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Attica Bank reported a loss of €105.0m in FY21 (FY20: €306.4m), which included a €55.4m write-down from loan securitisation in Q421. Loan impairments remain high and were 1.6% of loans in FY21, while the cost income ratio was 147% (FY20: 100%). More positively, income trends were good (Q421 total revenue and interest income rose 104% and 53% q-o-q respectively). The various capital actions taken by management (including share issues and securitisations) have improved the balance sheet, which had
Companies: ATTICA BANK (TATT:)Attica Bank S.A. (TATT:ATH)
There were some encouraging signs in Attica’s Q221 results, with good momentum in core (interest and fees) revenue while impairments have now been at relatively low levels for two quarters after the balance sheet clean-up in recent years. The reported €4.4m loss reflects the fact that Attica needs to gain scale before it can be profitable. This requires more equity: Attica’s statutory CET1 is now only 3.1% (3.7% in Q121). Attica is pushing forward with its capital strategy. The deferred tax asse
Attica Bank is now at an important point in its transformation phase. It is planning three securitisations over the next four to five months that will take its NPE from 44% to just 1% of loans and remove about €1bn in risk-weighted assets. Its capital plan then calls for raising about €300m in equity over the next two to three years and targets a CET1 of 10% by the end of 2023 from the current 3.7% statutory ratio and an estimated -1.0% fully loaded. Attica has a market cap of €79m and although
Attica’s Q419 results showed good progress, with revenue sharply up and costs lower than expected. Impairment charges were higher, but underlying PBT was still better than forecast. Uncertainty around the COVID-19 pandemic greatly complicates forecasting at this stage. Our new numbers have higher impairment assumptions, mostly in 2020 and 2021. However, Attica’s strategy of strong asset expansion and its focus on the energy, infrastructure and green economy remains firm. There is just a time shi
After a substantial balance sheet clean-up, Attica Bank is now beginning to implement its plan to refocus the business and expand its loan book. The time taken to refine and approve the strategy has deferred a return to profitability. Q2 and Q319 were significantly weaker than expected and we now expect profits only in 2021. The plan is to double the loan book in three years, with more cost cutting, a rebranding and a targeted approach to small business lending and the professional personal mark
After cleaning up the balance sheet and cutting costs, Attica Bank’s key aim now is to grow into its cost base with normalised impairments while refocusing on the SME sector. Attica will have to be mindful of capital (fully loaded end-2018 CET1 is 8.9%, statutory is 13.5%), but liquidity looks comfortable (loan/deposit 69% and no more ELA) and unlikely to slow it down. We have reduced forecasts due to weaker than expected 2018 results and now expect ROTE 2020 of 3.2% (4.2% before). Attica is tra
Through the Artemis and Metexelixis securitisations, Attica’s exposure to impaired loans has reduced significantly and now compares favourably with the larger Greek banks. Management forecasts common equity Tier 1 to increase from 12.2% to 13.2% at year end, representing significant headroom over regulatory requirements. Management will now move to the next stage of recovery, right-sizing the cost base and shifting the group’s focus to the small and medium-sized enterprise market. Q3 results pro
Through innovative securitisations, Attica has de-risked its portfolio, reducing net impaired loans from over 250% to just 79% of net tangible assets incorporating the gain on the Metexelixis transaction. This will also lift the common equity Tier 1 (CET1) ratio of 12.8% to 14.3%, representing significant headroom over regulatory requirements. Management will now move on to the next stage of recovery, shifting the group’s focus to the small and medium-sized enterprise (SME) market and raising pr
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Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E
Companies: Urban Logistics REIT plc
Singer Capital Markets
Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini
Companies: UKOG TXP SQZ BLOK AOI 88E ZPHR GPRK GPRK CEG AXL
1 July 2022
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 objectives
Companies: VTU ADME ARCM LVCG MANO NMT PGH SLE
Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including
Companies: Marlowe Plc
Companies: AEW UK REIT PLC
Companies: Honeycomb Investment Trust Plc
Dish of the day
Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators).
No Leavers Today.
What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan
Companies: VAST TSTL 7DIG AHT CMX JADE
Companies: ATOM D4T4 LINV
Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears
Companies: Personal Group Holdings Plc
Companies: FTC LPA PCIP PPC
NextEnergy Solar Fund’s (NESF) full-year results show a 15% growth in NAV resulting from better pricing and new asset growth. The fund has been working hard to diversify its asset growth opportunity with battery storage in the UK and more international exposure through its commitment and co-investment opportunity with the NPIII private fund. From a strong start the fund is showing continued progress into the current year.
Companies: NextEnergy Solar Fund Ltd
Continued expansion at NPIII provides NESF with further geographical diversification as the private fund reaches more than 1GW of international PV assets. This adds to NESF’s moves in battery storage to build a more diversified portfolio, minimising exposure to any single asset type.
Companies: Premier Miton Global Renewables Trust Plc GBP
On 1 April 2022 R&Q announced a recommended (175p/share) acquisition by its major shareholder, Brickell PC Insurance Holdings LLC (Brickell). The price represented 1.8x tangible net asset value and a 20% premium to the unaffected market price. That was accompanied by news of Brickell’s commitment to provide US$100m of new equity. This transaction was prompted by the results of in-depth review of the group’s legacy insurance portfolio initiated by new management in Q4 2021.
This reflects the ne
Companies: Randall & Quilter Investment Holdings Ltd.