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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 178 research reports from 4 professional analysts.
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Zeus Capital
Companies: Yu Group PLC
Liberum
Companies: FOG PEB KBT EMR TIME GETB JNEO
Cavendish
Cohort announces that its subsidiary SEA (Systems Engineering and Assessment Ltd.) has been awarded a major contract by the UK’s Ministry of Defence to provide Electronic Warfare Counter Measures (Increment 1a) (EWCM 1a) to the Royal Navy with a total value of at least £135m. This includes provision and support of SEA’s Trainable Decoy Launcher System, Ancilia. At the FY 24 interim results Cohort had commented on an overall “increased tempo” of order intake. The Group reported a closing order b
Companies: Cohort plc
Equity Development
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
Companies: Luceco PLC
Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market. Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix. Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a lik
Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the
Companies: Quadrise PLC
Edison
Companies: FOG TND BVXP ACC HDD
Companies: Flowtech Fluidpower plc
Companies: Michelmersh Brick Holdings PLC
Canaccord Genuity
Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base, total revenue increased an impressive 20.2% to £136.1m (organic +15%), with adj. PBT +7.5% to £31.7m (FY2022: £28.3m), 3.1% ahead of our estimate of £30.5m. Fully diluted (FD) adjusted EPS increased a more muted 2.6% (impacted by anticipated tax headwinds) to 368.5p (basic adj EPS 374.5p), 3.4% ahead of
Companies: Judges Scientific plc
WHIreland
Companies: BILN IGP RBN SBTX
Gelion has reported in line H1 FY24 results that demonstrate continued strong cash management and steady progress in its pursuit of next generation lithium-sulphur battery technologies. Encouraging early test results justify last year’s IP acquisitions and validate Gelion’s Li-S battery technology plan, with additional progress expected to be reported in H2 alongside its pursuit of a strategic partner for its planned Advanced Commercial Prototyping Centre (ACPC) facility in Australia. There is a
Companies: Gelion PLC
Forterra’s FY23 (to 31 December) earnings were slightly higher than guidance, which was raised in January, with resilient pricing partly offsetting a steep fall in demand among its main end users, large housebuilders. Our estimates are broadly unchanged, other than reflecting a more conservative stance on the final dividend. Despite a cautious tone in the outlook statement, we believe the largest housebuilders may now rebound more strongly than smaller peers.
Companies: Forterra Plc
Progressive Equity Research
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