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Edison Investment Research is terminating coverage on Augean (AUG), Deinove (ALDEI), Photocure (PHO), RADA Electronic Industries (RADA) and Ryvu Therapeutics (RVU). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant.
Companies: RADA Electronic Industries Ltd (RADA:NYSE)Rada Electronic Industries Ltd. (RADA:NAS)
With a growing order backlog, significant operating leverage, improving working capital and an eye on new vertical markets, RADA is in our view a compelling proposition. Our revenue forecasts remain broadly unchanged following full year results. However, we have increased our EPS forecasts by 64.5% in 2021 and by 66.3% in 2022 as operating leverage becomes increasingly apparent. We raise our valuation to $17 from $12, supported by our DCF model and PEG ratio analysis.
Companies: Rada Electronic Industries Ltd.
RADA has issued guidance for 2021, which calls for revenues above $120m (growth of more than 60% year-on-year) and significantly improved profitability. Confidence in the outlook is supported by new order inflows demonstrating RADA’s success in obtaining initial orders in major US Army production programs. We are upgrading our 2021 revenue forecasts by 5.6% to $120.2m and our EPS forecasts by 9.5% to 29.6c. The 2020–24 forecast EPS CAGR of 25.4% supports our new DCF valuation of $12 (previously
RADA Electronic Industries’ (RADA) strong third quarter results and upwardly revised outlook of at least $75m in revenues in 2020 (from $70m) reflect its successful execution of initial orders and participation in major US Army programs. This is illustrated by RADA’s inclusion in the $1.2bn contract recently awarded to General Dynamics for delivery of Interim Maneuver Short-Range Air Defense (IM-SHORAD) systems to the US Army. We increase our EPS forecasts by 37.5% in 2020 and 5.3% in 2021. The
As the threats from drones, unmanned aircrafts and Anti-Tank Guided Missiles (ATGMs) proliferate, so does the need to defend against them. Israel’s RADA Electronic Industries (RADA) was the first mover in mini tactical radars that form part of defense systems tracking and neutralizing incoming threats. With combat experience, a successful track record and a presence in the US, RADA is well placed to transition from supplying the US and other militaries under urgent operational need programs, to
Short-range airborne threats, particularly from drones, are becoming increasingly severe. RADA’s primary growth engine products are light-weight, software-defined tactical radar systems that can detect and target airborne threats and have proved highly effective in active combat. Active protection and short-range air and missile defence for mobile forces have been identified by the US and other militaries as urgent priorities. Over the past two years, RADA has seen initial pilot orders for new d
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Today’s trading update for H1 22 highlights the difficult operating environment over the first six months of the year, particularly in Q1. Trading picked up in Q2 and is expected to continue to improve in H2 22, in part, due to the inherent seasonality of the business, but also due to some catch up in demand. Guidance is for FY22 post-tax profit to be in line with the consensus estimate of £32.2m, as a result Zeus reduces its estimate by 2.5% to £32.2m. Previous guidance of £3.0m potential impac
Companies: Strix Group PLC
Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy
Companies: EQT IES DRX NESF PHE SAE
Companies: Crestchic PLC
Invinity has begun trading shares on the OTCQX Best Market in the USA. We see this as adding liquidity for North American investors and more generally increasing visibility for the company in key markets in North America.
Companies: Invinity Energy Systems PLC
Companies: Flowtech Fluidpower plc
The US Inflation Reduction Act of 2022 now has a chance of passing the Senate next week as it is being voted under the Reconciliation procedure which allows bills related to the budget to pass on a simple majority rather than the 60-vote majority required to overcome a filibuster. If the act does find its way onto the statue books it will bring US$369bn in clean energy tax credits, grants and other incentives. Much is directed to protecting clean energy manufacturing in the USA, but it is a wide
Companies: IES DRX ITM VLS
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Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export
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Companies: Velocys plc
Companies: Staffline Group plc
Rolls Royce published mixed figures. Profitability was particularly low, pushing the net result back into the red zone. However, FCF generation was a positive surprise despite the rise in inventory. It has finally found an agreement to sell ITP Aero and will use the resulting cash to repay its only floating interest rate debt.
Companies: Rolls-Royce Holdings plc
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Companies: Open Orphan Plc (ORPH:LON)Renold plc (RNO:LON)
Oil posted the biggest weekly decline since early April on growing signs that a global economic slowdown is curbing demand. Prices are near the lowest level in six months.
West Texas Intermediate settled at $89 a barrel, ending the week nearly 10% lower. US gasoline consumption has dropped, stoking demand concerns, while low liquidity has added to volatility. Supplies from Libya also picked up, helping to shrink key oil futures time-spreads and ease the tightness in the market.
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