eEnergy has released a very robust AGM update, reiterating full year expectations and confirming acquisition integration is well on track. After a period of share price weakness (with the shares now trading on <10x FY23 P/E), we expect the update to be well received by the market, which may have been pre-occupied with recent energy price volatility. We remain of the view that high energy prices only serve to increase the opportunity for eEnergy to help its customers in the transition to Net Zero
Companies: eEnergy Group PLC
eEnergy has increased its ownership of eEnergy Insights Ltd (EIL) from 37.5% to 51%. EIL is the entity holding the Group’s MY ZeERO smart metering and analytics platform, which we consider an important differentiator for the Group. EIL has completed the development of its next generation of intelligent smart meters, which are now ready for commercial launch. eEnergy has placed an order for a number of these meters, which are expected to be rolled out in the coming months. Management is said to b
eEnergy’s FY’21 results confirm a transformational year. Organic revenue growth was 75% and four acquisitions have now been secured, including last month’s UtilityTeam deal. There are no surprises in the numbers and the outlook statement reiterates current year expectations. Energy market volatility increases the imperative for businesses to reduce consumption, eliminate waste and tighten risk management. This should present opportunities for eEnergy as it helps its clients navigate market uncer
eEnergy has raised £12m via a placing at 15p to fund the acquisition of UtilityTeam. UtilityTeam provides comprehensive energy management, consultancy and procurement services to industrial and commercial (I&C) clients with a particular focus on large, complex, multi-site portfolios. It is a well-established business serving a market that is growing strongly as customers seek to reduce energy costs and implement Net Zero initiatives. The total consideration is up to £20m, valuing UtilityTeam at
While we were away….
….Joiners 1 more joiner
Citius Resources Plc (CRES.L), an investment company seeking to acquire a company or project in precious and/or base metals joined the Main Market (Standard) raising £1.12m at 4p.
….Leavers 1 more off
Amiad Water Systems has left AIM.
Enjoy the long weekend. We will resume full service on Tuesday.
What’s cooking in the IPO kitchen?
Blackfinch Renewable European Income Trust plc, a closed-end investment trust established to invest in a diversifi
Companies: AEE BZT D4T4 EAAS EUA IES SCLP TOM WTE VLX
eEnergy’s year end update confirms a positive conclusion to FY21 (to 30th June), in line with our expectations. It has been a highly successful first full year on the market despite the challenges of COVID. In our view, eEnergy is an attractive organic growth story focusing on an area undergoing structural growth (energy efficiency and ESG). M&A, meanwhile, has been well executed and remains a key element of the growth strategy. Increased investment is being made to support the new MyZeERO platf
Thor Explorations (TSXV:THX;THX.L) has completed a secondary listing on AIM. . Segun Lawson, President & CEO, stated: "Today's admission to the AIM market of the London Stock Exchange represents another milestone in the development of the Company, offering wider access for investors as we progress through a transformational period in the Company's development. We continue to focus on pouring first gold at the Segilola Project in Nigeria in July 2021, targeting publication of a Maiden r
Companies: 4BB ADME BOOM EAAS EUZ FO LPA PPS SUN
FY’21 is proving to be a transformational year for eEnergy. Today’s interims cover a period of significant revenue growth and margin improvement, driving the transition to break even as expected. This, though, only tells half the story, given that the strategically important Beond acquisition took place at the very end of the period. Full year guidance is reiterated, as are management’s ambitions to build a broader energy services Group around the platform that has already been established.
eEnergy’s H1 update confirms a period of highly impressive organic growth alongside the strategically important acquisitions of RSL and Beond. H1 revenue for eLight was +235% (+125% organic). Market demand drivers remain very positive and margins are benefiting from operational and scale efficiencies. Full year revenue and gross profit expectations are unchanged despite some COVID related disruption and the medium term outlook is bright.
eEnergy has announced the acquisition of Beond Group, an energy consultant and procurement business with a focus on renewable energy. Beond is a well-established, profitable business with a strong track record of growth. The acquisition consideration (£8.2m net of surplus cash acquired) comprises a mix of cash and shares, the cash element being funded by a £3.2m ABB, announced last Friday. We consider the acquisition a positive and important strategic step for eEnergy Group and expect it to be s
eEnergy has launched a new Green Energy Initiative, which will work alongside the £1bn Public Sector Decarbonisation Scheme to help schools upgrade to LED lighting, reducing carbon and delivering substantial cost savings. We consider this complementary to eEnergy’s existing Light as a Service offering. It should also help to stimulate demand for LED lighting in the public sector, which eEnergy will continue to support well beyond the PSDS’ January 2021 deadline.
eEnergy has agreed an exclusive OEM partnership with Venture Lighting Europe. Venture Lighting will supply eLight (eEnergy’s Light as a Service business) with eLight branded LED technology on exclusive terms. This should speed up installation times, reduce costs and ensure consistent project delivery. eEnergy is the market leader in Energy Efficiency as a Service to the education sector in the UK and Ireland. We recently initiated coverage, highlighting the Group’s strong revenue momentum and am
eEnergy is a pioneer of “energy as a service” in the UK and Ireland. Its compelling proposition offer schools and businesses modern, energy efficient lighting with no up-front capital cost. The upgrade comfortably pays for itself, with the customers’ cost savings more than offsetting ongoing service fees from day one. The core business is well established and growth is rapidly accelerating. eEnergy joined AIM via RTO earlier this year in order to accelerate its organic and acquisitive growth pla
Research Tree provides access to ongoing research coverage, media content and regulatory news on eEnergy Group PLC.
We currently have 13 research reports from 2
Companies: DX (Group) Plc
AFC Energy has announced that its “S” Series hydrogen fuel cell system and ammonia cracker have been selected for the Norwegian ZeroCoaster bulk cargo ship design. The proposal has also been awarded “Approval in Principle” status by DNV, the international certification agency. The announcement is another significant endorsement of AFC Energy’s technology and the group’s biggest step forward in Maritime. This is further endorsement of our investment thesis, which was refreshed in September, which
Companies: AFC Energy plc
Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.
Companies: ANX IBPO CYAN SOM EQT AFM
No joiners today
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What’s cooking in the IPO kitchen?
Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
Companies: ADBE ADBE SYM ARC AVCT CMCL CLIN DCTA FRAN OSI
The oversubscribed placing to raise £25m and £2m open offer leaves Velocys well placed to move forward on its reference projects and strengthens its ability to address further demand as airlines increasingly seek out sustainable fuelling solutions. We have updated our forecasts for the raise and after a review of project timings. These show that if the company can progress its projects, it is capable of being cashflow positive in FY 24 without recourse to further funding. Our DCF based central c
Companies: Velocys plc
Macfarlane Group, the leading protective packaging solutions specialist, servicing clients across the UK
and now emerging into Continental Europe, has issued a trading update this morning (25 November)
covering the period since end June and the year to date. Trading has continued to be robust in a difficult
supply chain environment and the Group now expects to exceed its previous expectations for the full
year. Sales growth for the year to date has accelerated through to October at rate of +2
Companies: Macfarlane Group PLC
While there remains considerable uncertainty over the planning and permitting of the Uskmouth power station conversion there have been a couple of recent pieces of good news for SIMEC Atlantis in our view. Inclusion of waste-to-energy in the carbon capture support model is potentially positive for Uskmouth and may increase its political attractiveness to the Welsh Government as they consider permitting. The ring fencing of CfD support for tidal steam in the next allocation round opens up the pos
Companies: SIMEC Atlantis Energy Ltd.
Powerhouse has seen early benefits from the agreement signed with HUI in October with this progress on a new project site in Bulgaria. Details have still to be agreed but we see the project as an example of further international demand for the company’s waste to hydrogen technology.
Companies: Powerhouse Energy Group PLC
The H1 results were a bit of a double check. First, how high hopes (battery materials) persist in a rapidly changing environment, something already communicated to the markets. The second, and a rather annoying one, was how to deal with the issues as management was not really transparent. This explains the strong miss in EBIT compared to the consensus. We were also wrong-footed as our impairment figure was far too low.
Companies: Johnson Matthey Plc
A stellar financial performance in the first half shows Brickability at its best, delivering growth from organic and acquisition sources, gaining share and strategically, and importantly, continuing to diversify and de-risk the business by broadening its product ranges and customer depth. Whilst the half has been an extraordinarily favourable one in comparative terms and our instinct is to believe that forecasts can be beaten going forwards in both the short and medium-term from the enhanced pla
Companies: Brickability Group PLC
Seeing Machines has announced results for its financial year ended June 2021 and, after the 3 August 2021 trading update, there were few surprises in the numbers with the company trading ahead of expectations in terms of margins and cash. This reflects the successful focus by the management on reducing costs and conserving cash. However, with the conclusion of the recent fund raise, we expect the company to change gear to investing in the business and managing for longer term shareholder value.
Companies: Seeing Machines Limited
The trading update confirms that TClarke is on track to meet FY21 expectations signalling a strong recovery from the pandemic-hit 2020 with revenues +47%, H2 margins back at 3%, underlying EPS +50% and net cash of c£5m in the year-end balance sheet. The highlight, in support of its target £500m turnover by 2023, is continued improvement in the order book, currently at £525m (end June £503m) including a record £320m (+25%) secured for a year out. This is not ‘being bought' but comes with a real s
Companies: TClarke plc
LTHM announced exceptional results for H1F22 ended 30 September 2021. H1F22 revenue reached £193.9m, +81.2% over H1F21 of £107m. This is notably a stellar first half driven by demand-supply imbalances in global markets that have resulted following the pandemic. Resulting PAT of £26.6m translates to EPS of £1.335 vs. £0.256 in H1F21.
Companies: James Latham Plc
Oil prices suffered one of the largest ever one-day plunges, crashing more than 11% on Black Friday as a new coronavirus strain sparked fears that renewed lockdowns will hurt global demand. The crash, the 7th largest ever for Brent crude, the global oil benchmark, may prompt the OPEC+ cartel to re-consider its policy when it meets next week, with the group increasingly leaning toward pausing its output hikes. The sell-off was amplified by low liquidity on a festive day in the US, the breach of s
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Companies: Volex plc