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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

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

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

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

14 Jan 21

Strong Q3 sales and gross margin growth...

…..drive further forecast upgrade

Companies: Gear4music (Holdings) PLC

18 Jan 21

Buying into some organic growth

Rephrasing our headline, it could have been ‘Buying into something tiny’. We are still struggling with the financial offer (€1,378m) and potential bidding war (management had excluded this), with its long-term rival PPG. We understand the strategic rationale, but a 3-5 year period to full value creation is completely unacceptable in our view. Furthermore, Akzo’s balance sheet will suffer due to the financing of the potential acquisition, which might postpone our rating upgrade.

Companies: Akzo Nobel N.V.

18 Jan 21

Appreciate Group - Q3: Delivering on the Promise

Appreciate has reported a very strong quarter – not just given the circumstances, but on its own merits. Indeed December saw the highest monthly billings in Appreciate's history. Q3 delivered on the early promise we noted in November, with Corporate & HSV billings up 13.1% YoY to £96.3m, driven heavily by 42% YoY growth in December.

Companies: Appreciate Group plc

18 Jan 21

SourceBio International reveal revenues rose to over £50m for 2020 and set to grow

18 Jan 21

Total expands in renewables in India

Total benefits from its relationship with the Adani group that started three years ago in LNG. The transaction will help the French company to reach its 2025 target in renewables, which seems to be its highest priority.

Companies: Total SE

18 Jan 21

Partnership change at Altalto

Velocys has announced a change in the partnership developing the Altalto sustainable aviation fuel project with Shell moving on and Velocys now splitting the project 50/50 with British Airways. Despite being no longer formally involved, Shell remains supportive of the project in broad terms. British Airways continues to view the project as vital to its net zero target.

Companies: Velocys plc

18 Jan 21

Offer from Aker has been terminated

Offer terminated as conditions not satisfied by the long stop date Aker continues to explore an alternative transaction with NBT Syvash is ~90% completed, and completion is expected in Mar/21 Refinancing risk has increased ahead of the May/21 bond maturity

18 Jan 21

Cenkos: Salt Lake Potash Ltd -- Nearly there

Salt Lake Potash Lake Way Project is nearing completion with the Process Plant and NPI well advanced. The overall project, including all on-lake infrastructure, was 81% complete on 31 December 2020. The Project remains on track for first SOP production in March 2021 and first SOP sales in April, with the project capital budget unchanged at A$264m. Funds from the first US$105m tranche of the Project Development Facility have been received enabling repayment of the US$45m Bridge Facility and completion of project construction. The Process Plant was 88% complete on 31 December 2020 (on an earned value basis). Approximately 27kt of potassium rich kainite and schoenite salts have been harvested for commissioning plant feed from the Train 1 cells. Harvesting activities will re-commence in March ahead of plant commissioning. Process Plant commissioning is expected to commence in February with introduction of first feed salts to the plant in March.

Companies: Salt Lake Potash Limited

18 Jan 21

All focus shifts to the battery promise

Battery-related technological advancements and, hence, funding commitments, and favourable market sentiment for EVs and clean energy result in an upgrade for the battery division valuation. While delayed initiation for other divisions result in 2021 income estimates resetting materially lower, the markets are likely to focus on the group’s battery virtues. Hence, the recommendation is maintained.

Companies: Blackstone Resources AG

18 Jan 21

All focus shifts to the battery promise (Blackstone Resources)

All focus shifts to the battery promise TARGET CHANGE CHANGE IN EPS2020 : CHF 0.38 vs 0.38 2021 : CHF 0.27 vs 0.50 -46.3% Near-term performance estimates (particularly for 2021) reset materially lower – due to the delayed kick-start at the non-battery divisions. CHANGE IN NAVCHF 24.6 vs 12.4 +97.4% Battery’s valuation has been re-assessed (using GAV methodology) in our NAV, with the division’s EV now resetting at CHF1.1bn. This takes on board Blackstone’s R&D progress plus KPMG’s divisional assessment (of February 2020). CHANGE IN DCFCHF 4.12 vs 3.66 +12.4% Considering the battery R&D progress, the out-year EBITDA growth estimate has been increased to 6% (vs. 5.5% earlier). However, given the near-term spending binge, which is expected to result in negative FCFs, the DCF upside is limited.

Companies: Blackstone Resources AG

18 Jan 21

CentralNic Group snaps up 'French footprint' SafeBrands, 'making us major non-US company in space'

18 Jan 21

Profit warning for FY2020 and high dividend proposal

• Aareal Bank expects a consolidated operating loss in a double-digit €m amount for FY2020 • Dividend proposal of €1.50 per share in the current year for FY2020 in two tranches • Aareal Bank anticipates a clearly positive operating profit for 2021 and it envisages a consolidated operating profit in the range of €300m for 2023

Companies: Aareal Bank AG

18 Jan 21

SP Angel Morning View: Chinese GDP growth accelerates on course for strong 2021

AEX Gold Inc (AEXG LN) –Operational update Cornish Metals* (CUSN LN) – AIM Admission – Writing the next chapter in Cornwall's long mining history Cornish Metals* (CUSN CN) – CLICK FOR PDF Europa Metals Limited (EUZ LN) – Drilling starts at Europa's Toral zinc, lead, silver project in Spain Caledonia Mining* (CMCL LN) – Record mine production at Blanket GoldStone Resources (GRL LN) – Settlement of Claim by Former Director IronRidge Resources* (IRR LN) – Further results from Zaranou gold exploration project, Cote d'Ivoire Oriole Resources (ORR LN) – Exploration projects update Tertiary Minerals* (TYM LN) – New copper exploration project in Nevada

Companies: CUSN CMCL AEX GRL ORR TYM EUZ IRR

18 Jan 21

Some chilly winds

Retail sales, mobility data portend softness at end-Q4, start of Q1 China growth back at pre-pandemic pace President-elect Biden goes big on new fiscal stimulus… … lifting growth prospects though Congress should water it down

18 Jan 21

PowerHouse Energy: 'Part of solution to two of the greatest environmental challenges of this decade'

18 Jan 21

Augean - H220 momentum from EfW growth to continue

Augean has proven to be resilient throughout the pandemic. In particular, the growth in processing incinerator ash residues from energy from waste (EfW) facilities continues unabated and additional new contract wins should drive improved returns in FY21. Management expects FY20 adjusted PBT to be slightly ahead of last year and we have marginally reduced our FY20 adjusted PBT and EPS estimates by 1%. Our FY21 estimates are maintained. Cash flow has been stronger than we expected, underpinning the indication that dividends should resume in FY21.

Companies: Augean PLC