Equity Research, Broker Reports, and media content on Vallourec

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about Vallourec
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard
  • 18 Feb 21
FY20 in line, but all eyes are on the financial restructuring

The FY20 results came out in line with the preliminary released with the announcement of the financial restructuring A positive free cash flow in Q4 (€112m) with efforts on WCR will be welcomed The outlook remains cautious and uninspiring with results more or less flat No drama though, and the financial restructuring is under way We will fine-tune our estimates to the downside, and stay away from the stock until the financial restructuring is fully accepted and implemented.

Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)
  • 05 Feb 21
Financial restructuring is underway

The details of the ongoing plan to restructure the group’s balance sheet were made public The dilution will be masssive, as expected We will adjust our numbers accordingly Expect our target price to fall

Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)
  • 19 Nov 20
Q3 20: not so bad, but all eyes are on the financial restructuring

Q3 results were decent Cost-cutting, the higher contribution of the iron-ore mine and some mix impact have all helped The negotiations on the financial restructuring (debt-to-equity swap) are only starting Steer clear of the stock before the conditions of the restructuring are known, with a potential huge dilution

Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)
  • 30 Jul 20
H1 20: still weak of course

The group’s results continue to suffer from low oil prices The pandemic has not helped and the group is under pressure The issue of its refinancing is getting more worrying by the day We are still very sceptical about the group’s communication

Companies: Vallourec
  • 14 May 20
Another tough year ahead

Q1 20 revenues were in line but the outlook is quite uncertain with the combination of the pandemic and very low oil prices (the former accelerating the latter). Cash is needed to avoid breaching covenants given the negative free cash flow we expect for the full year, which explains why the group intends to proceed with the €800m capital increase as soon as market conditions allow. We expect the share price to remain volatile.

Companies: Vallourec
  • 20 Feb 20
FY19 OK and a massive capital increase: it did it again!

FY19 showed a degree of improvement but from a low FY18 basis A massive capital increase (€800m planned in Q2) as we long expected (contrary to management, as usual caught by surprise) The market development, seen as positive in EAMEA, could be more favourable in FY20 It remains that management’s credibility is hurt once again The retirement of Mr Crouzet could, hopefully, give room for more transparency/ less self-satisfaction (we may be a bit optimistic here).

Companies: Vallourec
  • 15 Nov 19
Q3 19: becoming a miner? ...not quite yet

Q3 19 was slightly under consensus but no drama North America (shale) and Brazil have slowed down, with EAMEA improving. The recovery is underway, but quite slow. The group refuses to indicate the (huge positive) impact of iron-ore sales on results. Iron-ore outout to raise to c.8Mt by 2022 (vs 6Mt today). We will slightly reduce forecasts and target price. We still do not like the (leaving) CEO’s communication.

Companies: Vallourec
  • 25 Jul 19
H1 19: improving but how long it has been…since FY15 (!)

- H1 19 showed an undeniable improvement in profitability - Net debt has been contained so far, making a capital increase less likely - The balance sheet still remains stretched and any market set-back would reinitiate speculations on yet a new issue - We will revise our valuation upwards, but do not underestimate the positive impact of iron-ore on the group’s numbers, which management refuses to detail (!)

Companies: Vallourec
  • 17 May 19
Q1 19 results: a mixed bag

- Q1 19 results were decent on the P&L front - Volumes, prices and savings have helped - However, cash consumption thus net debt still a worry - Management reaffirmed no issue to take place in FY19 - We are less confident and any market downturn would leave no other choice - In short: not bad but still some way to go

Companies: Vallourec
  • 21 Feb 19
First signs of a (much awaited and needed) recovery

- Q4 shows a rebound in volumes (particularly in EAMEA). - EBITDA substantially better in Q4, as expected and even better. - FCF positive in Q4 (first time since… 2015). - Outlook quite confident (to be slightly mitigated by our view on top management). - Management reasserts they can live without a share issue in FY19. - No big change to our numbers. We will reconsider after Q1/H1 if we sill believe in a capital increase.

Companies: Vallourec
  • 23 Nov 18
After the bloodbath

There is no real fact to trigger this Latest, other than the very sharp correction of the share price in the past few days and our thoughts on a potential capital increase.

Companies: Vallourec
  • 16 Nov 18
Q3 18: high time to...wait some more

Revenues reached €961m (-0.3% yoy and +5% at CER), EBITDA €43m (vs €9m), EBIT €-29m (vs €-88m) and net income €-92m (vs €-119m). Net debt at the end of Q3 18 reached €2,097m vs €1,934m in H1 €1,783m in Q1 and €1,542m at year-end 2017. Over 9 months, revenues were up 4.7% to €2,805m, EBITDA up from €-9m to €61m and operating profit up from €-277m to €-234m. The group had targeted a positive outlook for H2 with EBITDA higher than in H1, and now indicates Q4 EBITDA should be above that of Q3 (€43m). Demand should be softer in the US (after inventory build-up anticipating section 232) and stable in Brazil, while activities should benefit from higher volumes and prices elsewhere.

Companies: Vallourec
  • 26 Jul 18
H1 18: in line and unimpressive

Despite the recovery in the US and the “transformation plan”, forex and higher input costs make the H1 18 P&L very similar to last year’s. Although demand is well oriented in North America and should improve in EAMEA, investors are required to be patient before margins become healthy again.

Companies: Vallourec
  • 18 May 18
Q1 18: improving context and top-line; no change to the P&L though…

Vallourec released Q1 18 results. Revenues reached €862m (+10.1% and +22.1% at CER, EBITDA €-5m (vs €-21m), EBIT €-130m (vs €-111m) and net income €-170m (vs €-126m). Net debt at the end of Q1 18 reached €1,783m vs €1,542m at year-end 2017 (or +€241m). The group confirms its “positive outlook for the year with EBITDA in the second half of 2018 targeted to be significantly higher than in the first half”. Altogether, the group indicates EBITDA in the current year should improve over FY17’s.

Companies: Vallourec
  • 22 Feb 18
FY17 in line (and weak), with a rather uninspiring short-term outlook

FY17 inline and rather weak still. The outlook is not detailed and still uninspiring, with Vallourec’s exposure to the US “quite small”. The 2020 targets definitely look out of reach. We will most likely cut our forecasts and target.

Companies: Vallourec

Vallourec

Company Profile

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Vallourec. We currently have 28 research reports from 2 professional analysts.

  • Open: N/A
  • Range Today: N/A
  • 52 Week: 400/710c
  • Daily Volume: N/A
  • Daily Liquidity: 0.0%
  • # Shares: 0m
  • Market Cap: 2,202m
  • Latest PE (hist):
  • Div Yield:

Latest News/RNS

(more news)
Date Source Announcement
18Mar19 07:00 GNW VALLOUREC: selected by Thailand's PTT Exploration & Production PLC (PTTEP) to deliver oil country tubular goods
18Mar19 07:00 GNW Vallourec is selected by Thailand's PTT Exploration & Production PLC (PTTEP) to deliver oil country tubular goods for a challenging offshore project in Myanmar
20Feb19 16:46 GNW VALLOUREC reports full year 2018 results
28Nov18 17:02 GNW Press release Vallourec
26Nov18 20:00 GNW VALLOUREC : press release
15Nov18 16:45 GNW VALLOUREC reports third quarter results and results for the first nine months of 2018
24Sep18 13:32 GNW VALLOUREC : Vallourec launches a new brand Vallourec.smart
Get free RNS email alerts

  • Frequency of research reports

     

  • Research reports on

    Vallourec

  • Providers covering

    Vallourec

  • 19 Feb 21
Small Cap Feast

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions. In FY20 the Group delivered pro forma revenue of £52.3m, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3m pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5 million. The Placing will be priced on a pre-money valuation for the Company of £7 million. Targeting March Admission. Virgin Wines UK Plc recently set out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Deal details TBC but media reports suggest a £100m valuation. Targeting 2nd March Admission Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.

Companies: SBI OCI IDOX ROL JAN BSE PXS SHED TSG KDNC

  • 22 Feb 21
Cenkos: Directa Plus Plc -- Supply and R&D agreement for batteries

Directa Plus has announced that it has signed a supply agreement and a Strategic R&D Agreement with NexTech Batteries Inc, a leading company in the field of Lithium Sulphur batteries based in Nevada, US. These agreements follow on from the Memorandum of Understanding entered into between the two companies and announced on 26 October 2020. The Supply Agreement has an initial duration of three years, with an option to extend for an additional two years and under the Supply Agreement, Directa Plus will supply NexTech with 300kg of nanoplatelets in 2021, with quantities for delivery in each subsequent year to be agreed between the parties. Directa Plus and NexTech have also agreed a worldwide bilateral exclusivity between the parties in the lithium battery field for the duration of the Supply Agreement. The three year R&D Agreement provides for Joint Lab activities with the intention of developing new specific grades of G+® graphene nanoplatelets for a next generation of Li-S batteries. Both parties will dedicate selected scientists from their R&D teams and part of their respective facilities to the enterprise. As announced in November 2020, NexTech, using Directa Plus's G+ materials, achieved 410Wh/kg of specific energy in a practical demonstration system at a weight only slightly below 30g. For comparison, standard lithium-ion batteries have a specific energy density of 100-265 Wh/kg.

Companies: Directa Plus Plc
  • 03 Feb 21
AFC Energy (AFC LN) - Growing markets and collaborations

We update our valuation following our initiation note in September. Since then there has been multiple positive developments in terms of new strategic collaborations with world leading organisations as well as investment to ensure capacity can be built up to satisfy demand. Our revised target valuation of 191p reflects elements of the ABB relationship in a number of major markets, albeit the longer-term opportunity could be much bigger than this. Indeed, we have not included all AFC’s growth opportunities in this valuation. Recent profit taking gives an opportunity to re-visit the long-term investment thesis. The next scheduled news flow is FY results in early March.

Companies: AFC Energy plc
  • 10 Feb 21
Small Cap Feast

Report on Techcrunch that IROKO, a Nigerian-based media company, could file to go public in the next 12 months on the London Stock Exchange (LSE) Alternative Investment Market. Founded by Jason Njoku and Bastian Gotter in 2011, IROKO boasts the largest online catalogue of Nollywood film content globally. According to this report, the media company will raise between $20 million and $30 million valuing the company at $80 million to $100 million. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” Kanabo Group (RTO by Spinnaker Opportunities SOP.L) on the main market (standard). Raising £6m, enlarged mkt cap £23.4m. Kanabo focuses on the distribution of Cannabis-derived products for medical patients, and non-THC products for CBD consumers . Due 16 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions . In FY20 the Group delivered pro forma revenue of £52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Cordiant Digital Infrastructure to admit its shares on the Specialist Fund Segment of the Main Market of the London Stock Exchange . Targeting a £300m raise. Cordiant invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Due 16 Feb 4basebio UK Societas is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients. The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: £14.53m. Due 17 Feb Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective 16 February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Raising £8.2m. £18.7m mkt cap.

Companies: CCS UKOG PTD SFE STAR ATYM AVG PHD CGNR SNX

  • 11 Feb 21
Small Cap Feast

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” Kanabo Group (RTO by Spinnaker Opportunities SOP.L) on the main market (standard). Raising £6m, enlarged mkt cap £23.4m. Kanabo focuses on the distribution of Cannabis-derived products for medical patients, and non-THC products for CBD consumers . Due 16 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions . In FY20 the Group delivered pro forma revenue of £52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Cordiant Digital Infrastructure to admit its shares on the Specialist Fund Segment of the Main Market of the London Stock Exchange . Targeting a £300m raise. Cordiant invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Due 16 Feb. 4basebio UK Societas is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients. The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: £14.53m. Due 17 Feb Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective 16 February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Raising £8.2m. £18.7m mkt cap.

Companies: OHG MDZ PEG IQE RBN WHR HMI ANIC KOD GMR

  • 22 Feb 21
Supply and Strategic R&D Agreement with NexTech

Directa Plus has announced that its existing relationship with NexTech Batteries Inc has progressed to a formal supply and strategic R&D agreement. We consider this a very positive development, given the potential for Lithium-Sulphur (Li-S) to disrupt the dominance of Lithium-Ion batteries. Directa will supply NexTech with 300kg of G+® graphene platelets this year, with potentially far higher quantities for delivery in subsequent years linked to NexTech’s anticipated growth.

Companies: Directa Plus Plc
  • 12 Nov 20
Acquisition, interim results and board changes

Volex has reported interim results that are in-line with expectations following a strong trading update in mid-October. Of far greater significance is today’s announcement of the proposed acquisition of DEKA for a consideration of up to €61.8m on a debt free basis. DEKA is a leading and highly profitable power cord manufacturer, strategically located in Turkey, that serves leading European white goods manufacturers. The acquisition should close in early CY2021, subject to expected Turkish Competition Authority approval. We foresee 15% earnings enhancement in FY2022E with further opportunities for revenue synergies with Volex in the Far East as its operations also vertically integrate, production efficiencies increase and the cost of production falls. The statement highlights that pro forma net debt/EBITDA remains under 0.4x and this provides scope for further bolt-on acquisitions alongside a new $70m RCF and $30m accordion, also announced with the interims.

Companies: Volex plc
  • 23 Feb 21
WHI Equity Research: Norman Broadbent (NBB) - Top brand breaks into new growth markets, poised for future profits

NBB is an established and well-recognised 40-year brand in the field of senior executive-level talent acquisition, which has been substantially upgraded since appointing Mike Brennan as Group CEO in 2016, and has become a totally transformed company. Notably NBB has lifted its game dramatically, growing into a broad human capital solutions business delivered via professional embedded processes, where before what we had was the familiar well-respected but single-strand executive search operation. As a result, growing and more relevant new service lines now form the largest part of the company, and aligned with this, NBB's financial prospects have improved significantly. While Covid has been challenging, the company has managed the crisis well by considered and strategic headcount additions, while at the same time taking out over £500,000 in costs. Positive H1 and FY EBITDA reports stand out as important milestones. Net debt cut from c.£1m to near-zero in H1 reflected a return to cash-generation. We are now able to include forecasts for FY-2020E and in addition '21 and '22 scenarios, illustrating the potential upside.

Companies: Norman Broadbent plc
  • 11 Dec 20
Cash generation still under pressure

Rolls-Royce issued a trading update as of November. The Defence business remained resilient while the situation in civil commercial aerospace was more contrasting. The recovery is still fluid, with a few uncertainties still to overcome in 2021 but visibility in 2022 should be better. Still, we see the cash generation capability of the company will remain under pressure.

Companies: Rolls-Royce Holdings plc
  • 14 Jan 21
Small Cap Feast

Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the "Fundraising") to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb. Moonpig, the digital greeting card company, is planning an IPO with a potential valuation of £1bln, according to multiple media reports. Further details expected to be announced over the next two weeks.

Companies: ZPHR PANR PRSM SENS CYAN G4M ITX CRCL FEN ZIN

  • 05 Feb 21
THE MONTHLY February 2021

In the past two years, since Hardman & Co first started to target the IC sector, we have heard many managers of ICs and boards talk of the growth of the retail investor on their registers. Many have approached Hardman & Co for help in addressing this market, since we have a unique strength in this field relative to other providers.

Companies: AVO ARBB BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX TRX VTA YEW

  • 24 Feb 21
SP Angel Morning View: Copper distorted by Chinese futures. IG raising margin requirements

Alba Mineral Resources (ALBA LN) – Welsh exploration programme Bluejay Mining* (JAY LN) - BUY - Valuation 40p – Bluejay training students and personnel in Greenland for Dundas project IronRidge Resources* (IRR LN) – Progress at Ewoyaa Lithium Project Keras Resources* (KRS LN) – Chairman reports no outstanding requirements on grant of exploitation permit at Nayéga manganese mine in Togo Mkango Resources* (MKA LN) – Pilot plant test-work underway Power Metal Resources* (POW LN) – Option exercised to acquire Coco East Property Sibanye-Stillwater (SSW JSE) - Sibanye-Stillwater Partner up with Keliber for lithium in Finland Tirupati Graphite (TGR LN) – Trials of battery grade spherical graphite accelerate timetable to commercial production

Companies: MKA ALBA JAY KRS POW TGR IRR SSW

  • 25 Mar 20
The Industrial Revelation

US & German manufacturing PMI hits lowest readings since 2009, UK manufacturing PMI heads below 50, BorgWarner expects material financial impact from customer production halts

Companies: AVON CGS HAYD HEAD HILS JHD RNO SCPA TWD TRI ZTF SOM GHH

  • 28 Jan 21
WHI First Light: AFC Eergy (AFC) - Extreme E and AFC Energy Unveil Pioneering Fuel Cell System

AFC Energy announced today (through an RNS REACH) that it is unveiling a new, zero emission power generator to be featured in the inaugural Extreme E electric SUV racing series that begins in April 2021. According to the company, following six months of collaborative engineering and design, AFC Energy's hydrogen power generator has been successfully commissioned, on schedule, and is to be handed over to Extreme E this week. The fuel cell system has been configured to operate across desert, arctic and high-altitude locations. It will power all of the Championship's ODYSSEY 21 electric SUVs in its inaugural season of racing. The first Extreme E race, the Desert X-Prix, is scheduled for the weekend of the 3rd and 4th of April; it will be held in Saudi Arabia.

Companies: AFC Energy plc
  • 29 Jan 21
Xpediator plc (XPD LN) - Strong outturn for 2020

XPD is a well-established pan-European freight management and logistics operator. We have selected the Group as one of our Top Picks for 20211. XPD has stated in a pre-close update today that profits for the year to 31 December will be “significantly ahead” of market expectations. Due to better demand for services in the UK and Europe during the peak months of November and December, XPD expects to report adjusted PBT of c.£7.2m. This is a 40% increase on 2019 (£5.15m) and against prior guidance for 2020 of “in excess” of £6m. Margins have expanded to 3.3% from 2.4% in 2019, aided by cost savings. The Group has been rebuilding its senior management team and recently announced the appointment of industry insider Michael Williamson as CFO. More strategically, when Covid abates we think customers will be focused on supply chain resilience, and CEE countries will become even more attractive as manufacturing venues. This strongly favours XPD’s footprint and expertise.

Companies: Xpediator Plc