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Europlasma is going through a complete revamp of its management, its strategy and its finances. We stop coverage after seven years of paid-for research.
Companies: Europlasma SA
AlphaValue
On 1 August, the French commercial court formally agreed on the refinancing plans to help Europlasma continue as is, albeit with new governance and massive dilution. We merely allow for that dilution from now on.
Price to pay for survival: massive dilution TARGET CHANGE CHANGE IN TARGET PRICE€ 0.08 vs 0.23 -67.6% Now that the commercial court has signed off the restructuring and refinancing plans implemented by a new reference shareholder, we use the potential new number of shares of 640m shares vs. the 345m in our previous guesstimates. Note that, since 2018 accounts have yet to be released, the modelling is out of whack anyway. Everything hinges on the ability of the new governance to obtain ful
Europlasma may have found a new reference shareholder
Europlasma could not bring to fruition plans to recapitalise/dispose assets. It filed for the French equivalent of Chapter 11 which opens a 6-month process. Trading should resume on 29/01/2019.
Europlasma warns of extra delays to its refinancing exercise, at risk of a full financial/perimeter restructuring.
Allowing for delay-driven H1 losses TARGET CHANGE CHANGE IN TARGET PRICE€ 0.21 vs 0.34 -38.5% The small new energy group is suffering from further delays to fine-tune its power generation technology. This implies continuing refinancing concerns that have sent the share price down in a negative spiral. We have allowed for higher dilution compared to the previous scenario. As a reminder, Europlasma may use its existing majority control of the power generation business to raise cash at this
Europlasma brings in Orano as a mighty partner to grow its hazardous waste management business.
Clients/funding delays lead management to activate expensive equity/convertible funding.
Inclusion 2017 figures; little change to forecasts EPS CHANGE CHANGE IN TARGET PRICE€ 0.38 vs 0.36 +5.05% The 2017 earnings recognize additional losses that can be seen as investments as Europlasma has delivered on its complex power generation projects. CHANGE IN EPS2018 : € -0.01 vs 0.00 ns 2019 : € 0.00 vs 0.01 -75.1% 2017 EPS allow for deeper losses, financed by new equity issues. Dilution should stabilize from 2018-H2 onwards. CHANGE IN NAV€ 0.35 vs 0.43 -17.4% The NAV allows
Model adjustments for full integration of power generation units EPS CHANGE CHANGE IN TARGET PRICE€ 0.38 vs 0.37 +1.42% Europlasma's business model change, whereby it garners full control of its green power generation units, is an essential strategic move with positive implications in terms of visbility. It tends to weigh on near-term valuations though as the surge in its fixed asset base bites into the FCF. It is primarily the DCF and NAV valuations that help recognise the future value o
Europlasma simplifies its corporate set up. The group will now own its power generation units and can crystallise the “hidden” value of those assets in the simplification process.
Europlasma sees a long-term market in applying plasma-based clean-up know-how to steel furnaces. Revenue prospects and timetable are not available.
Europlasma launches a fresh round of financing, already allowed for in our forecasts. The cost looks less steep than could have been feared.
Allowing for 2017 financing TARGET CHANGE CHANGE IN TARGET PRICE€ 0.35 vs 0.68 -48.0% The sharp drop in the target price is due to an overdue set of adjustments that combines the H1 17 release and the dilution associated with financing, as well as a full resetting of forecasts to allow for various delays. CHANGE IN EPS2017 : € -0.11 vs 0.02 ns 2018 : € 0.01 vs 0.05 -85.0% Updates to fragile forecasting models and dilution factors lead to significant corrections. 2017 earnings have al
Research Tree provides access to ongoing research coverage, media content and regulatory news on Europlasma SA. We currently have 0 research reports from 1 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Companies: MPE TRI VNET BVXP HVO
Shore Capital
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Edison
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
Companies: James Latham Plc
SP Angel
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Companies: GAL BEM AAU SHG GGP AAL SLI 1SN EEE TECK
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: Ilika plc
Liberum
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