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The Q3 update highlights December was significantly affected by lower volumes at its Asian operations and global distribution sales channel. Both had been expected to recover. Markets generally continue to give low visibility and volatile demand in a number of end markets, with recent geopolitical events also a contributory factor. As a result, FY24 is now expected to be significantly below previous expectations, with revenues of £230m and EBIT margin of c5%. We cut FY24E EPS by 38% to 3.7p and
Companies: Trifast plc
Cavendish
Companies: EDEN TRI MAI
Trifast has released a trading update indicating that demand in Asia and global distribution sales channels has been weak in December leading to a decline in volumes. Zeus revise FY24 forecasts in line with guidance provided in the statement, with revenue of £230.0m (prev. £253.3m), EBIT of £11.5m (prev. £16.0m) leading to PBT of £6.0m (prev. £11.2m). FY25 and FY26 estimates are reduced accordingly (full details of changes to Zeus forecasts can been seen on page 2). Despite the weakening in the
Zeus Capital
Companies: IGP TRI EMR CLX GELN
Interims highlight a resilient performance in challenging market conditions. Some decent margin gains have already been delivered from internal actions, with more expected. Adj PBT has been affected by higher interest charges. A strong focus on cash generation has resulted in a £10.2m reduction in net debt to £27.8m, driven by a reduction in working capital. We reduce FY24E EPS by 12.3% and FY25E by 20%. We shave our TP to 100p, offering significant upside from currently attractive levels, being
Trifast has announced an encouraging set of interim results both operationally and financially. The operational improvements being made under the new management team are starting to be reflected in the financial performance of the business, particularly in terms of working capital. Despite the operating environment remaining challenging, it is on course to broadly hit ZC FY24 profit estimates. Importantly the working capital commitment of the business continues to fall improving cash generation
Companies: LPA TRI TRIN IXI
Trifast has released a trading update ahead of its interim results next month (21st November) confirming trading remains in line with management expectations despite a tough macroeconomic backdrop. Revenue for H1 is down c. 2% yoy (AER) as strength in its Light and Heavy vehicle end markets (c. 35% of FY23 revenue) was more than offset by weakness in its Health & Home and Distribution channels (c. 35% of FY23 revenue). Importantly, however, the Group’s strategic initiatives are bearing fruit as
Companies: Celebrus Technologies PLC (CLBS:LON)Trifast plc (TRI:LON)
FY23 results were in line with reduced forecasts, with the group experiencing a tough year. The new management team have got to grips with several initiatives to refine strategy and sharpen focus on profit and cash generation. The pricing reviews have started to recoup inflationary pressures and have restored gross margins in H2 to more normal levels. Inventories have been cut by £10m in H2, while the UK restructuring should yield annualised cost savings of £5m. The new year has started well, su
In this note Zeus look at the current valuation of the Trifast business and the potential to unlock equity value in a relatively short space of time. On this basis, Trifast shares appear fundamentally undervalued. We derive a price target of 102p (+33% upside) based solely on returning the working capital commitment of the business back in line with historic levels. Factoring in a conservative DCF and peer group analysis gives an average valuation of 103p. Our medium term, Blue Sky analysis, ass
Companies: Pebble Beach Systems Group PLC (PEB:LON)Trifast plc (TRI:LON)
Research Tree provides access to ongoing research coverage, media content and regulatory news on Trifast plc. We currently have 2 research reports from 13 professional analysts.
Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.
Companies: Jersey Oil & Gas PLC
i3 Energy has announced that it has refinanced its Trafigura straight-line amortising facility with a traditional RBL facility provided by a Canadian chartered bank. We believe that i3 Energy's shareholders stand to benefit considerably from the restructured balance sheet because it is significantly better adapted to the company's needs, in our opinion. We believe the new RBL facility will free funds for growth and provide better long-term balance sheet stability, while significantly reducing in
Companies: i3 Energy Plc
WHIreland
i3 has announced a refinancing of its C$75m Trafigura debt facility, increasing liquidity for the company to pursue further growth initiatives. i3 has also announced its end 2023 reserves update, showing significant replacement of production during the year.
Diversified Energy, Touchstone Exploration, Savannah Energy, Chariot, Plexus Holdings, Energean, Gulf Keystone Petroleum, PetroTal Corp, Ithaca Energy, Pantheon Resources, Serinus Energy, Angus Energy, Aker BP, Equinor, BlueNord ASA, Invictus Energy Source: FactSet, weekly change 18/03/24-22/03/24 Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market. Refined product supplies are looking m
Companies: TXP POS SAVE DEC CHAR
Companies: Good Energy Group PLC
Canaccord Genuity
Results demonstrate Bretana cash flows that allow growth CAPEX and dividends. PetroTal has produced a solid set of 2023 results. These show the cash flow generating capability of the company’s Bretana field in Peru, which enables PetroTal to both expend growth CAPEX while also making material returns to shareholders.
Companies: PetroTal Corp.
Companies: FOG PEB KBT EMR TIME GETB JNEO
The company's business structure is evolving and diversifying into several compelling and complementary businesses. The opportunistic, potential sale of its producing shallow assets would represent a significant change and the company's openness to realise value from that sale speaks to the company's prioritisation of shareholder interests and shareholder value creation. The current year will be significant for many of the company's growth businesses as they establish their first significant com
Companies: Caspian Sunrise PLC
• YE23 2P reserves were estimated at 11.8 mmboe, including 0.7 mmboe for Canada and 4.6 mmboe non-core, leaving 6.5 mmboe for the company’s core Colombian assets. This compares with 2.1 mmbbl at YE23 plus 3.9 mmbbl for Carrizales Norte reported in September for a total of 6 mmbbl. Adding back 0.6 mmbbl (net) produced at Tapir in 2023 suggests that Arrow has added 1.1 mmbbl at its core Colombian assets since the latest reserve reports (September 2023 for Carrizales Norte and YE23 for the other a
Companies: Arrow Exploration Corp.
Auctus Advisors
Companies: Diversified Energy Company PLC
Tennyson Securities
Central Asia Metals (CAML LN) reported full year earnings with net revenue of US$197m down 12% YoY (-1% against VSA estimate) owing to lower commodity prices and modestly lower output albeit comfortably within guidance. EBITDA of US$97m was down 27% YoY marginally below our estimate as the lower top line combined with inflationary pressure. However, group COGS ex-D&A increased 8% YoY, far lower than in-country inflation. A flagged increase in taxation in Kazakhstan meant that net income was US$3
Companies: Central Asia Metals Plc
VSA Capital
Companies: PMG DUKE CMCL BOOM
• FY23 production, YE23 net cash and YE23 reserves and resources had been reported previously. • The FY24 production guidance of 21.5-24.5 mbbl/d with US$205-235 mm opex and US$135-155 mm capex has been re-iterated. • Current production continues to be high, with average production for the first half of March of ~23,000 bbl/d, including ~7.9 mbbl/d for Jasmine, 7.2 mbbl/d for Nong Yao, 2.9 bbl/d for Manora and 4.9 mbbl/d for Wassana. Production at Wassana is particularly high. • Valeura will als
Companies: Valeura Energy Inc.
Companies: FOG TND BVXP ACC HDD
Companies: Zephyr Energy PLC
Turner Pope Investments
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