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Companies: Mpac Group PLC
Shore Capital
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.
Companies: PEN EQNR ENI TCFF SEI OKEA GPRK ADX REP AKRBP RHC RHC SOU ITH REP SQZ TRIN SOU I3E ZPHR NOG LNGE TTE PEN ENI EQNR VAR OKEA
Auctus Advisors
Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well
Companies: Norcros plc
Edison
Companies: GAL BEM AAU SHG GGP AAL SLI 1SN EEE TECK
SP Angel
ITM has announced a new preferred supplier agreement with Hygen, potentially driving new orders for 200MW of electrolysers for the company going forward.
Companies: ITM Power PLC
Zeus Capital
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
Somero reported FY23 results in-line with expectations, showing challenges in the North American market, offset by gains from the relaunched S-22EZ availability in H2 and strong growth momentum continuing in Australia. Management cautiously guides to a flat revenue year, which may offer some upside. We make no changes to forecasts, which are pitched conservatively and may offer some upside scope with the launch of new products. We retain our 585p target price which offers significant upside to c
Companies: Somero Enterprises, Inc.
Cavendish
Thruvision’s year-end trading update confirms revenues broadly in line with our expectations at c.£7.8m, and an EBITDA loss of c.£2.5m. There is good momentum from both new and existing clients, with Thruvision reaping the benefits of a broad customer base, spanning a number of international markets. Adjusting for the impact of US Customs and Border Protection (CBP) orders, revenue growth was 85% to £7.6m (FY23: £4.1m). Demand has been strong from the Entrance Security market given the worsening
Companies: Thruvision Group PLC
Progressive Equity Research
The recent positive trading statement has provided a short-term catalyst for the shares. In view of management’s target to double sales by 2018 and the strong operational drop-through expected, we still consider the shares to be significantly undervalued. A strong product range, a robust strategy to expand overseas sales and an experienced management team all provide confidence in Somero’s ability to deliver on its strategy. We initiate coverage with a target price of 185p, based on a 2016 P/E t
Companies: MPE TRI VNET BVXP HVO
Companies: Costain Group PLC
Liberum
Despite multiple upgrades, Yu Group has again exceeded our forecasts. FY23A has delivered +65% YoY organic growth and guidance for this year is +50%. Trading arrangements have been optimised in the new year with an agreement with Shell. This releases much working capital back into the business. The dividend has been hiked and management is flagging further potential returns to shareholders. The £100m+ net cash balance is driving the EV/EBITDA valuation down to unsustainable levels. Buy.
Companies: Yu Group PLC
Van Elle has announced interim results to 31 October 2023 highlighting a resilient performance despite subdued UK construction activity. Whilst the outlook for the rest of the year remains challenging overall, particularly due to low housebuilding and rail sector activity before the start of CP7, Management is confident in meeting full year expectations. The H1 2024 results provide c. 50% cover to our unchanged FY24 revenue and EBIT estimates. With green shoots emerging, we expect activity to be
Companies: Van Elle Holdings Plc
Companies: eEnergy Group PLC
Canaccord Genuity
Companies: 88E RNO TRIN KRM EXR BOOM
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