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We think three big themes will govern the next 18 months. Recovery – the settled shape of many supply chains as we exit COVID is uncertain. Online buying and B2C activity has accelerated but also traditional high-street focused B2B distribution channels will recover. Operators are focused on how to respond to a changing and more fluid demand mix; and managing higher costs. Technology – much of the logistics world is still labour intensive and we think there is plenty of scope for efficiency gain
Companies: CLG DX/ WIN XPD
Inspiration Healthcare has announced an additional order worth over £1.25m for ventilators to be sold through its Chinese distributor. This new order follows the regulatory approval of the SLE6000 ventilator in China, announced in April 2021, and the £250k order placed at that time. We note that these Chinese orders follow on from the announced Japanese regulatory approval of the ventilator and c£400k order placed at that time. We maintain our Buy recommendation.
Companies: Inspiration Healthcare Group PLC
Velocys, the sustainable fuels technology specialist has issued (17 May) its FY2020A results to December 2020. Despite the challenges of the pandemic, Velocys has continued to service its clients well and further its development project pipeline, including advancing industry discussions on ‘off-take’. We continue to believe that Velocys is strongly positioned in its market with its proprietary proven and scalable technology, long-term structural/regulatory growth drivers and strong management te
Companies: Velocys plc
Powerhouse has moved to de-risk potential sources of delay in the key Protos waste to hydrogen project by providing a £3.8m loan to the project. When the company raised £10m in January we expected this to help expedite the project and today’s loan is a practical example of how this funding is benefiting the project.
Companies: Powerhouse Energy Group PLC
Powerhouse has announced progress with the international roll out of its DMG waste to hydrogen technology with an agreement towards the licencing of the technology in Greece and Hungary. This follows a similar agreement in Poland and demonstrates the global appeal of Powerhouse’s solution in our view. While development of the Protos project in the UK remains important, the ability to expand internationally is part of the appeal of the Powerhouse investment case and it is good to see progress her
Eden Research has announced the signing of an exclusive commercialisation, supply and distribution agreement with leading agriculture input company, Corteva. This follows the successful completion of the previous evaluation agreement. The new agreement sets out the development, regulatory and commercial path, which could see the final seed product launched in time for the 2024 growing season. The two companies will work together to develop this product and further uses of Eden's products in the
Companies: Eden Research plc
Velocys made strong progress during 2020, beyond what can be seen in relatively flat reported numbers. The delivery of reactors and catalyst to Red Rock Biofuels shows that the company can meet commercial demand, the successful running or the Nagoya demonstration has led to a commercial collaboration and fund raising in the period will allow progress at the two reference sites in the UK and the US.
Complex accounting, made simple.
Following on from our Explainer Note 1, which covered Partner Remuneration, we now investigate the Deferred Consideration entry in the balance sheet. Based on our discussions with investors and the company, this is a point that requires clarification.
By removing this (and other) impediment(s) to understanding Ince's operations and finances we hope that market participants will be better placed to value this company on its many merits and consider only t
Companies: Ince Group plc
c. £241m firm placing at the top of the target range of £190m to £240m at a 17% discount. As expected the raise will be used to reduce the debt and fund investment. This is the final milestone in the group’s strategy. There is no update on trading but as we wrote last month Kier is turning a corner. We show our key placing assumptions. We estimate 6% and 60% FD EPS dilution in FY 21 and FY 22 respectively. We expect net cash at FY 21 and close to average cash neutral in FY 23. TP unchanged at 15
Companies: Kier Group plc
Recent USDA data on the corn crop in the US points to accelerating planting activity by US corn farmers and likely upward pressure for demand for Plant Health Care's commercial product Harpin ab. Corn prices have more than doubled in the past year and corn planting is currently at 67% of acreage complete, ahead of 65% in 2020 and the 5 year mid-May average of 52%. In addition, US specialty crop (almonds, grapes etc) forecast data points to increasing volumes which suggests demand through Wilbur-
Companies: Plant Health Care PLC
Directa’s FY20 prelims confirm a year of strong of progress despite the challenges of COVID. Total income of €6.8m and an EBITDA loss of €2.6m are both slightly better than our forecasts and we upgrade FY21 revenue expectations (from €7.5m to €8.2m) to reflect a positive start to FY21; revenue in the first four months increased by 49% year on year. Future prospects look bright with exciting new opportunities emerging in high-potential application areas, notably Lithium-Sulphur batteries.
Companies: Directa Plus Plc
Invinity Energy Systems plc (IES LN), a UK based Vanadium Flow Battery (VFB) technology company, has today announced that it has entered into a contract with Webcor, a leading Californian construction firm, to provide a VFB for a project developed by Indian Energy LLC, a 100% Native American-owned utility-scale and microgrid development and systems integration firm with approximately 4 GW of solar PV and wind and 6 GWh of energy storage projects under development. This project is located on a US
Companies: Invinity Energy Systems PLC
Despite COVID Directa Plus continues to trade well with revenues of €2.8m for the first four months of FY21 showing the company is on track to exceed our prior full year expectation and we have upgraded our FY21E and FY22E revenue expectations by 4%. Directa Plus has demonstrated material conversion in two key environmental technology business lines which we believe, and demonstrate in this report, each alone justify the current market capitalisation:
In environmental remediation, its unique Gr
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
The group’s 10-month trading update is positive, with the group expecting to exceed FY21 expectations. Trading momentum continues, following its record H1 with strong underlying market demand in new build housing and RMI sectors. It has also seen market share gains and good export sales. The turnaround of Levolux continues, combined with the £2.4m of cost savings gained underpins margin improvement. We upgrade our forecasts for FY21, increasing EPS by 9% to 21.7p. In FY22 we also upgrade EPS by
Companies: Alumasc Group plc