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Q3 EPS of USD 0.22 (ARCe: USD 0.16, Cons.: USD 0.23) 80% return policy maintained via 50-50 buyback-dividend 10-year FSO extension adding value Fixtures below estimates, but share expected to increase on FSO contract
Companies: Euronav NV
Arctic Securities
Q3/20 EBITDA of USD 138m (+10% vs ARCe, -6% vs Cons) Attractive 10year contract extension for FSO’s adds 70-100m NAV USD 713m bank facility closed Bonds represent an attractive carry trade
EBITDA of USD 335m (-4% vs Cons) Q3 fixtures indicate 8% downside to Cons EBITDA Bonds screen well against peers, but report is neutral Unparalleled financial flexibility
Q2 EPS in line with Arctic and Consensus 80% return policy maintained via 50-50 buyback-dividend Q3 fixtures indicate ~8% downside to Cons. EBITDA We see the share trading in line with the market
Q1 EBITDA 11% ahead of consensus Q2 bookings in line with market estimates Dividend in line with communicated strategy (80%) Credit positive quarter
Q1 EBITDA 11% ahead of Cons. Q1 DPS of USD 0.81, ahead of estimates of USD 0.66 71% of Q2 VLCC days booked at USD 95k/d, in line with expectations We see the share trading ahead of the market on the back of the report
EBITDA in line with our estimate, but 8% below Consensus Deviation vs market estimates caused by a lower top line 60% of Q1 VL days booked at USD 89.2k/d, in line with expectations We see the share trading in line with the market
Nordic High Yield shipping players are set mostly set for a deleveraging both from a cash flow and asset coverage perspective. On average, shipping issuers will see a 3.0x decline in NIBD/EBITDA, going from 7.4x to 4.4x, while Net LTV will decline from 62% to 58%. With the ESG sell of completed during 2019, we believe shipping bonds are set for tighter spreads going forward.
Companies: EURN BOREF DSZ 0JE5 0A27
So far, IMO 2020 has played out largely as anticipated with tankers reaping the benefits of increased refinery demand and bulkers struggling with higher fuel costs (still early days). Looking ahead, we are particularly upbeat about the tanker and LPG markets, where we see healthy fundamentals on the back of encouraging demand trends and sliding orderbooks. Our list of top equity picks include GLNG, AMSC, OCY, DHT and LPG stocks.
Companies: EURN A07 BW9 0QQA 0UC0 0HDY ADS A61 D8EN 0DA S0QA 0DQB 0J77 0JE5 0JI3 0Q4G 0A27
Research Tree provides access to ongoing research coverage, media content and regulatory news on Euronav NV. We currently have 180 research reports from 4 professional analysts.
The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme
Companies: Renold plc
Cavendish
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
Companies: Capital Limited
Tamesis Partners
Companies: BILN ELCO NXQ CUSN ATG
FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively
Companies: Billington Holdings Plc
Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car
Companies: Plant Health Care PLC
Companies: 88E RNO TRIN KRM EXR BOOM
discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli
Companies: discoverIE Group PLC
Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear
Companies: Severfield Plc
Edison
Companies: Iofina plc
Canaccord Genuity
Companies: PLL TLG HZM SAV KAV KP2 SVML
SP Angel
Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.
Progressive Equity Research
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Liberum
Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Companies: ATOME PLC
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