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Q3/20 results in line with market estimates Challenging near-term market trends OSG positioned to handle short term softness Bonds to trade in line with the market
Companies: AMSC ASA
Arctic Securities
EBITDA of USD 21.5m (+1% vs ARCe, +1% vs Cons.) Adj. EPS of USD 0.08 (ARCe: USD 0.09, Cons.: USD 0.09) Dividend of USD 0.10/sh as expected Challenging near-term trends; all vessels contracted until Dec ’22 or beyond
EBITDA of USD 21.2m (+1% vs Cons) DPS of USD 0.1/sh in line with expectations More deleveraging capacity post refinancing Neutral Q2/20 but AMSC 2025’s are lagging the market
Adj. earnings in line with estimates Raising the quarterly dividend by 25% to USD 0.10 as expected Further upside in dividend potential following debt refinancing The share should trade in line with the market on the back of the report
Credit neutral report, figures in line with consensus Swapped USD 220m of its bank debt to 5y fixed rate with LIBOR at 0.493% AMSC remains insulated from Covid-19 AMSC 2022 (+899bp) is one of our top picks in the shipping space
Q1 results in line with estimates Stable dividend of USD 0.08/share as expected Successful closing of bank debt refinancing AMSC remains insulated with all vessels on bareboat charter to OSG
Q4 figures in line Receives commitment to refinance its bank debt Sees continued gradual tightening in the Jones Act market Bonds should outperform the Norwegian High Yield market
Q4 results in line with estimates Stable dividend of USD 0.08/share as expected Firm commitment from lenders to refinance bank debt Continued gradual tightening in the Jones Act tanker market
Nordic High Yield shipping players are set mostly set for a deleveraging both from a cash flow and asset coverage perspective. On average, shipping issuers will see a 3.0x decline in NIBD/EBITDA, going from 7.4x to 4.4x, while Net LTV will decline from 62% to 58%. With the ESG sell of completed during 2019, we believe shipping bonds are set for tighter spreads going forward.
Companies: EURN BOREF DSZ 0JE5 0A27
So far, IMO 2020 has played out largely as anticipated with tankers reaping the benefits of increased refinery demand and bulkers struggling with higher fuel costs (still early days). Looking ahead, we are particularly upbeat about the tanker and LPG markets, where we see healthy fundamentals on the back of encouraging demand trends and sliding orderbooks. Our list of top equity picks include GLNG, AMSC, OCY, DHT and LPG stocks.
Companies: EURN A07 BW9 0QQA 0UC0 0HDY ADS A61 D8EN 0DA S0QA 0DQB 0J77 0JE5 0JI3 0Q4G 0A27
Research Tree provides access to ongoing research coverage, media content and regulatory news on AMSC ASA. We currently have 31 research reports from 1 professional analysts.
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
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
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
SP Angel
Companies: James Latham Plc
Companies: Severfield Plc
Liberum
Companies: Gattaca plc
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
Companies: Quadrise PLC
VSA Capital
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
Companies: OKEA WDS GALP RHC RHC ENW EOG UJO TRIN I3E SCIR ZPHR SDX CRCL UOG TETY CEG IOX 0EVE CNE VAR TETY VLE GALP OKEA
Auctus Advisors
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
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Companies: SigmaRoc Plc
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
Companies: Capital Limited
Tamesis Partners
Epwin’s FY23 results show a strong performance in both absolute and relative terms with operating profit increasing 19% yoy to £25.5m (FY22: £21.5m) as the margin expanded 140bps yoy to 7.4%.
Companies: Epwin Group PLC
Zeus Capital
Companies: FOG PEB KBT EMR TIME GETB JNEO
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