Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KTG ENERGIE AG. We currently have 5 research reports from 1 professional analysts.
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Research reports on
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
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.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced