Other

Other Market Cap equity research

Explore the most viewed and latest equity research and media content we have for listed companies that don't quite fit our market cap filter.

Other Stocks

Broker research, valuations, & analysis on other stocks

06 Jul 20

Cenkos: Oil & Gas Sector - Trinity Exploration & Production, Diversified Gas & Oil, UK Oil & Gas Plc, Chesapeake Energy Corporation, Ithaca Energy, Royal Dutch Shell, BP, Reabold Resources, Premier Oil, Energean, Transglobe Energy, Jadestone Energy, Enteq

U.S. futures and European stocks dropped on Friday as investors mulled a reported conflict among policy makers over a stimulus package for the single-currency region, as well as political upheaval in France. The Stoxx 600 Index fell after Bloomberg News reported the European Central Bank is facing a potential rift over how much their emergency bond-purchase program should stay weighted toward weaker countries such as Italy. The euro fluctuated following French President Emmanuel Macron's decision to name a new prime minister after asking his government to resign. Rolls-Royce Holdings Plc slumped after the British jet-engine maker said its exploring options to raise funds to strengthen its balance sheet. The dollar was slightly down, posting its first weekly drop in a month, while American cash equity and bond markets were shut for Independence Day. President Donald Trump will attend an early July 4 celebration at Mount Rushmore with thousands of guests who won't be required to wear masks, while his U.K. counterpart Boris Johnson urged Britons to act responsibly as pubs prepare to re-open and the government lifts quarantine rules on travel for 60 countries. The friction at the ECB highlights the risk to markets should promised stimulus measures fall short. Investors continue to weigh policy support and upbeat economic data against relentless new outbreaks of the virus. U.S payrolls figures Thursday fuelled optimism of a V-shaped recovery in the world's biggest economy, even as Florida reported that infections and hospitalizations jumped the most yet, and Houston had a surge in intensive-care patients. Emerging-market stocks posted the biggest weekly gain in a month. Elsewhere, crude oil dipped but remained on track for a weekly gain.

Companies: TGL JSE IAE ADME BP/ DGOC ENOG NTQ NTOG PMO RBD ROSE RDSA UKOG TRIN

10 Jul 20

Auctus on Friday - 10/07/2020

PetroTal (PTAL LN/TAL CN)C; Target price £0.45: 1Q20 results/Bretaña expected to restart in July – 1Q20 financials are in line with expectations and 1Q20 production had been reported previously. At the end of 1Q20, current trade and other payables had been reduced to ~US$45 mm compared to ~US$55 mm at YE19. Most importantly. PetroTal continues to expect the Bretaña field to be re-opened this month. The contingent liability with Petroperu is estimated at US$25 mm at the current oil price and the company has entered into a financial swap for 0.46 mmbbl of oil with an ICE Brent reference price of US $40.58/bbl to cover the upcoming sale by Petroperu at the Bayovar port. This is a recovery story that we continue to like. It offers a combination of value, production and cash flow growth and reserves upside. We anticipate that the imminent reopening of the field with be an important catalyst to the share price. i3 Energy (I3E LN): Reveals takeover target in Canada | Maha Energy (MAHA-A SS): Production update | Aker BB (AKERBP NO): 2Q20 update in Norway | Energy (RRE LN): Recommended offer by Viaro Energy | Spirit Energy: Dry hole in Norway | Enwell Energy (ENW LN): Ukraine update | JKX Oil & Gas (JKX LN): 2Q20 update in Ukraine and Russia | Pharos Energy (PHAR LN): Operating update in Egypt and Vietnam | Sound Energy (SOU LN)C: Terms of Moroccan licence renegotiated | Tethys Oil (TETY SS): June production in Oman | Victoria Oil & Gas (VOG LN): Gas sales contract with ENEO in Cameroon terminated EVENTS TO WATCH NEXT WEEK ________________________________________ 14/07/2020: Aker BP (AKERBP NO) – 2Q20 results 15/07/2020: Premier Oil (PMO LN) – 1H20 update 13-17/07/2020: GeoPark (GPRK US) – 2Q20 update

Companies: I3E MAHAA JKX PHAR EQNR AKERBP ENI HUR PTAL REP RRE SOU TPL VOG OMV

03 Jul 20

Can a Diagnostics-less Roche be a reality?

With CHF13bn ($14bn) annual sales, Roche is a dominant force in the global diagnostics market. Interestingly, in recent years, most diagnostics majors have witnessed material re-ratings – also a function of increased M&A euphoria. Now, in the backdrop of COVID-19, Roche has also emerged as a prominent player on the testing front. With big pharmas moving away from (low-growth) non-pharma offerings, is it time for Roche to consider unlocking value from Diagnostics?

Companies: Roche Holding

07 Jul 20

Paion - ByFavo – poised for autumn US launch

In a breakthrough achievement for Paion, the FDA has approved ByFavo (remimazolam) for US sale for procedural sedation (PS) taking under 30 minutes – mainly 25m colonoscopy and bronchoscopy procedures. A €15m milestone is due from US partner Cosmo. Cosmo has sublicensed ByFavo to Acacia in the US; launch is indicated in autumn 2020. Paion has operational funds and loan facilities until 2022. Our valuation has been updated to reflect US approval and is now €283m vs €270m previously.

Companies: Paion

02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

19 May 20

DEEP DIVE INTO E&P INDEBTEDNESS

In this note, we analyze the indebtedness of 35 international E&Ps publicly listed in the UK, Canada, Norway, Sweden and the USA. For each company, we look at (1) cash position, (2) level and nature of debt (including covenants), (3) debt service and principal repayment framework and (4) Brent price required from April to YE20 to meet all the obligations and keep cash positions intact. We also estimate YE20 cash if Brent were to average US$20/bbl from April to YE20. While the oil demand and oil price collapse are of unprecedented historical proportions and the opportunities to cut costs much more limited than in 2014, most companies (with a few exceptions) entered the crisis in much better position than six years ago, with stronger balance sheets and often already extended debt maturities. In addition, this time around, many E&Ps have already been deleveraging for 1-2 years and are not caught in the middle of large developments that cannot be halted. The previous crisis also showed that debt providers could relax debt covenants for a certain period as long as interest and principal repayment obligations were met. This implies that as long as operations are not interrupted and counterparties keep paying their bills (Kurdistan), the storm can be weathered by most for a few quarters. With (1) Brent price of about US$50/bbl in 1Q20, (2) reduced capex programmes, (3) material hedging programmes covering a large proportion of FY20 production at higher prices and (4) limited principal repayments in 2020, we find that most companies can meet all their costs and obligations in 2020 at Brent prices below US$40/bbl and often below US$35/bbl) from April until YE20 and keep their cash intact, allowing them to remain solvent at much lower prices for some time. In particular, Maha Energy and SDX Energy are cash neutral at about US$20/bbl. When factoring the divestment of Uganda, Tullow needs only US$9/bbl to maintain its YE20 cash equal to YE19. Canacol Energy, Diversified Gas and Oil, Independent Oil & Gas, Orca Exploration, Serica Energy and Wentworth Resources are gas stories not really exposed to oil prices and Africa Oil has hedged 95% of its FY20 production at over US$65/bbl.

Companies: AKERBP AOI CNE CNE DGOC EGY ENOG ENQ GENL GKP GPRK GTE HUR IOG JSE KOS LUPE MAHAA OKEA ORC.B PEN PHAR PMO PTAL PXT RRE SDX SEPL TETY TGL TLW TXP WRL

19 Jun 20

Auctus on Friday - 19/06/2020

PetroTal (PTAL LN/TAL CN)C: FY19 results | Wentworth Resources (WRL LN)C: Trading update in Tanzania | Touchstone Exploration (TXP LN/CN): Very good well results in Trinidad | Trinity Exploration and Production (TRIN LN): Trading update in Trinidad | Genel Energy (GENL LN): Payment from KRG | Gulf Keystone Petroleum (GKP LN): Operating update in Kurdistan | Tethys Oil (TETY SS): Production update in Oman | Tlou Energy (TLOU LN): Raising A$3 mm of new equity

Companies: TPL GENL SLG TLOU TXP

08 Jul 20

Continues to do well in uncertain times

Q2 revenues better than expected, NOI in line Still limited COVID-19 effects Credit metrics remain at strong levels, confirmed Baa3 rating No debt maturities in 2020, SEK ~2.8bn in available liquidity

Companies: Kungsleden

08 Jul 20

Not yet!

Following our headline ’Settled!?’ on 25/06/2020, our new headline looks a bit revanchist as we had expected that Bayer ‘just’ wanted to manage expectations by pointing to the fact the mechanism has to be approved by the judge. The judge’s doubts on the planned mechanism for the glyphosate-related cases might sweep current management away. Or the company gets a different name.

Companies: Bayer

26 Jul 17

Advanced Materials – the building blocks of Tomorrow’s World

Whether we know it or not, advanced materials are a core component in the everyday life of the everyday person. They are the key material in items we often disregard, such as printer inks and lotions, to objects which defy the laws of gravity like the Airbus A380 and London’s Shard. Furthermore, these materials are not only essential to many objects and structures, but, due to their superior qualities, are the key to the advancement of many industries. One such example is the use of carbon fibre which offers five to ten times more rigidness, stiffness, and strength than its aluminium counterpart. As a result of these impressive qualities, motorsport and athletics have improved ten-fold since their mainstream use and new records are broken every year.

Companies: AGM AUTG BIOM BOY CAR CKT EMH EXO GRPH HAYD IKA ITX CRPR MGAM NANO OXIG SYN SCE SYM VCT ZEN HDD

07 Nov 19

Solid performance globally

Amadeus IT Group performed well in Distribution and IT Solutions in Q3 19. The group beat the GDS industry and gained market share in air bookings (+0.4pt to 43.5%). In IT Solutions, the core business (airline IT solutions) was solid with strong growth in the number of passengers boarded (+8.1%, o/w +6.1% organically). In addition, the diversification brought double-digit revenue growth excluding TravelClick.

Companies: Amadeus It Group

07 Feb 20

A stock price which relies on the year 2020/21

The Q3 sales released by the group are reassuring about the group’s back catalogue and the current revenues of its flagship FPS Rainbow Six Siege but no more. The current stock price (up by 75% since end- October) clearly relies on the smooth running of the fairly-awaited new AAA games in 2020/21 which could be a great year for Ubisoft. One must remain cautious as a new disappointment on the timing of these games’ release could weigh on the stock.

Companies: Ubisoft Entertainment

03 Mar 20

2019 in line with expectations, uncertain year 2020

Q4 19 was another weak quarter in Distribution with air bookings down 1.5% (+1.3% excluding India). Conversely, Q4 19 was a good quarter in IT Solutions as the core business continued to performed well with an increase in the number of passengers boarded by +8.9% (+6.1% organically). In FY2019, group EBITDA was in line with expectations and the EBITDA margin reached 40.1% of revenue (-0.7pt). Management did not quantify the impact of the Coronavirus on revenue and EBITDA.

Companies: Amadeus It Group

20 Apr 20

Q1 20: it could have been worse

Q1 20 is of course down due to the COVID-19 crisis Despite the lack of guidance, Q2 is set to be worse, notably in SMS However, we like the margin resilience and ongoing cost-cutting programmes The clean balance sheet is a clear asset in these troubled times We will fine-tune our numbers, with little impact on the valuation in our view

Companies: Sandvik

15 May 20

Evotec - Q1/2020 results review

Evotec reported a strong set of Q1/2020 results, with revenues increasing 15% YoY vs. Q1/19 to €119.4m supported by growth in the base business for both the EVT Execute and EVT Innovate segments. Base revenue growth more than offset a lower contribution from milestones, upfront payments, and licenses (€5.4m Q1/2020 vs. €10.1m Q1/2019) with Evotec maintaining a stable adjusted EBITDA of €30m (Q1/2019: €30m). Despite the ongoing global pandemic, all Evotec sites have been able to continue operations during the first quarter, maintaining a capacity at more than 90% of total throughout. Evotec has maintained its 2020 outlook, relayed in April 2020, confirming that the company continues to expect little impact moving forward at this time. We continue to believe that Evotec remains a structural growth story in the mid to long term and maintain the opinion that the company will weather Covid-19 with minimal disruption. We reiterate both our OUTPERFORM recommendation and €28 target price.

Companies: Evotec

21 Mar 18

Bitesize briefing – Vermillion Energy

09 Jul 20

EML Payments - executive interview

14 Apr 16

Executive Interview - Martin Aircraft Company

09 Jul 20

Strong momentum and positive sentiment in the gold price to continue - Davide Bosio

11 Feb 20

Bull, Bears & Brokers: Shaw and Partners Davide Bosio talks gold with Northern Star's earnings and De Grey's price leap

26 Jun 20

Syrah Resources could ramp up production 'fairly easily and soon' at its graphite mine in Mozambique

29 Jan 20

Executive interview - Cantargia

18 Jun 20

Basilea Pharmaceutica - executive interview

08 Oct 19

Executive interview - RhoVac

12 Jun 20

Endeavour Mining - 2020 Corporate overview

09 Nov 18

Executive interview - ERM Power

11 Jun 20

Syrah Resources is the largest integrated natural graphite producer globally

30 May 18

Executive interview - Banca Sistema

03 Jun 20

Leclanché– executive interview

04 Oct 17

Executive interview - Covata

Latest Content

Shortsighted or too cautious?

We still have not made up our minds and it will be quite challenging to come to a conclusion without additional information. Nevertheless, the preliminary figures guide to a stronger than expected Q2. Even profitability was far better but, without additional details, it is quite difficult to see where the performance stems from. Preliminary figures were marginally above our estimates, but beat consensus at the profitability level.

Covestro

10 Jul 20
-

AJ Lucas Group - Termination of coverage

Edison Investment Research is terminating coverage on ADMIE Holdings (ADMIE), AJ Lucas Group (AJL), Australis Capital (AUSA), Elbit Medical Technologies (EMTC), Focusrite (TUNE) and PPHE Hotel Group (PPH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

AJ Lucas Group

10 Jul 20
-

Auctus on Friday - 10/07/2020

I3E MAHAA JKX PHAR EQNR AKERBP ENI HUR PTAL REP RRE SOU TPL VOG OMV

10 Jul 20
-

Robust Q2 led by COVID-19 testing solutions

After a strong show in Q1, momentum accelerated in Q2 driven by the solid demand for COVID-19 testing solutions, particularly RNA extraction kits, third-party reagents and cartridges for QIAStat-Dx. However, momentum was partly offset by weaker customer demand trends in other product areas due to lower patient traffic in hospitals and the resulting decline in routine testing. Higher sales also led to a higher than expected increase in earnings. Unsurprisingly, rival bioMerieux also witnessed a similar sales trend during the quarter.

QIAGEN NV

10 Jul 20
-

Technicolor - Mapping a way through

Technicolor has negotiated a refinancing with its lenders, to be put to shareholders at an EGM on 20 July. This involves an initial injection of €420m of additional debt, in part to repay a bridge loan expiring at the end of July, to be followed by a €660m debt-to-equity swap. Shareholders will have the chance to participate in this element through a rights issue priced at €2.98. Management has outlined trading scenarios for a base case and a high case through to FY22e, both of which reflect the COVID-19 impact. We have adopted the base case guidance as our model. It has had a particularly harsh impact on the Production Services activities.

Technicolor

10 Jul 20
-

Steaming ahead into the summer months

Europris reported record-breaking Q2/20 sales of NOK 2,211m Adjusted Q2/20 EBITDA of NOK 517m was 15% above Factset consensus Estimated loss of NOK 6m booked for ownership in ÖoB in H1/20 Strong financial position of with cash and available credits of NOK 1,315m

EUROPRIS

10 Jul 20
-

Continues to perform

Rental income and NOI more or less in line DPS of NOK 2.40 for H1/20 (H1/19: NOK 2.30) Still limited COVID-19 impact and the balance sheet continues to be solid We believe the share will trade up slightly today

ENTRA

10 Jul 20
-

Figures largely in line

EBITDA adj for leases and one-offs of USD 86.0m vs ARCe of USD 81.8m Credit metrics boosted by Aker JV, but risk is the same No material news on uncontracted vessels Credit neutral report

OCEAN YIELD

09 Jul 20
-

Building a more robust balance sheet

Adj. EBITDA 6% ahead of ARCe, but 5% below Cons. Adj. EPS of USD 0.11 (ARCe: USD 0.11, Cons.: USD 0.09) DPS of USD 0.05 - in line with expectations (dividend yield of 8.4%) We expect the share to trade in line with the market following the report

OCEAN YIELD

09 Jul 20
-

Negative EPS, no dividends and EGM coming up

Negative EPS (NOK -0.34) and no dividends in Q2 as expected Busy Q2 - acquisition of Veidekke Eiendom and refinancing activities Negative property value changes of NOK 262m Calling an EGM to request authorisation to raise up to 20% in new equity

NORWEGIAN PROPERTY