Research Tree | Equity Research for Investors

02 Dec 21

Jubilee Metals (JLP) - Final Year Results (FY2021) show the pace of growth

Jubilee today announce the full year results for FY 2021 ending in June 21. It was a year of continued progress with revenues up 143% to £133m (from FY 2020), adjusted PBT up 324% to £52m and eps up 93% to 1.8p/sh – an extraordinary year – but still only the beginning of the progression in our view. Continued developments in South Africa have led to a fully flexible chrome and chrome tailings solution at Inyoni. Supply from a wide variety of sources (Run-Of-Mine, new tailings from own operati

Companies: Jubilee Metals Group PLC

07 Dec 21

Somero Enterprises - Time to take notice

Time to take notice

Companies: Somero Enterprises, Inc.

07 Dec 21

Jubilee Metals (JLP) - Growth and opportunity

Jubilee operates several chrome-Platinum Group Metal (PGM) operations in South Africa. Growth will come from its Zambian two-refinery strategy where it is expected to produce upwards of 31kt/year of copper (in cathode and concentrate) with an, as yet, undefined contribution from cobalt. The strategy has benefited from the acquisition of the Nkana refinery from Mopani (Zambian-government owned), which provides many logistical and technical benefits to Jubilee. Jubilee remains on a growth trajecto

Companies: Jubilee Metals Group PLC

07 Dec 21

Solaris Resources: Spin out of non-core assets to focus attention on world-class Warintza project

Solaris Resources (“Solaris”, “SLS”) has announced its intention to place its non-core assets in Ecuador, Peru, Mexico and Chile into a separate entity, to be spun off as “Solaris Exploration Inc” in due course. Solaris Resources will continue to focus on its world-class flagship Warintza project, with a streamlined structure likely to boost its attractiveness to potential acquirers or strategic partners. Meanwhile, the newly created company will highlight other assets in the portfolio which cur

Companies: Solaris Resources Inc

02 Dec 21

Cenkos: Agronomics Ltd -- The new agricultural revolution

Agronomics is an investment company focused on investing in the cellular agriculture sector. The sector is responding to global mega-trends driving increased demand for animal protein, which in turn could lead to negative environmental effects. Cultivated meat, for example, uses cell culture technology to grow cells in bioreactors producing differentiated cells (such as muscle and fat cells) that can be formed into consumer food products. These technologies have the promise of producing animal p

Companies: Agronomics Limited

03 Dec 21

Cenkos: Duke Royalty Ltd -- Accelerating deployments – record results

Duke's H1/22A results give evidence that FY22E will be a record year, with a strong rebound from Covid-19 disruptions, with impressive YoY growth across all metrics. Having already completed all forecast deployments for FY22E, our forecasts are well underpinned and upgraded by +9% today. Comments of Duke having its healthiest ever pipeline with near-term deals likely, suggests further upgrades could be possible this year. If seen, any improvement in FCF p/s is likely to drive DPS uplifts, in add

Companies: Duke Royalty Limited

07 Dec 21

Somero Enterprises - Trading update – strong Q4: raised FY guidance

The group has announced a further positive trading update ahead of its December year end, with robust trading in North America by strong demand for new warehousing, with European and Australian operations also seeing strong conditions. As a result, it is raising its FY21 revenue guidance by 8%, with EBITDA raised 7.2%. It also has increased its year-end cash balance to $39.0m, which boosts dividend prospects. We upgrade our forecasts in line with guidance and also increase our FY22 dividend by 8

Companies: Somero Enterprises, Inc.

07 Dec 21

SHORE CAPITAL - Ultimate Products+ (UPGS, House Stock at 189.5p)

High quality UK listed proprietary consumer goods business UP Global Sourcing ("UP") has announced that Chris Dent will become the Group's new Chief Financial Officer "(CFO"), replacing Graham Screawn who retires from the Company in CY22.

Companies: Up Global Sourcing Holdings PLC

09 Dec 21

LIBERUM: Vertu Motors - Better than expected car supply

Companies: Vertu Motors PLC

08 Dec 21

Pantheon Resources (PANR) - Raising up to $96M allows high-impact drilling in Alaska

Pantheon Resources announced that it has raised $41m via an oversubscribed equity placing and retail offer priced at 65p/sh. The company also indicated that is issuing $55m of convertible bonds. The funding allows the company to fully execute its 2022 programme to assess 8 targets across three wells – four targets with the re-entry of Talitha #A and two targets each at Theta West and the company's 2H development well, which the company intends to bring on as a producer.

Companies: Pantheon Resources plc

06 Dec 21

Spectra Systems (SPSY) - Strong new forecasts give 5-year visibility over >£35m of PBT

Strong progress from Spectra Systems Corporation (Spectra), combined with emerging opportunities that were highlighted in the company's recent H1 results, mean we are now able to provide firm forecasts on a five-year basis, a virtually unprecedented state of affairs not just for Spectra but for any quoted growth company. The new forecasts are progressive and substantial, suggesting Spectra will generate a £35m-plus aggregate PBT during 2021E-2025E. We do not view these forecasts as speculative,

Companies: Spectra Systems Corporation

18 Nov 21

Cenkos: Fulcrum Utility Services Ltd -- All on track and in-line with FY22E forecasts

Fulcrum has delivered a reassuring trading update, confirming it continues to trade in-line with FY22E forecasts, as evidenced by disclosed headline interim results. This comes despite recent turbulence in the UK's energy marketplace, which has not impacted Fulcrum's progress, including its recently established smart metering business. Given a 22% decline in the shares this month, opportunistic buyers should see value as forecasts remain unchanged and the stock now trades at book value and a his

Companies: Fulcrum Utility Services Ltd

11 Nov 21

Tremor - Strong Q3 drives FY21-22 EBITDA upgrades of +15-26%

Tremor has reported Q3 21 organic net revenue growth of +54% to $76.7m (+1% ahead of consensus at $75.6m), and adjusted EBITDA of $42.3m at a margin on net revenue of 55% (+14% ahead of consensus at $37.1m). Tremor’s Programmatic division and its CTV revenue are driving its strong organic growth with +56% and +115% yoy respectively, and it is continuing to achieve quarterly performance that is ahead of many of its US-listed peers’ Q3 organic revenue growth of +22-54%, with adjusted EBITDA margin

Companies: Tremor International Ltd.

07 Dec 21

Cenkos: Tandem Group Plc -- Strong trading for FY21E

Tandem has released a positive trading update for FY21E, with trading in-line with “or slightly ahead” of market expectations (FY21E Adj EBITDA of £5.1m). H1/21E revenue was up 14% YoY, which improved further in Q3/21E (+17% YoY); Q4/21E to date has been largely flat YoY due to a particularly strong prior year comparator period (national retailers initially postponed orders in 2020 as the pandemic flared up, before confidence resumed towards the end of the year, and delayed orders were then plac

Companies: Tandem Group plc

07 Dec 21

Bluejay Mining: Key Dundas development work ticking along with catalysts on the horizon

Bluejay Mining PLC (“JAY”) has announced the completion of bulk sample pilot plant processing and further, final samples being sent for incremental customer evaluation. We view this as an important step for both validating the process flow sheet and ultimately securing offtake agreements for the remaining expected output. JAY has agreed a Master Distribution Agreement with a major Asian conglomerate for up to 340ktpa of Dundas’ anticipated 440ktpa annual output. We see future technical studies a

Companies: Bluejay Mining PLC

09 Dec 21

Trading on track as sector interest grows

Mad Paws Holdings Ltd (ASX:MPA) has announced a trading update to November 2021 with rolling 12-months GMV (including both marketplace and subscription revenue) +92% on the PCP. Looking at our numbers and allowing for the seasonally strong December month this guidance is in-line with our current estimates. While COVID-related lockdowns impacted marketplace bookings for the first four months of FY22, a strong recovery is evident from November with GMV in the last week of November +~50% on both FY

Companies: Mad Paws Holdings Ltd.

09 Dec 21

Harbour Energy - Trading update ahead of Capital Markets Day

Trading update ahead of Capital Markets Day

09 Dec 21

SHORE CAPITAL - Clipper Logistics+ (CLG) House Stock, 715p

Clipper has announced Interim results to 31 October which show strong revenue growth +33% to £406.1m, with E-fulfilment and returns management reporting +31.7% and non e-fulfilment +41.6%. EBIT increased by 12.1% to £22.6m and by 18.8% to £18.3m on an IAS17 basis. EPS rose by 12.5% to 12.6p and the dividend has increased by a similar amount to 4.5p. The performance in the period reflects the continued shift online (68% of logistics revenue), the benefit of contracts secured in the prior yea

Companies: Clipper Logistics PLC

09 Dec 21

LIBERUM: Alternatives Daily

Companies: CSH RECI FA17

09 Dec 21

Cenkos: Seeing Machines Ltd -- EU-NCAP specifications good news

Euro-NCAP have now finally released the technical paper covering the expectations and scoring for automotive Driver Monitoring Systems. The technical expectations for DMS are relatively sophisticated with DMS systems needing to measure not just head position but eye gaze and eye aperture. The expectations cover both a wide range of driver types that must be recognised (gender, age, ethnicity) but also levels of occlusion (ie availability) in real world applications. Specifically, the paper hig

Companies: Seeing Machines Limited

09 Dec 21

Talga Group - Further Strong Drilling Results

Further drilling results from Talga’s Vittangi project are even stronger than the initial figures announced in November and we see this building further confidence in the project. Higher grade graphite will reduce the overall cost of mining and increase the volume potential of the anode material Talga can bring to the market. Further results are expected over the remaining month and into early 2022.

Companies: Talga Group Ltd.

09 Dec 21

Greatland Gold sees significant upside potential for scale and life at Havieron

09 Dec 21

Morning Note – 9 December 2021

Companies: COG IDEA PPC RBN

09 Dec 21

Ideagen - Aim, acquire, reload

Repeating the £49m war chest placing at 215p in December 2020, Ideagen has successfully completed a £103.5m placing at 270p in order to fortify the balance sheet to enable continuing acquisitions. Ideagen’s best of breed Governance Risk & Compliance suite has been created through both organic R&D and acquisition, generating 46% CAGR 2010-2022E. Following on from the trading update and successful Capital Markets Day, the group has clarified FY25 target of £200m ARR, delivered through 15% organic

Companies: Ideagen PLC

09 Dec 21

LIBERUM: Volution Group* - Sustained growth and margins

Companies: Volution Group plc

09 Dec 21

LIBERUM: Made.com Group Plc* - Strong demand and progress on strategic ambitions

Companies: Made.com Group PLC

09 Dec 21

LIBERUM: Frasers Group* - Strong H1 drives upgrades; well-positioned despite uncertain backdrop

Companies: Frasers Group PLC

09 Dec 21

LIBERUM: Vertu Motors - Better than expected car supply

Companies: Vertu Motors PLC

09 Dec 21

Dekel Agri-Vision* - Strong Pricing – Excellent Earnings Upgrades

Dekel Agri-vision has released a production update for November showing excellent growth across all metrics. While we are currently in the low season, the production metrics are very encouraging and suggest the operational and strategic improvements are bearing fruit for investors. We update our forecasts and target price accordingly and reiterate our buy rating.

Companies: Dekel Agri-Vision Plc

09 Dec 21

Vertu Motors PLC (VTU LN) - Further earnings upgrade

Vertu has released a trading update increasing FY22 underlying PBT guidance to “no less than £70m”, up from prior guidance of “at least £65m”. This was driven by new vehicle supply being better than expected in October and November, sold at enhanced margins, and a continuation of above-normal used car margins. We increase our FY22 forecasts by 7.7% to £70.2m to reflect this. Our profit forecasts for FY23 and FY24 are unchanged, but even at the more normal levels of forecast FY23 profit, we see r

Companies: Vertu Motors PLC