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Today's results include few surprises in terms of cash outcomes, which are in-line with our FY21E forecasts. These record results come despite the year being challenged by Covid-19, evidencing the resilience of Duke's operating model and royalty partners. Post-period, 4 new investments have been concluded, which should help drive cash results higher over FY22E, despite a further 2 exits from the portfolio. As the company approaches near full deployment by FY23E, we expect to see FCF p/s and DPS
Companies: Duke Royalty Limited
Altus has acquired an effective 0.418% NSR over the producing Caserones copper mine in Chile. Altus’ royalty interest was acquired for $34.1m in cash as part of a strategic 50:50 partnership with EMX Royalty Corp. The acquisition was part financed with a $29m loan facility from major shareholder, La Mancha. The royalty is immediately cash generative and Altus expects the NSR to generate post-tax royalty flows of US$3.2m pa. Caserones is a large open-pit copper porphyry in Chile, operated by JX N
Companies: Altus Strategies PLC
Agronomics has announced a follow-on investment in existing portfolio company, Formo (previously LegenDairy Foods). The company has invested €3.15m in Formo's Series A funding, and now holds c5.9% of the enlarged share capital. The fundraise has generated a 7.5x uplift for Agronomics original €1m investment (Dec-19) and values Formo at c€180m (post-money) versus c€16m post-money value following the Seed round. Formo now becomes Agronomics largest holding, c9.1% and has delivered a net uplift in
Companies: Agronomics Limited
A disappointing earnings release coupled with low transparency on the Sandringham Financial Partners acquisition have led M&G’s share price to return to its pre-crisis level. While our valuation suggests a positive recommendation considering the low point, momentum remains uncertain.
Companies: M&G Plc
NextEnergy Solar Fund’s investment in NextPower III ESG is delivering in terms of widening international exposure with NPIII following its recent project win in Spain with another in Poland. This is the first acquisition the vehicle has made in Poland and the project will be supported by a fifteen year CfD. We see NESF’s investment in NPIII ESG as delivering a diversified asset growth opportunity and so far this is proving to be the case.
Companies: Nextenergy Solar Fund
Deltic Energy has had a highly successful 2021 year-to-date, as indicated in the interim statement. The key events have been the well investment decision in March for the Pensacola Zechstein prospect and the farm-out deal with Cairn Energy (CNE.L) in August over five licences in the Carboniferous/Zechstein fairway, towards the northern margin of the Southern North Sea Basin (SNS). The farm-outs firstly with Shell in 2019 and then Cairn have validated Deltic’s strategic focus on the Carboniferous
Companies: Deltic Energy PLC
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Companies: Gore Street Energy Storage Fund PLC
What’s new: Tatton has signed a 5 year distribution partnership with Fintel and agreed to acquire Fintel’s Verbatim Funds for £5.8m cash consideration of which £2.8m is on competition and £3.0m is subject to performance
Companies: Tatton Asset Management Plc
Tatton has acquired the Verbatim funds from Fintel for (up to) £5.8m adding £650m AuM – and pushing Tatton’s AuM through the £10bn milestone. A long term strategic partnership has also been formed allowing Tatton to market to Fintel’s significant intermediary client base. We upgrade our earnings forecasts by +4% for the part year contribution in FY22e and +11% FY23e (the first full year) – but make no assumption around the potentially material opportunity from the distribution partnership. Tatto
Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US
Ariana Resources (AAU LN) – Further drilling results from Kepez North
CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply
Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study
Cora Gold* (CORA LN) – Interims
Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week
Companies: AAU JAY CNR CORA GLR GGP POW RRR VUL SSW
NextEnergy’s JV with storage specialist Eelpower is an important strategic development. Storage demand is set to grow if the UK is to move towards its net zero targets and the combined attributes of the JV partners make it well suited to succeed here. For NESF it opens up a new route to asset growth in our view.
NextEnergy Solar Fund (NESF), which has the ability to invest up to 10% of its gross assets in energy storage, has announced a significant step into energy storage with the establishment of a £100m joint venture partnership with one of the leading battery storage specialists, Eelpower Limited (Eelpower). The joint venture is owned 70% by NESF and 30% by Eelpower. The partnership has also announced the signing of its maiden acquisition, a 50MW standalone battery storage project, which is ready to
Companies: Real Estate Investors plc
Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
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