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Edison Investment Research is terminating coverage on ADMIE Holdings (ADMIE), AJ Lucas Group (AJL), Australis Capital (AUSA), Elbit Medical Technologies (EMTC), Focusrite (TUNE) and PPHE Hotel Group (PPH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Previously published reports can still be accessed via our website.
Companies: Admie Holdings SA
ADMIE Holding reported 9M19 results, with net income up 12% y-o-y, and said that IPTO’s 2019 development capex plan is being implemented in a timely manner. We believe the stock continues to trade at an excessive discount to peers and to the implied regulated asset base (RAB) value. Such a discount would only be justified if allowed regulatory returns were significantly below the actual cost of capital, which we believe is not the case. Our valuation of ADMIE Holding is broadly unchanged at €2.8
ADMIE Holding offers an attractive opportunity to gain exposure to the strong growth of Greek electricity transmission grid company, IPTO, a regulated utility with significant growth opportunities from investments in new transmission lines. Despite the recent share price rise and supportive H1 results (adjusted net income up 9% y-o-y), ADMIE Holding is trading at a large discount to European regulated utilities peers and to its regulated asset base (RAB).
ADMIE Holding started FY19 with a strong Q1 (IPTO’s EBITDA +19% y-o-y). We increased FY20e DPS by 12% and made small changes to earnings forecasts (FY19e adjusted net income +5%). Despite the recent share price appreciation, the stock still trades at a large discount to both European regulated utilities and the implied equity regulated asset base (RAB).
ADMIE Holding started FY19 with a good Q1 (IPTO’s EBITDA +19% y-o-y), driven by strong revenue growth (+14%) and broadly stable costs. Despite the recent share price appreciation, the stock still trades at a large discount to both European regulated utilities and the implied equity regulated asset base (RAB).
ADMIE Holding offers exposure to growth in the Greek electricity transmission grid IPTO, a regulated utility with significant growth opportunities from investments in new transmission lines. IPTO’s underleveraged balance sheet (0.9x adjusted net debt/EBITDA at the end of 2018) sustains a c €4bn investment plan, which we estimate will result in a regulated asset base (RAB) CAGR of 11% in 2018–27. Although we believe the regulatory allowed rate of return is set at a level in line with cost of capi
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Forecast and target price update
Companies: ITM Power PLC
ITM’s full year results statement showed a company repositioning itself in the face of supply chain and other macro issues, and also moving towards a more managed roll out of capacity focused on delivery. While this results in a reduction in our forecasts it is also feels like a more sustainable position and in the longer run result in a company more able to take on the considerable opportunities that are developing in the market.
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MeyGen tidal turbine redeployment
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Water Intelligence reported a strong increase in revenues for 1H22 but that did not translate into profits which were held back by a sharp increase in other administrative costs. We understand that cost trajectory should flatten in 2H22 which, together with an increase in our revenue forecasts, means we maintain our EPS forecasts. The revenue performance underscores the strength of the growth story but given current market conditions and the need for Water Intelligence to demonstrate bottom line
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Rationalisation of project ownership at the Southport Hybrid Energy Park allows EQTEC to avoid major capital commitment while still benefiting from development services income, and helps to accelerate development of the project which, in Phase 2, will include EQTEC gasification technology.
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This is another very good set of results from WATR, featuring sales up 44%, which in turn drove a 53% increase in gross profit (a 500bp increase in the margin). WATR supplies in-demand water leak detection and related services across the whole of the US, and also in international markets including the UK and Canada. It operates a strong model which has seen significant double-digit CAGR over a number of years; and this morning's outstanding results reaffirm the company's well-tried approach to
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