2016 results

Ortac Resources* (OTC LN) 0.04p, mkt cap £3.6m – Sturec mining permit  Ortac Resources reports that the District Mining Bureau (DMB) in Banska Bystrica has re-issued the underground mining permit for Ortac’s Sturec Gold Project in Slovakia.  The permit was originally issued in 2014 but has since been the subject of legal challenges which concluded on 7 th December 2016 when the company “was notified that the Regional Court in Banska Bystrica (“RC”) had revoked the previously issued underground

Full year results preview – figures due out 16 March

Cape is due to release its 2015 results on 16 March. We will be looking for updates in three main areas. First, we believe the continued industry focus on cost cutting could result in a downgrade to 2016 expectations at the results. We will look for guidance around this in the outlook given at the time. Second, we expect the 14p dividend to be maintained for 2015 and look for positive guidance that this will continue going forward, which we believe likely and see as a key attraction for the stoc

Site visit

We attended Cape's site visit in Teesside yesterday. This comprised a tour of Cape's operations at two sites of client Sabic: its Wilton polyethylene plant where Cape provides a range of services including access (the company was at pains to point out the innovative HAKI scaffolding it is making increasing use of to reduce setup and takedown times), insulation, coatings and environmental services; and across the river its North Tees site where Cape is combining the tank construction capabilities

Results preview

Cape is due to release its H1 2015 results on Wednesday 26 August. At this time we are hoping for a number of updates. Most important of these will be the dividend both maintenance of the interim dividend but also any further reassurance on this going forward. Clearly we also expect an update on current trading and outlook. For us the most important element here will be the impact that the oil price and consequent industry CAPEX cuts are having both on the progression of current contracts (hopef

Cape crusader

Cape is a UK services company providing coatings and access solutions to the oil and gas, power, mining and chemicals sectors. The company operates over three regions: UK/CIS, MENA and APAC, and has onshore and offshore capability. Revenues from maintenance activities provide a strong base for the dividend while leaving Cape exposed to growth from new projects coming through. We have a Buy recommendation and 300p price target.

2014 Results Preview

Cape is due to release its 2015 results on Wednesday 18 March. At this time we will be looking for a number of key updates. For us first and foremost is the dividend. The stock is currently on a healthy yield of 6.2% and we expect that this is safe for 2014. The question is around the dividend going forward and whether it could be cut in the currently-challenging oil CAPEX environment. This links in with the second key update we are looking for which is updated guidance on forecasts for 2015 and

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

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

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Hybridan Small Cap Feast - 22 April 2024

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

Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

H&T Group (HAT): Core franchise build, short-term retail noise

In our 15 March 2023 initiation, 'Pawnbroking royalty, with strong, profitable growth', and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2