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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: American Shipping Company ASA
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: AMSC BOREF DSX EURN GLOG MPCC OCY
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: ADS AMSC ASC AGAS ALNG BELCO BWLPG DHT LPG EURN FLNG GLNG HLNG HUNT MPCC NAT OCY ODF STNG
Research Tree provides access to ongoing research coverage, media content and regulatory news on American Shipping Company ASA.
We currently have 22 research reports from 1
Companies: Gattaca plc
Further to its 7 December update, the group has posted a positive trading report, highlighting a better-than-expected profit and cash performance, driven by strong H2 trading in December, with North America, Europe and Australia all performing robustly. We raise our FY21 EPS forecast by 6.9%, and lift our dividend forecast by 9.2%. The outlook remains positive with a slightly greater investment in NPD supporting longer-term growth resulting in FY22 EBITDA similar to that of FY21. We raise our Ta
Companies: Somero Enterprises, Inc.
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
The shipping industry is likely to be driven towards decarbonisation by the twin pressures of customer demand and regulation. Leading shipowners are already making significant strides in the right direction. Solutions are varied but are driven by considerations of emission reduction potential, fuel density, useability and cost. We think hydrogen and methanol stand out as key solutions in a market worth $105bn per annum with methanol taking an immediate role as commercially and technically viable
Companies: ADN ITM PHE SIT
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What’s cooking in the IPO kitchen?
ACP Energy plc, a company formed for the purpose of undertaking an acquisition or acquisitions of a majority interest in a company, business or asset, seeking to join the Main Market (Standard) The Company intends to focus on opportunities in the natural resources sector, raising gross proceeds of £830k. Due 28 Jan.
Artemis Resources ltd, an ASX listed mining
Companies: STAF CASP EKF SAR LTG ERGO EDR BARK
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
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
Companies: Kier 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
Companies: AFC ATOM LIB
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
Companies: Wincanton plc
Today Staffline has released a positive FY21 trading update with underlying operating profit expected to double versus the prior year and net cash of £6.9m at the period end (vs. net debt of £8.8m in FY20). We see Staffline as a unique platform that has improving quality of earnings and a transformed balance sheet. The business has strong defensive qualities but with attractive growth opportunities in structural growth markets. We believe the shares are undervalued and see an intrinsic value per
Companies: Staffline Group plc