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RA International

Cenkos: RA International Group Plc - Delivering contract wins

This morning, RA International announced that it has been awarded a new contract by a large humanitarian client in Central Africa. Under the terms of the contract, RA International will construct accommodation facilities for peacekeeping troops in up to 10 locations around the country. The one year US$10.7m contract commences in June 2019. Recent contract wins should have added substantially to the contracted revenue backlog, now above US$150m in our estimation. RA remains well positioned to secure further significant longer duration contracts with both existing and a broader base of new customers, including several Western governments, mining and oil & gas companies.

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  • 16 May 19
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Empyrean Energy

Cenkos: Empyrean Energy Plc - Every cloud has a silver lining

Yesterday, Empyrean Energy announced that comprehensive analysis of the 3D seismic data shot on Block 29/11, offshore China has confirmed the presence of well-defined ‘gas clouds' above the Jade and Topaz prospects. Gas clouds are areas of low seismic reflectivity and have been used as an effective exploration tool worldwide, including the Gulf of Mexico, North Sea and the Sabah basin, offshore Malaysia. Analysis of 3D seismic data over four discoveries and three dry wells immediately west of Block 29/11 has revealed the presence of gas clouds in the overburden over all four discoveries whilst confirming that no gas clouds were present over the three dry wells. Similar analysis of two dry wells drilled by a previous operator of Block 29/11 also confirms that no gas clouds were observed in the overburden. The presence of these gas clouds over the Jade and Topaz prospects gives additional technical confidence to the prospectivity on Block 29/11, whilst solidifying Empyrean's understanding as to why previous wells in Block 29/11 were dry. We reiterate our BUY recommendation and increase our target price to 33p per share.

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  • 16 May 19
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Duke Royalty

Cenkos: Duke Royalty Ltd - Capitalising on more favourable terms

Duke has agreed modifications to the terms of three royalty agreements from the Capital Step acquisition. The effect is to unlock a minimum of £3.7m in additional revenues over the next 5 years. As a result, Capital Step's future revenue is expected to increase by 25%+ at no additional cost. This realises a key synergy from the Capital Step deal.

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  • 14 May 19
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Angling Direct

Cenkos: Angling Direct Plc - Exceptional Growth

FY19A has been a transformational year for Angling Direct as they continue to grow their business both in the UK and abroad. This set of strong numbers solidifies their position as the retailer of choice for anglers. We believe the Group has a sustainable competitive advantage through the loyalty of its niche customer base and is now able to improve margins through cost led initiatives and its increased pricing power. Buy

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  • 13 May 19
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Diversified Gas & Oil

Cenkos: Diversified Gas & Oil Plc - A Consolidated Appalachian Footprint

Diversified Gas & Oil (DGO) is an established Appalachian Basin focussed natural gas, natural gas liquids (NGL) and oil producer. The Company's strategy is to extract maximum value from long-life, low-cost, low-risk, mature producing assets with abundant existing infrastructure and shallow decline profiles. Since listing on AIM in February 2017 the Company has grown rapidly, closing five significant acquisitions since the beginning of 2018. Following the recent HG Energy II Appalachia acquisition, DGO's production and proved developed producing (PDP) reserves have increased to 90,000boepd and 566mmboe respectively. We see potential growth both through strategic in Basin acquisitions and organically from the Company's c7.8m net acres of undrilled acreage. DGO offers exposure to a progressive dividend policy (annualised yields of c9%) and significant near-term capital growth. We initiate with a BUY and a target price in line with our Core NAV at 169p/share.

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  • 09 May 19
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Beeks Financial Cloud

Cenkos: Beeks Financial Cloud Group Plc - Acquisition of trading assets

Beeks Financial Cloud has acquired the trading assets of Commercial Network Services (CNS), a US based low latency network infrastructure services provider, for a total consideration of up to US$1.4m. Under the terms of the transaction Beeks will pay an initial US$1.3m in cash with US$0.1m held as retention until completion of warranties. Beeks enjoys a high proportion of subscription based revenues, with annualised committed monthly recurring revenue (ARR) reaching £7.5m H1/19. The acquisition of CNS trading assets provides a further boost to the growing level of ARR, adding another c$1m to the ARR which should generate good operating margins post synergies into 2020. The sales pipeline is strong with the number of institutional clients increased to 210 by end H1/19. Beeks achieved a milestone in December 2018 by signing its first Tier 1 institutional client, with more targeted in the sales pipeline.

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  • 09 May 19
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