Filta has released a solid set of H1/21A results, delivering Adj EBITDA of £1.3m (H1/20A £0.2m). Rising vaccination rates and the continued reopening of hospitality and leisure markets provide an increasingly favourable industry backdrop for the company. Filta is emerging from the pandemic with a stronger business profile and robust balance sheet, having launched new products and services, and expanded its customer list. Given the improving prospects, we believe Filta remains attractively valued
Companies: Filta Group Holdings PLC
Undoubtedly, renewable energy is a growth sector, albeit one where public subsidies are pivotal. Approximately 40% of UK electricity demand is now met by renewable energy, a figure that is set to rise further as coal-fired stations are decommissioned and nuclear power capacity, despite the Hinkley Point C project, falls.
Of the privatised electricity companies, SSE, by some way, is the key renewables player: it owns more than 3.8GW of renewables generation capacity. However, there are now
Companies: AVO ARBB ARIX BBGI DNL FAS FJV FSV FLTA ICGT OCI PCA PIN RECI STX SPO SCE VTA
We are entering a new economic era where the whole purpose of capitalism and the raison d’être of business are being debated. A lot of the recent focus has been on ESG and the part companies should play in achieving ESG aims, such as a netzero-carbon economy. In other words, some “stakeholders” believe businesses should not exist simply to generate profits, but expect them to contribute to broader goals. Whilst society looks to business with increasing expectations, it is increasingly evident th
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Since the late 17th century, when the National Debt – effectively today’s public sector net debt (PSND) – was virtually nil, it has fluctuated widely, with financing various wars being the key factor. PSND soared on the back of the Napoleonic Wars, before falling during much of the 19th century. But the onset of World War 1 (WWI) in 1914, and especially of World War 2 (WWII) in 1939, saw PSND reach record levels.
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AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. In its recent technical update, the company highlighted progress made over the past three months towards a ful
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
Filta announced FY’20 results in line with expectations. We are not changing the forecasts we published last month. What is clear is that the business has performed robustly during COVID-19, adding new clients and becoming an important part of its clients’ processes. With business levels back to 70% of pre-COVID-19 levels and with its largest clients yet to reopen, Filta is emerging from this fog stronger than ever. Assuming there is no reversion to widescale lockdowns, our forecasts should prov
For investors, the UK telecoms sector has presented immense challenges. Having boomed in the 1990s, mainly on the back of mobile telephony growth rates, telecom shares subsequently fell back sharply, as major debt concerns predominated. With Cable & Wireless (C & W) having exited, the UK sector now consists of little more than British Telecom (BT), privatised in 1984, and Vodafone, which was founded in the early 1980s.
Companies: ARBB BBGI CLIG FLTA OCI PCA PIN RECI SPO SCE VTA YEW
Filta Group (Filta) announced FY’20 results in line with expectations. We are not changing the forecasts we published last month. What is clear is that the business has performed robustly during COVID-19, adding new clients and becoming an important part of its clients’ processes. With business levels back to 70% of preCOVID-19 levels and with its largest clients yet to reopen, Filta is emerging from this fog stronger than ever. Assuming there is no reversion to widescale lockdowns, our forecast
Despite the pandemic causing major disruption to many of the group's customers, Filta navigated FY20A well, generating positive Adj EBITDA (£1.1m) and FCF (£0.8m). Successful vaccination programmes in Filta's core USA and UK markets are enabling venues to steadily reopen. With consumers sitting on record levels of savings, and there being significant pent-up demand for leisure activities that Filta service (eg restaurants, sports venues etc), the outlook appears increasingly positive for the gro
In the past few weeks, all the listed multi-national pharmaceutical companies have reported results for 2020, which has given us the opportunity to update our industry statistics and drug database. This report provides the first, snapshot publication of global and US rankings of the top 20 drug companies for 2020. Comparisons are made with historical data to show how different company strategies have evolved. In addition, summary analysis has been provided for the sales evolution of therapeutic
Companies: AVO ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PXC RECI STX SCE TRX VTA YEW
Filta Group (Filta) announced that it had remained EBITDA-positive in 2020, despite most of its customers closing for part of the period and revenue falling by a third. Net debt fell to £0.5m. The US reopening is accelerating, while the UK is due to follow in April. Filta has used the period to reduce costs and improve its business model. We expect it to emerge as an even better business as COVID-19 is tamed. Our forecasts are reinstated: we see 2021 EBITDA similar to 2018, and we estimate a rec
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AFC Energy’s statements and recent integration work with ABB highlight growing interest from customers which bodes well for orders in the months ahead. The forthcoming S-series of products will expand the Group’s portfolio and should deliver much high power densities and improved economics. The deployment of fuel cell technology is increasingly recognised by Governments and industry as a key tool in reducing global greenhouse gas emissions, which we expect will drive momentum for deployment in a
Companies: AFC Energy plc
Structuring the BUY case
Companies: Somero Enterprises, Inc.
AFC Energy announced that it has entered a hydrogen fuel cell supply and
collaboration agreement with partner, Urban-Air Port Limited (“Urban-Air”), a
leading UK developer of ground infrastructure for the growing demand in
autonomous airborne drones and electric take-off and landing passenger
Companies: Ceres Power Holdings plc
XPD has reported strong H1 earnings with revenue up c.27% and adjusted PBT up c.74%; results were in line with our estimates. Revenue growth was strong across all three divisions - Freight Forwarding, Warehousing & Logistics and Transport Solutions. XPD benefited from continuing strong shipment and pallet flows in the CEE region, extra UK customs work related to Brexit, a partial turnaround in UK warehousing, and more DKV-linked fuel cards activity. Profit increased in Freight Forwarding and Tra
Companies: Xpediator Plc
Powerhouse’s partner HUI’s funding of long lead time items shows a commitment to the company’s first European project in our view. As with Powerhouse’s own funding of similar items at the initial UK project, this helps to de-risk the timeline and moves the company towards establishing a wider European market.
Companies: Powerhouse Energy Group PLC
Velocys continues to see supportive policies develop with the recent US proposed Sustainable Aviation Fuel tax credit adding to the potential attractiveness of projects in America. The company continues to progress its reference projects at Bayou in Mississippi and has provided technology under licence to Red Rock Biofuels in Oregon. Further policy support can only be helpful in growing opportunities for the company in North America in our view.
Companies: Velocys plc
Companies: Kier Group plc
Xpediator has announced a solid set of interim results, with revenue growing strongly across all three divisions, and group Adj PBT up c74% YoY to £3.6m. Xpediator has reaffirmed its FY21E Adj PBT guidance of in excess of £8.5m, with H2 being a seasonally busier period for the company. We update our forecasts to reflect increased expected working capital requirements during the year, leaving all other projections unchanged. Trading on a T+1 EV/EBIT of 10.8x, Xpediator remains at a 32% discount t
Companies: DX (Group) Plc
Companies: Staffline Group plc
Companies: SThree plc
Despite the challenges presented by the pandemic, TP Group Plc delivered strong organic revenue growth of c14% YoY in H1/21A, with Adj EBITDA increasing to £1.7m (H1/20A: £1.4m). Improving visibility leads us to upgrade our revenue forecasts by c4% for FY21E to £66.0m (90%+ of which was covered by the order book at H1/21A). Expanding margins in the Consulting division are expected to be offset by temporary margin pressure on Engineering contracts during FY21E (our £4.2m FY21E EBITDA remains unch
Companies: TP Group Plc
H1 results reveal continued strong progress, with closing ARR up c.25% LFL at £6.6m driven by new subscription agreements, importantly validating CKT’s growing investment in sales and marketing with headcount doubling in H1. Meanwhile, CKT’s pipeline is up 4x since the start of the year so we anticipate growth to be maintained (or even accelerate) in H2. In this context, CKT is tracking comfortably in line with unchanged FY22 estimates, having achieved sales of £7.9m, ~53% of our full-year forec
Companies: Checkit plc
Oil gained a third week as investors focused on the ongoing production shut-ins in the US Gulf of Mexico as more refineries have resumed operations nearly two weeks after Hurricane Ida tore through the region.
Futures in New York posted its longest set of weekly gains since July after ending Friday 2.3% higher. More than a million barrels a day of US offshore crude production remains shut in after Ida swept through the area nearly two weeks ago. Meanwhile, more Louisiana refineries are resumi
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