Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
Discover the latest content that has just been published on Research Tree
[What is new?] [How is this impacting your investment case?] [How is this compared to market expectations?] [Additional details / share price implication]
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 27 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: MPE TRI VNET BVXP HVO
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Edison
Companies: James Latham Plc
SP Angel
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
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
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros 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
Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well
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: Ilika plc
Liberum
Share: