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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 Noting the uncertainty caused by the pandemic, management has withdrawn guidance.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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Avacta has announced the successful completion of patient dosing in the first cohort of the two weekly dosing regimen in Arm 2 of the Phase 1a tolerability clinical study of AVA6000 with no adverse safety signals. Three patients have now been dosed in the second cohort. The company has also announced the initiation of a sub-study with SOFIE Biosciences (SOFIE) to better characterise the entire spread of cancer and related levels of FAP in selected patients with a view to identifying the target c
Companies: Avacta Group PLC
Capital Access Group
DG Innovate has developed a radically new electric motor architecture which provides improvements in power density, efficiency and redundancy over existing designs. The potential of this new motor, which is called Pareta, has attracted the interest of a senior management team that formerly worked for Tesla. The team not only bring significant validation to the claims of Pareta, but also capital and invaluable commercialisation experience and contacts from the EV industry, to supercharge the comm
Companies: DG Innovate PLC
Cavendish
The increase of 22% in booked total transaction value (TTV) both in H124 and for this summer, driven by successful expansion into premium and long haul and backed by its pioneering perks, confirm On the Beach’s (OTB’s) progress in addressing a market it estimates to be 5x more valuable than its core Value (3*) business (now just 25% of bookings) as well as more dynamic. Another ‘very big deal’ for OTB is its new ‘transformational’ partnership with Ryanair, its most significant low-cost carrier,
Companies: On The Beach Group 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
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
Companies: hVIVO plc
Liberum
FRP has released a stunning trading update for FY24E, with revenues up 23% YoY to £128m and adj. EBITDA of £37m, materially ahead of our £32m forecast. Net cash of c£30m was nearly double our forecast, aided by strong working capital management. With the number of industry administrations up 22% YoY, it has been a busy year for FRP, which also completed two acquisitions (and another post-period-end) and grew its team by c.20% YoY, as it continues to strengthen its multi-service offering. With ma
Companies: FRP Advisory Group Plc
A resilient performance in FY24 by Braemar saw revenue maintained at £152.8m (FY23: £152.9m), a strong performance given the 51% increase in revenue the previous year. Overall fixtures were up 8% and the forward order book has increased by 47% to £65.3m ($82.6m). The focus on shipbroking and securities, having disposed of non-core activities and adding to shipbroking operations, is proving successful with increasingly diversified revenue across shipping segments. The initial objective of sustain
Companies: Braemar PLC
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
29th 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, or it is a rumour Dish of the day Admissions: Time to Act (AQSE: TTA): an engineering business focused on technology for energy transition announces the admission of its Ordinary Shares to trading on the Aquis Stock Exchange Growth Market. The Company reported a revenue of £2.6m and a net income of
Companies: BEM SRES AAU KMK DCTA SYS REAT THX JADE
Hybridan
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
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
A positive FY24E update from Marlowe confirms it is trading in line with expectations (£403m revenue, £49m adj. EBITDA), with a better-than-expected year-end net debt position (£177m vs £180m forecast) owing to strong cash generation and working capital improvements. Marlowe also announces that it has now received all necessary regulatory approvals for its disposal of certain Governance, Risk and Compliance (GRC) assets to Inflexion Private Equity, with the transaction expected to complete on 31
Companies: Marlowe Plc
Guidance is unchanged after H1 results, and our estimates initially rise 1% for the same reason that H1 beat - net interest on corporate cash was stronger. We then mark to market, resulting in our estimates rising 2% this year and 3% next. Expectations are in no other way different, however the share price has risen 9% since results following the bid for Hargreaves Lansdown, such that we now see 10% downside from the current share price to our DCF-derived fair value.
Companies: IntegraFin Holdings PLC
Hannam & Partners
Post further analysis of the FY 2023 results on 9 April 2024, we are establishing FY 2025 forecasts, as well as modifying our forecast adjusted net profit/EPS figures for 2024 and 2025 to reflect the accounting of the deferred tax asset. Our 2025 forecast calls for 9% growth in customer revenues, stable other operating income (largely R&D tax credits) vs 2024, EBITDA margins going back to the 23% level (after a slight contraction in 2024 to reflect 3 facilities being run in parallel for part of
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