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
The Q3 23 results were weak with the group releasing its lowest EBITDA ever. That said, this included a “triple-digit” negative inventory valuation which tempers this statement. The outlook for Q4 shows that the management does not expect a significant recovery in the very-short term, which is not surprising, particularly in Europe. The downward revision in our numbers will depend on the shape of a potential recovery in the group’s end-markets in FY24, but our target price will obviously go down
Companies: Aperam S.A.
AlphaValue
Aperam released a rather weak, albeit expected, set of numbers for Q223. The group describes Europe as a continent “in recession”, with falling volumes and prices. No significant improvement is expected for Q3. We will have to cut our forecasts and valuation after this release.
The Q123 results came in slightly short of expectations. This was due to destocking in Europe as well as a price/cost squeeze. Q223 should be in a similar vein and may lead us to revise our forecasts downwards (note however that we were higher than the consensus). Our target price is likely to end lower after this revision.
Aperam released an unsurprising set of (good) numbers for FY22. Energy prices, inventory valuation and cost inflation weighed on Q4 margins though (not a surprise either). The outlook calls for a normalization of the group’s markets, as had been expected. We will adjust our numbers a tick downwards, particularly for FY23 and possibly FY24.
The Q322 results were substantially lower than those of the previous quarters. This had widely been expected with pressure on both prices and volumes. No drama though, as profitability remains pretty decent. We will revise our overly-optimistic forecasts downwards. We will also reconsider our valuation metrics given the less positive momentum.
Aperam released a solid set of numbers for Q2 Despite less favourable external factors, margins were still very strong Q3 will show a softening in profitability, at a high level though We will revise our current year forecasts a tick higher with no major impact on valuation
The Q1 22 results were strong (again). The positive outlook for Q2 is reassuring. We still believe that end-markets will slow down at some stage. We will revise upwards our very conservative forecasts but will probably not change our target price much.
The FY 21 results came in slightly higher than consensus. This was driven by prices (c. +30%) and volumes (c. 10%). Energy costs not so much of an issue as long as prices hold up. The group announced a new share buy-back programme of up to €100m. It remains to be seen how long prices can hold up at current levels, but the current context is clearly still supportive. We’ll revise our numbers a tick upwards.
The Q3 21 results came in ahead of market expectations. The outlook for Q4 is encouraging, with prices still at a high level. The market has assessed that it will be difficult to do much better going forward, thus the negative share price reaction. We will still increase our forecasts, at least for the current year, with an under-proportionate impact on the group’s valuation.
A strong Brazil (positive seasonality and high demand) and normalising prices in Europe explain the performance, as well as safeguard measures Shipments remained at a high level in Q2 21 Operating CF was a positive €115m despite a €118m working capital build-up, with FCF at €87m The new share buy-back is not really a surprise despite the ongoing acquisition of ELG in Germany We will revise numbers and valuation upwards
The Q1 21 results came in substantially above consensus Volumes and prices have both helped almost all segments The group will acquire ELG, which we consider as very positive We will revise upwards our numbers and valuation
FY20 results came in above expectations Volumes in Europe, cost control and Brazil explain these nice results Q1 21 is expected to be even higher than the nice Q4 20 The balance sheet remains very solid, allowing for a pleasing dividend policy Expect us to revise upwards our forecasts and price target
Q3 20 very decent thanks to volumes and cost-cutting Q4 20 should be marginally better in terms of profits We will fine-tune our estimates to the upside
H1 20 was obviously severely impacted by the pandemic The group’s profitability has still remained decent thanks to cost cutting Visibility is low but the trough seems behind A tough EU stance on imports would help…
Q1 20 in line and decent Q2 will obviously look tougher with volumes estimated to be down 25% The sound financial structure is a clear plus for Aperam We believe the group to be in a good shape to weather the storm and benefit from the recovery
Research Tree provides access to ongoing research coverage, media content and regulatory news on Aperam S.A.. We currently have 0 research reports from 4 professional analysts.
Union Jack has released its 2023 results, showing the operating cash flow generated by Wressle and the ability to redeploy this to fund the company’s wider work programme. We expect the work programme to ramp up over the next 12+ months, with more drilling in the USA following the recent Andrews 1-17 success, further planned development at Wressle, further activity at West Newton, and the potential for drilling at Biscathorpe.
Companies: Union Jack Oil Plc
Zeus Capital
Rockhopper has released its 2023 results, reporting ongoing development planning progress on its significant Sea Lion project, and work towards closure of its Italian arbitration award monetisation deal, which should bring in significant new cash for the company.
Companies: Rockhopper Exploration plc
Tharisa released interim results this morning for FY2024. Revenues were up 10% YoY, driving by the strong chrome price and higher chrome production but offset by the weak PGM market. The co-product model showing its resilience and a distinguishing factor from Tharisa peers. EBITDA was in line with prior year, but margin was lost due to increased mining costs. Increased costs were expected due to increased waste being mined and 3rd party RoM material purchases made to maintain plant throughput. E
Companies: Tharisa Plc
Tamesis Partners
Orcadian has announced the initial agreement for a US$1.4m long term loan, alongside a potential farm out of its recently awarded SNS licence, which contains the Earlham discovery, Orwell field, and Clover prospect.
Companies: Orcadian Energy Plc
Union Jack is an Aim-listed company with a portfolio of oil and gas production and appraisal assets located onshore UK and the US, which initiated cash returns to shareholders in 2022.
SP Angel
• Chariot has started to drill the Dartois prospect onshore Morocco. The well is targeting a different reservoir system and trapping style than the Gaufrette prospect. • The main target at Dartois is estimated to hold 12 bcf of gross prospective resources. Success would de-risk a total of 20 bcf of gross prospective resources (+8 bcf) in the Dartois area. • A rig-less well test would be run in case of success. • Our unrisked NAV for the well is £0.05 per share with a ReNAV of £0.02 per share.
Companies: Chariot Limited
Auctus Advisors
Shore Capital
Chariot, Jersey Oil & Gas, Savannah Energy, Touchstone Exploration, Kistos Holdings, i3 Energy, Tullow Oil, Harbour Energy, Serinus Energy, Gulf Keystone Petroleum, Caspian Sunrise, Equinor, IOG Source: FactSet, weekly change 13/05/2024-17/05/2024 Oil notched a weekly gain while futures stayed in a narrow range, with the outlook for supply and inflation in focus. West Texas Intermediate settled above $80 a barrel, posting a 2.3% weekly gain and the third advance in four weeks. Lower US crude sto
Companies: TXP SAVE JOG CHAR
Cavendish
NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat
Companies: NextSource Materials Inc
Capital Access Group
Companies: FOUR PCIP FEN MRL KRM HDD CUSN
Companies: BMS SOLI IXI CUSN
Companies: Afentra PLC
Tennyson Securities
Companies: BEM KEFI POW MET1
Companies: BMET GGP AAL BOD HUM CNR KOD CUSN BHP PXC SQM
Companies: Greatland Gold plc
Canaccord Genuity
Share: