A gradual return to normal

The fall in energy prices in Europe is leading to a widely expected decline in the economic performance. However, the underlying momentum of clearvise remains unchanged, with growth in installed capacity expected to accelerate from 2024 onwards.

Highly profitable in FY 22

High energy prices supported high profits in FY 22. It remains to be seen how much of this European local governments will confiscate but the stock looks undervalued from a fundamental perspective.

Raising further fresh cash to get closer to a 500MWp portfolio

clearvise is on track to achieve its acquisition of the Tion Renewables (ex-Pacifico Renewables) portfolio. This merger should push clearvise’s portfolio closer to 500MWp.

Acquiring 166MW from Pacifico Renewables

In a cash and share deal, clearvise AG (€133m of market cap) should acquire all of Pacifico Renewables’ (listed, not covered, €99m of market cap) assets of 166MWp (solar and wind). This would increase the size of clearvise’s portfolio by 55% from 303MW to 469MW.

Less wind in H1 21 but affordable share price

The wind speed was in line with the long-term average in H1 21 but below H1 20’s nice level. Economic performance was down yoy but there is good news aside.

Doubling the size in five years, potentially

clearvise AG has been transferred to Xetra, Deutsche Börse’s regulated market. July’s AGM authorised further capital increases weighing 50% of the existing shares, potentially.

Good set of FY 20 figures. Second capital increase of €13m

Through its second successful capital increase in 2021, clearvise has raised €13m. It now has sufficient cash to expand its installed base. Let’s now grow both the top-line and EBITDA in 2021-23.

Capital increase funding the portfolio's development

Using its €50m authorisation voted in the 2020 EGM, clearvise’s management is raising €8m of equity for funding its developing portfolio through solar technology in Germany. We will have to raise our 2023-24 EPSs slightly, net, after the increasing number of shares (+7%). It will be negligible in 2021.

Ready for growing the installed base

ABO Invest, being now fully independent of ABO Wind (not covered), is ready to start a new story. At the 8 October 2020 AGM, the Board will authorise the raising of c. €50m of fresh cash in order to provide the company in the future with the equity required to develop the current 150MWp wind installed base. The company could target onshore renewable projects in Europe in both solar and wind technologies.

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Morning Note – 16 April 2024

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Q1 Operating Results

Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k

Plant Health Care - China distribution with AMVAC

Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car

Morning Note – 15 April 2024

Severfield - Multiple positives should excite investors

Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear

discoverIE - Back to organic growth

discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli

Warns on brine supply costs

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

Invinity Energy Systems - Update on Strategic Investment

Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.

PROGRESSIVE: Severfield: Step change in European and Indian outlook

Severfield’s full-year results to March will be ‘slightly above’ the Board’s expectations, according to today’s trading update, with net debt significantly better. We maintain our PBT estimates for both forecast years, which are ahead of consensus, but reduce our net debt for FY24E. Record orders were boosted by the steel specialist’s European operations, after last year’s Voortman acquisition, while the Indian JV has seen ‘another step up in profitability’. The group has also launched its first

Clean and competitive fertiliser