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Earnings are in line – after explicit guidance in the post-period end update; growing strongly yoy (£64.3m adj. PBT, +69%) reflecting +92% AuM growth to >£30bn from underlying momentum and the impact of acquisitions. The dividend is materially ahead of our estimate (47p FY payout vs 38p N+1Se) with plenty of cash the dividend will be increased broadly in line with earnings. AuM has already grown 7.5% to £33.3bn in Q1 so far. Accordingly, we upgrade (cautiously given the early stage) by 4-5%, and
Companies: Liontrust Asset Management PLC
NextEnergy Solar Fund’s full year results announcement shows a business continuing to outperform on development, output and pricing. The portfolio now stands at 814MW and the company has already reached its targeted subsidy free capacity of 150MW. A pipeline of international and battery storage opportunities gives NESF considerable diversification potential. With a target dividend of 7.16p for FY 22, NESF continues to offer a well-supported, RPI-linked income stream.
Companies: Nextenergy Solar Fund
Trident has announced the appointment of a new Non-Executive Chairman. Paul Smith, an ex-Glencore senior executive will join the company on 21st June. Mr Smith has made an immediate £1m equity investment in Trident at a premium and retains the right to make a further £1m investment for a total proposed investment of £2m.
Companies: Trident Royalties Plc
Marlowe has reported a strong set of FY21A results, with Adj EBITDA up 30% YoY to £28.7m, and Adj diluted EPS up 7% to 24.6p (8% ahead of our forecast). FY22E has started well, with run-rate revenues now at c£280m (83% of which is recurring), and Adj EBITDA at c£44m. We update our FY22E forecasts to reflect recent acquisitions (Adj diluted EPS up 2% to 32.2p), and release new projections for FY23E (c15% EPS growth YoY). Given the strength of Marlowe's business model, the favourable industry back
Companies: Marlowe Plc
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
Palace Capital’s (PCA) FY21 results were robust, with a clear improvement in the second half. With a good level of rent collection continuing, Q421 DPS was increased by 20%, to a level that management hopes to at least maintain through FY22. Importantly, the flagship Hudson Quarter (HQ) development in York completed in April, on budget. We expect HQ to be a significant driver of forecast increasing returns and deleveraging.
Companies: Palace Capital plc
March 2021 annual results were ahead of our expectations; notably, rent was £17.3m vs. our estimated £16.4m. FY20 rent stood at £18.3m, excluding a lease surrender premium, and there have been net disposals (modest in quantum and at premiums to book values) since FY20, further highlighting the good rental outcome. The dividend payout was 10.5p (vs. 10.0p estimated). While we are not raising our FY22 rent or profit estimates, we raise our FY22E dividend from 11.0p to 12.0p. New leases have been s
Despite the turbulence in power prices triggered by the pandemic, NextEnergy Solar Fund (NESF) achieved its dividend target of 7.05p for the financial year. The 2022 dividend target was increased in line with RPI to 7.16p per ordinary share for the year ended 31 March 2022, payable quarterly. We believe given the sharp increase in power prices and the hedging strategies used by NESF, cashflow is likely to be significantly higher over the next two to three years than what is incorporated in NESF’
Trident Royalties Plc (AIM: TRR) has, this morning, announced the appointment of Paul Smith as Non-Executive Chairman. Alongside the appointment Mr Smith will invest up to £2 million into the company, of which £1 million will be an immediate subscription at 40p/ share (representing a 4% premium to the 5-day VWAP), with up to a further £1 million at the same price within 12 months. The current Chair, James Kelly, will remain on the board as a Non-Executive Director. Non-Executive Director Mark Po
KEFI Gold and Copper* (KEFI LN) – Progress report on Tulu Kapi and Saudi Arabian project
Panther Metals (PALM LN) – Exploration target for laterite nickel cobalt mineralisation at Coglia
Sunstone Metals (STM AU) – Reports over 500m of copper gold mineralisation in recent drilling at Brama
Companies: KEFI PALM STM
NextEnergy Solar Fund’s commitment to investment in NextPowerIII brings it a far greater degree of geographic diversification much earlier than could have been delivered by direct project investment. The ability to follow this with co-investment opportunities further widens the opportunity in our view and, by working with a partner experienced in the relevant geographies, reduces risk. With the avoidance of double fees, we see the move as an attractive way to accelerate portfolio diversity as we
NextEnergy Solar Fund (NESF) has announced a commitment of US$50m to NextPower III LP (NPIII) and a new Revolving Credit Facility (RCF) of £100m. NPIII provides NESF with an opportunity to efficiently access, inter alia, an established portfolio of operational and in-construction international assets. NESF’s investment in NPIII will represent c.3.5% of NESF’s GAV as at 31 March 2021 and will be funded by NESF’s new RCF. The RCF provides NESF with highly cost-efficient funding to progress its i
After a period of muted progress, in early 2020 Record adopted a new strategy with an emphasis on growth. Since then, work on new product development, diversification and management succession has progressed. The existing strengths of the business have been sustained, underpinning H221 net inflows of $10bn, mainly from a new dynamic hedging mandate, and the group ended the year with assets under management equivalent (AUME) at a new high of $80.1bn. Against this backdrop, the group continues to
Companies: Record plc
Ramsdens interim results highlight the resilience of the business model. Despite the prolonged UK lockdown and international travel restrictions materially impacting the business, we believe a pre-tax loss of only £0.1m was a great result. Moreover, the balance sheet remains strong with net assets up £0.5m HoH to £35.5m and net cash at £15m. While FY2021 has been tough due to COVID-19, management remain confident and are positioning the business for growth with a pipeline of six new stores, incl
Companies: Ramsdens Holdings PLC
Companies: M&G Plc