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Nabaltec released final FY23 figures as well as Q1 prelims, which point towards a solid start into the year, especially in regards to profitability. Valuation remains undemanding.
Companies: Nabaltec AG
NuWays
While profitability in Q4 (preliminary figures) came in significantly better than expected, sales fell slightly short of expectations. Although FY24 is seen to also be burdened by the challenging macro environment, valuation has more than factored it in, in our view.
Nabaltec releases solid Q3 figures with sales as expected but EBIT above estimates thanks to an improved product mix (growing boehmite sales). The upper ends of the FY EBIT margin guidance are in reach.
Nabaltec’s H121 results show that the recovery that commenced in Q420 has been sustained. Revenues were only 2% behind pre-pandemic levels in Q221, resulting in a record EBIT margin. Management has raised FY21 guidance. Performance at the upper end could potentially result in record revenues this year. Guidance is supported by strong demand for boehmite, which is used in electric vehicle (EV) batteries, as management expects its sales of this material (10% of FY20 sales) to jump by around 50% in
Edison
Nabaltec’s results for the first three quarters of 2020 were blighted by the coronavirus pandemic, which depressed demand for most product categories, particularly materials used by European steelmakers. This resulted in a 10.8% decrease in FY revenues and a halving in pre-exceptional EBIT. Revenues began to recover in Q420. This positive trend has continued into FY21, with management anticipating record highs again by FY22. We expect strong demand for materials such as boehmite, which is used i
The COVID-19 pandemic had an adverse impact on demand for most of Nabaltec’s products during Q220, with the European steel and automotive industries particularly badly affected. Management has taken steps to reduce costs, so, if write-downs totalling €2.1m are excluded, the group generated €1.7m EBIT during Q220.
Weakness in demand for refractories from the European steel and automotive industries caused Nabaltec’s revenues to drop during Q419, offsetting the progress made in the first three quarters. Revenues continued to decline during Q120 because of the coronavirus pandemic. Noting the uncertainty caused by the pandemic, management has withdrawn guidance. However, it continues to bring additional capacity in the US on line to serve customer there more efficiently.
Nabaltec’s H119 results demonstrate that the margin expansion achieved in FY18 has been sustained, supporting management’s full year guidance. The improvement reflects a shift to high-margin products, including reactive alumina and boehmite used in lithium-ion batteries for electric vehicles and energy storage, as well as planned price increases. Longer-term boehmite could represent an activity equal in scale to the Specialty Alumina segment, which currently accounts for a third of group revenue
Nabaltec posted record revenues and EBIT in FY18, despite the US facility being out of operation for most of the year. This reflects a shift to high-margin products, including reactive alumina and boehmite used in lithium-ion batteries for electric vehicles and energy storage. Management expects stronger revenue growth in FY19 as US capacity comes on line, with a sustained shift to higher-margin product supporting margin expansion.
Nabaltec posted record revenues in H118 despite the US facility being out of operation. A shift to high-margin products partly offset the negative impact of the factory closure. Commissioning of the expanded facility commenced in August, with production ramping up the rest of the year.
Nabaltec achieved extremely strong earnings growth in FY17, despite the drag on revenue growth and margins caused by the temporary shutdown of the US production facility for aluminium hydroxide flame retardants, Nashtec, in August 2016 when its main supplier (and JV partner) went into administration. Management secured the remaining stake in Nashtec in March 2017, enabling it to move forward with plans to re-open an enlarged facility in Q218. It also plans to construct production facilities for
Nabaltec achieved strong earnings growth in H117, despite the drag on revenue growth and margins caused by the temporary shutdown of the US production facility, Nashtec, in August 2016 when its main supplier (and JV partner) went into administration. Management secured the outstanding stake in Nashtec in March 2017, enabling it to move forward with plans to re-open an enlarged facility in Q118. This will enable Nabaltec to benefit from growth in demand in Europe driven by tightening safety regul
Nabaltec has proved itself able to deliver revenue growth significantly ahead of the German chemical industry as a whole by concentrating on those applications benefiting from rising demand. Through a sustained programme of investment in capacity and product development and a reputation for quality, it has become the global leader in fine precipitated aluminium hydroxide used as environmentally friendly flame retardants.
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Economic and industrial data has started the second quarter on slightly weaker grounds than Q1 as Manufacturing PMI in the UK, Eurozone and US all reported April indexes below March levels. Cracks seem to be appearing as recent drops in new orders and rising input costs are quickly dampening confidence. Inflation did, however, fall MoM across the board with the exception of the US, where volatile energy prices caused a modest MoM increase in the inflation rate.
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Zeus Capital
Companies: Macfarlane Group PLC (MACF:LON)SDX Energy PLC (SDX:LON)
Shore Capital
Companies: Robinson plc
Cavendish
Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower
Companies: Braemar 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
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Hardman & Co
Companies: Jet2 PLC
Canaccord Genuity
Anexo has reported FY23 results, with a solid performance across the Group, boosted by the agreement of its first Emissions action in the year. Increased activity levels in Credit Hire and a large portfolio of claims in Legal Services underpin our forecasts, with the benefit of future Emissions Case agreements providing upside risk should settlements be reached.
Companies: Anexo Group Plc
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.75 per share: Raising new equity to fund a high impact activity programme – ADX has raised A$13.5 mm of new equity priced at A$0.105 per share. One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026. The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at
Companies: PEN SEI OMV ADX GALP OMV AXL JSE CEQ TXP SHELL DELT TRIN I3E ZPHR CHAR LNGE SEPL CNE BWEFF PEN GTE GALP EGY
Auctus Advisors
8th May 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: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange
Companies: CSFS APH MBT XPF
Hybridan
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.
Companies: ATS MRCH SCP SHRS LWDB JUGI MINI
Capital Access Group
Avacta reported results for FY23 but more importantly announced the appointment of Christina Coughlin as CEO wef 1 May, replacing Alastair Smith who is stepping down today. FY23 results were better than consensus at the EPS level. Net cash ended the year at £16.6m, as previously disclosed, which has since been bolstered by the £31m gross equity raise enabling Avacta to fund the AVA6000 programme through Phase 2 clinical trials, as well as advancing other candidates in its pre|CISION™ and Affime
Companies: Avacta Group PLC
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline & Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate. While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA ran
Companies: PEN OMV ADX WDS BLOK AKRBP OMV COPL PXT SOU DNO DELT TRIN ECHO SAVE STAR PEN VLE DNO KIST
9th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective
Companies: PHC PEG FIPP RBD PYC ECHO SRB
What you need to know: • Following a long period of consolidation, gold broke out in March, hitting record highs, and continuing to push higher as we enter April. • Silver and copper also had strong months up 10% and 4%, respectively. • More notably, we are finally seeing the equities outperform their underlying metal price with the GDX, SIL, and COPX up 22.7%, 21.1% and 19.4%, respectively, significantly outperforming broader markets. • With precious metals taking the limelight, the rest of the
Companies: FCX FCX OMG DPM OLA PRB LVG TM OGC CNRI ASCU
Atrium Research
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