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Companies: LGO ALBA KP2 GEM IMC GLEN LZM
SP Angel
Companies: ASM RIO GLEN CEY CUSN
Companies: FAU IXR MMA ZNWD POW GLEN LUC PRU
Amaroq Minerals (AMRQ LN) – £30m equity raise to accelerate development at Nalunaq and expand exploration Bluejay Mining* (JAY LN) – Bluejay appoint new senior geologist as management cut £1.3mpa of payroll costs Glencore (GLEN LN) – Koniambo nickel to go on care and maintenance Tertiary Minerals* (TYM LN) – Additional funding for exploration in Zambia & Nevada
Companies: TYM JAY GLEN AMRQ
Arkle Resources* (ARK LN) – Drilling results from Inishowen, Donegal Bushveld Minerals* (BMN LN) – Orion convertible loan refinancing completed Ferr-Alloy Resources (FAR LN) – Revised Balasausqandiq Vanadium Project FS timing Galileo Resources (GLR LN) – Additional targets identified in the Kalahari Copperbelt, Botswana Gem Diamonds (GEMD LN) – Production volumes hold up at Letšeng while average prices come under pressure Glencore (GLEN LN) – Stronger H2 production volumes across most commo
Companies: GLR POW BMN FAR ARK GLEN SVML GEMD
Companies: Glencore plc (GLEN:LON)Thungela Resources Limited (TGA:LON)
Liberum
Companies: ANTO RIO FXPO AAL GLEN BHP
Companies: ALL CXB ATYM HZM GGP KOD GWMO GLEN CMCL
Finally, Glencore has managed to acquire Teck Resources’ met coal assets. This means that half of its initial Teck ambition has been accomplished. While there are some questions with respect to the way forward and its associated timelines, the markets seem to be on board with the firm’s plans. Overall, our positive stock recommendation is reiterated, underpinned by the intact long-term re-rating prospects for a potentially strong non-fossil/metals asset portfolio.
Companies: Glencore plc
AlphaValue
According to the WSJ, Glencore is close to acquiring Teck Resources’ met coal assets. While there has been no official confirmation as yet, this could be a good move if it also culminates in the acquisition of Teck’s non-fossil assets. This is possibly a reflection of Teck’s limited options at present and Glencore finally gaining the upper hand. Overall, Glencore’s attractiveness as our preferred diversified miner is reiterated.
Companies: TIE ARS OMI AYM BMN GLEN CUSN GMET ARCM
Companies: RIO SHG AAL TRR GLEN BHP TGA
Companies: ANTO RIO GLEN YCA BHP TGA
Research Tree provides access to ongoing research coverage, media content and regulatory news on Glencore plc. We currently have 7 research reports from 9 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
Companies: FOG PEB KBT EMR TIME GETB JNEO
Cavendish
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
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
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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