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Companies: AAL GLEN BHP TGA
Liberum
Companies: ANTO RIO FXPO AAL GLEN BHP
Companies: LGO ALBA KP2 GEM IMC GLEN LZM
SP Angel
Companies: ASM RIO GLEN CEY CUSN
Companies: FAU IXR MMA ZNWD POW GLEN LUC PRU
Amaroq Minerals (AMRQ LN) – £30m equity raise to accelerate development at Nalunaq and expand exploration Bluejay Mining* (JAY LN) – Bluejay appoint new senior geologist as management cut £1.3mpa of payroll costs Glencore (GLEN LN) – Koniambo nickel to go on care and maintenance Tertiary Minerals* (TYM LN) – Additional funding for exploration in Zambia & Nevada
Companies: TYM JAY GLEN AMRQ
Arkle Resources* (ARK LN) – Drilling results from Inishowen, Donegal Bushveld Minerals* (BMN LN) – Orion convertible loan refinancing completed Ferr-Alloy Resources (FAR LN) – Revised Balasausqandiq Vanadium Project FS timing Galileo Resources (GLR LN) – Additional targets identified in the Kalahari Copperbelt, Botswana Gem Diamonds (GEMD LN) – Production volumes hold up at Letšeng while average prices come under pressure Glencore (GLEN LN) – Stronger H2 production volumes across most commo
Companies: GLR POW BMN FAR ARK GLEN SVML GEMD
Companies: Glencore plc (GLEN:LON)Thungela Resources Limited (TGA:LON)
Companies: ALL CXB ATYM HZM GGP KOD GWMO GLEN CMCL
Finally, Glencore has managed to acquire Teck Resources’ met coal assets. This means that half of its initial Teck ambition has been accomplished. While there are some questions with respect to the way forward and its associated timelines, the markets seem to be on board with the firm’s plans. Overall, our positive stock recommendation is reiterated, underpinned by the intact long-term re-rating prospects for a potentially strong non-fossil/metals asset portfolio.
Companies: Glencore plc
AlphaValue
According to the WSJ, Glencore is close to acquiring Teck Resources’ met coal assets. While there has been no official confirmation as yet, this could be a good move if it also culminates in the acquisition of Teck’s non-fossil assets. This is possibly a reflection of Teck’s limited options at present and Glencore finally gaining the upper hand. Overall, Glencore’s attractiveness as our preferred diversified miner is reiterated.
Companies: TIE ARS OMI AYM BMN GLEN CUSN GMET ARCM
Companies: RIO SHG AAL TRR GLEN BHP TGA
Research Tree provides access to ongoing research coverage, media content and regulatory news on Glencore plc. We currently have 0 research reports from 9 professional analysts.
The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme
Companies: Renold plc
Cavendish
Companies: BILN ELCO NXQ CUSN ATG
FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively
Companies: Billington Holdings Plc
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
Companies: Capital Limited
Tamesis Partners
Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car
Companies: Plant Health Care PLC
Companies: 88E RNO TRIN KRM EXR BOOM
discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli
Companies: discoverIE Group PLC
Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear
Companies: Severfield Plc
Edison
Companies: Iofina plc
Canaccord Genuity
Companies: PLL TLG HZM SAV KAV KP2 SVML
Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.
Progressive Equity Research
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Companies: ATOME PLC
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