Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ECOSLOPS. We currently have 3 research reports from 1 professional analysts.
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Ecoslops wins ADEME SME initiative award
01 Dec 16
Ecoslops wins ADEME SME initiative award LATEST ANALYSIS Ecoslops’ project on 3D digital modelling and modularisation has been selected by France’s ADEME (Agence de l’environnement et de la maîtrise de l’énergie) within its “Recycling and valorisation of waste” initiative. The project will be eligible for a subsidy. The 3D digital model should help the company to streamline the engineering and construction of its plants through standardisation and modularisation. This in turn should reduce development costs and improve time-to-market.
Ecoslops to benefit from potential new green regulations on shipping hydrocarbon residues
23 Nov 16
Ecoslops to benefit from potential new green regulations on shipping hydrocarbon residues REGULATION ANALYSIS The Paris Agreement doesn’t directly address shipping. Global environmental regulations on the industry are drafted by the UN International Maritime Organization (IMO). At the end of October, the IMO agreed on a roadmap (2017 through to 2023) to develop a strategy to cut greenhouse gas emissions from ships to be adopted in 2023. According to the roadmap, IMO’s Marine Environment Protection Committee should define, among other things, the role of the “shipping sector in supporting the goals of the Paris Agreement.” Targets have not been set yet and it is unclear whether the framework would include stricter regulations on the disposal and treatment of sludges, bilge water and slops – not greenhouse emissions stricto sensu. However, additions to policies on hydrocarbon residues are likely in the context of regulating pollution from shipping and would probably support Ecoslops’ basket of opportunities, as the company offers a proven outlet to these by-products of the global maritime trade.
The path to green-solving slops
08 Nov 16
We initiate coverage of Ecoslops (BUY): the company renews the oil residues from shipping (slops and sludge), turning them into fuels through its unique technology. The current market capitalisation stands at c. €28m with the share price at €9.1; we see a large upside potential (+114%) based on the company’s project pipeline. Refining slops The world fleet generates more than 100m tons of oil residues. These wastes are rich in residues and heavy metals and therefore represent an environmental challenge. Ecoslops offers an integrated solution to port authorities, allowing them to comply with the regulations while recycling residues on shore. The company’s innovation lies in combining advanced refining techniques within a small processing plant, compared to typical refineries. Ecoslops operates its first industrial scale treatment unit (nominal capacity of over 30kt of recycled fuel) in the port of Sinès, Portugal. The group aims at signing contracts for three new projects by the end of 2017. It plans to build one in Marseille (we expect it to be a standard size, i.e. nominal capacity at 100t/day); we expect a larger plant in the ARA region (nominal capacity at 300 t/day) and another standard one in Abidjan (Ivory Coast). Ecoslops is a play on its ability to grow the volume of value-added products: 1) business development (expanding the asset base with new projects); 2) availability of slops; 3) smooth running of the plant; 4) commercial conditions in buying and collecting slops; 5) fuel product prices. The company has climbed a steep learning curve during the ramp-up of its Sines plant. Such an engineering development and industrial optimisation have taken several years. Ecoslops is the only player mastering this know-how and is partnered with Heurtey Petrochem, the downstream engineering specialist. This, coupled with a track record (being able to show a successful project in operation), represents a strong moat and contributes to position Ecoslops as the solution of choice to the slops conundrum across global ports. The effective roll-out of upcoming units should confirm Ecoslops’s proposition and enhance its attractiveness, while benefiting from the acquired experience. Growth runway By 2020, Ecoslops should be refining c. 210kt per year. This represents c. 0.2% of the world’s slops production and underlies a huge growth runway for the firm, which proposes a proven green solution to this by-product of global maritime trade. Therefore, there is a wide scope to expand the project pipeline beyond the next three units we are accounting for based on current visibility.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
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.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.