Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KSK POWER VENTUR PLC. We currently have 7 research reports from 1 professional analysts.
|30Nov16 07:00||RNS||Half Yearly Report|
|29Sep16 16:25||RNS||Result of AGM|
|14Sep16 15:47||RNS||Notice of AGM|
|19Jul16 07:00||RNS||Audited Results for the year ended 31 March 2016|
|31May16 13:44||RNS||Indian Subsidiary Results and Trading Update|
|22Mar16 18:23||RNS||Holding(s) in Company|
|26Nov15 09:18||RNS||Half Yearly Report|
Frequency of research reports
Research reports on
KSK POWER VENTUR PLC
KSK POWER VENTUR PLC
H1 FY 2017 results
30 Nov 16
KSK has released its H1 results to the end of September 2016. These report a period of continued significant generation at Mahanadi (higher than H1 FY 2016, though lower than H2 2016), although transitory coal sourcing issues have resulted in revenues and profits behind our expectations, and we adjust our numbers for the full year (detailed below – we leave FY 2018 unchanged). More positively, the grid access and PPAs for Mahanadi are performing as expected, and construction is progressing apace on the next two 600MW units, which when completed will take capacity to 2.4GW. We expect further updates on this in H1 next year, which could help drive continued improved sentiment among investors, and positively impact the shares.
FY 2016 results
19 Jul 16
KSK has released its FY 2016 results, reporting strong revenues of US$675m (versus our US$600m forecast) and EBITDA of US$252m (versus our US$185m forecast). Based on this OCF was US$144m versus US$89.5m last year – demonstrating the impact of Mahanadi, which has been operating at a PLF of 80% on its entire 1,200MW existing capacity since October. We have increased our FY 2017 forecasts (revenues US$739m from US$644m, EBITDA US$273m from US$241m) given the strong generation performance from Mahanadi in H2 and higher pricing than we had expected in FY 2016. Mahanadi has now begun construction of the next 1,200MW phase (which would make 2,400MW total) thanks to new debt availability from KSK’s banks agreed earlier this year, meaning operating cash flow should continue to be augmented in the coming years.
H1 FY 2016 results
26 Nov 15
KSK has released its H1 FY 2016 results. Revenues were strong though margins were behind and interest charge ahead of our expectations. These could improve with greater utilisation of the generation base going forward. More important than the H1 financial performance and likely to provide a significant benefit in H2 however is the news that grid access for the Mahanadi plant into Uttar Pradesh and Tamil Nadu has been implemented allowing PLF on the 1,200MW of available capacity to rise from 40% to 80% currently. This will have a positive earnings impact but also help de-risk and add flexibility to the financing structure for the project going forward. We have adjusted our FY 2016 sales forecasts up though our earnings numbers are maintained given the increased Mahanadi utilisation in H2 (discussed below). Operations at Wardha continue to be hampered as KSK pursues a long-term PPA and better coal pricing for the project. Overall, though we remain cautious the progress on Mahanadi is a distinct positive that should provide significant benefit if sustained going forward.
KSK Power Ventur*
21 Jul 15
KSK has released its results to March. These have reported revenues at US$382m coming in ahead of our US$344m. Operating profit was below our number however at US$40.6m versus our US$60.1m due in part to a US$24.6m impairment of compensation due on previous coal sales to the Wardha plant which are now to be settled by revised future prices as opposed to upfront cash. This had a knock on effect causing PBT to be behind our (US$136m) at (US$160m). EPS was ahead however coming in at (32.2c) versus our (58.8c) on the back of a deferred tax credit of US$91.2m. We have maintained our FY 2016 forecast (EPS shifts due to a higher number of shares and there is scope for upgrades from increased utilisation at Wardha and Mahanadi) and publish numbers for FY 2017.
Preliminary results show earnings ahead of forecast
16 Jul 15
KSK's preliminary results to 31 March show sales at $335.9m, down 14% but well ahead of our forecast $279.4m. EBTIDA at $101.9m was down 36% but well above our $72.1m. Net interest rose 57% to $130.2m against our $99.7m leaving PBT nearly in line at -$72.1m versus our -$69.9m. Much of the gap was due to our cautious exchange rate assumption but there was also better operational performance and development fees were ahead although we still to see these dropping away going forward. At the interest line the currency effect reverses and there are also timing differences that explain the forecasting variance. With a better tax charge EPS was -30.77c against our forecast of -32.97c.
09 Mar 15
KSK has provided an update on its operations and the ongoing coal block auctions in India. Operationally the expected uptick in activity on both Wardha and Mahanadi has not come through in the second half (despite the second 600MW unit on Mahanadi being commissioned) meaning revenues in FY 2015 are expected to be flat on FY 2014. Based on lower PLFs and some pricing and margin pressure for these projects versus our assumptions we are cutting forecasts for FY 2015 and we roll this effect over into FY 2016 too. Progress on sales and profitability at Mahanadi and Wardha could potentially come through quite quickly however. Mahanadi could more than double offtake once it receives grid access to sell power into Tamil Nadu and Uttar Pradesh. Wardha is also awaiting access to sell power into other states but also execution of a PPA with the Maharashtra state electricity board. The coal situation with Wardha which is depressing margins is also making some progress. Any and all of these factors could act in the coming months to increase offtake and profitability.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced