N America

North America equity research

Explore the most viewed and latest equity research and media content we have for listed companies based in North America.

U.S. Equity Research

Broker research, valuations, and analysis on American stocks

01 Jul 16

Hybridan - Small Cap Wrap

AKR Distribution Agreement, AVCT Affimer Binders, AVG Return of Funds, PRSM Interim Results, COG* Distribution Agreement, FISH Placing, FITB* Board Changes, Placing and Loan Capitalisation, FUM Agreements, HCM Phase II, IGE Agreement, LRM Selected, NWF Trading Updated, PLI* Fast Track, SCH Trading Update, TMT* Invests

Companies: AVG PRSM COG FISH FUM LRM NWF PLI SCH TMT AVCT BIDS AKR HCM

16 Mar 18

Whitman Howard Morning Mining Summary

Australian spodumene developer Altura Mining (AJM-ASX) announced that it was in discussions to be possibly taken over by its major Chinese shareholder. Assuming £1=AS1.75, the current 44 Australian cent Altura Mining share price implies a Mina do Barroso valuation of £67.5m, nearly 25% higher than our previous Altura Mining read through. Altura is a little further advanced than Savannah, with its Pilgangoora spodumene mine in Western Australia just coming on stream.

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21 Aug 18

Off to the races as NFL season draws closer

The US sports betting market has the potential to be significantly large. However, lack of federal level legislation, sluggish state by state legislative processes, and other limiting factors will cause a likely drag on the sport betting market’s full potential. The American Gaming Association estimates at least $150bn is wagered annually with offshore books, which implies a $10bn - $12bn revenue market. We estimate, onshore online sports revenue in 4 - 5 years of $6bn (table 6, p14) should be achievable across 25 States where Daily Fantasy Sports is legal in 22 states, if we include California, implies a market as large as $7.5bn in revenue. UK listed operators not necessarily only winners as US operators, Stockholm listed and some private companies make early inroads. Sports betting live in New Jersey, Mississippi, Delaware and Nevada, with West Virginia and Pennsylvania expected to follow soon.

Companies: GVC WMH FLTR PTEC SPO 888 GAN NKTN KAMBI GIG SGMS IGT

26 Jul 19

Initiating coverage: Not only about Block 34

We are initiating coverage on GeoPark with a BUY recommendation and target price of US$26.00 per share. GeoPark is a US$1.1 bn market cap E&P focusing on Latin America conventional. Compared to UK peers, GeoPark benefits from two advantages: (i) a strong balance sheet, and (ii) assets with low costs that are a perfect fit for junior E&Ps.

Companies: Geopark

09 Sep 19

The turn-around has begun

Serinus started producing its first commercial gas in Romania in April 2019 from the Moftinu gas field. Production from the field has grown to 10.5 mmcf/d in July 2019. We expect production will stabilised around 11 mmcf/d at which rate we estimate the field will generate cashflow per annum of $12.8M. The company intends to grow near-term oil production in Tunisia by investing modestly in workovers and artificial lift. From 352 boe/d in 2018, we forecast production from Tunisia will grow to 860 boe/d in 2020, which we estimate would generate $7.6M of free cash flow per annum. In the mid-term, we believe that growth in Romania will be achieved by i) drilling two infill wells and by ii) replicating the success of Moftinu with look-alike shallow gas fields. In Tunisia we expect that in the mid-term growth will be achieved by drilling infill wells at the company’s Sabria field. We currently see fair value of 15.6 p/sh in Serinus.

Companies: SERINUS ENERGY

10 Sep 19

Husky Energy

Husky Energy’s integrated corridor business physically connects assets across North America, from the wellhead to the refinery, enabling the company to maximise value per barrel produced. Accounting for c 70% of Husky’s cash flow, the integrated corridor underpins its five-year plan, which envisages cumulative group free cash flow (FCF) of C$8.7bn from FY19 to FY23. Coupled with high/fixed-price contracts in Asia and high-margin offshore assets in the Atlantic, this enables Husky to maximise operational margins and be resilient through the cycles. Excess FCF is to be directed towards increasing shareholder returns and strategic growth projects. These are Husky’s main objectives, along with becoming a high-reliability organisation in terms of safety. Net debt remains below a targeted 2x funds from operations when stress tested at US$40/bbl WTI. Husky trades at 2.4x FY20 P/CF vs the North American large-cap E&P average of 3.5x and North American integrated average of 6.0x.

Companies: Husky Energy

12 Sep 19

FLASH: New exploration acreage in Brazil

GeoPark has been preliminarily awarded the REC-T-58, REC-T-67, REC-T77 and POT-T-834 onshore blocks (100% WI) in the Reconcavo and Potiguar basins. The Reconcavo blocks are located 10-40 km away from GeoPark’s recent light oil discovery, Praia dos Castelhanos, in the REC-T-128 block. The blocks cover an area of 30,731 acres in aggregate (or 124 sq km). Most importantly, they are also surrounded by producing fields.

Companies: Geopark

13 Aug 19

Executive interview - VolitionRX

11 Mar 19

Africa Energy Corp - Company Overview

08 Apr 19

Executive Interview - Vermilion Energy

08 Nov 18

Executive interview - VolitionRx Third Quarter 2018 Earnings Review

20 Nov 17

Executive interview - VolitionRx

29 Oct 18

Bitesize briefing - Endeavour Mining

18 Jul 17

Executive interview - Volition Rx

24 Sep 18

Executive interview - Genesis Energy

21 Mar 18

Bitesize briefing – Vermillion Energy

13 Sep 18

CUI Global's GasPT product 'a potential game-changer' for the company

26 Jun 19

Executive interview - InMed Pharmaceuticals

20 Mar 18

Executive interview - VolitionRx: Results from asymptomatic CRC trial reported

15 Mar 19

Executive interview - VolitionRx Discusses FY18 Results and Provides a Business Update

02 Mar 18

Executive interview - VolitionRX reports their Full Year 2017 Earnings

24 Apr 18

Executive interview - Takung Art

Latest Content

Exxon Mobil Corporation Petro Matad

GMP FirstEnergy ― UK Energy morning research package

ExxonMobil (XOM US) (not covered): Oil discovery offshore Guyana | Petro Matad (MATD LN) (not covered): Red Deer-1 well dry & operational update | Equinor (EQNR NO) (not covered) & Aker BP (AKERBP NO) (not covered): Gas discovery in the Norwegian Sea

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17 Sep 19
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AOI SAVP EGY

GMP FirstEnergy ― UK Energy morning research package

Africa Oil (AOI CN/SS): BUY, C$2.60 & Tullow Oil (TLW LN): REDUCE, £2.00; Oil Discovery Offshore Guyana | Savannah Petroleum (SAVP LN) (not covered): Signature of Niger-Benin Export Pipeline | Vaalco Energy (EGY US) (not covered): Intention to float & operating update

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16 Sep 19
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SERINUS ENERGY

First Light

Serinus Energy (SENX) – Corporate – Final repayment of senior facility

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16 Sep 19
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Africa Oil

FLASH: Oil discovery offshore Guyana

The Joe-1 exploration well (AOI c. 2.8%) has found 14 m of net oil pay in high-quality oil bearing sandstone reservoirs of Upper Tertiary age. This derisks the petroleum system of the western area of the Orinduik block, where a number of Tertiary and Cretaceous age prospects have been identified. Additional thinner sands above and below the main pay at Joe-1 are being evaluated for possible incremental pay.

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16 Sep 19
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Canacol Energy

Canacol Energy - Record production achieved

On 24 August 2019, Canacol achieved a record production of 217mmscfd of natural gas. This is a significant milestone for the company in Colombia, as it has now surpassed production from the country’s declining offshore gas fields. This was made possible by the completion of the Jobo to Cartagena pipeline in July 2019, which supplied Canacol with additional export capacity. Canacol is now working with its partners to form a consortium to build and operate a new export pipeline to Medellin that would expand export capacity to 315mmscfd by the beginning of 2023. To guarantee supply to this increasing pipeline network, Canacol has been active at the drill bit. The drilling programme has been successful to date, with two development wells and two exploration wells tied into the Jobo production facility and brought onto production. Our updated 2P + risked exploration NAV stands at C$6.40/share, a 2% increase since our last note. The slight delay in the pipeline coming online was offset by a stronger US dollar versus the Canadian dollar.

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16 Sep 19
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GPRK PGR RPT

GMP FirstEnergy ― UK Energy morning research package

GeoPark (GPRK US)1 ; BUY, US$26.00: New exploration acreage in Brazil | Phoenix Global Resources (PGR LN) (not covered): 1H19 update in Argentina | Regal Petroleum (RPT LN) (not covered): 1H19 results

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13 Sep 19
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SERINUS ENERGY

First Light

Serinus Energy (SENX) – Corporate – Final repayment of senior facility

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13 Sep 19
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STHR CGH KAT CCT SEY MTL AGL ARS AFHP SEN

Small Cap Feast

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

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13 Sep 19
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MAGAL SECURITY SYS

Magal Security Systems

Magal is a leading homeland security technology provider, selling sensors and video products, as well as full turnkey solutions that provide the technological layer of perimeter protection around critical infrastructure. While 2018 was a strong growth year, 2019 so far has been more subdued and the stock has strongly pulled back. Given a recent uptick in bookings and backlog, combined with a resurgence of interest in border protection solutions, there is potential for renewed order growth and increasingly profitable recovery in the latter part of 2019 and beyond.

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