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A slew of good news accompanies this release. The operational improvements at the Sines plant, and a surge in volumes vs. an exceptionally low base in H1 18, resulted in a very successful first half in turnover growth terms as well as the group’s first positive EBITDA. With current expansion efforts well underway, Ecoslops’ outlook for the years to come is looking bright.
Companies: Ecoslops SA
AlphaValue
Marginal changes to our DCF following the H1 19 release EPS CHANGE CHANGE IN EPS2019 : € -0.21 vs -0.19 ns 2020 : € -0.41 vs -0.36 ns Minor adjustments to our estimates to: 1/ account for the reduced ASP/t during the first half due to lower € Brent prices, and 2/ push back the expected entry into operation of the Marseille refining unit from H1 20 to H2 20. The changes have a limited impact on our EPS estimates and thus a marginal change in our target price.
Marseille plant now coming on stream in 2020 EPS CHANGE CHANGE IN EPS2019 : € -0.19 vs -0.20 ns 2020 : € -0.36 vs -0.26 ns We have adjusted our EPS estimates based on the expected entry into operation of the Marseille plant in early 2020 versus our assumption of late 2019. Lower expected revenues due to the omission of any output from Marseille are more than offset by the production start-up costs, most of which would be put off to 2020, resulting in a marginally higher EPS for 2019. How
A clearer roadmap ahead EPS CHANGE CHANGE IN TARGET PRICE€ 24.8 vs 24.3 +1.97% The target price saw a slight improvement given that the lower valuation on a DCF basis (mainly explained by a revision on the expected profitability of the refining units as well as a 6-month delay to the Antwerp entry into operation), was more than offset by an increased valuation on a NAV/SOTP basis; since the need for a capital increase in the near future has been discarded thanks to the €18m funding approv
Ecoslops Provence is currently building a slops refining unit to regenerate oil residues at Total’s La Mède complex in the port of Marseille. As part of the agreement, Ecoslops SA announced that Total will acquire a 25% interest in Ecoslops Provence, the affiliate in charge of the project.
Ecoslops’ success in processing oil wastes for a profit is gaining momentum with a full financing of its second unit due in early 2020.
Solid Sines refinery performance EPS CHANGE CHANGE IN TARGET PRICE€ 24.0 vs 25.0 -3.82% The target price hardly changes as it is based on long-term intrinsic valuation metrics. CHANGE IN EPS2018 : € -0.39 vs 0.03 ns 2019 : € 0.04 vs 0.23 -81.5% The strong underlying performance of H1 18, and presumably H2, is largely absorbed by rising opex as the group invests in new sites and new technology. Our previous sales estimates were too optimistic as well, forcing a significant correction.
Ecoslops’ H1 18 release highlights a strong performance of its existing refining unit after upgrading, an inevitable rise in opex and c. 6 months push-back on the opening of the second unit in Marseille. We have trimmed down our earlier unrealistic 2018 expectations. This has a limited impact on our valuation.
TARGET CHANGE CHANGE IN TARGET PRICE€ 24.3 vs 20.4 +19.2% The upgrade allows for final 2017 figures which confirm that the Sines plant is in FCF mode and thus can be valued less as a project and more as a cash cow. Other units in the pipeline have been similary upgraded. CHANGE IN EPS2018 : € 0.03 vs 0.05 -45.8% 2019 : € 0.23 vs -0.52 ns 2017 earnings have been more than breaking even which was not a given and provides a sound base for the following years. The upgrades to 2018 and 2019
Ecoslops delivers strong cash flow generation from its first slops refining plant. It envisages an even brighter future made of similarly planned units in Marseilles and Antwerp as well as tiny ones (“refineries in a box”) adapted to a wider market. Slops (i.e. waste oil products) processing appears to be a bigger market than anticipated.
In 2017, Sines contributed €6m in revenues: +40% yoy, refining products +80%, accounting for 65% of the top-line. The unit delivered a 25% EBITDA margin and a positive EBIT.
Ecoslops has signed a Memorandum of Understanding with the Suez Canal Economic Zone to develop a detailed feasibility study.
Integrating the capital increase EPS CHANGE CHANGE IN EPS2017 : € -0.22 vs -0.28 ns 2018 : € 0.05 vs 0.09 -47.8% Ecoslops issued new equity to fund its development: €4.98m at €13.0 per share (a 21.2% discount vs. the closing price of the day before the capital increase was announced). This resulted in 383,178 new shares. The capital increase received strong demand (213% subscription rate).
H1 17 revenues came in at €2.9m, almost doubling from H1 16. Sines posted its first positive EBITDA; group EBITDA was just below break-even but €1.8m higher vs. last year. The net loss was €0.9m, a €2m improvement.
Ecoslops and Galp have signed an agreement: Galp will buy Ecoslops’ refined cut at the market price at Sines.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Ecoslops SA. We currently have 0 research reports from 1 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
Companies: MPE TRI VNET BVXP HVO
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Companies: James Latham Plc
SP Angel
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
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
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
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24th April 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: Ilika plc
Liberum
Companies: Gattaca plc
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