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• Gross insurance revenues were up by 3% to €23.0bn for Q3 23 versus Q3 22 • Claims rose by 9% to €15.0bn for Q3 23 compared to Q3 22 • Operating profit was down by 15% to €3.5bn for Q3 23 • Net profit attributable to shareholders declined by 29% to €2.02bn for Q3 23 compared to Q3 22 • Operating profit target of €14.2bn plus or minus €1bn for FY2023 confirmed
Companies: Allianz SE
AlphaValue
• Gross insurance revenues were up by 3% to €22.1bn for Q2 23 versus Q2 22 • Operating profit was up by 7% to €3.8bn for Q2 23 • Net profit attributable to shareholders rose by 18% to €2.34bn for Q2 23 compared to Q2 22 • Operating profit target of €14.2bn plus or minus €1bn for FY2023 confirmed
• New IFRS accounting rules with a new income statement structure from Q1 23 onwards • Gross insurance revenues were up by 8% to €22.7bn for Q1 23 • Operating profit was up by 24% to €3.7bn for Q1 23 • Net profit attributable to shareholders rose from €474m for Q1 22 to €2.03bn for Q1 23 • Operating profit target of €14.2bn plus or minus €1bn for FY2023 confirmed • New share buy-back program of up to €1.5bn
• Net premiums earned increased by 8% to €83.9bn for 2022 • Operating profit increased by 6% to €14.2bn for 2022 • Net profit attributable to shareholders increased by 2% to €6.7bn for 2022 versus 2021 • Net new money outflow was €81.4bn in 2022 compared to inflow of €110bn in 2021 • Operating profit target for 2023 is €14.2bn, plus or minus €1bn • Dividend per share proposal increased by 5.6% to €11.40 for FY2022
• Net premiums earned increased by 10% to €21.1bn for Q3 22 • Operating profit increased by 7% to €3.5bn • Net profit attributable to shareholders increased by 17% to €2.5bn • Net new money was an outflow of €19.9bn in Q3 22 compared to an inflow of €25.7bn for Q3 21 • Operating profit target for 2022 of €13.4bn, plus or minus €1bn now expected in the upper half • New share buy-back program of up to €1bn
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL CN/LN)C; Target price of £0.45 per share: Reserves increase in Colombia – Arrow has added ~0.25-0.28 mmbbl 2P and 3P reserves on the Tapir licence (to respectively 1.9 mmbbl and 3.9 mmbbl) following recent drilling results. 1P reserves have increased by 0.6 mmbbl. This reflects reserves additions in the C7A, C7B and C7 stringer sands, partially offset by a reduction at the Gacheta B (tested with 95% water cut) an
Companies: APA 88E HHR ALV ALV AXL RHC RHC SOU TAL APA PEN I3E ZPHR IOG R4Y TTE DNO PEN ENI DNO ENI
Auctus Advisors
US$12.8mm beating our forecast by 17% on both higher revenues and lower costs. As previously reported, sales of 2,359boe/d were down 6% q/q because of a planned 5-day plant shut-down to accommodate the facility expansion. Q2’22 gas price averaged US$11.9/mcf (+96% y/y and +19% q/q), leading to an operating netback of US$64/boe. This is an industry leading operating netback margin of 87% versus the peer group average of 68%. Cash flow from operations (excluding working capital) was US$12.4mm (+12
Companies: Allianz SE (0M6S:LON)Alvopetro Energy Ltd. (ALV:TSX)
Hannam & Partners
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.06 per share: Raising new equity to accelerate high impact drilling – ADX has raised A$ 2.55 mm of new equity priced at A$ 0.006 per share. New investors will also receive one option for every two placement shares at a strike price of A$ 0.013 per share with an expiry date of 2 years. The proceeds of the raise will fund (1) the planning and purchase of long lead items for the high impact 800+ b
Companies: 88E ADX DETNOR AKRBP 0MDP ALV ALV FEC JSE SU TXP SQZ HUR ZPHR DEC TETY GPRK KOS GTE AOI CNE DNO TGL SNM 0GEA 0A1V VLE DNO EGY
Alvopetro has published its inaugural 2021 Sustainability Report, highlighting the operational milestones achieved through the development of its Caburé project and outlining the Company’s approach to environmental, social and governance ("ESG") practices. It provides transparency on ALV’s approach to sustainability by responsibly supplying energy, strengthening communities and its workforce, and minimising its impact. ALV’s locally produced natural gas resulted in average savings of 48% for con
• Net premiums earned increased by 10% to €20.7bn for Q2 22 • Operating profit rose by 5% to €3.5bn for Q2 22 • Net profit attributable to shareholders declined by 23% to €1.7bn for Q2 22 versus Q2 21 • Net new money was an outflow of €33.8bn in Q2 22 compared to an inflow of €25.9bn in Q2 21 • Operating profit target for 2022 of €13.4bn, plus or minus €1bn confirmed
AUCTUS PUBLICATIONS ________________________________________ Longboat Energy (LBE LN)C; Target price of £1.60 per share: Spudding high impact well in Norway – Drilling operations at the Oswig exploration well (Company 20%) have commenced. The well is targeting the Tarbert and Ness formations, two separate intervals which are estimated to contain combined gross unrisked mean resources of 93 mmboe (19 mmboe net to Longboat). The Oswig geological chance of success is estimated to be 36% and the key
Companies: BLOK ALV ALV COPL PXT TLW BP/ ENQ PGR SDX LBE TRP GENL CNE ENI ENI
The 183-B1 exploration well (100% ALV) was targeting the Agua Grande and Sergi Formations as the primary and secondary targets, respectively and had a pre-drill prospective resource of 5.9mmboe (best estimate) with a 44% chance of success. The well, which was spudded on 5th June, successfully encountered hydrocarbons in three zones with a total of 34m of potential net pay with better reservoir characteristics than in the previous 182-C1 discovery well. ALV encountered a 20m sand in the Agua Gran
AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target price of A$0.70: Production expected to bounce back in 3Q22 – June production was impacted by the gas processor’s scheduled plant turn-around in Thorsby that resulted in production being reduced by 625 boe/d for seven days. This work was anticipated and is included in the company’s budget and production guidance. At Brooks, the gas compressor at the 2-29 battery went down on 24 June. The compressor was r
Companies: OMV CE1 ALV ALV JSE RHC RHC TAL REP ECHO IOG PMG REP1 SLE CNE DNO OMV1 DNO
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Positive drilling results at RCS-1 could add further reserves - The RCS-1 well (the second well drilled by Arrow in Colombia this year) has encountered >55 feet of total net pay across six separate oil-bearing reservoirs in the C7, the Gacheta and the Ubaque, between 7,077 feet and 8,105 feet. No reserves were allocated to the Ubaque, C7 and one of the Gacheta sands. Thes
Companies: HHR ALV ALV AXL JSE SOU REP TLW SQZ CASP CNE SOU UKOG SDX LBE SAVE REP1 GTE CNE ENI STL EQNR COP 0QZA EGY ENI
• The Structured Alpha case has been settled with the DOJ and SEC • The guilty plea will result in the disqualification of AGI U.S. from advising U.S. registered mutual funds • Fees and compensation payments already reflected in the provisions set up for 2021 and Q1 22
Research Tree provides access to ongoing research coverage, media content and regulatory news on Allianz SE. We currently have 1 research reports from 7 professional analysts.
Proposed share-for-share merger with Northgate
Companies: Redde Northgate PLC
Arden Partners
Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income sector. It offers investors broad market exposure, outside of the large, traditional ‘income stocks’ at a 13% discount to NAV. The underperformance of small- and mid-cap companies versus larger peers has slowed and a turnaround would be very positive for LWI. Portfolio returns are already benefiting from acquisition activity, spurred by low valuations, and
Companies: Lowland Investment Co PLC
Edison
Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.
Companies: Foxtons Group Plc
Zeus Capital
PCI Pal’s FY23 results show revenue growth of +25% to £14.9m, gross profit growth of +31% to £13.1m at a margin of 88%, and an outlook confirming robust momentum in H1 24. The FY23 results are as expected following the August trading update, and FY23 Total Annual Contract Value (TACV) is +23% yoy to £16.4m, with ARR +14% yoy to £12.6m due to £3.1m of contracts in deployment. We expect ARR will increase +35% and +31% to £17.0m and £22.2m in FY24 and FY25, as management lands and expands following
Companies: PCI-PAL PLC
Cavendish
Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets of £120.4m in its FY23 results (year end 31 December). FY23 also saw FSFL’s divestment programme come to fruition with the sale of a 50% stake in its Spanish Lorca portfolio at a 21% premium to its holding value. The proceeds of this divestment, along with free cash, were used to pay down the fund’s variable rate debt via its revolving credit faci
Companies: Foresight Solar Fund Limited GBP
Tetragon Financial Group (Tetragon) posted a 6.4% net asset value (NAV) per share total return (TR) in US dollar terms in FY23. Tetragon’s returns normally have a low correlation with broader markets, and therefore its FY23 performance was below the 26.3% return of the S&P 500 Index, which rallied on the artificial intelligence (AI) theme. Tetragon’s FY23 return on equity (RoE) of 5.5% was below its target of 10–15% pa. That said, its performance since listing was within the target range at 11.3
Companies: Tetragon Financial Group Limited
Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long
Companies: Vp plc
Equity Development
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Vector Capital is an established commercial lending group, focused on secured short-term and bridging loans in the property sector. This morning, the group has reported full year results to 31 December 2023, illustrating the challenging market backdrop. While underlying trading was robust, with good demand being seen for new loans, provisions for bad debts relating to historical loans of £728k in the year led to a decrease in PBT to £2.1m (WHI est. £2.4m, FY22 £2.8m). Looking ahead, although VCA
Companies: Vector Capital PLC
WHIreland
Companies: Equals Group Plc
Canaccord Genuity
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