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Companies: Borgestad ASA
Arctic Securities
EBITDA holds up well despite COVID/challenges All eyes on refinancing in the next 12 months Agora Bytom footfall still lagging last year’s figures Arctic Securities mandated as arranger for a contemplated bond refi
BOR posted significantly lower revenues and EBITDA as expected, but we note that revenues actually were at the second highest Q2 level recorded, despite the pandemic. The re-letting risks in Agora Bytom are significantly reduced after recent lease prolongations, the liquidity reserve will more than double when the NBT deal closes and with signs of the strong momentum pre-COVID-19 especially within Industries returning in Q3, the underlying credit case has strengthened.
Revenues and EBITDA in line with estimates NIBD/EBITDA of 20x, but comfortable liquidity reserve New contracts within Industries, Agora Bytom now fully open Arctic Securities has been mandated as arranger for a contemplated bond refi
Aker to acquire NBT AS BOR owns 2.98% of NBT and has accepted to sell its share for NOK 71.5m Offer however subject to several conditions... …but nevertheless credit positive news; bond should trade up
BOR in Q1 recorded solid revenue growth in a seasonally weak quarter. EBITDA was however weaker, primarily due to the Properties segment which was hit by COVID-19, whereas Industries was less affected. Whereas the debt level (in local FX) now is at a record-low level, leverage increased, but the liquidity reserve of NOK 113m and the continued good asset backing provides comfort, especially in light of the upcoming debt maturities.
Solid revenue growth in a seasonally weak quarter, but weaker EBITDA Properties already hit by COVID-19, Industries less so Leverage coming up, but liquidity reserve of NOK 113m Webcast today at 12.00
At first glance Q4 was weaker than expected, but adjusted for the XO items, the underlying development is good. The refinancing risk is significantly reduced on the back of the private placement and bond buy-backs, and further comfort is provided by our SOTP suggesting a significant security foundation for bondholders. We foresee a further improved credit profile ahead and retain our outperform recommendation.
Revenues above but EBITDA below, partly due to one-offs however Capital structure strengthened; leverage at a record-low level Positive outlook comments No major movements in bond pricing expected on the back of the report
Borgestad: information related to the repair issue DOF Subsea secures several contracts in the North America region Noble Corp secures one well contract for the Clyde Boudreaux Transocean looking to scrap two old semis PGS: CMD and Q4 tomorrow
Companies: 0QOW 0DTO PGS1
Research Tree provides access to ongoing research coverage, media content and regulatory news on Borgestad ASA. We currently have 26 research reports from 1 professional analysts.
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Zeus Capital
Companies: Yu Group PLC
Liberum
Companies: FOG PEB KBT EMR TIME GETB JNEO
Cavendish
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
Cohort announces that its subsidiary SEA (Systems Engineering and Assessment Ltd.) has been awarded a major contract by the UK’s Ministry of Defence to provide Electronic Warfare Counter Measures (Increment 1a) (EWCM 1a) to the Royal Navy with a total value of at least £135m. This includes provision and support of SEA’s Trainable Decoy Launcher System, Ancilia. At the FY 24 interim results Cohort had commented on an overall “increased tempo” of order intake. The Group reported a closing order b
Companies: Cohort plc
Equity Development
Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market. Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix. Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a lik
Companies: Luceco PLC
Companies: FOG TND BVXP ACC HDD
Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the
Companies: Quadrise PLC
Edison
Companies: Flowtech Fluidpower plc
Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base, total revenue increased an impressive 20.2% to £136.1m (organic +15%), with adj. PBT +7.5% to £31.7m (FY2022: £28.3m), 3.1% ahead of our estimate of £30.5m. Fully diluted (FD) adjusted EPS increased a more muted 2.6% (impacted by anticipated tax headwinds) to 368.5p (basic adj EPS 374.5p), 3.4% ahead of
Companies: Judges Scientific plc
WHIreland
Companies: Michelmersh Brick Holdings PLC
Canaccord Genuity
Companies: BILN IGP RBN SBTX
Gelion has reported in line H1 FY24 results that demonstrate continued strong cash management and steady progress in its pursuit of next generation lithium-sulphur battery technologies. Encouraging early test results justify last year’s IP acquisitions and validate Gelion’s Li-S battery technology plan, with additional progress expected to be reported in H2 alongside its pursuit of a strategic partner for its planned Advanced Commercial Prototyping Centre (ACPC) facility in Australia. There is a
Companies: Gelion PLC
Forterra’s FY23 (to 31 December) earnings were slightly higher than guidance, which was raised in January, with resilient pricing partly offsetting a steep fall in demand among its main end users, large housebuilders. Our estimates are broadly unchanged, other than reflecting a more conservative stance on the final dividend. Despite a cautious tone in the outlook statement, we believe the largest housebuilders may now rebound more strongly than smaller peers.
Companies: Forterra Plc
Progressive Equity Research
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