Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Greencoat Renewables. We currently have 59 research reports from 5 professional analysts.
The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer TBA. Longboat Energy raising £10m at 100p. Expected admission November 2019. The company has been established by the former management team of Faroe Petroleum to create a new full-cycle North Sea oil and gas company .The strategy to achieve this will initially be through the acquisition of assets where the management team can add value through subsurface and operational improvements, follow-up deal opportunities and near-field exploration; and by value creation through the drill bit. Due 28 Nov. MJ Hudson Group PLC, the financial services support provider to Alternatives fund managers and asset owners, is planning an AIM IPO. Deal details TBC but expected admission date mid-December.
Companies: GRP BSE SWG UJO VRS VEC PRES WATR
The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer TBA. Longboat Energy raising £10m. Expected admission November 2019. The company has been established by the former management team of Faroe Petroleum to create a new full-cycle North Sea oil and gas company .The strategy to achieve this will initially be through the acquisition of assets where the management team can add value through subsurface and operational improvements, follow-up deal opportunities and nearfield exploration; and by value creation through the drill bit. Sapo PLC - an investment vehicle under the NEX Exchange Rules, seeks to invest in the developing market for rural broadband in the United Kingdom. Due 2 Dec. Taseko Mines - North American focused copper producer and developer, seeking a London Listing. No capital raise. Due 22 Dec SDIC Power - “potential intention to float”. Proposed GDR listing. Leading power generation company in China, with a diversified portfolio of projects across hydropower, coal-fired power, wind power and solar power. Offer TBA
Companies: SECG INFA NET PCIP TAVI PRSM NSCI ANR EOG GRP
Over the past two decades, onshore wind power has prospered and now exceeds 12 GW in the UK. The termination of subsidies for new plants from 2017 onwards has cut investment. Instead, offshore wind power is the new ‘goto’ investment sector, as there has been a sea-change in costs. The key event was the 2017 auction for the development of the Hornsea Project Two and the Moray East fields, when 15-year contract for differences (CfDs) were awarded, at just £57.50p per MWh; this compares with the 2018 £100 per MWh target that had been set previously by the Government. In recent years, solar power has come of age. Total UK solar capacity now exceeds 12 GW. Inevitably, most solar farms are based in the Midlands or in the South, where irradiation levels exceed the UK average. A typical solar farm portfolio might include 50 sites with 8 MW of capacity per site. Despite the removal of subsidies for new solar plants, the prospects remain bright for new build, since costs have fallen appreciably in recent years. The levelised cost (LCOE) of solar power should fall below £70 per MWh. The UK’s first subsidy-free solar farm has been commissioned at Clay Hill in Milton Keynes. For many investors, REIFs offer an attractive means of securing exposure to the benefits of rising UK investment in these sectors, much of which is backed by long-term contracts delivering generally solid and secure returns. Our sector research focuses on 11 quoted REIFs, which mirror those selected by members of the Association of Investment Companies (AIC). The recently floated Aquila European Renewables fund is included, despite its declared policy not to invest in UK generation. Since May 2014, REIF returns have been solid, with total returns approaching 10% per year. As a group, their combined market capitalisation is ca.£7bn; the most valuable quoted funds are Greencoat UK Wind (£2.1bn) and The Renewables Infrastructure Group (£1.8bn). The sector premia over net asset valuations (NAVs) for most REIFs now lie in the 9%-19% range. The premium for Greencoat UK Wind, following its £375m gross fundraise, is ca.14%; The Renewables Infrastructure Group premium is similar. Targeted real dividend increases underpin the attractions, in particular, of wind and solar investments; major earnings shortfalls are low-risk, with little likelihood of a dividend cut. Prospective dividend yields for most REIFs currently lie in the range of 5.0%-6.0%. In terms of risk, future movements of interest rates could have a material impact on NAVs and, consequently, upon share price ratings. The precise effect will depend on the degree to which the discount rates moves relative to the riskfree rate. Regulatory amendments, subsidy changes and possible tax adjustments are also key risk factors with one company commenting that movements in long term power price forecasts are the most significant risk.
Companies: TRIG UKW NESF FSFL AERS GSF GRP SEIT USF
Fundraising showed signs of picking up this month, and the focus was very much on the renewables sector. First of all there was Renewables Infrastructure Group, which launched a placing programme and an initial fundraising early in the month, targeting up to £170m. It ended up raising just over £300m, having received applications for nearly three times as many shares as were originally available, in an upsized and scaled back issuance. Greencoat Renewables also announced and completed a placing which raised EUR 148m, around 40% more than the target. Another indication of interest in this sector was John Laing Environmental Assets successfully placing around 22m of its shares that were being sold by The John Laing Pension Trust. Finally, with regard to news in this sector, the close of the US Solar Fund* IPO had to be put back after just falling short of its target by the original closing date – closing is now expected to take place on 10 April.
Companies: TRIG BBOX UKW GRP ALF ELTA ESP FAIR BCPT BREI HTCF MERI UKCM
Greencoat Renewables – Results of fundraising | Empiric Student Property – Finals to 31 December 2018 | GCP Student Living – Interims to 31 December 2018 |
Companies: GRP ESP DIGS
Greencoat Renewables – Finals to 31 December 2018 and proposed placing | Syncona – Acquisition of Nightstar |
Companies: Greencoat Renewables Syncona
Greencoat UK Wind – Acquisition and fundraising | Greencoat Renewables – Q4 2018 NAV and dividend | AEW UK Long Lease – Q4 2018 NAV and dividend
Companies: Greencoat UK Wind Greencoat Renewables
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. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA 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: N4P HZM DCI MERC GRP W7L INCE GMAA ANG EVR
Greencoat Renewables – Acquisition | Chenavari Toro Income – September 2018 update
Companies: Greencoat Renewables Toro
John Laing Environmental Assets – JLEN – Capital increase | Big Yellow Group – BYG – Capital increase | Greencoat Renewables – GRP – Acquisition
Companies: JLEN BYG GRP
SQN Asset Finance – June 2018 NAV and investment update | Greencoat Renewables – Results of fundraising | Unite Group – Interims to 30 June 2018
Companies: SQN GRP UTG
Vannin Capital—Press reports that litigation funder Vannin Capital is working on plans to float on the London Stock Exchange later in 2018 with an expected valuation of well over £500m | Avast, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811 million, Adjusted Revenue was $780 million, Adjusted Cash EBITDA was $451 million. Seeking to raise $200m. Due in May | Fundamentum Supported Housing REIT. Raising £150m. Focussed on UK Social Housing assets. Due 2 May | Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No new Money. Pricing TBA | Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 03 May | Odyssean Investment Trust—Raising £100m at £1. Due 1 May. The Company will primarily invest in smaller company equities quoted on markets operated by the London Stock Exchange | Finablr - press reports in ‘Arabian Business’ that Money transfer firms UAE Exchange, Travelex and others under UAE billionaire Bavaguthu Raghuram Shetty’s newly formed holding company Finablr are preparing for a London IPO
Companies: MORT GSH CORA ATQT ICON GRP MXO MIRI ABAL
2017 was an outstanding year for stock markets, perhaps somewhat unexpectedly given the levels of pessimism about the state of the world a year ago. But such views turned out to be well off the mark, as rising corporate earnings and economic growth pushed major global indices to all-time highs. While the UK small cap indices were unable to scale new peaks in 2017, the mood of general investor bullishness did not elude them, with annual gains of well over 20%. This was reflected in a solid year of IPO activity on London’s junior market, with over £2bn of new money raised, up 51% on the previous year.
Companies: ESL GRP FAB AFX WJG TMO GROW SLE PRSM MRL YU/
Research Tree provides access to ongoing research coverage, media content and regulatory news on Greencoat Renewables. We currently have 59 research reports from 5 professional analysts.
|23Mar20 07:00||RNS||GRP to acquire 51.9MW of wind capacity in France|
|20Mar20 07:00||RNS||Notice of AGM|
|03Mar20 13:11||RNS||Holding(s) in Company|
|02Mar20 07:00||RNS||Final Results Announcement|
|17Feb20 07:00||RNS||GRP acquires 14.1MW Letteragh Wind Farm|
|10Feb20 07:00||RNS||Notice of Results|
|30Jan20 15:15||RNS||Appointment of Non-Executive Director|
We believe that NSF’s response to the current pandemic is in the interests of all its stakeholders. The operational shift towards remote working helps protect its staff whilst enabling its clients to continue to access the services they need. Similarly, its decision to reduce lending and focus on its existing clients and those most in need, is the prudent thing to do. These actions, combined with the high risk-adjusted margins on its existing loan book should enable the group to generate positive cash flow, even allowing for an increase in impairment during the current period of economic uncertainty. This should leave the group in a stronger position to serve its clients and win share when the current government restrictions are lifted. As a result, of this medium-term outlook we reiterate our BUY rating.
Companies: Non-Standard Finance
Alpha has released an update today, which highlights the impacts of the recent global lockdown and extreme FX volatility on the trading and working capital of their clients. We have reduced this year’s revenue forecast by 14% and EPS by 24%. We show the Company has sufficient capital to hit these revised forecasts and importantly has a business model, capital structure, technology platform and client proposition to continue to take share and return to high-growth when economies normalise.
Companies: Alpha Fx Group
1pm has provided a trading update outlining its response to the current Covid-19 outbreak. Operations continue as usual (remotely) and the group continues to write new business, however, it has received multiple requests for repayment deferrals. The group is offering this flexibility where merited to assist credit worthy UK SMEs and has the balance sheet to absorb these lower cash collections. 1pm's own funders remain supportive to the business. Given the uncertainty over the duration of the outbreak and the impact the UK's shutdown is having on 1pm's trading, we withdraw forecasts and put our recommendation under review.
Belvoir’s FY 2019 results were strong, with adj. EPS up 13% (13.6p vs our forecast 13.0p) and strong cash generation. COVID-19 will affect property sales in FY 2020 but lettings (61% of 2019 gross profit) will be more resilient, helped by the Government’s measures to support employment and incomes. Management has reacted quickly, reducing costs and putting plans in place to support franchisees. We now forecast a ‘lost year’ in FY 2020, assuming five months of no sales activity, a significant reduction in financial services and a reduction in lettings fees, partly offset by a £1.5m cost reduction. The capital light franchise model, inherent high levels of cash generation and no final dividend for 2019 mean we forecast gross cash of £2.0m at December 2020, down from £3.6m. Belvoir is in good financial shape to weather the storm and support its franchisees before returning to normal activity. The success of the strategy was again evidenced by a strong start to 2020 prior to COVID-19.
Companies: Belvoir Lettings
Premier Miton has been the worst performing asset manager YTD, despite evidence that the benefits of its merger are coming through, and its funds are outperforming. Our mark-to-market suggests that if markets remain at current levels until financial year-end in Sep’20, the shares would only be trading on 7.1x FY21 P/E, an extreme valuation for a company with significant self-help opportunities, and an extremely strong balance sheet. Our analysis also suggests PMI will enjoy increasing net cash balances over two years, reaching c.£37m in FY20 or 34% of the current market cap. As a result, we see the current share price as an extremely attractive entry point. Our updated TP of 152p is driven by a DCF assuming flat AUM for 3 years and implies 125% upside.
Companies: Premier Miton Group
Given the substantial share price decline for Ramsdens in the last month, following clear risks to near term earnings, we revisit the group’s valuation and suggest a potential impact to earnings from the COVID-19 related lockdown. The analysis shows that Ramsdens has a solid balance sheet with a number of clear valuation supports and will be able to withstand the extreme conditions that are likely to occur over the coming months. We use an 8x multiple on FY20 earnings as a reflection of a normalised earnings base which reduces our target price to 180p from 258p. At this target price Ramsdens would trade on a FY21 P/B of 1.6x and yield 4.5%. This target price offers 114% upside and we retain BUY.
Mercia’s business update highlighted the breadth of its portfolio (c 400 companies) and the strength of its cash position – £30.4m of unrestricted balance sheet cash and £190m of investment capital in its managed funds, giving c £220m of uninvested cash. However, with lower revenues now expected in FY21, Mercia also recognises that the valuations of both the NVM VCT portfolios, whose fund management contracts were acquired in December (22% fall in average NAV), and its own portfolio have been affected by market conditions. With group results not due until July, based on a read-across from the 22% fall in the NVM portfolios, we calculate a hard NAV for Mercia of 25.0p. Added to our assumption of the value of the third-party fee-earning funds business (2–3% of a reduced FUM), this would imply an indicative value for Mercia of 30.6–33.4p. Mercia trades at a c 50% discount to our indicative value today.
Companies: Mercia Technologies
Appreciate saw trading in line with expectations until the end of February, but the closure of fulfilment locations in response to COVID-19 has seen a substantial drop in billings in the past week. Management is withdrawing its guidance, but will provide an update in the second half of April. Meanwhile, the interim dividend (£2m) will not be paid and the FY dividend will be reviewed in June (c. £4m). We see the net cash balance sheet as strong enough to weather the storm. The company’s digital first strategy will accelerate and help to mitigate the pressure on physical vouchers. We will review our estimates in April, but we think that a CY20E EV/EBIT of 3.8x on existing numbers more than reflects the downside risks.
Companies: Appreciate Group
Following the UK Government announcement on Friday, NewRiver has closed its Community pub business with immediate effect. This had been anticipated.
Companies: Newriver Reit
VinaCapital Vietnam Opportunity Fund - Strong pipeline of private equity investmentsSupermarket Income REIT - Rent reviews result in 1.3% uplift to annualised rental incomeCOVID-19 Updates - Assessing the impactInsider Buying - Management seeing buying opportunities
Companies: VINACAPITAL VIETNAM OPPORTUN
Today's news & views, plus announcements from AAL, SSE, CCH, NXT, FLTR, MGGT, PHP, RMG, BBY, RDW, DOM,WJG, GATC,
Companies: Primary Health Properties
For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t catch on).
Companies: ABBY BDEV BWY BKG VTY CRN CSP CRST GLE GLV INL MCS PSN RDW SPR TW/ WJG
Best idea of the week - CLS and the Real Estate Sector
Covid-19's future impact is likely to overshadow FY19A results which delivered YoY growth, despite imposition of the tenant fee ban and the backdrop of a subdued lettings/sales market. With franchisee premises and the UK housing market now closed, FY20E trading will be materially affected and growth strategies (financial services, assisted acquisitions) are now on hold. The group will fall back on its recurring lettings revenue, streamlined cost base and debt-free balance sheet to seek profitable trading and positioning for a market rebound in FY21E. Given uncertainty as to Covid-19's duration and severity, we put our recommendation Under Review and withdraw forecasts awaiting further clarity.
Companies: Property Franchise Group