finnCap Equity Research & Stock Reports

EOG RCN PPC

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President Energy

The operational delivery keeps coming as President smashes expectations with its first Puesto Flores development well. Early indications suggest that the second well is set to follow suit too. The economics of these wells are exceptional, and if replicated across the entire three well programme should drive estimate upgrades and see President surpassing its year-end production guidance. President is building up a head of steam as its operations expand, with numerous organic and inorganic growth opportunities set to drive growth and value in 2019 and beyond.

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KCOM MAI ZAM

KCOM (KCOM): Corp Trading update | Maintel (MAI): Corp Trading update | Zambeef (ZAM): Corp Firing on all cylinders

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Zambeef Products

Zambeef has announced FY 2018 results for the year ending September 2018. This is an upbeat statement highlighting that the momentum that was evident in the Retail and Cold Chain Food Products businesses at the interim stage continued to the end of the year. The Group has modestly beaten our expectations and we upgrade c5% underlying for FY 2019 but this is more than wiped out by an expected 13% FX headwind. We retain our 20p price target.

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Solid State

Half-year results were in line with the upbeat period-end update, which pointed to trading ahead of expectations, when we upgraded our forecasts. Following the recent Pacer acquisition, we also upgraded forecasts. We therefore maintain current forecasts, looking for a stronger H2 from both underlying trading as well as boosted by Pacer’s contribution. Both Manufacturing and Distribution have traded well in H1 and have a good order book and momentum for H2. The shares are starting to recover from deeply oversold levels and still offer upside to our maintained 400p price target.

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Europa Oil & Gas

Europa is raising up to £5m in a placing and open offer to help it move to the next phase of its development – the drilling phase, where it will look to crystallise the latent value within its massive Irish exploration portfolio. Datarooms are open as it seeks partners to fund drilling across four blocks. Offers have already been received for three of these – LO 16/20 in the Slyne basin, and FEL 1/17 and FEL 3/13 in the Southern Porcupine basin. This should provide funding for a well on each, starting with the flagship Inishkea prospect as soon as 2020. Evidence from across the sector suggests that a successful conclusion to the farm-outs will be a major catalyst for share price performance.

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