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22 Sep 20

2G Energy - Hydrogen ready

2G Energy’s product portfolio of CHP systems positions it to benefit from the transition from coal and nuclear-powered electricity generation to increasing use of wind and solar sources augmented by natural gas to balance supply and demand. In the longer term, 2G has proven technology to address the potential switch from natural gas to hydrogen. However, there still will be significant demand for 2G’s bio-gas and natural gas powered systems if adoption of hydrogen as an energy storage medium is delayed or derailed.

Companies: 2G Energy AG

01 Jul 20

Cenkos: Davenport Resources Ltd -- European MOP

Davenport owns three perpetual mining licenses and two exploration licences covering 659km2 in the South Harz potash basin in central Germany. Davenport's experienced European-based management is now focussed on developing Europe's largest potash inventory of 5.3 billion tonnes at 10.8% K2O.

Companies: Davenport Resources Ltd.

22 Sep 20

GeoPark Limited (NYSE: GPRK): All eyes on CPO-5

• As the industry adjusts to a ~US$40/bbl world, companies with Strong balance sheets such as GeoPark are returning to exploration and development drilling. • As production at Llanos 34 (GPRK WI 45%) continues to recover after temporary shut-ins in 2Q20 and following the resumption of drilling activities, the asset continues to be a source of reliable, stable free cash flow to fund future exploration and appraisal activities elsewhere. With this in mind, we see the adjacent CPO-5 block becoming a key area of focus in the next 18 months and the main reason behind the acquisition of AMERISUR in January 2020. • By YE20, GeoPark will drill two wells in the highly prospective CPO-5 block. This will include an imminent development/appraisal well in the Indico light oil field followed by an exploration well. The only existing well in the Indico field is still flowing naturally at >5 mbbl/d since first oil in December 2018. The implied very strong reservoir performance and the fact that the oil pool boundaries have not been encountered yet suggest the field offers production and reserves upside that could start to be unlocked with upcoming drilling. • The CPO-5 exploration well in 2020 will target the Aguila prospect (same play concept in the existing Indico and Mariposa fields). • In 2021, GeoPark could drill an additional 5-7 wells at CPO-5 comprising a combination of exploration, delineation and development wells. According to the latest CPR, 3-4 new Indico wells could add 7.5-12.5 mbbl/d gross production (2.5-4.2 mbbl/d net to GeoPark) in 1-2 years. The exploration program for 2021 will likely test the continuity of the Guadalupe play encountered on Llanos-34 into CPO-5. Other exploration well candidates for 2021 GeoPark holds a large exploration portfolio with meaningful exploration acreage surrounding its core Llanos-34 Block. On Llanos-34, there are a handful of exploration prospects plus some appraisal drilling opportunities on other relatively minor fields, some of which could be drilled in 2021. Exploration targets on the recently acquired Llanos-87, 123 and 124 blocks could be drilled within the next 18 months. Other likely catalysts in 2021 include 1-2 exploration wells in Ecuador, in blocks located close to the best fields of the prolific Oriente basin. This could open-up a new area of focus. Value and big exploration The share price trades at ~55% discount to our Core NAV of ~US$17. Overall there could be 350-700 mmboe gross prospective resources across the Llanos blocks (including CPO-5) that GeoPark is imminently starting to explore. Our target price of US$20 per share reflects our ReNAV. It represents ~150% upside to the current levels.

Companies: GeoPark Ltd.

22 Sep 20

Innovating in open banking

CREALOGIX is a leading, global, digital banking engagement platform provider. In FY20, revenues grew 1.7% to CHF103.7m, with adjusted EBITDA rising to CHF2.4m, slightly below our expectations. Revenues grew 13.2% in H220 vs H120, with minimal impact from the COVID-19 pandemic. Recurring revenues continued to rise to 44%, with SaaS 17% of the mix, while international sales fell to 62%. Management announced a reorganisation (with a CHF7m provision) to accelerate the SaaS transition, funded by the CHF25m convertible H120 bond refinancing. The SaaS transition will be a drag in FY21 (although we expect stronger margins in H221), before a full year of benefit in FY22. We have lowered our forecasts slightly to reflect a more uncertain global economic outlook.

Companies: CREALOGIX Holding AG

23 Sep 20

Cenkos: Davenport Resources Ltd -- Kieserite Resource

Davenport announced a maiden JORC-compliant Inferred Kieserite resource for the northern part of its Nohra-Elende project totalling 768 million tonnes grading an average of 8.1% Magnesium Sulphate but increasing to 20% in places. The resource area contains approximately 72 million tonnes of Kieserite (MgSO4.H2O), a fertiliser nutrient. Nohra-Elende offers a diversified basket of pure and value-added fertiliser products well-suited to the European market and favourably located.

Companies: Davenport Resources Ltd.

25 Sep 20

Auctus on Friday - 25/09/2020

GeoPark (GPRK US)C; Target price US$20.00 per share: All eyes on CPO-5 - We see the CPO-5 block becoming a key area of focus in the next 18 months and the main reason behind the acquisition of AMERISUR in January 2020. By YE20, GeoPark will drill two wells on the highly prospective CPO-5 block. This will include an imminent development/appraisal well in the Indico light oil field followed by an exploration well. The only existing well in the Indico field is still flowing naturally at >5 mbbl/d since first oil in December 2018. The implied very strong reservoir performance and the fact that the oil pool boundaries have not been encountered yet suggest the field offers production and reserves upside that could start to be unlocked with upcoming drilling. In 2021, GeoPark could drill an additional 5-7 wells at CPO-5 comprising a combination of exploration, delineation and development wells. According to the latest CPR, 3-4 new Indico wells could add 7.5-12.5 mbbl/d gross production (2.5-4.2 mbbl/d net to GeoPark) in 1-2 years. The exploration program for 2021 will likely test the continuity of the Guadalupe play encountered on Llanos-34 into CPO-5. The share price trades at ~55% discount to our Core NAV of ~US$17. Overall there could be 350-700 mmboe gross prospective resources across the Llanos blocks (including CPO-5) that GeoPark is imminently starting to explore. Our target price of US$20 per share reflects our ReNAV. It represents ~150% upside to the current levels. IN OTHER NEWS ________________________________________ AMERICAS Gran Tierra Energy (GTE CN/LN): Production update in Colombia – During 3Q20 to date, production has averaged ~18.700 boe/d increasing to an average of 21,250 boe/d during September, reflecting the resumption of production at the Suroriente and PUT-7 Blocks in the southern Putumayo region, as well as at several minor fields, and by the recommencement of workover activities at the Acordionero oil field. As of August 31, 2020, Gran Tierra has collected total VAT and income tax receivables of ~US$51 mm; the company expects to collect approximately another US$25 to $35 mm before YE20. FY21 WI production is expected to be >30,000 boe/d. Pantheon Resources (PANR LN): Resources update in Alaska – The SMD horizon at the Talitha prospect is estimated to hold 302 mmbbl prospective resources. 91 wells would be required to develop the field that would reach 90 mbbl/d peak production. Pantheo holds 89.2% of the project. EUROPE IGas Energy (IGAS LN): 1H20 results – 1H20 net production in the UK was d ~1,940 boe/d. Cash balances as at 30 June 2020 were £2.6 mm with net debt of £11.2 mm. IGas reiterated its FY20 production guidance 1,850 - 2,050 boe/d, with underlying cash operating expenses anticipated to be $34/boe. Royal Dutch Shell (RDSA/B LN): Selling assets in Norway – Shell is selling its interests in the Kvitebjørn and Valemon fields in the North Sea to PGNiG. UK Oil & Gas (UKOG LN): Updated volumetric at UK asset – The Loxley Accumulation is now expected to hold 23-70 bcf recoverable resources. ~78% of the overall Loxley gas accumulation's gas resource are interpreted to lie within the Company's PEDL234 acreage. MIDDLE EAST AND NORTH AFRICA Genel Energy (GENL LN): Receives payment from the KRG – Genel has received a total net payment of US$10.8 mm for sales at Tawke and Taq Taq in August. Maha Energy (MAHA-A SS): Oman entry – Maha has been awarded 100% WI in the onshore Block 70 that includes the shallow undeveloped Mafraq heavy oil field. The Block is located in the middle of the oil producing Ghaba Salt Basin in the central part of Oman. The Mafraq oil field was discovered by Petroleum Development Oman in 1988 and was further delineated by four wells and 3D seismic in stages until 2010. The Mafraq field is estimated to contain between 185 – 280 mmbbl of original oil in place. The productive reservoir is located at approximately 430 m below ground level. SUB-SAHARAN AFRICA Africa Energy (AEC SS/AFE CN): Private placement – Africa Energy has raised US$28 mm of new equity priced at SEK3.00 per share. San Leon Energy (SLE LN): 1H20 results – Gross oil sales at OML-18 were 25.2 mbbl/d during 1H20 with gas sales of 39.1 mmcf/d. Production downtime and “losses” were respectively 15% and 20% over the period. San Leon held US$22.6 mm in cash as at 18 September (US$6.8 mm is held in escrow for the Oza transaction).

Companies: GENL GPRK MAHAA RDSA UKOG

26 Sep 20

Upgrade to FY 2020 after robust H1 navigation (SFPI Group)

Upgrade to FY 2020 after robust H1 navigation EPS CHANGE CHANGE IN EPS2020 : € 0.08 vs 0.00 +2,379% 2021 : € 0.17 vs 0.16 +1.83% The H1 20 delivery was a good surprise with a contained loss at €4.4m on sales down 21%, also a positive surprise for an industrial group mostly located in France where the lockdown has been a pretty harsh one. We allowed for a modest degree of recovery in H2 with FY sales down 13%. While operating margins are being slashed (higher costs, missing volumes here, saturated tools there) turning a profit may not be out of reach. This explains the 2020 earnings rebound from zero to some €7.5m adjusted from goodwill impairments. CHANGE IN DCF€ 2.96 vs 2.65 +11.6% The DCF mechanically benefits from a reset of the 2020 expectations to positive earnings territories. The 2021 and 2022 have been only marginally raised as they already allowed for a recovery.

Companies: Groupe SFPI SA

10 May 16

Reports 1Q16 Results and Increasing Production Forecast

GeoPark previously reported 1Q16 production results of 22,518 boe/d with the Company’s operational update on April 19, 2016. Normalized cash flow results for 1Q16 of US$3 mm were in line with expectations. With an improving Brent oil price in 2Q16e, versus 1Q16, GeoPark’s 2016 capital program will revert back to the base level that ranges between US$45 mm and US$55 mm. The Company could potentially drill up to six wells on the LLA-34 Block (45% WI, operator) in Colombia, commencing in 2Q16e. As a result, our 2016e production forecast has increased 2% to 22,850 boe/d and our 2017e production forecast has increased 7% to 23,800 boe/d. We maintain our Outperform ranking and target price of US$5.00 per share.

Companies: GeoPark Ltd.

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 JET2 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

25 Mar 20

Now double risks on Orpea’s reliable business model

Orpea once again announced in line and supportive FY results. We remain confident in its solid fundamentals. However, we worry about the extent the current Coronavirus pandemic could affect the group’s business model, knowing that Orpea now needs to face double the risks on healthcare and property.

Companies: Orpea SA

28 Apr 20

Low impact of COVID-19 in Q1 20

The impact of the COVID-19 pandemic was limited in Q1 20. Organic revenue growth was +3.3% thanks to the good performance of the public sector in Scandinavia, solid growth of the two joint-ventures in the UK and the activities related to the information system for the Sparda banks in Germany. Q2 20 is expected to be more difficult with a decrease in organic revenue of 7-15% depending on customers’ reactions to the economic situation.

Companies: Sopra Steria Group SA

05 Jun 20

Becoming a “YouTube” for education

We expect Kahoot’s upcoming trading update to be a positive event, and see limited risk for its Q2 guidance. The company is well positioned to enter the next growth phase, in our view, from getting paid per “hosts” to also monetize the users – and we see multiple other potential catalysts. Over time, Kahoot could become a “YouTube for education”, a place to visit for education/learning. We reiterate our Buy rating and target price at NOK 125.

Companies: Kahoot! AS

12 Jun 20

Auctus on Friday - 12/06/2020

GeoPark (GPRK US)C: Current oil price justifies a return to drilling | PetroTal (PTAL LN/TAL CN)C: £14.1 mm equity placing and agreement with Petroperu on contingent liability | Bahamas Petroleum (BPC LN) merging with Columbus Energy (CERP LN) | Echo Energy (ECHO LN): Production and resources update in Argentina | Hurricane Exploration (HUR LN): Operating update in the UK North Sea | Union Jack Oil (UJO LN): Acquisition of additional interests in UK asset | Temporary tax break in Norway approved

Companies: GeoPark Ltd. STERLING RESOURCES

03 Jul 20

Departing

Kahoot again beat expectations, with Q2 revenues growing by 49% vs. Q1 (Q1: 21% q-q). Several new products are launching in 2H, supporting growth in paid subscriptions and ARPU. Kahoot now monetizes 1.4% of its “hosts” (Q2: 20m, Q1: 17m). With several potential catalysts ahead, including our assumption of increased 2020 guidance, moving to the main listing in Q1/21, its new “Kahoot Academy” and potential partnerships, we maintain our Buy rating.

Companies: Kahoot! AS

17 Jul 20

A decent performance in H1 20

Q2 was worse than Q1 as expected, but no drama here The outlook calls for some improvement We still like the business model even if the stock looks expensive

Companies: Atlas Copco AB

21 Mar 18

Bitesize briefing – Vermillion Energy

21 Sep 20

Nomad Royalty has ambitions of becoming next 'large tier mining royalty company'

14 Apr 16

Executive Interview - Martin Aircraft Company

21 Sep 20

Fireside Chat with Sebastian de Montessus, CEO Denver Gold Forum 2020

13 Jul 15

Executive Interview - Cooks Global Foods

16 Sep 20

Lake Resources using disruptive technology to sustainably extract lithium

10 Jan 20

Expected higher margins for Kenmare Resources

15 Sep 20

Mali Lithium says its set to turn 'Morila the Gorilla' gold mine in Mali into a major gold producer

03 Dec 15

Fund aims to provide outperformance with lower fees

14 Sep 20

Kleos Space on a mission to operate multiple data absorbing satellites

30 May 18

Executive interview - Banca Sistema

14 Sep 20

Castillo Copper says results 'reveal potential for high grade copper deposits'

29 Jan 20

Executive interview - Cantargia

11 Sep 20

Adriatic Metals at the Proactive virtual One2One Conference

10 Dec 18

Executive interview – 2G Energy

Latest Content

Leading in Alzheimer's with major deals in pipeline

With its Phase IIb VIVIAD trial fully funded and recruing, Vivoryon ("VVY") leads in next generaon Alzheimer's Disease ("AD") therapy. Targeng both neurotoxic and inflammatory components of AD via glutaminyl cyclase ("QPCT"), varoglutamstat ("PQ912") has already shown efficacy in early disease. A posive outcome in the current Phase IIb trial should provide the basis for substanal licensing deal and even condional approval in 2023E  2024E, Nearer term, with QPCT acvity strongly implicated in progression of cancer and inflammaon, the growing body of clinical experience in AD may provide the basis for transformaonal licensing  co-development deals on PQ912 and  or its family. Our sum of the parts ("SoTP") valuaon indicates a fair value 4 - 5 mes the current market cap on the basis of AD alone. We recommend the stock OUTPERFORM with an increased TP of €25  share.

Vivoryon Therapeutics AG

28 Sep 20
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H1 behind with limited scars; H2 partial reversion to normal

Tight, reactive management and a strong balance sheet policy saved the day in locked-down times. Management is cautious but the small industrial conglomerate holds the cards for a return to dividend payments in 2021.

Groupe SFPI SA

28 Sep 20
-

Upgrade to FY 2020 after robust H1 navigation (SFPI Group)

Groupe SFPI SA

26 Sep 20
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FinLab - Positive catalysts at portfolio holdings

FinLab posted a strong NAV total return in H120 (+9.5%), driven by the solid share price performance of its only listed holding, Heliad Equity Partners (HEP). Moreover, HEP’s partial exit from online broker flatex announced in July 2020 increases the likelihood of a higher management fee and potentially a performance fee in 2021 to be charged by Heliad Management, which is fully owned by FinLab. Meanwhile, FinLab’s portfolio holding Authada attracted a new investor, Italian-listed TMT company Tinexta.

FinLab AG

25 Sep 20
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Exasol - Winning new business despite COVID-19

Exasol made solid progress in H120, growing annual recurring revenue (ARR) by 18% half-on-half and 30% year-on-year. Overall revenue declined 8% year-on-year as the number of perpetual licences signed fell, in line with the company’s strategy to focus on subscription licensing. Cash proceeds from the recent IPO contributed to the €40m net cash position at the end of H120, providing more than adequate funding to support the growth of the company until it reaches cash flow profitability.

Exasol AG

25 Sep 20
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FY19/20: not too bad

The group’s results were very decent in the pandemic context The Plant-making business has shown its resilience Steel-making is suffering more, in line with its higher cyclicality The outlook is rather vague, but we keep a positive stance over the long run We will adjust our numbers, slightly down over FY20/21

Danieli & C. Officine Meccaniche SpA

25 Sep 20
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More than ever in the middle of a speculative battle

Lagardère’s share price is up more than 30% this morning after Group Arnault announced it had taken a 5% direct stake in the group. The speculative battle is at its height with a number of players around.

Lagardère SCA

25 Sep 20
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SP Angel . Morning View

Arkle Resources* (ARK LN) – Inishowen soil sampling results | Keras Resources* (KRS LN) – Meeting with Prime Minister of Togo to advance Nayéga Manganese Project | Peak Resources (PEK AU) – Rocky Smith, Peak’s CEO leaving Peak Resources | Predictive Discovery (PDI AU) – Results of further drilling at Bankan

ARK KRS PEK PDI

25 Sep 20
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Does Hella’s FY21 ambition have any basis?

Hella posted Q1 21 revenue down 10.6% yoy, driven by its OEM front (-12.6% yoy). Coupled with negative growth, a lower utilisation rate and restructuring costs (€171.7m) led to net income of €-87.3m (vs. €77.1m in Q1 20). Consequently, FCF fell to €-244.3m (vs. vs. €66.8m in Q1 19), exacerbated by a 2% yoy capex increase and unfavourable working capital. Lastly, the company confirmed its outlook with revenue of €5.6-6.1bn and an EBIT margin of 4-6%.

HELLA GmbH & Co. KGaA