Alba Mineral Resources (ALBA LN) - Bulk-sampling results from Clogau
Amur Minerals* (AMC LN) – $6.1m secured from the sale of Nathan River convertible notes
Condor Gold* (CNR LN) – Infill drilling confirms approximately 60,000oz of gold within 35m of surface in La India Starter pits
Cornish Metals*+ (CUSN) – BBC film on Cornish Lithium
Glencore (GLEN LN) – New Chairman announced
Kavango Resources (KAV LN) – KSZ update & £1.94m placing
Companies: CUSN CNR ALBA AMC GLEN KAV
CN’s 1Q16 adjusted EPS of $1.00/share was ahead of FCC/street expectations of $0.93/share.
Companies: Canadian National Railway Company
We expect CN carloads to be down 6.4% in 1Q16 y/y as result of significant declines in metals and minerals, coal and petroleum products. Due to exposure to commodity prices impacting shipping volumes, we expect a 3.6% y/y decline in 1Q16 revenue, down to $2.99 billion. We predict 1Q16 adjusted diluted EPS of $0.93/share, in line with consensus, which represents an increase of 7% when compared to 1Q15. Due to changes to our expectations, we have lowered our 12-month target price to $87.50/share,
On February 10, 2016, CN announced further details of its 2016 capital investment guidance of $2.9 billion. CN plans to spend $1.5 billion on track infrastructure, $600 million on rolling stock equipment, $400 million on Positive Train Control (PTC) technology, and $400 million on other initiatives. CN will spend 52% of its capital investment or $1.5 billion on track infrastructure, including replacements of rail and ties, bridge maintenance (this alone took $100 mm in 2015, or about $500,000/br
On Friday February 5, 2016, after market close, CN announced that it will repurchase a portion of its common stock under a specific share repurchase program, which will form part of CN's 12-month normal course issuer bid (NCIB) totaling 33 million shares announced on October 27, 2015. The daily repurchases will cap out at 1,500,000 of CN common shares with the bids running from March 1, 2016 to March 11, 2016. CN will be purchasing the common shares from a third party at a price that will be neg
CN has proven its capacity to operate efficiently and produce at the bottom line. Based on our new estimates and an NAV (Atax, 8%) of $89.37 per share, we have increased our 12-month target price to $90.00 per share and upgraded our ranking to Outperform.
On Thursday January 7, after market close, CN announced that it has submitted an Environmental Impact Statement (EIS) for its proposed $250 million logistics hub in Milton, ON, to the Canadian Environmental Assessment Agency (CEAA). The EIS outlines specific measures that CN plans to follow in an effort to limit the project's environmental impact on the community and demonstrates commitment to the project.
On Tuesday January 5, after market close, CN announced that it has filed a final shelf prospectus with Canadian securities regulators and a registration statement with the United States Securities and Exchange Commission (SEC), for which the Company may issue up to C$6 billion of debt securities in both Canadian and U.S. markets over the next 25 months.
Nearing the end of the quarter and the year, CN’s 2015 will clearly not match the growth seen in 2014, when adjusted earnings grew 23%.
For FY2015, we expect adjusted EPS will grow by 16%, fulfilling CN’s guidance for ‘double-digit’ earnings growth. Year-over-year, CN’s carloads are down 2.4% and in 4Q15, carloads are down 8.2%. Excluding the ~100,000 carload drop from reduced iron ore shipments, carloads are down ~1% in 4Q15. We now anticipate only 3.6% in revenue growth in 2015 versus 2014. W
Impact: Positive. CN's agreement with a third-party seller is accretive to the stock as the Company is purchasing the shares for less than it would have to pay in the open market.
Canadian National Railway Company (CNR): 3Q15 Adj. EPS of $1.26 Beats Consensus/FCC Estimates, Record Operating Ratio of 53.8%, 12MTP Remains at $85/share, Maintain Market Perform Ranking.
CN’s 3Q15 EPS of $1.26/share beat consensus ($1.15/share) and our $1.17/share forecast. Revenues were up 3% and CN cut operating costs by 5% y/y, and posted a record operating ratio of 53.8%. The record operating ratio demonstrates CN’s ability to cut costs quickly in a slowing economy. We maintain our 12-month target price of $85.00/share and our Market Perform rating.
As 3Q15 comes to a close, we are updating our outlook before the release of CN’s quarterly financial statements (scheduled for October 27, 2015). The update includes changes that have little aggregate impact on our long-term outlook. Our DCF-NAV still remains at $85.31/share, matching our target and, therefore, maintaining our Market Perform ranking. We have increased our 3Q15 est. EPS from $1.14 to $1.17/share but maintained our FY2015e EPS at $4.25/share.
On September 15, before market open, CN announced a public debt offering of C$350 million 2.8% Notes due 2025, C$400 million 3.95% Notes due 2045, and C$100 million 4.0% Notes due 2065. The offering is expected to close on Sept. 22, 2015. The funds are intended to be used for general corporate purposes, including repayment of outstanding debt and share repurchases.
CN announced after market close on August 12, 2015 that company President and CEO Claude Mongeau will be taking medical leave to have a rare form of pre-cancerous tumor removed from his larynx, and that the removal of the tumour in late August/early September and one-month recovery will then be followed by about six weeks of preventative radiation therapy. CFO Luc Jobin will lead the CN executives during Mr. Mongeau's recovery.
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Companies: SigmaRoc Plc
ITM Power is leading the world in PEM electrolyser manufacturing, and we believe it can use this to build sustainable advantage and grow market share in a rapidly growing hydrogen economy. The company is funded to add capacity and over time this should enable ITM to keep up with market growth to maintain a strong market share. The product is itself world leading which again creates competitive advantage. Demand itself appears secure with the IEA suggesting a major supply deficit by 2030. We init
Companies: ITM Power PLC
Longspur Research and Radnor Capital Partners have launched the Active Net Zero Clean Energy Index to allow investors to measure the performance of companies actively enabling climate solutions.The key emphasis is on the word “active”. This pan-European index eliminates greenwashing by penalising fossil fuel activities and focuses on actual achievement and positive contribution, rather than promises for the future. Our proprietary selection methodology is systematic, rules based and quantifiable
Companies: DRX ITM PHE SAE SIT STRLNG VLS
Strix has announced the commercial launch of two products Aurora, an appliance that dispenses instant hot and chilled water, and Dual Flo, a product with the usual characteristics of kettle but is able to deliver a single cup of boiling water. Both products fit with Strix’s sustainability strategy by saving water, energy, reducing the overall impact on the environment and bringing tangible benefits to consumers. The announcement is evidence of the organic growth strategy outlined at the Capital
Companies: Strix Group PLC
We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
Softline, the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, has issued GDRs to the Standard Listing Segment of the Official List, and on the Moscow Exchange. The Group had a turnover of US$1.8bn for the year ended 31 March 2021, employs c.6,000 people globally, and operates in more than 50 countries across emerging markets. Primary proceeds from the Offer are expected to be around US$400m. At the $7.5 offer price. Mkt
Companies: ULS CRU TM17 TEK ACSO RST ABC
Oil posted the longest stretch of weekly advances since 2015 as OPEC+ producers only modestly supply the market and as US crude supplies shrink.
Crude futures rose 1.5% Friday in New York, up for a ninth straight week. President Joe Biden said Thursday night that Americans should expect high gasoline prices to continue into next year because of supply being withheld by OPEC and other foreign oil producers. Stockpiles at the biggest US storage hub are draining to levels last seen when crude pr
Companies: FO 88E DEC EME GTC TRIN UOG WEN
What if the best solution for the energy transition were … nuclear power? Nuke is back at the heart of political debates in the context of the current energy crisis and massive but insufficient investments in renewables. This short review provides an overview of nuclear power in Europe and speculates on options. This ‘nuke optionality’, hinging on a favourable green taxonomy, is a game-changer for EDF, Centrica, Fortum but also Engie, Iberdrola, Enel and EDP.
Companies: Centrica plc
The forthcoming UN Climate Change Conference (known as COP26) should result in an acceleration of governments’ actions to reduce CO2 emissions. This will result in an acceleration of customer end-user adoption rates which would be positive for AFC Energy which is developing zero-emission solutions for the EV-charging, construction, data centre and marine markets.
Companies: AFC Energy plc
The group continues to experience strong underlying market conditions, with some supply chain shortages and transport constraints causing price rises. These issues are not expected to improve in the short term, but the group is confident of progress and results are anticipated to be in line with expectations. No change to forecasts. We retain our price target of 315p, which still offers good upside despite the strong outperformance by the shares over the year. The shares remain attractive on a s
Companies: Alumasc Group plc
Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m.
Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
Companies: SOLI RBD ALU ATQT BBI CWR DRV ORCP WATR
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What’s cooking in the IPO kitchen?
ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas company which has incubated and financially supported ATOME to date, by way of a dividend in specie and flotation.
Devolver Digital to join AIM, an award-winning digital video games pu
Companies: SAE HMI MNO MSMN NSCI OMG PCA
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What’s cooking in the IPO kitchen?
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
Companies: ZYT CIC DMTR GILD LMS MMAG PYC SMRT SBI
LTHM announced the acquisition of the entire share capital of Sarcon (No 155) Ltd (“Sarcon”) and its subsidiary companies for ~£4.0m +/- a net asset adjustment.
Companies: James Latham Plc
Arrow Exploration Corp. (AIM:AXL; TSXV:AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has joined AIM, alongside a fundraise of approximately £8.8m.
No Leavers Today
What’s cooking in the IPO kitchen?
ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas com
Companies: SPA ECR KP2 SAR SYM