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Edison Investment Research is terminating coverage on Codere (CDR), Fidelity Asian Values (FAS), Fidelity China Special Situations (FCSS), Fidelity European Trust (FEV), Fidelity Japan Trust (FJV), Fidelity Special Values (FSV), Orège (OREGE) and Silence Therapeutics (SLN). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant.
Companies: Orege SA (0QSU:LON)Orege SA (OREGE:PAR)
Edison
Following H1 results highlighting delays in the UK commercial development, we have reduced our forecasts to reflect our assumption of a one-year delay in the revenue ramp-up for Orège. An acceleration of revenue growth would be the main catalyst for a potential rerating.
Companies: Orege SA
Orège has announced a substantial rights issue (1.8x market cap) to strengthen its balance sheet and accelerate commercial development. The trading update shows a significant ramp-up in orders in H1 and our FY19 revenue forecast (2.8x FY18 sales) appears achievable.
Orège’s FY18 results showed a significant revenue pick-up (six times restated 2017 revenues), with EBITDA and net income marginally ahead of our forecasts. The ytd ramp-up in orders implies that Orège is on track to reach our FY19 forecast of €6.3m revenues (2.8x FY18 revenues). The current share price is close to our bear case, which skews risk significantly to the upside in our view. Key share price catalysts are the continued ramp-up in orders and successful completion of the capital increase
Orège has developed a proprietary technology that reduces sludge treatment costs for clients by up to 80% and implies average payback periods of less than three years. FY18 appears to be an inflection point for Orège, with a large pick-up in order intake. Although the early stage of commercial development implies risks, we believe there is large valuation upside if Orège can establish its technology as industry standard.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Orege 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: James Latham Plc
SP Angel
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
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
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Companies: Ilika plc
Liberum
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: Gattaca plc
Companies: Severfield Plc
Companies: ANTO RIO FXPO AAL TRR GLEN BHP
22nd 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: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
Companies: Quadrise PLC
VSA Capital
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