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OPG Power has released a positive trading update for the year ended 31 March 2024, and now expects to exceed previous market expectations at the EBITDA and revenue level. The company continued to benefit from a stronger revenue run-rate during H2/24 compared with FY23, reflecting greater availability of profitable supply contracts, which in turn have enabled OPG to run at higher levels of plant utilisation. We are raising our revenue forecast for FY24 by 22% to £162m, and our EBITDA by 34% to £1
Companies: OPG Power Ventures Plc
Cavendish
Re-issued to correct for typographical errors.Invinity’s major equity fundraising is targeting a minimum of £56m with £25m already committed by the UK Infrastructure Bank (UKIB). A second strategic investment of £3m has been committed by Korean Investment Partners. The raise will see Invinity to net cash generation, with over £30m of the raise supporting the company’s scale up ahead of this year’s launch of the next generation Mistral flow battery. The raise will boost the balance sheet, reduci
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
17th May 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: Scirocco Energy (SCIR.L) has left AIM. UK Commercial Property REIT (UKCM.L) has left the Premium Segment of the Main Market. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on tech
Companies: PIP RNO ORCP HUM CNR UKOG ENET
Hybridan
Todays trading update confirms revenue for FY22 at £5.3m and a result in-line with market expectations. With the benefit of the IPO proceeds Aurrigo has hired a further 18 employees in the UK and internationally, mainly to deliver its autonomous aviation solutions following the start of the second stage of development with Singapores Changi Airport Group in October 2022. The Company also reports growing engagement with other airport groups both for Auto-Dolly and Auto-Sim, its sophisticated airp
Companies: Aurrigo International PLC
Singer Capital Markets
Economic and industrial data has started the second quarter on slightly weaker grounds than Q1 as Manufacturing PMI in the UK, Eurozone and US all reported April indexes below March levels. Cracks seem to be appearing as recent drops in new orders and rising input costs are quickly dampening confidence. Inflation did, however, fall MoM across the board with the exception of the US, where volatile energy prices caused a modest MoM increase in the inflation rate.
Companies: TAND AVON RCDO TRI SYM ABDP KETL
Zeus Capital
Companies: ATOME PLC
Canaccord Genuity
SDI released interim results showing mixed trading in challenging markets. As anticipated, the completion of the exceptional Covid-related camera orders resulted in a reduction at Digital Imaging, offset by Sensors & Controls revenue growth of 40%. Some customer destocking is being seen as well as softer markets in China and Germany. As a result, the outlook points to FY24E adj PBT of between £7.9m-8.4m. This leads us to downgrade our Adj PBT by 18% to £7.9m, with a reduction in adj EPS of 19% t
Companies: SDI Group plc
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Aurrigo is developing autonomous solutions to automate airside baggage and cargo handling operations that are otherwise labour intensive, costly, inefficient and critically understaffed. The business case and projected economics are compelling. Management is expecting to begin live flight testing at Changi Airport Group (‘CAG’), its lead customer, in late 2023 followed by airport rollout in late 2024. September’s IPO has provided the funding to scale Aurrigo’s operations to complete the remainin
The Group has delivered full-year results that are in-line with expectations. Key highlights since September’s IPO include: the signing of a multi-year partnership agreement with Changi Airport Group for the joint development and testing of autonomous baggage vehicles and the Group’s airport simulation software; development of next generation Auto-Dolly and Auto DollyTug Mark 3 vehicles; and investment in personnel to scale operations. FY2023 holds the promise of further positive news flow with
The formal partnership with Changi Airport Group (‘CAG’) has re-enforced Aurrigo’s leading position in autonomous vehicles for the aviation sector with ground testing of both Auto-Dolly and Auto-DollyTug in Singapore. This has enabled the Group to showcase its technology to other airport groups and stakeholders that has delivered an acceleration in interest for future deployments within Europe and North America. This should hopefully deliver additional partnerships in due course, as envisaged at
SDI has indicated that a slowdown in the life science / biotech market, and some resultant destocking, is likely to impact its expected FY24 revenue, leading the group to moderate current year guidance for both revenue and adjusted EBITDA. SDI notes that FY24 represents a short-term phenomenon, due to the over-ordering of the past three years caused by inflated Covid demand. However, we remain confident for the long term, given the strength of SDI’s ‘buy and build’ business model, with a number
Progressive Equity Research
Companies: Judges Scientific plc
Shore Capital
ATOME’s decision to focus on industrial scale green fertilizer reflects the strong progress it is making in that direction in our view, notably at the 145MW Villeta project. The effective exit from the smaller 1MW hydrogen mobility project allows the company to focus, removing any risk of distraction. We see the impact on valuation as de minimis and the return of the electrolyser deposit means there has been a clean exit.
The group’s performance is creditable in an otherwise difficult building materials peer group. A resilient performance was delivered, with 6.4% growth helped by strong exports and posting a 12% rise in adj EBIT, and margin increasing to 14.1%. Despite challenging underlying markets and some delay from the significant CLK project, the group is on track to deliver FY24 in-line with forecast. We maintain our forecasts and 315p target price. The shares trade at a low P/E of 7.2x in FY24 and a signif
Companies: Alumasc Group plc
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