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• Net revenues rose by 7% to €6.7bn for Q2 22 driven only by higher interest income
• Provisions for credit losses were €233m for Q2 22 compared to releases/income of €75m for Q2 21
• Total expenses decreased by 3% to €4.9bn for Q2 22
• Profit attributable to shareholders increased by 51% to €1.05bn for Q2 22
Companies: Deutsche Bank Aktiengesellschaft
• Net revenues rose by 1% to €7.3bn for Q1 22
• Provision for credit losses rose from €69m for Q1 21 to €292m for Q1 22
• Pre-tax profit rose by 4% to €1.66bn for Q1 22
• Profit attributable to shareholders increased by 17% to €1.06bn for Q1 22 compared to Q1 21 by a lower tax ratio
• Post-tax RoTE target of greater than 10% in 2025
• Capital distributions to shareholders of around €8bn in respect of the FY2021-FY2025 targeted
• Payout ratio of 50% of net income attributable to shareholders in 2025 and thereafter targeted
• Pre-tax profit declined by 53% to €82m for Q4 21 compared to Q4 20
• Profit attributable to shareholders increased from €113m for FY2020 to €1.94bn for FY2021
• Share repurchase programme of €300m announced to be completed in H1 22
• Dividend per share proposal of €0.20 for FY2021 compared to €0.00 for FY2020
• Net revenues rose by 2% to €6.0bn for Q3 21 compared to Q3 20.
• Risk provisions declined by 57% to €117m for Q3 21.
• Total expenses increased by 4% to €5.4bn for Q3 21 compared to Q3 20.
• Profit attributable to shareholders increased by 7% to €194m for Q3 21 compared to Q3 20.
• Net revenues declined by 1% to €6.2bn for Q2 21 compared to Q2 20.
• Risk provisions declined from €761m for Q2 20 to €75m for Q2 21.
• Total expenses decreased by 7% to €5.0bn for Q2 21.
• Profit attributable to shareholders was €692m for Q2 21 compared to a loss of €77m for Q2 20.
• Net revenues rose by 14% to €7.2bn for Q1 21, driven by the Investment Bank.
• Risk provisions declined from €506m for Q1 20 to €69m for Q1 21.
• Pre-tax profit of the Investment Bank rose to €1.5bn for Q1 21 compared to €1.6bn for the total group in Q1 21.
• Profit attributable to shareholders was €908m for Q1 21 compared to a loss of €43m for Q1 20.
• Revenues were up by 4% to €24bn for FY2020
• Slight profit for 2020 above consensus expectations
• Management released no dividend proposal for FY2020
• However, a dividend payment for FY2021 seems possible
• Net revenues rose by 13% to €5.9bn for Q3 20 compared to Q3 19 due to higher Investment Bank revenues.
• Risk provisions decreased by 64% to €273m (25bp) for Q3 20 compared to Q2 20 (61bp).
• Deutsche Bank reaffirmed its guidance for the FY2020 provision for credit losses of 35-45bp of loans.
• Profit attributable to shareholders was €182m for Q3 20 compared to a loss of €942m for Q3 19.
Deutsche Börse (DB1) is a leading European capital markets infrastructure provider with activities across pre-trading, trading and clearing, and post-trade segments. Its diversity provides resilience to fluctuations in market activity and encompasses a range of faster growing areas that can fuel the secular growth element of its strategy. M&A is also seen as a potential source of additional capability and growth.
• Net revenues rose slightly by 1% to €6.3bn due to higher Investment Bank revenues.
• Risk provisions rose from €161m for Q2 19 to €761m or 61bp for Q2 20.
• However, Deutsche Bank reaffirmed its guidance for the FY2020 provision for credit losses of 35-45bp of loans.
• Group net income attributable to shareholders was a loss of €77m.
• Revenues were flat which is not bad after three years of decreasing revenues.
• Risk provisions rose from €140m for Q1 19 to €506m for Q1 20.
• Investment Bank could increase its pre-tax profit by 149% to €622m due to the COVID-19 market turmoil.
• Group net income attributable to shareholders was a loss of €43m.
• Revenues were down by 8% to €23.2bn for FY2019
• Net result attributable to shares was a loss of €5.7bn for FY2019
• Management released no dividend proposal for FY2019
• Transformation-related effects should burden 2020 with €1.4bn
Deutsche Börse (DB1) is a leading European capital markets infrastructure provider across pre-trading, trading and clearing, and post-trade segments. It is following a road map designed to secure faster growth including both organic and M&A elements. At the Q3 stage, the group reported that it is making progress in line with its objectives. DB1 is keen to use its available cash and debt capacity (up to c €2bn) for acquisitions that meet its criteria; these are set to be both lower risk and less
• Net loss attributable to shares was €942m for Q3 19
• Deutsche booked transformation effects of €420m in Q3 19
• Total revenues were down by 15% to €5.3bn
• Additional strategy move charges of more than €1bn in Q4 19 expected
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Challenger Energy (CEG LN): Discontinuing coverage - We are discontinuing coverage on Challenger Energy Group.
Longboat Energy (LBE LN)C; Target price of £1.50 per share: 3-5 well programme in 2023. Increased resources estimate at Kveikje – There were no surprises in the 1H22 financials. The gross contingent resources estimates at Kveikje have been increased from 28-48 mmboe to 35-60 mmboe (2C-3C) based on a new CPR following post wel
Companies: HUR CNE CNE I3E CZA CASP DEC IOG PPC SQZ TRIN RBD SAVE SLE ECHO BLOK CEG LBE PTR
Companies: Plus500 Ltd.
Companies: H&T Group plc
Results are consistent with August’s update and confirm a breakout FY22, as Made Tech materially scaled its business – growing revenue 120% y/y (organic) to £29.3m, an exceptional result, which in turn drove a return to profitability, AOP: £2.3m (PY:£-0.8m). This was achieved by Made Tech more than doubling its headcount and alongside this, also delivered sales bookings of £51.1m (+115% y/y) which includes Made Tech’s largest ever win. Made Tech’s y/e backlog is also up sharply at £38.2m (+133%
Companies: Made Tech Group PLC
Singer Capital Markets
Companies: Aquis Exchange Plc
With pandemic restrictions lifted and the return to work underway, Regional REIT’s (RGL) H122 results show good and continuing operational progress. The sharp rise in energy prices affected property costs, but this should moderate with government support measures. Combined with income seasonality and fully fixed/hedged borrowing costs, RGL expects a stronger H222 performance and reiterated its full-year DPS target of 6.6p.
Companies: Regional REIT Ltd.
Companies: Gore Street Energy Storage Fund PLC
With results two weeks away, PRSR has flagged that it now expects EPRA NAV will be “no less than 116p”. This is +11% in H2 alone and 10% ahead of our 106p forecast; driven by +5% rental growth and tightening valuation yields. There has been further development progress in Q1’23 to date, with 55 homes completed taking the estate to >4,800 homes. We note a strong rental performance against a more challenging macro-economic backdrop. The shares trade on a 25% discount to reported FY22 EPRA NAV with
Companies: PRS REIT Plc
Companies: Real Estate Investors plc
Companies: FNX JOG PCIP
An increased in revolving credit facilities at NESF brings the total available to £205m with £115.5m currently drawn. We see this as well-timed as there is a lot of activity in the market for both PV and storage projects and the facility gives the fund the firepower to pursue the best opportunities in a timely fashion.
Companies: NextEnergy Solar Fund Ltd
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What’s cooking in the IPO kitchen?**
Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming company. Raising between £5-10m.
Independent Living REIT plc, intends to float on the Premium Segme
Companies: TBLD BOKU ERGO K3C MYX MYXR PGH
Salarius announced a product line expansion for MicroSalt®. Demand for MicroSalt®, as a low sodium salt alternative, has resulted in a new line of table salt shakers for direct to consumer and business sales starting 1 October 2022. MicroSalt® Salt Shakers are going to be launched at Expo Food Eas as part of: The Natural Products Expo being held 28 September to 1 October 2022 in Philadelphia, US.
Companies: Tekcapital Plc
Time Finance released their FY22 annual results ending 31 May 2022 in-line with the trading update in July. It has also released a Q1/23A update which provides colour on the success of its new strategy focused on the core business. We leave forecasts unchanged and believe the company remains on track to hit our FY23E forecasts. Time looks significantly undervalued given it trades on a P/TNAV of 0.5x, an FY24E PE of 4.1x and over 65% growth forecasted in Adj PBT over the next two years.
Companies: Time Finance plc
Avation is a lessor of commercial passenger aircraft to seventeen airlines. The advent of COVID-19 brought with it the most challenging period ever in the industry's history. Avation took swift action to preserve liquidity and maintain cash flow through renegotiating its senior debt amortisation, thereby being able to provide support for customers. Today, the group's fleet consists of 39 aircraft, along with purchase rights over 5-years on a further 28 ATR 72-600s, one of the lowest CO2 emission
Companies: Avation PLC