What’s cooking in the IPO kitchen?
According to Reuters Czech payments firm Eurowag plans to launch an initial public offering (IPO) in London in the coming weeks. The company, which counts private equity firm TA Associates among its owners and offers payments solutions for the transportation industry, is targeting a 2 bln euro ($2.36 bln) Mkt Cap, the sources said on condition of anonymity. The company's core customers are small companies with one to five trucks, which make up 80% of the indus
Companies: CRC IGAS KZG MHC PHC QFI SDG SGZ TRX
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Quadrise is preparing for marine trials with MSC Shipmanagement, two larger-scale trials with an industrial partner in Morocco and a pilot up-stream trial in Utah. Management notes that these activities could potentially result in the first commercial shipments of MSAR in early calendar year (CY) 2022. Importantly, MSC would like to test Quadrise’s low carbon fuel, bioMSAR, ahead of standard MSAR during the letter of no objection (LONO) programme.
Companies: Quadrise Fuels International plc
Joiners: Silverbullet (SBDS.L) is a provider of digital transformation services and products which assist brand owners and advertisers to optimise their digital marketing investment, with a particular focus on unlocking the potential of first party data and contextual intelligence. The Company has joined AIM. Raised £9.5m. Market cap c£34.5m.
Itim Group (ITIM.L) is a software technology company, established in 1993. Itim adds value by helping multi-channel retailers optimise their business and
Companies: APOL ASTO CPC FUM MDZ QFI SMK TLY ZPHR ZNWD
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Quadrise successfully completed a pilot trial at a customer site in Morocco during calendar H220 and launched its biofuel variant, bioMSAR which produces 20–30% lower carbon dioxide (CO2) emissions as well as lower nitrogen oxide and particulates. The company is currently preparing for larger scale trials in Morocco, a pilot trial in Utah and on-vessel trials with MSC Shipmanagement, having signed a joint development agreement with the shipping company this January. Management notes that these a
The Budget offered a clear picture of the state of the economy. Put simply, the economy will be 3% smaller in three years’ time than it would have been without the impact of the pandemic. However, it is forecast to return to pre-pandemic levels by mid-2022, six months earlier than previously thought. The OBR forecasts that the UK economy will grow by 4.1% in 2021, (lower than the 5.5% outlined in November 2020). It has set its GDP forecasts in 2022, 2023 and 2024 at 7.3%, 1.7% and 1.6%. Positive
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Quadrise has completed a placing raising £6.0m (gross) at 2.7p/share and announced an open offer raising up to £1.0m (gross), also at 2.7p/share, which closes on 22 March 2021. Management expects the net proceeds of the placing, together with the company's existing cash resources, will give Quadrise the funds required to progress the ongoing trial programmes to commercial revenues and from there to sustained income and positive cash flows. They will also support the continued testing and develop
In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have
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Quadrise has signed a Joint Development Agreement with MSC Shipmanagement to carry out a trial of MSAR, its synthetic heavy fuel oil substitute, on representative commercial vessels in MSC's global fleet. The 4,000-hour trial is scheduled to start in calendar Q421. If successful, the trial may potentially be followed by commercial roll-out of MSAR across MSC’s global fleet. The trial may also include testing of Quadrise’s bioMSAR biofuel with a view to potential commercial roll-out of the new lo
We highlighted last month the (first) Santa Rally arrived early (unlike some other festive gifts). The second Claus(e) relief rally was prompted by the agreement between the European Commission and the UK on its future cooperation with the EU. Markets also reacted positively to the $900bn stimulus package agreed in the US. While the FTSE 100 and FTSE 250 indices rose by 1.6% and 1.7% respectively on the first trading day after the holiday and the FTSE 100 has recovered 28% from its low point in
Companies: AMYT ARBB CEG BVC BEG BWNG CGI CLG CML EYE ECHO EPWN ESC FA/ GDWN GSF GNC HUW INSE KAPE KP2 NRR NBI NUC OTMP PPC QFI RQIH RUA SAVE SEN SNX TOU TXP TGL UPGS APGEF
Quadrise has launched bioMSAR. This is a synthetic alternative to heavy fuel oil (HFO) which produces 20–30% lower carbon dioxide (CO2) emissions as well as lower nitrogen oxide and particulates. The new product provides a potential route for MSAR adopters to reduce their CO2 emissions, which should in our opinion help increase Quadrise’s market opportunity, and the speed and scale of market penetration.
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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: AFC Energy plc
Companies: Ceres Power Holdings 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
Companies: Kier 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: DX (Group) Plc
Companies: Staffline Group plc
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
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 declined amid Russia's plans to boost upcoming overseas oil sales and as the dollar rallied.
Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency.
Despite weaker prices on Friday, US benchmark crude futures gained more than 3% this week due to tightening supplies. In the US, crude inventories
Companies: FO 88E DEC EME GTC TRIN UOG WEN
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
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
Epwin continues to produce the goods. Its FY21F interims this morning show continued strong RMI (Repair/Maintenance/Improvement) demand and good progress on margins, despite the headwind of abnormally high raw material costs. We retain our forecasts (which were materially upgraded on 28 July). Longer term, we like both the potential for margin expansion and the likelihood of value accretive acquisitions. Epwin trades at some of the lowest valuation multiples in the Building Materials sector (FY2
Companies: Epwin Group PLC