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

10 Aug 16

Scaling significant global opportunities

Hydrogenics has proven, commercially available electrolyser and fuel cell products, which are being deployed in multiple applications as the world transitions to a low-carbon, hydrogen-fuelled economy. A strong order book (US$103m at end June 2016) underpins consensus growth estimates.

Companies: Hydrogenics Corporation

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 PPB PTEC SPO 888 GAN NKTN KAMBI GIG SGMS IGT

04 Sep 18

H2 2018

Graphite is an allotrope (a chemically similar, structural modification of carbon), exhibiting both metallic and non-metallic properties which favour a vast number of end-use markets. Further to traditional steel manufacturing, the unique qualities of graphite, including very high thermal and electrical conductivity, lend itself to innovative battery and emerging technologies.

Companies: VRS HAYD SYR TON KNL MNS NGC FMS LLG TLG

30 Nov 18

Oxford Immunotec - Not your usual diagnostics company

Oxford Immunotec is in transition. Having passed the stage before which most diagnostic companies stall – their first approved test – it has recently restructured, with the $170m sale of its US diagnostic services business to Quest. Its diagnostic products are now the focus, while the rate of growth of its first (T-SPOT.TB) test, having reached one million tests per quarter, may moderate. Once the financial and operational dust clears on the divestment, the future direction and time to profitability for Oxford Immunotec is likely to be dependent on the use of its c $200m net cash.

Companies: OXFORD IMMUNOTEC GLOBAL

13 Nov 18

Capital Network's Ed Stacey talks over CUI Global's new numbers

26 Feb 18

VolitionRx Limited Announces Interim Results from 680-Subject Clinical Trial in Colorectal Cancer

13 Nov 18

Ed Stacey discusses the sale of TAG Oil's New Zealand assets

28 Nov 17

Executive interview - Orgenesis

08 Nov 18

VolitionRx third quarter 2018 earnings review

20 Nov 17

Executive interview - VolitionRx

20 Mar 18

VolitionRx: Results from asymptomatic CRC trial reported

09 Nov 17

Capital Network's Lionel Therond on TAG Oil

24 Apr 18

Executive interview - Takung Art

01 Nov 17

TAG Oil - Update from 121 Oil and Gas, London

18 Jul 17

Executive interview - Volition Rx

10 Aug 17

VolitionRx announces second quarter 2017 financial results

29 Oct 18

Bitesize briefing - Endeavour Mining

23 May 17

Capital Network's James Dolman on Midpoint Holdings Ltd

13 Sep 18

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

Latest Content

Fiat Chrysler Automobiles

FCA’s Italian capex budget in shambles?

Fiat, the company’s brand that sells almost all of its vehicles in Europe and a disproportionate share in Italy, had announced a €5bn capex plan for the years 2019 to 2021 to modernise its car fleet and increase the capacity utilisation of its Italian plants. Eventually, Fiat also intends to launch electric vehicles, but it will continue to produce cars equipped with combustion engines. The Italian government has decided to introduce a new car registration tax. The registration of cars with combustion engines and CO2 emissions of more than 110grams will cost €150 and those with emissions in excess of 150grams will cost €1,000. In return, electric vehicles will be subsidised with €6,000 and hybrid vehicles with either €1,500 or €3,000. This is a blow for FCA as virtually all of the group’s vehicles sold in Italy have combustion engines and management’s intention to deliver electric vehicles will take time. The auto industry (i.e. FCA), the unions and consumers are complaining that expensive electric vehicles (these all come from abroad) are subsidised whereas the registration of a Fiat Panda (produced in Italy) will cost €400. Whether the government will change its mind remains to be seen. Government officials and the industry (i.e. FCA) will meet on Tuesday (11 December) to discuss this topic.

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10 Dec 18
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AMER GBP AEX XOM

GMP FirstEnergy ― UK Energy morning research package

Amerisur Resources (AMER LN) (not covered): Discovery in Colombia | Global Petroleum (GBP LN); SPECULATIVE BUY, £0.05: Wins in further appeals against environmental decrees in Italy | Aminex (AEX LN) (not covered): Kiliwani update in Tanzania | ExxonMobil (XOM US) (not covered) to sell interest in Mozambique

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10 Dec 18
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CASI PHARMACEUTICALS

CASI Pharmaceuticals - Evomela approved in China

CASI announced that it has received approval in China for Evomela. The drug is a formulation of melphalan hydrochloride used in the treatment of multiple myeloma, and CASI obtained the rights to the drug in Greater China from its original developer, Spectrum Pharmaceuticals, in 2014. This put CASI in a unique position to take advantage of the regulatory reforms in China. The drug was approved under the new priority review pathway at the National Medical Products Administration (NMPA, formerly the CFDA) and serves as a test case for this new regulatory regime.

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10 Dec 18
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Cardinal Energy

Temporarily reduces monthly dividend ~70%

Cardinal’s Board of Directors has approved a temporary 71% reduction to its dividend to $0.01/sh (down from $0.035/sh) prior, reflective of a ~4.2% yield (as of the December 6th close).

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07 Dec 18
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Vermilion Energy

Vermilion Energy - 8.2% dividend yield secure at strip

Vermilion’s investor day highlighted its self-funded growth and income business model. Management’s commitment to providing shareholders a sustainable dividend is supported by a deep and diverse portfolio of assets resilient to a volatile commodity price environment. Project inventory supports a recycle ratio of over 2.5 times and the short-cycle nature of growth capex means spend can be rapidly diverted to projects that offer the highest returns or are curtailed. Our base case valuation falls to C$54.5/share (from C$57.9/share), largely driven by a global E&P sector de-rating. The share price is well supported by an 8.2% yield, which we believe is fully covered (in addition to growth capex) at c 20% below our base case commodity price forecasts for FY19.

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06 Dec 18
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PGR AST CVX ELA

GMP FirstEnergy ― UK Energy morning research package

Petrobras (PETR3 BZ) (not covered): 2019-2023 business plan | Phoenix Global Resources (PGR LN) (not covered): Additional funding | Ascent Resources (AST LN) (not covered): Operational update in Slovenia and end of formal sale process | Chevron (CVX US) (not covered): Potential asset sale in Azerbaijan | Eland Oil & Gas (ELA LN) (not covered): Ubima appraisal in Nigeria

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06 Dec 18
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Canadian Natural Resources

CNQ 2019 budget and investor day highlights

$3.7B 2019e capex budget keeps production flat, funds $0.6B of growth, and can be expanded if market conditions are favourable. CNQ sounds confident that the crude oil pipeline nomination process will see some changes soon that will be more favourable to producers. We continue to be impressed with CNQ’s oilsands technology innovation and efforts to reduce GHGs and costs. Reducing TP from $58.00 to $48.00, now reflecting 12x 2019e free cash flow after sustaining capital at US$60/bbl WTI.

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06 Dec 18
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ProMetic Life Sciences

Prometic to push ahead with pivotal phase 3 in Alström. No change to guidance on 2019 R&D costs

The Corporation focussed on the biology of healing yesterday announced that it had confirmed its decision to formally pursue Alström syndrome (AS) as a clinical indication for PBI-4050 following positive feedback from its recent meetings with regulatory authorities. These meetings have provided Prometic with clear clinical and regulatory guidance, which will enable the finalisation of the design of a pivotal placebo-controlled Phase 3 clinical trial, including agreement on multiple endpoints including liver and cardiac fibrosis.

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06 Dec 18
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Exxon Mobil Corporation Volga Gas

GMP FirstEnergy ― UK Energy morning research package

ExxonMobil (XOM US) (not covered): Discovery in Guyana | La Francaise de l’Energie (LFDE FP); Speculative Buy, EUR40.00: Material reserves increase in the East of France | Volga Gas (VGAS LN) (not covered): November production in Russia

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04 Dec 18
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INTERNATIONAL STEM CELL

International Stem Cell - Strong biomedical sales and new clinical data

International Stem Cell (ISCO) reported Q318 revenues of $3.2m, up 73.0% compared to Q317 mainly due to the biomedical business, which had quarterly revenues of $2.8m, up 112.8% year-on-year. Additionally, the company reported updated data from the Phase I trial of ISC-hpNSC in Parkinson’s disease (PD). At the six-month time point, the percentage OFF-Time, a key endpoint for PD treatment, decreased an average of 49% for the second cohort of patients, compared to 24% for the first, with four patients in each cohort.

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