Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KTG ENERGIE AG. We currently have 4 research reports from 1 professional analysts.
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KTG ENERGIE AG
KTG ENERGIE AG
Steady strength defies sector challenges
26 Apr 16
Another amendment to the German renewable energy law could provide opportunities for KTG, either through sector consolidation or additional support for its plant. While we still see margin expansion, we have reduced our EBITDA margin forecast following the publication of the full annual report to reflect guidance more closely. On this basis, FY16e EPS declines to €0.67 (€0.75). Our fair value of €18/share remains unchanged as lower working capital requirement compensates.
Keeps going and growing
16 Feb 16
KTG Energie (KTG) has released a solid trading statement for FY15, giving an encouraging outlook that underpins our expectation of 31% EPS CAGR for 2015-18. We expect the company to continue to take advantage of both organic and external growth opportunities as it cements its position in the biogas sector. KTG stands out as one of very few profitable biogas developers and, according to management, is well set up for the highly leveraged balance sheet. We will update our forecasts and valuation (currently €18) after the release of full financial statements later this month.
Pursuit of strategic plan
27 Oct 15
KTG is uniquely positioned in biogas as a profitable developer and operator with a sustainable competitive advantage. A strong track record of organic growth and execution is now being complemented with acquisitions. This should drive revenue growth and margin expansion, with financing requirements remaining high. We have updated our model for the most recent capital increase. Our new fair value is €18 per share.
Strong run rate
20 Jul 15
KTG continues on a path of good execution. Preliminary H1 results showed a strong run rate, particularly with regards to margin performance. The company now expects a long-term secured revenue and EBITDA base of €100m and €30m, respectively. We expect further organic and external growth going forward.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).