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Forecast and target price update
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Companies: Yu Group PLC
XPD has a new management team, only recently appointed. They have a full plate, including fixing underperforming UK warehousing and freight forwarding units, cutting overheads, and improving management of working capital to reduce debt. But there are also some gems in the Group, the core Central & Eastern European (CEE) logistics operations continue to perform strongly despite the turbulence of the War in Ukraine. Hence H1 earnings show a mixed picture with Group revenue up nearly 50% to £189.3m
Companies: Xpediator Plc
Invinity announced results for 1H22 to June including a net loss of £11.6m with cash at £16.1m. Results will be weighted to 2H22 as vanadium flow batteries (VFBs) for the Elemental and Yadlamalka projects are shipped. The Base order book doubled and Invinity is focused on closing late-stage commercial deals by YE22. Good progress is being made on the next-generation VFB with Gamesa, now named Mistral. The business case for VFBs is improving as EV demand for lithium-ion batteries squeezes availab
Companies: Invinity Energy Systems PLC
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Heads of Terms toward Sale of Deeside Project
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Directa Plus has reported its interim results, which have been well trailed. Revenues increased by 39%, while EBITDA losses were contained to €1.3m (PY: €0.9m). The robust sales performance can be attributed to mgmt.’s proven ability to convert commercial opportunities as the interest in graphene continues to grow. This prompts us to leave our revenue growth forecasts unchanged, noting the significant upside potential should the DCTA win the Setcar contract. The challenging environment/inflation
Companies: Directa Plus Plc
Singer Capital Markets
Despite ongoing supply chain disruption, the Group has reported results in-line with expectation. Adjusted EBITDA from continuing operations improved slightly to £12.7m with the Energy divisions growing by c.15%. Increased investment in the Medical division and the pivot away from 3rd party component manufacture resulted in an offsetting c.£1.5m EBITDA movement. The Group enters FY2023 with a robust order book that already provides 90% coverage for FY23E and 45% for FY24E. Our EBITDA forecasts r
Companies: Avingtrans plc
Water Intelligence reported a strong increase in revenues for 1H22 but that did not translate into profits which were held back by a sharp increase in other administrative costs. We understand that cost trajectory should flatten in 2H22 which, together with an increase in our revenue forecasts, means we maintain our EPS forecasts. The revenue performance underscores the strength of the growth story but given current market conditions and the need for Water Intelligence to demonstrate bottom line
Companies: Water Intelligence plc
MeyGen tidal turbine redeployment
Companies: SIMEC Atlantis Energy Ltd.
EQTEC continues to deliver on its strategy of realising value from its development projects and focusing on the delivery of its proprietary gasification technology. The agreement to sell Deeside for £15m represents value in our view and adjusting our forecasts for the transaction raises our central case valuation to 3.4p from 3.2p.
Invinity’s interim results show the company moving forward whilst executing on a sizeable delivery backlog and also focusing on near term opportunities. We see a macro outlook that is increasingly supportive of long duration storage technologies that can be deployed easily and rapidly to deliver energy security in decarbonising grids. In this environment Invinity’s relationships with US Vanadium and the potential embodied within Project Mistral are encouraging.