Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GLOBAL BIOENERGIES SA. We currently have 8 research reports from 1 professional analysts.
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GLOBAL BIOENERGIES SA
GLOBAL BIOENERGIES SA
String of successes and new financing
18 Nov 16
Global Bioenergies (GBE) has delivered a string of industrial and commercial successes, with completion of construction at the Leuna plant, more progress on second-generation feedstock development and new potential clients. It has secured significant new financing and delivered reasonable H1 results. Our valuation remains unchanged at €37-56/share.
Opening the next chapter
29 Jun 16
GBE has delivered impressive progress on its alternative olefins production technology. It is now entering the final phase of industrialisation and on the verge of commercialisation. Low oil prices make for a difficult business environment, but efforts by management to diversify away from the oil-related market could help to reduce the oil price dependence. Nevertheless, there is immediate commercial market potential for GBE. Our core valuation range is €37-56 per share.
Spend to deliver
08 Apr 16
Global Bioenergies (GBE) is scaling up its operations as planned ahead of its next important steps to commercialisation. 2015 results are evidence of managed expenses, while capex spend is peaking as the company builds its second demo plant. GBE has also achieved further improvement in isobutene purity, which opens new, higher value-added end markets. We believe the company is on track with its operations and funded through to 2017. Our valuation range remains unchanged at €32-59 per share.
29 Jan 16
Global Bioenergies (GBE) has raised €6.5m in a private placement, lifting its gross cash to €16m to fund its isobutene process development and commercial roll-out. This should fund the company well into 2017 and even cover some increased outlay for more aggressive commercial development. Our updated model results in a fair value range of €32-59 per share (from €35-63).
Step forward ahead of schedule
18 Dec 15
Global Bioenergies (GBE) has delivered another step on its road towards bringing its isobutene process to industrial scale with the installation of the central fermenter at its Leuna plant. This is important preparation for commercial scale. We anticipate the company will aim to develop end-markets that are uncorrelated to oil while a weak oil price prevails. Our fair value remains unchanged at €35-63 per share.
On the road to commerciality
24 Sep 15
Global Bioenergies’ H1 results demonstrate good operational execution and strong cash control. The company’s current cash allows for capital spend well in line with our expectations. We note further operational progress with additional process adaptation to second-generation sucrose feedstocks. Our DCF-based valuation range remains €35-63 per share.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
Playing the long term, with short-term risks
16 Feb 17
After the publication of the annual results, we update our view and highlight the key points. Q4 16 key highlights As a reminder, the company reported results 30% below expectations at $400m for Q4 16. By division: 1) In upstream, underlying replacement costs profit came to $400m, vs. a loss a year earlier of $728m and a loss of $224m in Q3 16, reflecting the ongoing lower costs which have benefited from simplifications, efficiencies and lower exploration write-offs. In the US, the loss is still $147m. Production came in at 2.19mbpd, down 5.5% yoy due to disposals and up 1.8% on an underlying basis thanks to ramp-ups. One of the key events during the quarter was the renewal of BP’s onshore concession in the UAE with a 10% interest in the ADCO onshore oil concession. In terms of outlook, production should be higher in 2017 and will depend on the timing of project start-ups, acquisitions, divestments, and OPEC quota. Also the Abu Dhabi concession will be visible as from Q1 17. 2) In downstream, replacement costs profit came to $877m, down from $1.2bn a year ago and $1.4bn in Q3 16. The US division showed a loss of $371m vs a gain of $1.25bn. Non-US Fuel business earnings halved to $417m due to the weaker refining environment as well as the impact from the particularly large turnaround at the Whiting refinery. In lubricants, profit rose to $357m, reflecting the continued strong performance in its growth markets and premium brands as well as simplifications and greater efficiencies. The margin should remain unchanged for Q1 17. 3) Rosneft. Underlying replacement costs profit came to $135m, down from $235m a year ago, affected by the increased government take. Production was at 1.15mbpd, up from 1.03mbpd a year ago. This reflects the completion of the acquisition of Bashneft and Rosneft’s increased stake in the PetroMonagas venture. BP received a dividend of $322m after deduction of the withholding tax, in July 2016. On the Macondo oil spill, the charge taken for the Q4 16 pre-tax was $530m. This reflects BP’s latest estimates for claims including business economic loss. The pre-tax cash outflow on costs related to the oil spill for the full year 2016 was $7.1bn. Cash flow Excluding the Gulf of Mexico payment, the operating cash flow was $4.5bn. Underlying operating cash flow excluding the oil spill-related payment was $17.8bn for the full year. Proceeds during the year and the scrip dividend were not enough to cover capex and the cash dividend. Gearing at the end of the year increased to 27% ($35.5bn debt), in the high range of the group’s target of 20-30%. Organic capital was $16bn, below original guidance of $17bn to $19bn. Capex in 2017 should be close to $16-17bn. Divestment proceeds should be higher in 2017, close to $5bn and then reducing by $2-3bn per year after 2018. The total costs of the Deepwater payment should fall to $2bn in 2018 and then $1bn per year as from 2019. In 2017, this should be close to $5bn. All in all, including the latest acquisitions, cash flow break-even should be close to $60/bbl in 2017.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital