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  • 25 Oct 18

New contract wins

The Company has announced two contract awards with Centamin and Sama Resources, which are both highly significant for different reasons. The contract extension with Centamin underwrites continuity of a substantial proportion of group revenues over a 5-year period, while the new contract with Sama is the first in the Cote d’Ivoire and highlights the potential of West Africa, since the Company strategically repositioned one-third of its rigs in this growth region. While we retain existing forecasts, these contracts greatly improve revenue visibility and therefore should increase investor confidence. Further contract awards would have a significant drop through to profits and offer potential forecast upside. The shares offer good upside to our 85p price target. These contract awards should be taken well.

Companies: Capital Drilling
  • 25 Oct 18

Morning Note – 25 October 2018

Alumasc (ALU): Corp AGM update – trading in line | ANGLE (AGL): Corp Update on ANG-002 FDA study | Capital Drilling (CAPD): Corp New contract wins

Companies: ALU CAPD AGL

  • 24 Oct 18

Small Cap Feast

Renalytix AI—developer of artificial intelligence ("AI") decision support and clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease. incorporated in March 2018 as a subsidiary of EKF Diagnostics Holdings (AIM-EKF). total fundraising in the range £21 - 25 m. Mkt cap - c. £67.5- £71.0m. Due 2 Nov. Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, market cap TBC. Due Late October. Azalea Energy—oil and gas production and development company based in Louisiana, United States. Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. Due 29 Oct Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due late Oct Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.

Companies: PVG PHTM CAPD ANG SCHO SCLP ENET ERIS AUTG TLY

  • 11 Oct 18

Q3 update – on track

The group has announced a strong Q3 and YTD revenue, suggesting that the company is on track to achieve its guidance range of $105-115m. We maintain our existing forecasts based on revenues of $111.1m. West Africa now accounts for 1/3 of the fleet, with new contracts starting to kick in and utilisation for the group rising. There is plenty of scope to increase utilisation from further contract wins, with a significant profit drop through from additional contract revenues. The shares remain attractively rated and we view today’s announcement as being encouraging for the shares.

Companies: Capital Drilling
  • 11 Oct 18

Morning Note – 11 October 2018

Capital Drilling (CAPD): Corp Q3 update – on track | Chariot Oil & Gas (CHAR): Corp Live to fight another day | discoverIE (DSCV): Corp Increasing organic sales growth and rising margins

Companies: DSCV CAPD CHAR

  • 16 Aug 18

Interims point to stronger 2H as utilisation rises

Interim results were in line with expectations and on track to achieve FY forecasts, which were raised in June. Q1 was the low point in revenue and rig utilisation. Once the relocation of rigs is complete in Q3, there will be 32 rigs in West Africa, where exploration is growing and active. Utilisation should progressively increase on known new contracts starting in Q3 as well as the expectation of further contract wins. Tanzania will remain a drag on sentiment until resolved. The shares look good value, and our 85p price target is based on an EV/EBITDA of 5.3x for 2019, compared to the current level of 2.7x.

Companies: Capital Drilling
  • 10 Jul 18

H1 trading update – H2 rig utilisation set to improve

The group has announced its H1 trading update, providing evidence of improving Q2 utilisation rates and revenue growth, as rigs transferred to West Africa are deployed. Tendering and drilling activity is increasing in this high growth area. Additional exploration contracts in West Africa are set to deliver a stronger H2 performance and help underpin the increase in guidance made in June. As such, we retain our recently raised forecasts and 85p price target, which highlights that the shares are currently attractively rated, with significant upside.

Companies: Capital Drilling
  • 10 Jul 18

Small Cap Brunch

Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July Nucleus Financial—independent wrap platform provider . FYDec17 revs £40.36m and PBT of £5.1m. Offer TBA. Due late July. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa Immotion Group - aims to become the market leader in "out of home" Immersive Entertainment Experiences. Offer TBA. Due 12 July

Companies: DERR EML PHTM PRTC MYSL COS CAPD JWNG IMTK ACC

  • 26 Jun 18

Capital Drilling - Introduction to Julian Blake

capital-drilling-introduction-to-julian-blake-26-06-2018
  • 18 Jun 18

Raising forecasts on new contract wins

The company has announced several new exploration and delineation contracts. The contracts are in existing areas of operation and leverage existing capabilities, raising rig utilisation rates. Management comments that there has been an increase in demand for exploration rigs over recent months. Management has raised its guidance and accordingly we increase our revenue by 4.7%, significant drop through results in an increase in our adjusted EPS of 13.7% to 3.6ȼ. The shares have started to see the start of a recovery, having been deeply oversold due to Tanzanian risks. We still see significant upside from current levels towards our 85p target, driven by positive trading.

Companies: Capital Drilling
  • 18 Jun 18

Morning Note

Capital Drilling (CAPD): Corp Raising forecasts on new contract wins | Iofina (IOF): Corp Market update | M.P. Evans (MPE): Corp Strong crop growth in 2018 | President Energy (PPC): Corp Puesto Flores update

Companies: CAPD IOF MPE PPC

  • 26 Apr 18

Q1 trading satisfactory as rigs move to W Africa

The group’s Q1 trading update points to the group trading in line and on track to achieve its full-year forecasts. The temporary dip in quarterly revenues was previously flagged and related to the movement of idle rigs to West Africa, where market conditions and growth opportunities are much stronger. The group expects to win further contracts as the year progresses, which should enable rig utilisation to improve. The shares remain significantly under rated due to the Tanzanian regulatory situation and do not reflect the significant operational improvements achieved.

Companies: Capital Drilling
  • 26 Apr 18

Morning Note

Capital Drilling (CAPD): Corp Q1 trading satisfactory as rigs move to W Africa | Morses Club (MCL): Corp Accelerating as quality improves | Redcentric (RCN): Corp Major contract award | Savannah Resources (SAV): Corp Bulk sampling underway at Mina do Barosso

Companies: CAPD MCL RCN SAV

  • 26 Apr 18

SP Angel – Morning View

Bluebird Merchant Ventures* (BMV LN) – Work ongoing at Gubong and Kochang mines in South Korea | Capital Drilling (CAPD LN) – Management forecast better demand with 15 rigs in transit to new contracts | Gem Diamonds (GEMD LN) –Diamond sales update | Highland Gold (HGM LN) – Proposed acquisition of Chukotka assets | Savannah Resources (SAV LN) – Bulk sampling underway at NOA | Strategic Minerals* (SML LN) – Leigh Creek work programme and Cobre update | W Resources (WRES LN) – Tarouca drilling

Companies: BMV CAPD GEMD HGM SAV SML WRES

  • 20 Mar 18

Capital Drilling - PDAC 2018 interview with Tony Woolfe

capital-drilling-pdac-2018-interview-with-tony-woolfe-20-03-2018

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Capital Drilling. We currently have 49 research reports from 3 professional analysts.

Open
42.0p
Volume
0.0m
Range Today
41.5/42.5p
52 Week
35.0/44.5p
Market Cap
£57.7m
Enterprise Value
£54.2m
Pension Liability
£0m
# Shares
135.8m
Latest PE (hist)
8.43
Div Yield
3.90

Latest News/RNS

(more news)
Date Source Announcement
17Jan19 07:00 RNS Q4 2018 Trading Update
12Dec18 07:00 RNS Contract Extension at Geita Gold Mine, Tanzania
23Nov18 07:00 RNS Change of Joint Broker
25Oct18 07:00 RNS Contract Extension at Sukari
24Oct18 08:21 RNS Contract Win
11Oct18 07:00 RNS Q3 Trading Update
16Aug18 07:00 RNS Half Year Results
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  • 20 Feb 19

Refocused and primed for growth

Wey Education plc is a UK-based educational group delivering online education services in the UK and around the world. The tragic loss of its Executive Chairman towards the end of last year has necessitated a refocusing of Wey’s strategy, the details of which were announced in early February. Under the Chairmanship of Barrie Whipp, and led by CEO Jacqueline Daniell, the Group is now set to be more focused and streamlined around its existing businesses of InterHigh and Academy21. Coupled with a revised sales and marketing campaign, Wey is seeking to capitalise on the growing demand for online-based education, alongside targeted overseas opportunities to be achieved from the UK. Although there is a material rebasing of our estimates, we believe near-term forecast risk significantly reduces with potential, certainly in 2020E, towards the upside. Our DCF valuation conservatively sees fair value at 35p.

Companies: Wey Education
  • 13 Feb 19

Small Cap Feast

United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 28 Feb Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.

Companies: NMRP PGD KDR CER CLIN NBB MLVN RENX BAGR D4T4

  • 18 Feb 19

Nuclear contract win highlights growing momentum for Hayward Tyler

Avingtrans’ subsidiary, Hayward Tyler, has been awarded a material aftermarket contract from Vattenfall in Sweden for critical parts and components to help extend the life of the Forsmark nuclear power station. These parts will replace original equipment supplied by Hayward Tyler in the early 1980s. The contract is worth over £10m, with delivery expected to be broadly evenly split across FY2021 and FY2022. We have made no changes to our estimates, as contributions from the new contract begin after our current forecast horizon. However we are encouraged by the increasing momentum at Hayward Tyler since its acquisition by Avingtrans. We also see good potential for the business to win further contracts in nuclear life extension, given its installed base of original equipment within nuclear plants around the world. Avingtrans shares remain on undemanding EV/EBITDA multiples (8.3x FY19 and 7.1x FY20), with interim results scheduled for 27th February.

Companies: Avingtrans
  • 31 Jan 19

Quarterly Research Outlook

The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium term market direction. These stocks, in general, represent attractive and well-managed businesses or assets, with share price catalysts and where valuations or recent stock performance provide investors with a good entry point.

Companies: 7DIG ABBY AMS ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KCT KGH LAM MACF MOD MKLW OXIG PCA PARK PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

  • 20 Feb 19

Gooch & Housego - AGM warns of softer microelectronics but better subsea

The AGM update points to a change in the business mix, with weaker microelectronics demand, particularly in China, partly offset by better-than-expected growth in subsea fibre couplers. 2H order books and demand profile signals a stronger 2H. The change results in a less rich margin mix and prompts us to downgrade 2019 EPS by 11.6%. We reduce our price target by a similar amount from 1,675p to 1,475p, pointing to a 2020 P/E of 22x. We anticipate that the shares will react to this disappointing statement but believe that the group’s fundamental attractions remain, but may need confirmation of a stronger level of microelectronics demand to restore outperformance.

Companies: Gooch & Housego
  • 14 Jan 19

Opportunity knocks

We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.

Companies: BCA CLIN CLG CBP DNLM EAH FDL FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

  • 12 Feb 19

Share & share alike

Roses are red – markets are blue! The rally since the start of the year resumed this week, after a pull-back last week. The FTSE 100 has risen due to the weakness of sterling and the impact on its dollar-earning constituents. More domestically-oriented indices have also risen but lagged more recently. The latest Brexit twist is due later with a statement to Parliament on the negotiations. Company news continue to dominate the morning headlines and amendment votes the evening ones. In Share News & Views we comment on DCC, EU Supply* FireAngel*, Location Sciences*, Northbridge* and NWF.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN VRE W7L

  • 22 Jan 19

Cenkos: RA International Group Plc - Valuation mismatch gone too far

RA International shares have fallen significantly since December 2018 when it announced that several contracts were delayed into early 2019 and stated that revenue and profits for FY18E are expected to be “slightly behind market expectations”. We thus reduced our FY18E revenue and profit forecasts by c10% to reflect these contract timing differences. We left 2019 and 2020 forecasts unchanged given the extensive level of bidding activity undertaken during the year (doubling to cUS$400m between the June 2018 float and September 2018 interims alone) and reference to increased revenue backlog in the trading update. The fundamentals remain intact with RA positioned to win more larger scale contracts with existing and new customers.

Companies: RA International
  • 14 Feb 19

H2 update – trading in line

The group’s trading update, covering the past four months, points to the group trading in line. Overall, most market conditions remain similar to the first half. Once again, the weaker UK automotive market has been mentioned, although this is a small exposure in the group’s globally growing automotive customer base. With 70% of sales overseas, Brexit risks are relatively limited and manageable. We maintain existing forecasts and point out the recent market weakness has severely derated the shares to a discount to its peer group – where we see good value. The trading update should provide some reassurance and the rally in the share price should continue.

Companies: Trifast
  • 18 Feb 19

First Light

UK Oil & Gas (UKOG) – Corporate – Resumption of Test Production at HH-1 | Croma Security Solutions Group (CSSG) – Corporate – H1 trading update / Strategy for growth | Ascent Resources (AST) – Corporate – Board Changes

Companies: UKOG CSSG AST

  • 18 Feb 19

Low & Bonar - Better funded for core strategy execution

Low & Bonar announced a fully underwritten £54m placing and open offer (c £50m net) alongside FY18 results. The new equity funding goes a long way towards resolving balance sheet net debt constraints and allows the relatively new management team to execute its updated strategic plan. Our revised estimates incorporate the funding effects, more gradual EBIT margin recovery and reset dividends in line with the stated policy.

Companies: Low & Bonar
  • 05 Feb 19

THE MONTHLY February 2019

This Investment Research Paper addresses the issue of renewable power generation in the UK and in mainland Europe, which – after the deep-seated financial crisis of 2008/09 and the ensuing recession – now has better prospects of achieving critical mass. It also considers investment perspectives.

Companies: OPM AVO AJB AGY ARBB AVCT DISH BUR CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PCA RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L

  • 13 Feb 19

FY inline results reflect stunning turnaround

MLVN’s update this morning shows that the business is on track to deliver a major turnaround YoY, with sales doubled and a significant move from a £0.7m loss in the prior year to our forecast c.£0.4m PBTA in FY2018E. This encouraging outcome reflects good momentum which built further in the second half, a successful re-set of the Singapore business (where MLVN made a highly complementary acquisition), a strong showing in London, and a successful acquisition in Manchester in 07/18. Malaysia appears to have stabilised, and with a clear strategy is expected to make progress in due course. Demand for MLVN’s professional education services remains strong, and the company has received top ratings from global accounting and professional services bodies. With a good start to bookings in 2019, we see further major progress in the current year (tripling of PBTA).

Companies: Malvern International
  • 14 Feb 19

Trifast - Structural Growth Opportunity

Trifast has a released a good tr ading update for the 4.5 months to 13 February with tr ading in line with the Group’s expectations and confidence in the future from new business wins. We make no change to forecasts but b elieve our numbers are well underpinned with some upward press ure and we believe the market shoul d progressively recognise this and re-rate the shares so we reiterate our buy rating.

Companies: Trifast
  • 19 Feb 19

‘Significant growth’ confirmed

Xpediator’s pre-close trading update said that revenues and profits are both inline with market expectations. Top-line growth was significantly ahead, rising 54% y-o-y to c.£179m (c.1% ahead of ED estimate), while profits have more than doubled to c.£7.1m. The uplift to revenues has been driven by organic growth, most notably in Freight Forwarding (Baltics and Balkans), Pall-Ex Romania, and Affinity. Plus, there were benefits from the acquisition of ISL and Anglia Forwarding in 2018, and Regional Express in late 2017.

Companies: Xpediator