Q1 22 OK. The guidance is raised (once more).

The Q1 22 results were very sound. All segments contributed to the performance. The Q2 and yearly targets were raised EPS-wise. We will increase our forecasts and target price.

Solid FY21 results and outlook

The group’s numbers for FY21 came in slightly above consensus. All geographies performed well in the past year. The outlook released by the group is rather supportive. We will fine-tune our estimates (to the upside) after this release.

Q3 21: still solid

Linde’s Q3 21 numbers were solid. Margins were significantly up yoy, marginally down sequentially. All end-user segments currently benefit from a positive trend. The group revised upwards its EPS guidance for Q4/FY21. We will fine-tune our numbers after this release.

A rather firm H1 21

Linde released a rather solid set of numbers for H1 21 The improvement in the top line and margins is witnessed across the board The rebound of cyclical end-segments has further helped We will revise upwards our numbers on the release

A sound Q1 21

The Q1 21 results came in above consensus All segments contributed to the performance The yearly target is raised We will increase our forecasts and target price

FY20 results: not bad

FY20 slightly above expectations The outlook for FY21 is rather supportive We will fine-tune our estimates upwards after this release

Invinity Energy Systems - JV to Target US Opportunities

Invinity’s proposed JV with U.S. Vanadium creates a vehicle to exploit the clear opportunities arising in the U.S. storage market from the Inflation Reduction Act of 2022. With half a million dollars of potential JV development funding from U.S. Vanadium, we see the joint venture as well set up to capture a large and growing market for long duration energy storage.

Review of Electricity Market Arrangements - REMA Could Bring Benefits

Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy

SHORE CAPITAL - Crestchic+ (LOAD) - House stock at 196p

Invinity Energy Systems - Improving Liquidity for US Investors

Invinity has begun trading shares on the OTCQX Best Market in the USA. We see this as adding liquidity for North American investors and more generally increasing visibility for the company in key markets in North America.

Powerhouse Energy - Management Changes a Distraction

Management changes including the departure of the CEO create an unwelcome distraction for Powerhouse as it increases its exposure to the Protos project SPV. This now effectively makes it a JV partner in the project. The company will start work on replacing both CEO and NEDs immediately.

Hybridan Small Cap Feast 09/08/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports

Inflation Reduction Act

The US Inflation Reduction Act of 2022 now has a chance of passing the Senate next week as it is being voted under the Reconciliation procedure which allows bills related to the budget to pass on a simple majority rather than the 60-vote majority required to overcome a filibuster. If the act does find its way onto the statue books it will bring US$369bn in clean energy tax credits, grants and other incentives. Much is directed to protecting clean energy manufacturing in the USA, but it is a wide

Renewi - Incorporating Paro, raising TP to £10

We revise our estimates, primarily to incorporate the Paro acquisition, resulting in an average 3% increase in our forecasts for diluted EPS through FY25. Renewi's FY22 results demonstrated that its business and financial performance have moved to a new level, underscored by the positive 1QFY23/AGM update. While Renewi has started to re-rate, we continue to believe that the share price has yet to reflect the transformation in the company's earnings power fully, while the potential ECP bid for Bi

Q2 22: mixed signals

Rolls Royce published mixed figures. Profitability was particularly low, pushing the net result back into the red zone. However, FCF generation was a positive surprise despite the rise in inventory. It has finally found an agreement to sell ITP Aero and will use the resulting cash to repay its only floating interest rate debt.

Cenkos: Oil & Gas -- Getech Group, Longboat Energy, Valeura Energy, Genel Energy, bp, EnQuest, SDX Energy, Eco (Atlantic) Oil & Gas, Occidental Petroleum, ConocoPhillips, Vaalco Energy, Phoenix Global Resources, Sirius Petroleum, Tullow Oil, Equinor, Sunco

Oil posted the biggest weekly decline since early April on growing signs that a global economic slowdown is curbing demand. Prices are near the lowest level in six months. West Texas Intermediate settled at $89 a barrel, ending the week nearly 10% lower. US gasoline consumption has dropped, stoking demand concerns, while low liquidity has added to volatility. Supplies from Libya also picked up, helping to shrink key oil futures time-spreads and ease the tightness in the market. The pullbac

LIBERUM: Staffline Group* - H1 restrained by investment but expect stronger H2

LIBERUM: Staffline Group* - H1 restrained by investment but expect stronger H2

Hybridan Small Cap Feast 16/08/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 count

WH Ireland: Spectra Systems (SPSY) - Addition sensor contribution, investing in polymer marketing, small upgrades to FY2024 and FY2025E

Spectra, a leader in machine-readable high speed banknote authentication, brand protection technologies and gaming security software, has announced the execution of a further amendment to a contract with a central bank customer (previously announced on 2 February, 21 April 2021 and 15 June 2022), increasing sensor development phase revenues by an additional (and unexpected) $4m to an estimated total of $14.8m (from an original $8.8m) over an unchanged development cycle.

Morning Note – 4 August 2022