Abengoa has finally reported its H1 17 results:
Revenue was unchanged yoy at €691m (+0.4% versus €688m in H1 16) but EBITDA improved to €16m versus €-59m in H1 16 and reached +€117m adjusted for one-off items corresponding to a 19.9% margin.
EBIT was a loss of €281m due to asset impairments and non-recurrent financial income from the debt write-off which drove Abengoa’s net profit to €4,906m for the period.
Abengoa has been awarded €761m in new contracts, taking the engineering and construction backlog to €1.9m.
Progress was made in asset disposals with the sale of the European bioenergy business and Norte III.
Companies: Abengoa S.A. Class A
Abengoa reported its FY16 results
Abengoa recorded revenues of €1,510m and EBITDA of €-241m in 2016.
These figures exclude the impact from the Bioenergy activity and the concessional Brazilian transmission lines, which have been classified as discontinued operations. The net result represents a loss of €7,629m, mostly due to the negative impact from the impairment of certain assets (Bioenergy plants, transmission lines in Brazil, generation assets in Mexico and Chile), and tax credits for a total amount of €6,036m.
In Q4 16, the company completed several fundamental milestones in the execution of its restructuring process, including the approval on 22 November at the Extraordinary General Meeting of the implementation of the restructuring agreement by shareholders, incuding the share capital increase and the designation of the new board of directors.
It is confirmed that Abengoa will survive thanks to a combination of debt to equity swap and new debt funding. Old shareholders will be left with 5% of the company. Signing off by stakeholders should be completed by late October. Debt holders should represent at least 75% of the outstanding debt to get the plan through. Non-players will be left with 3% of their principal. Globally, the total input of liquidity represents €1,169m of which €515m has already been received by the company since September 2015.
While negotiations with creditors are still in progress to reach a final restructuring agreement, the company reported Q1 16 results showing a significant slowdown in all activities, coupled with a strong negative impact on the financial results.
In Q1 16,revenues reached €719m and EBITDA €48m corresponding to a 6.7% margin, versus €1,559m and €321m in Q1 15.
The net result represents a loss of €340m mainly due to the decrease in activity and the negative impact from the valuation of certain financial instruments.
Concerning the financial restructuring process, the company reported it has filed with the Mercantile Court of Seville nº 2 an application for the judicial approval of the standstill agreement which garnered support from 75.04% of the company’s lenders. The standstill agreement will enable the company to continue negotiations on its refinancing plan, and Abengoa aims to achieve a global agreement as soon as possible. The recent judicial approval for the standstill agreement was obtained, extending protection from creditors until 28 October 2016.
Abengoa detailed yesterday afternoon, in a conference call, its restructuring plan to avoid bankrupcy.
We retain the main following points:
The new Abengoa will have a less capital intensive business model, leading to a refocus on Engineering & Construction and third-party projects (which is about €4.2bn revenue and double-digit EBITDA), and selected concession-type projects (minority stakes limited to 10% instead of a majority stake). A 45% reduction in structuring costs expected in two years from €450m to €250m, while non-core businesses will be sold by Q4 16. A new management is in place.
1/ Debt reduction of 70% (corresponding to €5.5bn debt) in exchange for 35% of post-reorganisation equity.
2/ New money: facility (€1.5-1.8bn) and new bonds (€800m) in exchange for respectively 55% and 5% of equity.
Consequently, equity assigned to creditors will represent 95% and, as a result, shareholders will maintain 5% of post reorganisation equity, be entitled to up to 5% of warrants after full amortisation of new debt, roll-over debt and old debt struck at par with a 5.5 year maturity. The company will have €4,923m corporate net debt post restructuring.
The listing will be maintained and the dual share structure will be collapsed into a single class share holding political and economic rights. The restructuring plan is expected to be finished by 28 March 2016.
Abengoa reported this morning that Gonvarri, which should have been Abengoa's new reference shareholder and the main support for the pending €650m capital increase, has withdrawn from the transaction as conditions to which the agreement was subject to have not been satisfied.
Abengoa reported Q3 15 results which were weaker than expected.
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Capital Limited has released its Q4 and FY2020 trading statement this morning. Overall it shows 2020 was a strong year for the company with revenue growing 18% and most other operating metrics growing positively with it – see Fig 1. We have adjusted our forecasts accordingly and also to take into account the mining services contract for the Sukari Mine which the company won late last year. The latter is a game changer for Capital and its investment case in our view; turbo charging revenue growth, enhancing margins and diversifying cashflow all of which should lead to materially higher valuation multiples. We raise our PT to 127p.
Companies: Capital Limited
Although 2020 will probably go down in history as one of the most challenging years experienced during our lifetime, it will also likely be chronicled as one of the best years for the recognition and appreciation of science. As we entered 2020, the COVID-19 pandemic was in its infancy. However, it rapidly evolved through the exponential rise in infections and mortality globally. Much has been achieved during the past 12 months in the fight against COVID-19, but, as we enter 2021, there are considerable concerns about the emergence of a mutant version of the virus and the second wave that we are now facing.
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX SCE TRX SHED VTA YEW
2020 ended with two positive moves for carbon capture and storage (CCS) which should benefit Velocys clients. In the US, the signing of the COVID 19 stimulus bill extends and adds support for CCS in the US where the Bayou project is working with CO2 offtaker Occidental to deliver a negative emissions project. The UK government has also published guidance on CCS funding making this option an additional opportunity for the Altalto project. Velocys remains one of the very few opportunities for investors to play negative emission technology. We see both these moves improving the operating environment for the company’s clients and their projects, stimulating demand for the Velocys technology.
Companies: Velocys plc
XP reported a strong finish to 2020, with Q4 revenues up 24% y-o-y and 4% ahead of our forecast, driving FY20 profitability ahead of expectations. Order intake has normalised to pre-COVID-19 levels, reflecting continued strong demand from the semiconductor sector. We have revised our estimates to reflect strong Q420 performance and the weaker dollar, driving a 3.0% increase in FY20 EPS and a 2.3% cut to our FY21 EPS.
Companies: XP Power Ltd.
Avingtrans has announced that it has continued to perform well in H1 FY2021 and is trading in line with market expectations. Our cautiously framed forecasts anticipate adjusted EPS growth of 17% in FY2021E and 10% in FY2022E, including the benefit of cost reduction measures. The Group confirmed high levels of order cover for FY2021E at 85% at the end of September and orders taken since then will have provided further comfort. The shares have given ground YTD and now trade on a forward EV/sales multiple of 0.9x and prospective PERs of 13.8x and 12.7x for FY2021E and FY2022E respectively which are well below sector metrics. Management is also making great progress within the medical division where the potential for its small scale MRI is substantial.
Companies: Avingtrans plc
Today’s update confirms a strong recovery in H2 FY2020E as expected and a full year adjusted PBT at least in line with FY2019, despite a material impact from Covid and the depressed oil price resulting in a decline in Augean’s North Sea Services business. The FY2020E outturn demonstrates the resilience of the Group and the strong attractions of its growing EfW activities that now account for c.70% of Group profit. Augean is very well positioned in the EfW residue market and with c.40% of the UK’s hazardous landfill capacity. We forecast Group earnings growth of 15% and 21% for FY2021E and FY2022E, and expect further strong cash generation. EV/EBITDAs for FY2021E and FY2022E are 5.7x and 4.5x respectively, substantially below sector constituents and transaction multiples.
Companies: Augean PLC
Augean has proven to be resilient throughout the pandemic. In particular, the growth in processing incinerator ash residues from energy from waste (EfW) facilities continues unabated and additional new contract wins should drive improved returns in FY21. Management expects FY20 adjusted PBT to be slightly ahead of last year and we have marginally reduced our FY20 adjusted PBT and EPS estimates by 1%. Our FY21 estimates are maintained. Cash flow has been stronger than we expected, underpinning the indication that dividends should resume in FY21.
Like many awful dreams, the Covid19 nightmare hasn’t quite finished, recently mutating into an ultracontagious super-bug. The risk being global transmission and infection rates spiral out of control, swamping healthcare systems again. However this time there is an answer. Hunker down for a few months, and inoculate as many vulnerable people as possible to reduce fatalities/hospitalisations. Plus, the Oxford/AstraZeneca vaccine is relatively simple to distribute (re 2°C to 8°C). Making rapid nationwide rollouts feasible, alongside ultimately bringing the curtain down on this dreadful virus.
Companies: Mpac Group PLC
Initiating with a Buy rating. We initiate our coverage of Proton Motor Power Systems (“Proton Motor”) with a BUY rating and a target price of 201p. Our valuation equates to a market capitalisation of £1.47bn, compared to a current share price of 65.5p and a market cap of £479m.
Companies: Proton Motor Power Systems Plc
A £10m fundraising expedites the Protos project and opens the way for the £10.2m Peel warrant exercise in the current year. The funding will also give the company additional resources to pursue international opportunities. Adjusting for the raise and some timing differences, our UK only base valuation rises from 5.0p to the raise price of 5.5p and we see existing international opportunities taking this to 7.5p (from 6.9p) and including opportunities in Europe this could rise to 12.1p (from 11.2p).
Companies: Powerhouse Energy Group PLC
Directa Plus has released a trading update guiding to revenue for FY20 of approximately €6.5m. This is 9% ahead of the €6.0m in the trading update from 3 December and 18% ahead of our expectations of €5.5m which were set on 24 September 2020. The strong trading performance has been primarily driven by the sales of G+ enhanced face masks, including Co-Masks, and the strengthening performance of Setcar in the Environmental Division.
Companies: Directa Plus Plc
Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC Due mid Jan. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for more than 60 years, primarily focusing on the B2B market. Due 14 Jan. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb.
Companies: IUG CBP KAT APP RST DIS NICL BOKU CNIC HE1
AFC Energy (AFC) – Corporate – Strategic Partnership with Ricardo
Companies: AFC Energy plc
Today’s positive trading update provides further encouragement for investors. The shares have been appreciating steadily on the back of last month’s fund raise and acquisition, followed by a major contract win and the £2.5m sale of the remaining RTLS stake, which had previously been largely written off. Both FY20 revenue and adj. LBITDA are better than forecast and YE net cash is particularly healthy. The integration of OSPi is underway, with all staff already transferred. We adjust FY20 forecasts and reiterate future forecasts. Future cash expectations are lifted by the higher YE balance as well as the sale of the remaining RTLS holding.
Companies: IQGeo Group PLC
Seeing Machines has announced that it has licensed its Occula® Neural Processing Unit to OmniVision Technologies Inc. This advances the relationship from the MOU announced in September 2020 and builds on a relationship that is over five years old, with the two organisations having worked on multiple automotive programmes with a number of Tier 1 customers.
Companies: Seeing Machines Limited