SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

SP Angel Morning View: Risk sentiment picks up as US avoids shutdown

SP Angel Morning View:Copper prices tick higher on improving fundamentals as Trafigura expects $12,000/t

SP Angel Morning View: Copper and Iron ore extend gains on improving China construction activity

SP Angel Morning View: Gold whipsaws in volatile trade as investors wait for direction from US CPI data tomorrow

SP Angel Morning View: Metals rally pauses as market digest China reopening and 16-point property plan

AfriTin Mining (ATM LN) – H1 results following the completion of Phase 1 commissioning at the Uis mine East Star Resources (EST LN) – EM programme identifies priority targets next to historical VMS deposits Shanta Gold (SHG LN) – Infill drilling campaign at West Kenya delivers high grades SQM (SQM US) – Net income up 1,000% over 3m and 9m as lithium prices hit record highs Tesoro Gold (TSO AU) – A$8m equity placing including A$4.2m investment from Gold Fields

Seraphim Space Investment Trust - Spacetech enjoying sustained secular tailwinds

Seraphim Space Investment Trust (SSIT) saw a 12-month share price decline of c 30%, while its NAV fell by only 7.1% in FY23 (to end-June 2023), shielded in part by the downside protection embedded in its investments via preference shares and only one down round out of 11 funding rounds completed by SSIT’s portfolio companies in FY23. Moreover, NAV/share rebounded by 3.9% in Q124, driven by FX gains and fair value uplifts on the back of new funding rounds (D-Orbit’s in particular). This resulted

Morning Note – 28 November 2023

Cenkos: Coral Products Plc -- Strong FY23 results, good outlook

Coral Products has reported strong results for the year-end April 2023, with revenues in-line with our forecast and adjusted EBITDA ahead of our forecast. The company has made good progress on the integration of the four businesses acquired during the year and reports a “strong start” to the current financial year. We maintain a BUY rating.

Braemar - H1/24 interim results update

Braemar’s interim results indicate the strong trading of FY23 has continued during H1/24 and in-line with expectations, benefiting from the focus on shipbroking activities and the increased breadth, depth, and scale of shipbroking operations. Braemar’s investments (acquisition of Southport Marine) and new teams have delivered a 7.9% increase in revenue to £74.9m for H1/24. Whilst robust Tanker freight rates have continued despite geopolitical challenges and OPEC cuts, Dry Cargo freight rates fel

Blackwolf Copper and Gold Ltd. (TSXV: BWCG) – Updated MRE Highlights Significant Potential at Niblack; Mining Billionaire Frank Giustra Raises Stake

• Blackwolf Copper and Gold Ltd. (TSX-V: BWCG) (“BWCG”, or “Company owns two properties - a VMS copper project in Southeastern Alaska (Niblack) and a high-grade gold project in the Golden Triangle (Hyder properties). • Updated MRE at Niblack suggests higher grade tonnage: The updated MRE increased indicated resources by 4% but the total tonnage declined by 33% versus the previous 2011 MRE. Despite the decrease in tonnage, we view the updated MRE positively given higher grades of the tonnage a

Marlowe - Interim Results

Despite the challenging economic environment, demand for Marlowe’s compliance software and services remained resilient, with the group achieving 6% organic revenue growth in H1. Adj EPS fell 15% YoY to 18.9p, however, due to slight margin compression in TIC (largely on account of dilutive M&A), higher interest rates on a greater debt balance, and a rise in the UK’s corporation tax rate. Given weak economic conditions persist, we take a more cautious approach to our forecasts, reducing adj dilute

LSE AIM Market Screener - 22 June 2023

 The market capitalization of 806 AIM stocks was £89.3bn as of 20 June 2023. FTSE AIM All Share Index was down 5.55% YTD to 785.2 as of 21 June 2023. There were 32 companies delisted from AIM over the period December 2022-June 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 209%, MktCap £95m), Vast Resources (+211% YTD, Mkt Cap of £15m), B90 Holdings (+200%, MktCap £22mn), Verditek (154%, MktCap £6mn), Star Phoenix Group (+162%, MktCap $1.6mn), Inspecs Group (+162%, Mk

SDCL Energy Efficiency Income Trust - Energy and efficiency as a service

SDCL Energy Efficiency Income Trust (SEEIT) is an investment trust focused on delivering energy and energy efficiency as a decentralised service directly to end users rather than supplying into the broader power grid. Its income comes from a range of services and is driven by cutting losses in energy generation, transmission and use. It has delivered a total NAV return of 7.2% pa (3.5p in NAV terms) since IPO in December 2018 and its 6p/share dividend is 1.2x covered, representing an attractive

Braemar - Suspension lifted; interims due 29 November

Following the release of the delayed, but in-line FY23 results covering the period to February 2023, trading in Braemar shares recommenced on 21 November. Now that the internal investigation into the accounting treatment of historical transactions has concluded, Braemar is due to release its H124 results on 29 November. The company remains well-positioned to drive its future growth strategy, as previously outlined. The trading outlook is promising and Braemar should be able to leverage its stron

The Hardman & Co Monthly: September 2023

Feature article: Equity Income – UK or Global? Should investors widen their horizons? Introduction: ► The UK Equity Income sector (UKEI) is the fourth-largest investment company (IC) sector in the Association of Investment Companies’ (AIC) universe, with £12.5bn of assets (as at August 2023), and is the traditional home for investors looking for income in the equity market. ► The UKEI not only provides investors with a better dividend yield than the ge

Focus on debt reduction as forecasts rebased

Despite an in line H1 performance, with transactions taking longer to complete, RBG now expects FY23 adj. EBITDA to be £10m-£12m. We set our forecast at the bottom of this range, representing a reduction of 33% to EBITDA and 44% to EPS. In response, management is prioritising debt reduction and we cut our dividend forecast to nil. We expect year end net debt of £20m, with leverage at 2.7x. Whilst this presents a risk (above the <2.25x covenant), management is in discussion with its bank and is c

SHORE CAPITAL - Begbies Traynor Group (BEG) - House Stock at 147p

Robinson - Interim results

The interim results reflect the continuing difficult trading conditions experienced in H2 2022. However, anticipated higher sales volumes in the current H2, due to new business wins and seasonality combined with the benefit of a restructuring programme, should result in an improved result, and the statement confirms that management expects adjusted operating profit to be marginally ahead of 2022 and in line with current market expectations.

IXICO - Short-term challenges

IXICO has published a trading update for the 12-months to September 2023 alongside an update on the company’s outlook for FY24. For FY23, IXICO now expects EBITDA to improve on the previous target of a c£1.0m loss despite a small shortfall in revenues following delays in the initiation of clinical trials. With a tight funding environment affecting the biopharmaceutical industry, the company has effectively managed challenges resulting from a contraction in the number of new clinical trial initia

Keywords Studios - Different Game, Same Player

Different Game, Same Player