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Aviva’s trading update came with some satisfaction, albeit in line with what it had been guiding. All indicators are “on track” as communicated by the firm. The interesting area will come, in our view, from the pressure that activist Cevian is exercising on the firm to distribute more excess capital.
Companies: Aviva plc
While the outcomes of COP26 are mixed, we think that the watering down of ambition on coal power is positive for negative emission technologies and the moves to phase-out fossil fuel subsidies potentially makes green hydrogen more competitive. Broader support for clean energy and efficiency helps and annual monitoring is likely to ensure that support develops to the benefit of the sector. Policy remains an essential part of the clean energy mix especially in its ability to create or mitigate inv
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
Mercia has provided a positive update on a number of fronts. H1 adj. operating profit is running materially ahead of market expectations. Another performance fee has been crystallised in the NVM VCTs (£1.6m net). Valuation gains in H1 were better than expected driving >£10m H1 comprehensive net income. We incorporate this into our model, driving a +72% upgrade to FY22e adj. EBITDA (+23% u/l to £3.7m excl. performance fees) and a +4% increase to our NAV. We reiterate our 50p/sh SOTP valuation dri
Companies: Mercia Asset Management PLC
NESF has used its interim update presentation to signal a target pre-script dividend cover for FY 23 of 1.3x over a dividend which will continue to reflect a progressive policy. The signal is based on the ability of the company to protect against pricing downside while gaining some exposure to near term higher capture prices. We also see some impact of FY 23 benefiting from a return to better output following grid works impacting FY 22. NESF’s ability to contain downside risks but to gain from u
Companies: Nextenergy Solar Fund
Deltic Energy has announced the completion with its joint-venture partner, Cairn Energy (CNE.L), of a 3-D seismic survey of approximately 680 km² over P2428. The licence is located in the heart of the SE-NW trending Carboniferous sandstone and Zechstein carbonate fairway towards the northern margin of the SNS (Southern North Sea) gas basin. The survey was focused on the Plymouth Zechstein reef prospect which is held 60% by Cairn and 40% by Deltic. Significantly, Deltic sees Plymouth as an analog
Companies: Deltic Energy PLC
Companies: Real Estate Investors plc
NextEnergy’s interim results show continued operational outperformance with the NAV benefiting from better price curves as well as from higher inflation forecasts. The company has continued to grow assets in UK solar but strategically has opened the way to further asset growth in international solar and in energy storage. We see these moves as creating useful diversification in addition to the growth potential. The fund remains on target for a full year dividend of 7.16p.
Revolution Beauty has released H1 results, confirming trading remains in line with full year expectations, despite well flagged input cost pressures. Today’s announcement unveils the roll out of a major new US retail partnership from Q4, as well as the launch of several new product categories, underpinning growth expectations into FY23 and beyond.
Companies: Revolution Beauty Group plc
MJ Hudson (MJH) has delivered a solid set of FY21A results, with organic revenue growth of +14% YoY (FY20A 4%) and Adj EBITDA of £5.6m (broadly in line with our £5.7m forecast). Pro forma EBITDA for the group at June-21A stood at £6.8m (and is c£7.0m once SCFL, acquired post period end, is included). We note that our FY21E Adj EBITDA forecast is currently £7.1m, and hence factors in only minimal organic growth, despite the fact that positive momentum from H2/FY21A has continued into the current
Companies: MJ Hudson Group Plc
Companies: Speedy Hire Plc
Net inflows were strong during H1, with +20% AuM growth yoy to £10.8bn on a number of strong £100m+ flow months. This is evident in H1 earnings: adj. operating profit +38%, with an impressive 50% margin. This momentum has continued in H2 already (£11.2bn). We upgrade by 9% in the current year on slightly better revenues and lower costs. Tatton is delivering sustained AuM growth in a deep pool of opportunity, recurring fee income, 50%+ operating margins and ability to scale. We think it is deserv
Companies: Tatton Asset Management Plc
Greatland Gold (GGP LN) – US$16m fundraising to accelerate W Australian exploration effort and progress Havieron development
IronRidge Resources* (IRR LN) – highly prospective lithium license granted adjacent to Ewoyaa
Kodal Minerals* (KOD LN) – Firefinch plans to start lithium spodumene production at end 2023 / early 2024 at Goulamina in Mali
Tesoro Resources (TSO AU) – Drill results extend known gold mineralisation at Ternera
Companies: GGP KOD ALL TSO
Augmentum Fintech (“AF”) has seen continued positive performance during H1, with a +£26m net investment return on the portfolio whilst deploying £45m. Successes include positive returns on Interactive Investor (“ii”), Tide, Grover and Zopa – as well as the maiden disposal (Dext). With ii appearing to be on the cusp of graduating, we look at the next cohort: assuming strategic execution, and with some already linked to IPOs, we see several £1bn+ valuations. We think that these four alone (out of
Companies: Augmentum Fintech
The NAV of NextEnergy Solar Fund (NESF) was 103.1p as at 30 September 2021 (98.9p as at 31 March 2021). This has been driven by higher power price curves and higher market views of inflation. NESF has also diversified into the energy storage sector through a £100m joint venture partnership with Eelpower, with the first 50MW acquisition signed and being prepared for construction. Portfolio electricity generation +1.1% is above budget for the first half of the year. NESF has declared 3.58p of divi
Companies: Brewin Dolphin Holdings PLC