting in a gross raise of £25m. The funds will be utilised to support the US launch and commercialisation of Accrufer (iron deficiency), and thus clarify the strategy in this territory for its key asset. STX will now focus on establishing its US-based operations ahead of imminent launch of the product (launch stocks are ready to be shipped). Our higher valuation reflects the retention of full economics vs our prior out-licensing assumption, and we now forecast STX launch in the US in Q221 vs 2022 previously. Following the raise, the main risk relates to sales execution. However, we see significant upside given that the current share price fully discounts the US opportunity. We value STX at £471.4m.

Companies: Shield Therapeutics Plc

05 Mar 21

UK railway privatisation: Where did it all go so wrong?

UK railway privatisation, which was launched in the mid-1990s, has finally turned full circle: the Department of Transport has recently confirmed that its controversial railway franchise system will be scrapped. Nigel Hawkins, the Infrastructure analyst at Hardman & Co, examines the 25-year history of railway privatisation and chronicles its ups and its downs. The successes of railway privatisation, such as new rolling stock, are addressed, along with the many shortcomings, which included minimal vertical integration. With the winding up of the franchise system, the UK railway sector is effectively reverting to its former status as a nationalised industry, a shift started with the renationalisation of the collapsed Railtrack – later re-badged as Network Rail – in 2001.

05 Mar 21

Q4: capital discipline to prevail

EBITDA is up 48% qoq, slightly above consensus, but cash shows another working capital build. Liquidity is down 35% yoy, which might cause concern. The outlook guides for a small revenue increase, and stable EBITDA on a different sales mix. The environment remains challenging and CGG is cutting investments to focus on cash generation. No surprise, as there will not be a dramatic increase in spending this year, although a higher oil helps visibility.

Companies: CGG (CGG:EPA)CGG (CGG:PAR)

05 Mar 21

SP Angel Morning View: US Fed Chairman comments steady markets as investors move to value stocks

Arc Minerals* (ARCM LN) – Immediate appointment of Rothschild & Co as financial adviser Chaarat Gold* (CGH LN) – Fatal incident at Kapan in Armenia Kodal Minerals* (KOD LN) – Progress report on West African gold exploration Phoenix Copper* (PXC LN) – Raising £16.45m to develop the Empire mine open pit development project Trans-Siberian Gold (TSG LN) – High grade Vein 25 mining operations resume after accident investigation is completed

Companies: ARCM CGH KOD PXC TSG

05 Mar 21

Norcros - Revenue rebound has accelerated in H2

An upbeat trading statement (for the four months to 7 February) points to very strong like-for-like revenue growth in both the UK and South Africa. Higher volumes and revenues most likely with an improving mix are all supportive of rising profitability and margins. Our FY21 PBT estimate is now c 16% higher and consistent with updated guidance. We have also increased subsequent years modestly. Gaining market share and virtually de-gearing the business in the last year are notable group achievements.

Companies: Norcros plc

05 Mar 21

JPMorgan US Smaller Companies - Overview

JPMorgan US Smaller Companies Investment Trust (JUSC) offers investors a portfolio of US small-cap equities chosen via a bottom-up, quality-centric investment process. JUSC is run by a dedicated four-strong team, led by the experienced Don San Jose. The team look for what they consider to be the highest-quality companies, with quality being determined by a company’s business model and management quality above all other factors. While turnover is generally low, the team have taken advantage of the disruption caused by the pandemic to add over 25 new positions to their portfolio in 2020. The market has placed an ever-increasing premium on many of the quality factors which underpin JUSC’s portfolio, thanks in large part to COVID-19, which has contributed to JUSC’s recent strong performance. Over the last five years to 13/02/2021 JUSC has been able to deliver an NAV total return of 164.9%, compared to the 163.4% of its benchmark (the Russell 2000 Index) and the 129.9% of Jupiter US Smaller Companies, its sole peer in the AIC North American Smaller Companies sector. We understand that much of this outperformance has come through stock selection, and not sector exposures. JUSC currently (as at 13/02/2021) trades on a 1.6% premium, having recovered from its pandemic-induced discount. We note that the current premium is commensurate with the trading patterns of JUSC prior to the pandemic, where it traded around NAV (albeit with some volatility). We would also highlight the strong ESG credentials of JUSC, which is rated as ‘above average’ by Morningstar, despite its overweight to the industrial sector: a sector which has not been historically associated with good ESG.

Companies: JPMorgan Us Smaller Co Inv Trust

05 Mar 21

New skin

Aviva released its 2020 figures, with an operating profit of £3,161m and an IFRS profit after tax at £2,910m up 9.2% yoy. The Board will propose a final dividend of 14p/share. The insurer announced new financial targets with at least $5bn of cumulative cash remittance, £300m of cost reduction and a debt leverage ratio <30%. This update was expected regarding the sale of many operations in 2020. Aviva plans also to become a net zero carbon emissions company by 2040.

Companies: Aviva plc