Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AFC ENERGY PLC. We currently have 12 research reports from 3 professional analysts.
|07Dec16 04:37||RNS||Price Monitoring Extension|
|30Nov16 07:00||RNS||Agreement with Peel Environmental|
|14Nov16 07:00||RNS||Achievement of Milestones 1 and 2|
|04Nov16 04:35||RNS||Price Monitoring Extension|
|30Sep16 07:00||RNS||Quarterly Newsletter|
|21Sep16 04:37||RNS||Price Monitoring Extension|
|26Aug16 04:30||RNS||Directorate Change|
Frequency of research reports
Research reports on
AFC ENERGY PLC
AFC ENERGY PLC
15 Nov 16
"The global bond markets saw another major sell-off yesterday, with the 30-year US T-bill yield rising above 3% for the first time since January. This is weighing the implication of the President-elect's wholly unorthodox policy proposals, the general expectation that Yellen will go ahead with the first Fed rate hike since 2006 in December and a growing expectation that Trump will champion an international reversal in the current fiscal-monetary mix of western economies. A looser fiscal policy together with a harder monetary policy, of course, demands a much-diluted version of present 'central bank independence' for whom the main proponents, Donald Trump and Theresa May, could well be the first to move toward subverting the system through the appointment of politically compliant governors to replace the conservative academic postings of the past couple of decades. So has 'Trumpism' started to be priced in? After the hostile takeover, might the populist outsider simply surround himself with insiders? Some optimists seem to believe in this rosy scenario. The Dow Jones inched up to its third consecutive record close yesterday after the Fed's Jeffrey Lacker noted in a speech that fiscal stimulus 'would bolster the case for raising rates' while, by comparison, the NASDAQ drifted lower on continuing concerns over tax imposition proposed on their international cash piles. Asia ended mix to fractionally down, avoiding the broad sell-off seen amongst emerging markets, as their currencies rallied marginally against the US$. Today the UK is due to publish monthly inflation figures, while the Eurozone will release GDP data. Being deep in the results season, earnings or trading updates are expected from the likes of BTG (BTG.L), Card Factory (CARD.L), Crest Nicholson (CRST.L), easyJet (EZJ.L), Enterprise Inns (ETI.L), First Group (FGP.L), Hayward Tyler (HAYT.L), Land Securities (LAND.L), McCarthy & Stone (MCS.L), Premier Foods (PFD.L) and Vodafone (VOD.L). Investors will also be listing out for more details from Rudy Giuliani, the former Mayor of New York, regarding his overnight suggestion that defeating ISIS will be an early focus of Donald Trump's foreign policy. The FTSE-100 is seen rising 10 or so pints in early trading." - Barry Gibb, Research Analyst
05 Aug 16
Audioboom (BOOM.L) | Cloudcall (CALL.L) | Porta Communications (PTCM.L) | S y m p h o n y E n v i r o n m e n t a l Technologies (SYM.L) | Blue Prism Group (PRSM.L) | B e n c h m a r k Holdings (BMK.L) | Bexi mco P harm a (BXP.L) | S t e r l i n g E n e r g y ( S E Y . L ) | AFC Energy (20.75.L) | PHSC (PHSC.L)
Full commissioning of 0.24MW KORE commercial system expected Jan 2016
14 Dec 15
end and power export was a hugely challenging target. The year-end ‘11th’ milestone was set more as a means of accelerating the program rather than a date of any real relevance with respect to commercialisation, which it has very successfully done. It is impressive AFC came this close. Anticipated January full commissioning and completion of Power-Up will constitute a 17 month acceleration of the platform roll-out achieved in just over a year. Calendar year 2015 has been an outstanding year of progress for AFC in both the technological advancement and commercial roll-out of its state-of-the-art
AFC and Dutco to develop business plan for the scale deployment of AFC’s platform throughout the Middle East
24 Nov 15
The Dutco Group is a leading Dubai-based investment and project development company with interests in construction, oil and gas, freight, logistics and hospitality. It has a successful model of long-term strategic investment, often with joint venture partners including Balfour Beatty and McConnell Dowell. The history and growth of the Dutco Group is inextricably interwoven with that of Dubai itself, and the Group has successfully delivered a number of the region’s largest infrastructure projects. Today’s announcement from AFC that it has signed Heads of Agreement with Dutco to develop a business plan for the large-scale deployment of AFC’s platform across several Gulf states including Saudi Arabia is excellent news. It is an important first step towards securing an ideal partner with the right skill set to exploit the massive opportunity the middle east presents. It is also further evidence of both the deal making capability of AFC’s CEO Adam Bond, and the clear mass market potential of AFC’s value engineered, modular alkaline fuel-cell platform for utility scale power generation. Adam Bond assesses the scale of this potential opportunity to be such, that if executed successfully, it alone could provide in excess of the company stated target of 1GW of plant operational or in build by 2020 and develop into a long-term sustainable energy and water business across the Middle East.
AFC sign head of terms with global mass manufacturer.
17 Nov 15
AFC CEO Adam Bond continues to make progress on his stated intentions for his impressive first year at the helm. Securing a signed manufacturing deal with a global mass manufacturing partner was one of those stated first year goals, and today’s news demonstrates great progress in achieving it. The manufacturing deal is a key component in AFC achieving its wider target of having 1GW of plant operational or in build by 2020, and we look forward to this agreement evolving into a full commercial contract over the coming weeks and months.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
Dividends reinstated; is it time to turn (more) optimistic?
08 Dec 16
Glencore continues to surprise the markets, earlier with its fast pace of asset disposals and now with the reinstatement of dividends. The following were the key details shared with investors in a meeting held on 1 December 2016: 1/ completed $6.3bn of asset disposals; 2/ reduced net debt (including readily marketable inventories) by $12.5bn over the last 18 months; 3/ reiterated trading’s 2016 EBIT guidance towards the upper end of the $2.5-2.7bn range; 4/ expects healthy annualised 2016 free cash flows – even at Q1 16 commodity price lows; at 2017 forward prices, FCFs are guided to be $6.5bn; 5/ dividends would be reinstated from 2017 – with $1bn to be paid in two equal tranches in H1 and H2; thereafter (i.e. 2018 onwards), $1bn would be a fixed annual dividend payment (banking on the stability of trading’s cash flows) plus a minimum 25% of FCFs from industrial activities. Production guided to grow Source – Investor Presentation December 2016 While copper would be negatively impacted by the end-of-life impact at Alumbera and the Ernest Henry divestment, the output for all other commodities is guided to be higher (in varying degrees).
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.
Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.