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The group’s update expresses confidence in achieving published FY22 revenue forecasts and reveals a new Hybrid Fuel Cell (HFC). The update summarises the group’s agreements with ABB, Urban-Air Port, Mace, Altaaqa, ACCIONA and Julich and the entry into the maritime sector with VARD. The HFC platform will add fuel flexibility to the group’s offering, enabling the use of methanol as a feedstock. The investment thesis, which we refreshed in September, remains enticing and we reiterate our 186p valua
Companies: AFC Energy plc
i(x) Net Zero, the investing company which focusses on Energy Transition and Sustainability in the Built Environment, announces its intention to join AIM. Following Admission, the Company intends to use the net proceeds of the proposed Fundraising to provide development and expansion capital to certain of its investee companies, for future investments in companies that fall primarily within its areas of interest in Energy Transition and Sustainability in the Built Environment and to provide work
Companies: TGN AFC COIN COIN HL/ OMI
AFC Energy has announced that its “S” Series hydrogen fuel cell system and ammonia cracker have been selected for the Norwegian ZeroCoaster bulk cargo ship design. The proposal has also been awarded “Approval in Principle” status by DNV, the international certification agency. The announcement is another significant endorsement of AFC Energy’s technology and the group’s biggest step forward in Maritime. This is further endorsement of our investment thesis, which was refreshed in September, which
Against the backdrop of the 26th UN Climate Change Conference of the Parties (COP26) we take a closer look at the rapidly developing technology and industries surrounding the evolution of the so-called hydrogen economy. Hydrogen is an energy vector or fuel that is capable of storing, transforming and transporting energy with zero emissions at the point of use. It can also be made by renewable energy sources. It is also the most abundant element in the universe accounting for some 75% of all matt
Companies: STA CZA 1PG AFC CWR CHAR EQT GTC HAYD IGAS ITM ORCP PPC RCDO RIO SNT TOU UKOG WG/
AFC Energy has announced a £4m order for a fuel cell system from ABB. It has also granted warrants to ABB to subscribe for 6.8 million new shares at 58.8p (Friday’s closing level). If exercised, these would give AFC Energy another £4m in fresh equity. The announcement is very positive news, representing a significant endorsement of AFC Energy’s technology. We anticipate the shares will react well to this as it not only significantly de-risks our 2022e forecast but also endorses our investment t
The forthcoming UN Climate Change Conference (known as COP26) should result in an acceleration of governments’ actions to reduce CO2 emissions. This will result in an acceleration of customer end-user adoption rates which would be positive for AFC Energy which is developing zero-emission solutions for the EV-charging, construction, data centre and marine markets.
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What’s cooking in the IPO kitchen?
Peel Hunt, a UK mid and small-cap specialist investment bank, announces its intention to seek admission of its ordinary shares to trading on AIM. Admission is expected to take place on or around 29 September. In conjunction with a placing of Ordinary Shares the Company will be conducting an intermediaries offer.
Oxford Nanopore Tech—expected intention to float on the LSE (Standard). The company behind a
Companies: AFC AAU CRCL GLR KIBO NSCI PCIP SYM TRLS VAL
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
AFC Energy hosted its maiden Capital Markets Event yesterday, giving an excellent summary of its progress in the last year and its prospects. The company is making good progress in commercialising its EV charging product alongside ABB and should be ready for market in 2022. We believe the long-term prospects for the company remain exciting.
AFC has announced a £36m equity issue with £3.3m from ABB, £1.5m from Dutco and £31.2m from institutional investors. It has also announced that its partnership with ABB will develop a new product offering to serve the data centre market. While the extra share count marginally dilutes our existing valuation (from 191p to 184p) we expect this to be more than offset by the profit opportunity in data centres and in the marine/rail markets that are being explored in conjunction with Ricardo. We will
AFC announced another exciting strategic partnership this time with Altaaqa operating one of the world’s largest rental fleets of mobile diesel modules with 2GW of capacity. We believe the growth potential from this could be material, and further underlines the exciting future ahead. We re-iterate our positive stance and remain comfortable with our 191p target valuation.
AFC has announced another exciting strategic partnership this time with Mace, a global player in the construction sector. As previously flagged, the construction industry needs alternatives to the diesel generator, and we see this partnership as a clear reference point for the industry. Following share price weakness of late, we believe the risk/reward profile as positive.
Research Tree provides access to ongoing research coverage, media content and regulatory news on AFC Energy plc.
We currently have 43 research reports from 6
Companies: Gattaca plc
Further international potential for the deployment of Powerhouse’s waste to hydrogen technology is emerging in the form of a LoI between partner Hydrogen International and Mitsubishi Heavy Industries. Clearly this is a strong partner and we identified Japan is a strong area of opportunity in our view.
Companies: Powerhouse Energy Group PLC
Mpac, the specialist high-speed packaging and automation solutions provider, supporting the roll-out of next-generation technologies, has today (12 January 2022) published a FY21F trading update (Y/E December). Overall, despite the operational challenges, Mpac’s high-quality, agile and resilient business model has come to the fore. The Group has reported year-on-year (yoy) growth in order intake, revenue and adj. PBT; its ‘One Mpac’ business model continues to progress strongly, in our view. As
Companies: Mpac Group PLC
JOHN MENZIES+ (MNZS, BUY at 315p) – Note Publication: Evolutionary trends…
MARKS & SPENCER+ (MKS, HOUSE STOCK at 253p) Q3 TS – FY22 guidance firmed up, c5% underlying upgrade
NORTHBRIDGE INDUSTRIAL SERVICES+ (NBI, House Stock at 174p) - Further progress in Tasman disposal
BUNZL^ (BNZL, BUY at 2723p) – Note published: Solid strategic outlook
TESCO^ (TSCO, BUY at 292p) Q3 & Christmas TS – a beat to expectations and so further FY22 upgrades (c5%)
HILTON FOOD G
Companies: IDEA BRK ASC PFG MAB HFG TSCO BNZL NBI MKS MNZS
The Group has issued an in-line trading update for the first half of the current financial year and confirmed period end net cash (pre-IFRS 16) of £22.5m. Avingtrans has also announced that it has increased its shareholding in Adaptix to 11.9% at a cost of £1.5m. Adaptix and Magnetica have product launch plans that are convergent and there is clear benefit in the companies working in close collaboration as they bring about a transformation in (small-scale) diagnostic imaging. The funds are to be
Companies: Avingtrans plc
Companies: Ilika plc
Companies: Kier Group plc
Plant Health Care and Wilbur Ellis hosted a joint webinar to discuss the strategic partnership. We highlight our key takeaways below, all excellent in our view. We see 2022 as the inflection year for PHC. We expect upward pressure to current forecasts, good news flow from Brazil on the launch of Saori and US registration of PHC279 as well as increasing penetration in Europe. The scale of key distribution partners is a massive endorsement. Buy
Companies: Plant Health Care PLC
Trading through Q3 and into Q4 to date has proven to be strong and not blunted by any of the headwinds that management held caution against at the time of reporting its Interims (on 1 December). Taylor Maxwell, and within that its timber merchanting division, has outperformed expectations and consequently management is now guiding to FY22E EBITDA of at least £32m, 13% ahead of our previous estimate and a baseline for FY23E from which it can still feel confident of growing profits by 20% plus. Ma
Companies: Brickability Group PLC
Capital Limited has released its Q4 and FY2021 trading statement this morning. Overall, it shows 2021 was an outstanding year for the company with revenue growing an impressive 68% to $226.8m (above the latest guidance of US$220 -US$225 million) and most other operating metrics growing with it. The company enters 2022 with an ongoing tailwind from the commodity markets, the highest rig count in its history, Sukari at full speed and the MSALABS business at an inflection point for growth. In other
Companies: Capital Limited
Power reliability testing group Northbridge has today updated the market on the disposal of its Tasman oil drilling tools division. The exit from Malaysia and Singapore is now finalised and the exclusive discussions on the sale of the larger Australian and New Zealand units are progressing. The Board aims to give a more detailed update on this disposal within the next few weeks. Reflecting this process, the Tasman MD is standing down. Northbridge performance for 2021 remains in line with managem
Companies: Northbridge Industrial Services plc
We believe the narrative for the UK equity market remains very good. Some inflation appears embedded in markets and economic growth seems robust. We saw investors show caution into the end of 2021 and so have cash to deploy in our view. This has been corroborated by investor feedback we’ve had already this year. The UK equity market is materially cheaper than global equities on a relative basis so asset allocators have to be looking at UK equities while UK 2022 GDP growth is likely the best of t
Companies: AFM ANX AXL CYAN GLAN MODE OBI MATD SEN SOM WSG
Companies: Wincanton plc
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Universe Group has left AIM following a takeover by Inform Information Systems Limited
What’s cooking in the IPO kitchen?
Hercules Site Services a technology enabled labour supply company for the UK infrastructure sector, intends to float on AIM. Hercules is seeking to raise approximately £5.5m to rapidly deliver on the significant demand it is experiencing for its diverse range of services across the UK infrastructure sector, including to scale up its operati
Companies: SPA AREC BBSN CCS EPWN GETB MRL ORPH PEN
Powerhouse’s development partner, HUI, has raised £3m which will help to secure development progress in Europe as well as fund cashflow to Powerhouse under the existing exclusivity agreement covering Poland, Greece and Hungary. We see the move as helping to de-risk progress outside the UK with HUI looking towards its first waste to hydrogen project at Konin in Poland as well as making early progress at a potential site in Bulgaria.