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  • 02 Oct 18
Small Cap Feast

PetroTal (TAL.TO) - The exploration and production company focused on oil assets in Peru is seeking a secondary AIM quoting before the end of 2018. 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 early Oct Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due Mid October 2018. EBITDA Profitable. Offer TBA 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: PEN PCA IHC APH SRE WBI ALS ATM INFA ITX

  • 07 Apr 18
Most popular equity research this week | 2 - 6 Apr

See what's trending this week...

Companies: BNOCMHRE/SCESOGARBBSIXHTONVP/APHMURAGYEOGCLIGTPTINLGDRTRXSCLPCOSOPMAVODNLOXBKOOVTETYGENABZANSFREDXEVGVALGTLYPHPAVCTFUTRMCLBURWBISSY
  • 04 Apr 18
The Monthly

This month’s feature article is the first publication of the 2017 global pharmaceutical industry statistics from which the global and US rankings of the top 15 drug companies are derived. Comparisons are made with historical data to show how different company strategies have evolved. In addition, an analysis of the evolution of biopharmaceuical drugs has been made, together with a key sub-set, namely drugs derived from antibody technology, which now represent 12% of the entire market. Two more drugs joined the $100bn club in 2017.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF WBI YGEN PHP RE/ REDX SCLP SCE SIXH TRX TON VAL OXB

  • 02 Mar 18
The Monthly

In the March 2018 edition of the Hardman Monthly Newsletter, Nigel Hawkins addresses the attractions of quoted infrastructure funds that maintain a low profile.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL MCL MUR NSF WBI PPH YGEN PHP RE/ REDX SCLP SCE SIXH TRX TON VAL OXB

  • 05 Feb 18
US$7.5m Raised for Expansion

Earlier this month Obtala Limited (OBT LN)# announced a Q4 operational update, which confirmed FY 2017 timber volumes were largely in-line with our expectations and key capex items were progressing as scheduled. This morning, OBT has also announced the completion of a series of financing rounds that will provide cUS$7.5m in equity for the group’s expansion plans.

Companies: Woodbois
  • 02 Feb 18
Most popular equity research this week | 29 Jan - 2 Feb

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Companies: REASEECMHSCELWBARBBSIXHTONWHIAPHMURAGYCLIGINLGDRSDITRXSCLPCOSKWSOPMSUMOAVODNLOXBYGENABZANSFREDXEVGSPEVALGTLYYU/PHPAVCTMCLPPHBURWBI
  • 01 Feb 18
The Monthly

In the February 2018 edition of the Hardman Monthly Newsletter, Nigel Hawkins addresses the issue of the UK's infrastructure expenditure, much of which is energy-related.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG GTLY GDR INL MCL MUR NSF WBI PPH YGEN PHP RE/ REDX SCLP SCE SIXH TRX TON VAL OXB

  • 30 Jan 18
VSA Morning Agri Comment

Obtala Limited (OBT LN) | NWF Group (NWF LN) | MP Evans (MPE LN) |

Companies: WBI MPE NWF CARR

  • 30 Jan 18
Small Cap Breakfast

Hydrominer GmbH, An Austrian cryptocurrency miner, is considering an initial public offering (IPO) on the London Stock Exchange AIM during 2018 according to an article on Bloomberg. Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Offer raising £30m at 165p with market cap of £100m . Due 9 February.

Companies: SSTY BEM BXP FA/ CHRT YOU IXI WBI PXC AMYT

  • 29 Jan 18
Forecasts and DCF model update

Obtala Limited is an Africa focussed forestry and agriculture company with a goal of becoming one of Sub-Saharan Africa’s largest sustainable food and timber producers. Currently trading at 13.375p, a c.15 month low, Obtala shares look significantly undervalued. Our DCF derived target implies upside of 185%. In addition, the recent preference share issues by subsidiary Argento value Obtala’s effective 57% stake at c.£44 million (c.15p per share). This is 12% above the current market cap and effectively values the acquired Woodbois business and agriculture operations at less than zero. We retain our Conviction Buy stance and look forward to seeing further progress across the three divisions over the current financial year.

Companies: Woodbois
  • 09 Jan 18
The Monthly

The latest Office for National Statistics (ONS) survey, ‘Ownership of UK quoted shares: 2016’, shows that retail investors are more important than most company managements realise or most capital markets professionals admit. When it is also appreciated that the data shows that retail investors set the share price for most quoted companies, most days, it becomes clear that engaging with such an audience enhances a company’s standing, whilst ignoring them courts disaster.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG GDR INL MCL MUR NSF WBI ODX PPH YGEN RE/ REDX SCLP SCE SIXH TRX TON VAL OXB

  • 08 Jan 18
VSA Morning Agri Comment

African forestry and agriculture business Obtala Limited (OBT LN)# has announced a Q4 operational update. Forestry (production): 11,000m3 of logs harvested with 3,500m3 of export timber produced in Q4 2017, resulting in a total of 26,000m3 and 8,000m3 , respectively, for the full-year (in-line with our estimates); Mozambique sawmill on track to be operational for cutting season; Gabon veneer factory to commence production in Q1; Forestry (trading): US$1m director’s loan announced last week; larger external trade finance facility on track for first draw-down in Q1. Agriculture: Broadened product set; crops now successfully delivered to Dubai by sea and by air and to Dar es Salaam and Nairobi via road

Companies: Woodbois
  • 24 Oct 17
Separate Boards to Deliver Required Focus

In the last month Obtala Limited (OBT LN)# has released a number of updates to the market, including its H1 2017 results, a further US$2m preference share issuance, and a Q3 operations update. From these announcements we believe the most important points for investors to note are that OBT has now started to generate significant revenues from its forestry operations and it is restructuring its two key divisions into standalone businesses.

Companies: Woodbois
  • 17 Oct 17
Northland Capital Partners Limited Morning Report

OBTALA LIMITED (OBT.L) | GCM RESOURCES (GCM.L)

Companies: Woodbois GCM Resources

  • 12 Oct 17
Obtala - Interims and Q3 update

Obtala Limited is an Africa focussed forestry and agriculture company with a goal of becoming one of Sub-Saharan Africa’s largest sustainable food and timber producers. Interims show period of investment & Woodbois value made apparent Obtala posted an operating loss of $3.8 million for the six months to 30th June 2017 but a statutory profit of $22.7 million following a gain on the acquisition of Woodbois. An independent valuation of the forestry and timber trading firm added $53.3 million to Obtala’s biological asset value. This compares to a revised purchase price for Woodbois of $12.2 million. Q3 update shows further progress and additional funds raised The three months to September 2017 saw the end of the forestry close cutting season in Mozambique, the first significant harvests from the agriculture division and the first contribution from the Woodbois acquisition. An additional $2 million has also been raised to support growth via a further preference share in the forestry subsidiary Argento Limited. Corporate structure re-organised with new Boards appointed Obtala will now report to the markets via the three divisions of Timber Trading, Timber Production (together the Forestry division) and Agriculture Production. To support this, new boards have been appointed to the Argento (forestry) and Montara (agriculture) subsidiaries. DCF derived target price of 38.18p suggests 117% upside Obtala is now seeing a step change in revenue and profit growth across the three divisions of the business. Nevertheless, the shares trade at a substantial discount to net assets, with the market cap c.90% covered by Obtala’s stake in Argento alone. Our DCF analysis suggests a target price of 38.18p, therefore we retain our stance of Conviction Buy.

Companies: Woodbois

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Woodbois. We currently have 47 research reports from 7 professional analysts.

Open
6.30p
Range Today
6.00/6.30p
52 Week
4.95/7.65p
Daily Volume
55.0k
# Shares
465.4m
Daily Liquidity
(0.01%)
Pension Liability
£0m
Enterprise Value
£32.3m
Market Cap
£28.6m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
29Nov19 07:00 RNS Timber Offtake Agreement MOU
21Oct19 15:31 RNS Holding(s) in Company
21Oct19 07:00 RNS Preference Share Restructure into 4% Convertible
10Oct19 07:00 RNS Quarterly Update
26Sep19 10:56 RNS Holding(s) in Company - Amendment
26Sep19 10:55 RNS Holding(s) in Company
26Sep19 08:16 RNS Holding(s) in Company
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  • 02 Dec 19
Hurricane Energy - Warwick West discovery

This morning Hurricane Energy announced the flow test results from its Warwick West well, which is the third and last well from the 2019 drilling campaign in the Greater Warwick Area (GWA). The well confirmed the discovery of 43° API light oil and tested at a stable flow rate of 1,300bod on natural flow with less than 0.5% of water being produced. Hurricane and Spirit Energy are evaluating the results of the 2019 drilling campaign and further technical analysis will determine both the potential for GWA to be a single accumulation and its volumetrics. Our risked valuation of Hurricane stands at 102.8p/share, with GWA tieback valued at 3.5p/share and GWA full field development at 21.6p/share. Hurricane shares are trading at 37.5p after dropping c 20% this morning. This implies the market is not attributing any value to the GWA full field, even though an oil discovery was observed.

Companies: Hurricane Energy
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 02 Sep 19
LIBERUM: Sylvania Platinum* - Results beat, Grasvally disposal but light on dividend

Sylvania has reported FY19 results (June Y/E) of $6.37/sh versus expectations of $5.95/sh due to a lighter tax expense than assumed. They have entered into a binding agreement to sell Grasvally for R115m ($7.6m at current FX), which should be settled in the next eight months.

Companies: Sylvania Platinum
  • 06 Dec 19
Cenkos: Salt Lake Potash Ltd -- Placing

Salt Lake has raised A$23.5m at A$0.70 from several new Australian institutional investors and existing institutional shareholders. Taurus has also extended the Stage 1 Facility by US$15m (A$22m) to US$45m ahead of the main Project Development Facility as Salt Lake complete documentation and satisfaction of conditions precedent for the main Project Development Facility. Whether the work is progressing quicker than expected or documentation is taking longer is unknown but Salt Lake are pushing forward to meet its Q4/20 target. The next key stage will be the main Project Development Facility being finalised.

Companies: Salt Lake Potash
  • 26 Nov 19
Oil prices help, but the best returns come from asset growth

This note takes a look at UK oil and gas sector equities from the supermajors down to the small cap E&Ps, the extent to which they outperform a simple bet on oil prices, and whether there are common characteristics that can allow investors to pick winners in the space. We conclude that outperformance is possible and has been achieved by numerous names in the last ten years, with the core hallmarks being asset base augmentation, either by progressing assets and/or via acquisition, and possessing the agency to achieve this. We also include profiles of the oil and gas stocks in our coverage.

Companies: BLVN GENL GEEC GKP HTG HUR IOG JOG LAM PANR PMO RKH SEN

  • 06 Dec 19
Diversified Gas & Oil - Roadmap to Main Market

Diversified Gas and Oil (DGO) has announced the successful completion of its securitised financing arrangement with a 5% coupon and 10-year maturity. The company issued $200m in notes secured by c 22% working interest of certain upstream assets’ cash flows. DGO also announced its Q319 results delivering a 10% q-o-q increase in production to c 91kboed and hedge adjusted EBITDA of $64m. Since our previous note, the company has completed three acquisitions encompassing assets located near DGO operations and announced it is pursuing a move to the Premium segment of the Main Market of the London Stock Exchange. We update our valuation to 157.2p/share affected by a decrease in short-term gas price assumptions and lower production in H119 compared to our last note.

Companies: Diversified Gas & Oil
  • 09 Dec 19
Unreliable assets revoke strategic plan

The crisis management plan is on and exploration hopes are now secondary. The group is revising its production guidance sharply for the next three years and will reassess its capital allocation (including divestments). The departures of both the CEO and the Exploration director hint that the recovery might be a long one for the group.

Companies: Tullow Oil
  • 01 Nov 19
Small Cap Feast

DNEG Limited One of the world's leading digital visual effects, animation and stereo conversion companies for feature film and television.The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019. Zaim Credit Systems— Zaim currently provides loans of up to Russian Roubles 30,000 (£375) to retail customers through its network of just over 95 sites predominantly in Moscow. Looking to raise £2.6m. Mkt cap £10.9m. Due 4th Nov. 2018 net interest £10.1m, PBT £835k.

Companies: THR CPT CCS INTO PPH PRM BST SAE LEK KDNC

  • 02 Dec 19
Premier Oil

BIG-P development onstream

Companies: Premier Oil
  • 18 Apr 19
LIBERUM: Sylvania Platinum* - More value and more options

We recently attended a company site visit which highlighted that we have considerably undervalued the tail of Sylvania’s operations. Also, now that its host Samancor has grander ambitions, Sylvania too has possible growth opportunities.

Companies: Sylvania Platinum
  • 12 Sep 19
Hurricane Energy - Lincoln Crestal positive flow test

This morning Hurricane Energy announced the flow test results from its Lincoln Crestal well, the second well of a three-well drilling campaign in the Greater Warwick Area (GWA). The well tested at a maximum stable flow rate of 9,800bopd using electrical submersible pumps (ESPs). The well flowed at an average rate of 4,682bopd under natural conditions and no formation water was produced. The well will now be suspended, with the intention that it will be used for production via tie-back to Lancaster’s Aoka Mizu FPSO in 2020, subject to further work, regulatory consent and final investment decision by the joint venture. Production from the tie-back would generate reservoir data to be used in planning future phases of development of GWA. The drilling rig will now move to the location for the third and last well of the 2019 drilling programme, Warwick West. Our latest risked valuation of Hurricane Energy stands at 102.8p/share, with GWA tie-back being valued at 3.5p/share and GWA FFD at 21.6p/share. Hurricane Energy is currently trading at 49.0p/share.

Companies: Hurricane Energy
  • 13 Nov 19
Q3: back to square one?

Double whammy for Tullow Oil, which has revised its production forecasted for FY19 for the third time and reports that its latest discoveries in Guyana are heavy crudes with a high sulphur content. While it is too soon to declare both discoveries are not commercially viable, this is a big disappointment, which triggered a sell-off in the stock.

Companies: Tullow Oil
  • 04 Dec 19
Coro Energy - Italian asset disposal and Bulu acquisition update

Coro Energy has provided an update on both the disposal of its non-core Italian assets and its Bulu PSC acquisition offshore East Java. Coro has entered into a conditional sale and purchase agreement with Zenith Energy for the disposal of its entire Italian portfolio for a consideration of £3.9m paid in new Zenith Energy shares. An initial consideration of £0.4m will be paid on completion of the deal and the rest is subject to certain production targets. Coro also announced the parties in the Bulu PSC continue to progress the transfer of the 42.5% participating interest in the PSC to Coro. With the acquisition not completed by the 2 December 2019 long-stop date due to a delay in receipt of approvals, the parties are now negotiating a further six-month extension.

Companies: Coro Energy
  • 09 Dec 19
Rockhopper Exploration

Abu Sennan sale update

Companies: Rockhopper Exploration
  • 10 Oct 19
The investment case of Rio Tinto

Even though iron ore prices have weakened materially since July 2019, Rio Tinto remains well-positioned to generate healthy cash flows and maintain its shareholder reward attractiveness.

Companies: Rio Tinto