SP Angel Morning View: Markit data shows China deceleration and strong growth momentum in Europe

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

1Q16 EPS $1.00 (FCC $0.93); Ending Coverage

CN’s 1Q16 adjusted EPS of $1.00/share was ahead of FCC/street expectations of $0.93/share.

1Q16 Carloads Down 6.4% y/y; Adjusted 1Q16 EPS of $0.93; 12 MTP of $87.50/sh, Downgrade to Market Perform

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,

CANADIAN NATIONAL RAILWAY COMPANY (CNR) DETAILS ITS $2.9 BILLION OF CAPITAL INVESTMENT FOR 2016

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

CANADIAN NATIONAL RAILWAY COMPANY (CNR) ANNOUNCES SHARE REPURCHASE UNDER NCIB

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

4Q15 Adj. EPS of $1.18 Beats Consensus ($1.11)/ FCC ($1.09) Estimates, Operating Ratio of 57.2% Lower than Consensus (57.9%)/FCC (58.4%) Estimates

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.

CANADIAN NATIONAL RAILWAY COMPANY (CNR) SUBMITS ENVIRONMENTAL IMPACT STATEMENT FOR PROPOSED MILTON LOGISTICS HUB

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.

CANADIAN NATIONAL RAILWAY COMPANY (CNR) FILES SHELF PROSPECTUS FOR C$6 BILLION OF DEBT SECURITIES

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.

CN (CNR) 4Q15 Freight Volume Update

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

CANADIAN NATIONAL RAILWAY COMPANY (CNR) ANNOUNCES REPURCHASE OF COMMON SHARES

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.

FirstEnergy - DAILY RESEARCH SUMMARY

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.

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.

3Q15 Carloads Down by 88,000 y/y; Cutting Operating Costs; 12MTP $85/share (Unchanged)

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.

ANNOUNCES C$850 MILLION DEBT OFFERING

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.

CANADIAN NATIONAL RAILWAY COMPANY (CNR) ANNOUNCES CEO TAKING MEDICAL LEAVE

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.

LIBERUM: Yü Group* - Yet more upgrades

Invinity Energy Systems - New Sale Could Build Familiarity

A sale of four VS3 Invinity flow batteries shows continued positive momentum for the company. This deal goes further as we see it building familiarity for the company’s storage technology with key members of the workforce in the North American electricity industry.

Invinity Energy Systems - Further US Sale

A further sale in the USA shows that Invinity is seeing growing momentum in the country. With the Inflation Reduction Act now creating storage specific tax credits for the coming decade while the Bipartisan Infrastructure Law offers significant incremental support for long duration energy storage, we see this market as a key opportunity for the company.

Initial Equity Trading Comments - 15 May 2023

Invinity Energy Systems - First Mistral Pilot Announced

Supported by a C$0.5m award, Invinity is targeting an initial reference deployment of its new “Mistral” flow battery in H1 24 at a site in British Columbia. The company had already signalled that it hoped to announce pilot projects this year, so it is encouraging to see this happening and paving the way for commercial launch in 2024.

ITM Power (ITM LN) - Trading update

ITM has released a trading update, refining guidance for the full year to April 2023, and reporting progress on the company’s ongoing project to refocus its business on manufacturing delivery and scale up

SDI Group - FY 2023 trading update in line with downgrades to FY 2024

SDI has issued a trading update for the year ending 30 April. Whilst revenues are expected to be c.£69m, up 39% on FY 2022 and some £2.5m or 4% higher than our forecast, higher investment into sales & marketing pegs back adjusted PBT to around £11.8m (no change to FC £11.9m est). Product mix changes in FY 2024 (lower higher-margin Atik sales, offset by higher lower-margin new business sales), coupled with sustained investment in opex will impact our forecasts for FY 2024. We leave revenues uncha

Morning Note – 11 May 2023

Hybridan Research: Sector Review: Critical minerals for UK - mining and battery recycling: 09-05-2023

Virgin mining: Energy security and decarbonisation are driving the race in the sourcing of critical minerals from the natural world. This has contributed to the revival of exploration activities in the US, Europe and to a lesser degree the UK. For example, the global identified lithium resources increased from 40m tonnes in 2015 (the Paris Agreement year) to 97m tonnes in 2023, at a CAGR of 12%, according to the U.S. Geological Survey data. For example, there was no identified lithium resources

Morning Note – 5 June 2023

Ultimate Products+ (UPGS, House Stock at 124p) - Trading in-line & showing at Exclusively Housewares

Hybridan Small Cap Feast - 06 Jun 23

6th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Itaconix - FY22 results shows strong revenue increase

The FY22 results posted a significant increase in revenue and decent reduction in losses. Growth was strongest in the cleaning segment, with a marked increase in demand across all geographies, but particularly from North American customers. Results were in line at the revenue level, with the adjusted EBITDA loss circa $100k lower than our $1.3m forecast for FY22. Year-end cash of $0.6m has since been boosted by the $12.7m February placing, resulting in much stronger finances. No changes to FY23

Webinar: “The Impact of US IRA on Clean Energy Companies”

The US Inflation Reduction Act will have sweeping impacts on the energy industry and its participants. We’ve invited four companies from the Active Net Zero Universe to share how they see the industry evolving, helping investors identify the major risks and opportunities. Companies presenting are EQTEC (EQT LN), Foresight Group (FSG LN), Invinity Energy Systems (IES LN) and Velocys (VLS LN). The Active Net Zero Universe uses the same selection methodology as the Solactive Active Net Zero Global

Velocys - Feedstock Highlights FT Benefits

A new report on feedstock pressures for HEFA derived sustainable aviation fuel (SAF) highlights the relative attractiveness of Fischer Tropsch based SAF and especially the negative emission fuel Velocys has developed. With the US SAF Grand Challenge, REFuel EU and the UK’s Jet Zero policies all pushing airlines down a SAF based decarbonisation route, we see the Velocys solution as gaining attractiveness as one that can meet the long-term needs of the industry without putting pressure on feedstoc