Solid Q3 23 figures

• Gross insurance revenues were up by 3% to €23.0bn for Q3 23 versus Q3 22 • Claims rose by 9% to €15.0bn for Q3 23 compared to Q3 22 • Operating profit was down by 15% to €3.5bn for Q3 23 • Net profit attributable to shareholders declined by 29% to €2.02bn for Q3 23 compared to Q3 22 • Operating profit target of €14.2bn plus or minus €1bn for FY2023 confirmed

Good Q2 23 figures

• Gross insurance revenues were up by 3% to €22.1bn for Q2 23 versus Q2 22 • Operating profit was up by 7% to €3.8bn for Q2 23 • Net profit attributable to shareholders rose by 18% to €2.34bn for Q2 23 compared to Q2 22 • Operating profit target of €14.2bn plus or minus €1bn for FY2023 confirmed

Good Q1 23 figures, new share buy-back program of up to €1.5bn

• New IFRS accounting rules with a new income statement structure from Q1 23 onwards • Gross insurance revenues were up by 8% to €22.7bn for Q1 23 • Operating profit was up by 24% to €3.7bn for Q1 23 • Net profit attributable to shareholders rose from €474m for Q1 22 to €2.03bn for Q1 23 • Operating profit target of €14.2bn plus or minus €1bn for FY2023 confirmed • New share buy-back program of up to €1.5bn

Good 2022 figures

• Net premiums earned increased by 8% to €83.9bn for 2022 • Operating profit increased by 6% to €14.2bn for 2022 • Net profit attributable to shareholders increased by 2% to €6.7bn for 2022 versus 2021 • Net new money outflow was €81.4bn in 2022 compared to inflow of €110bn in 2021 • Operating profit target for 2023 is €14.2bn, plus or minus €1bn • Dividend per share proposal increased by 5.6% to €11.40 for FY2022

Good Q3 22 figures, new share buy-back program of up to €1bn

• Net premiums earned increased by 10% to €21.1bn for Q3 22 • Operating profit increased by 7% to €3.5bn • Net profit attributable to shareholders increased by 17% to €2.5bn • Net new money was an outflow of €19.9bn in Q3 22 compared to an inflow of €25.7bn for Q3 21 • Operating profit target for 2022 of €13.4bn, plus or minus €1bn now expected in the upper half • New share buy-back program of up to €1bn

Auctus on Friday - 26/08/2022

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL CN/LN)C; Target price of £0.45 per share: Reserves increase in Colombia – Arrow has added ~0.25-0.28 mmbbl 2P and 3P reserves on the Tapir licence (to respectively 1.9 mmbbl and 3.9 mmbbl) following recent drilling results. 1P reserves have increased by 0.6 mmbbl. This reflects reserves additions in the C7A, C7B and C7 stringer sands, partially offset by a reduction at the Gacheta B (tested with 95% water cut) an

Alvopetro Energy: Q2’22 earnings: another record set of results with H2’22 production ramp-up still to come

US$12.8mm beating our forecast by 17% on both higher revenues and lower costs. As previously reported, sales of 2,359boe/d were down 6% q/q because of a planned 5-day plant shut-down to accommodate the facility expansion. Q2’22 gas price averaged US$11.9/mcf (+96% y/y and +19% q/q), leading to an operating netback of US$64/boe. This is an industry leading operating netback margin of 87% versus the peer group average of 68%. Cash flow from operations (excluding working capital) was US$12.4mm (+12

Auctus on Friday - 12/08/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.06 per share: Raising new equity to accelerate high impact drilling – ADX has raised A$ 2.55 mm of new equity priced at A$ 0.006 per share. New investors will also receive one option for every two placement shares at a strike price of A$ 0.013 per share with an expiry date of 2 years. The proceeds of the raise will fund (1) the planning and purchase of long lead items for the high impact 800+ b

Alvopetro Energy: Strong ESG credentials, operational and financial performance

Alvopetro has published its inaugural 2021 Sustainability Report, highlighting the operational milestones achieved through the development of its Caburé project and outlining the Company’s approach to environmental, social and governance ("ESG") practices. It provides transparency on ALV’s approach to sustainability by responsibly supplying energy, strengthening communities and its workforce, and minimising its impact. ALV’s locally produced natural gas resulted in average savings of 48% for con

Mixed Q2 22 figures

• Net premiums earned increased by 10% to €20.7bn for Q2 22 • Operating profit rose by 5% to €3.5bn for Q2 22 • Net profit attributable to shareholders declined by 23% to €1.7bn for Q2 22 versus Q2 21 • Net new money was an outflow of €33.8bn in Q2 22 compared to an inflow of €25.9bn in Q2 21 • Operating profit target for 2022 of €13.4bn, plus or minus €1bn confirmed

Auctus on Friday - 05/08/2022

AUCTUS PUBLICATIONS ________________________________________ Longboat Energy (LBE LN)C; Target price of £1.60 per share: Spudding high impact well in Norway – Drilling operations at the Oswig exploration well (Company 20%) have commenced. The well is targeting the Tarbert and Ness formations, two separate intervals which are estimated to contain combined gross unrisked mean resources of 93 mmboe (19 mmboe net to Longboat). The Oswig geological chance of success is estimated to be 36% and the key

Alvopetro Energy: Continuing to deliver with successful second exploration well finding gas and oil

The 183-B1 exploration well (100% ALV) was targeting the Agua Grande and Sergi Formations as the primary and secondary targets, respectively and had a pre-drill prospective resource of 5.9mmboe (best estimate) with a 44% chance of success. The well, which was spudded on 5th June, successfully encountered hydrocarbons in three zones with a total of 34m of potential net pay with better reservoir characteristics than in the previous 182-C1 discovery well. ALV encountered a 20m sand in the Agua Gran

Auctus on Friday - 08/07/2021

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target price of A$0.70: Production expected to bounce back in 3Q22 – June production was impacted by the gas processor’s scheduled plant turn-around in Thorsby that resulted in production being reduced by 625 boe/d for seven days. This work was anticipated and is included in the company’s budget and production guidance. At Brooks, the gas compressor at the 2-29 battery went down on 24 June. The compressor was r

Auctus on Friday - 10/06/2020

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Positive drilling results at RCS-1 could add further reserves - The RCS-1 well (the second well drilled by Arrow in Colombia this year) has encountered >55 feet of total net pay across six separate oil-bearing reservoirs in the C7, the Gacheta and the Ubaque, between 7,077 feet and 8,105 feet. No reserves were allocated to the Ubaque, C7 and one of the Gacheta sands. Thes

Settlement of the Structured Alpha case

• The Structured Alpha case has been settled with the DOJ and SEC • The guilty plea will result in the disqualification of AGI U.S. from advising U.S. registered mutual funds • Fees and compensation payments already reflected in the provisions set up for 2021 and Q1 22

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

LSL Property Services (LSL LN) - Transformation & market recovery

2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back.

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th

LIBERUM: PensionBee: Strong start to the new financial year

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

LIBERUM: NewRiver: Q4 trading update: Continued operational momentum

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi