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Trackwise Designs

Solid First Outing

Trackwise Designs has released interim FY18 results, its first results as a listed company. The press release is short as might be expected given the Company listed on 31 July 2018 and we see promising business development commentary and robust financials which provide optimism for the near and longer-term. We reiterate our buy rating and 151p target price, providing 30% upside.

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  • 20 Sep 18
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Jersey Oil And Gas

H1 2018 results

JOG has released its H1 results, reporting a cash holding (zero debt) of £22.1m for the end of June, from £25.4m at the end of December 2017. This continues to leave the company well funded for Verbier appraisal drilling and potential subsequent activity. Timing of Verbier spud is reiterated as mid/late 2018, in line with our expectation of December 2018. We expect the well to be the focus for the stock in the coming months. There is also news that fast track data covering Verbier and the Cortina prospect from the new 3D seismic is now expected in Q4 this year, followed by full survey data in Q2 2019, helping maintain momentum on P2170. We maintain our P&L forecasts, adjust our cash holding for CAPEX timing, and our valuation (below). Verbier drilling is becoming increasingly proximal, and we maintain our Buy recommendation and 330p target.

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  • 20 Sep 18
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Rainbow Rare Earths

2018 FY Results

Rainbow Rare Earths has released its 2018 financial year results. Despite the challenges facing a start-up mining operation in Burundi, RBW has successfully started mining at Gakara, and had sold 475t of concentrate at an average grade of 58% TREO by 30 June 2018. A further 100t was in transit as of 30 June 2018.

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  • 19 Sep 18
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Haydale Graphene Industries

FY18 results

FY18 sales are in line with our forecasts, increasing 13% YoY to £3.4m (Arden forecast £3.5m). Adjusted loss before tax has increased on prior year to £6.1m (FY17: £5.6m loss) following a reduction in gross margin and increased administrative expenses, slightly higher than our £5.9m forecast. The long-term sales order book sits at £5.19m following the extension of key contracts that were announced on 10 September, providing revenue out to FY23.

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  • 18 Sep 18
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Cloudcall Group

All on track for ramp-up in H2’18

CloudCall’s performance in H1’18 was robust, as per the pre-release, with management confirming its H2’18 outlook and target to break-even during FY19E. Our estimates are unchanged. On strategy, the Phase II roll-out of UCS is due to go live in Q4’18, positioning the group to accelerate into FY’19E. We reiterate our Buy rating and continue to see compelling upside.

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  • 18 Sep 18
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Frontier Smart Technologies Group

H1’18 Results – per guidance; momentum into H2

Frontier’s interims are in line with expectation, as set by earlier trading updates in May and July. H1’18 sales were down 32% to $17m due to Norwegian retailer overstocking in Q4’18, albeit we highlight the post-period trading update confirms recovery in both revenues and working capital. We maintain our forecast recovery to $46.6m sales in FY18E; on a current multiple of 0.5x EV/Sales FY1 we see significant upside in the valuation and maintain our PT of 62p (29% upside). Buy.

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  • 18 Sep 18
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BowLeven

Rig contract for Etinde appraisal wells

Etinde announced yesterday afternoon that the operator of its Etinde licence New Age has entered into a rig contract for the jackup Topaz Driller for the drilling of the two planned appraisal wells on the licence in 2018. The contract is for 150 days and spudding of the first well (IM-6) is expected during Q2.

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  • 02 Feb 18
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