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

14 May 19

VolitionRx - Multiple partnerships enable diversification

VolitionRx released its Q119 financial results last week and provided an operational update at the capital markets day on 9 April at the NYSE. Among other areas, VolitionRx highlighted the assay upgrade progress, which was one of the main operational goals in 2018. Although this caused delays to original commercial product development timelines, VolitionRx emphasises the current product-grade Nu.QTM assays excel when it comes reliability and reproducibility. The first batch of proof-of-concept data with the new assays in detection of colorectal and lung cancers was released in March 2019 and larger trials should follow. The other CMD highlights include detailed presentations by the invited KOLs on the newer R&D areas Nu.QTM Capture and Nu.Q Vet. Our valuation is $215m or $5.46/share.

Companies: VOLITIONRX

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

15 May 19

PDL BioPharma - Q119 results

PDL BioPharma reported Q119 revenues of $38.9, up 1.0% compared to Q118. Going forward, the company indicated that it would be working intensely to maximize its investment in Evofem, a women’s health company that is preparing to submit an NDA for Amphora, a non-hormonal female contraceptive, in Q419 with a launch expected in H120. The company also announced that it has bought back $80.3m worth of its shares since the beginning of the $100m stock repurchase program announced last September.

Companies: PDL BIOPHARMA

24 Apr 19

Executive Interview - VolitionRx

13 Nov 18

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

15 Mar 19

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

24 Sep 18

Executive interview - Genesis Energy

08 Nov 18

Executive interview - VolitionRx Third Quarter 2018 Earnings Review

13 Sep 18

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

21 Mar 18

Bitesize briefing – Vermillion Energy

24 Apr 18

Executive interview - Takung Art

20 Nov 17

Executive interview - VolitionRx

20 Mar 18

Executive interview - VolitionRx: Results from asymptomatic CRC trial reported

08 Apr 19

Executive Interview - Vermilion Energy

02 Mar 18

Executive interview - VolitionRX reports their Full Year 2017 Earnings

10 Aug 17

Executive interview - VolitionRx announces second quarter 2017 financial results

26 Feb 18

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

15 Feb 16

JP Morgan - Update at 121 Mining Investment

Latest Content

ECHO VGAS ORC.B

GMP FirstEnergy ― UK Energy morning research package

Echo Energy (ECHO LN) (not covered): Portfolio restructuring & new CEO | Volga Gas (VGAS LN) (not covered): Operational update in Russia | Orca Exploration (ORC.A/B CN) (not covered): 1Q19 results

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20 May 19
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MVN FOG CNE SDX

GMP FirstEnergy ― UK Energy morning research package

Madalena Energy (MVN CN) (not covered): 1Q19 update in Argentina | Falcon Oil & Gas (FOG LN) (not covered): Equity raise for Australia | SDX Energy (SDX LN/CN)1,6: 1Q19 Results

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17 May 19
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CUI GLOBAL

A whole new venture

CUI Global (NASDAQ:CUI) has announced a proposed deal to combine with four other businesses, currently privately held, that provide industrial services to the energy industry and other sectors. The combined business, referred to in the release as Pro-Forma CUI, will be an entirely transformed entit

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16 May 19
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STO PMO SEN TETY BLOE GENL

GMP FirstEnergy ― UK Energy morning research package

Santos (STO AU) (not covered): PNG farm-in | Premier Oil (PMO LN); BUY, £1.45: 1Q19 update | Reserves cut at Maria in Norway | Serinus Energy (SENX LN)1; Speculative Buy, £0.20: 1Q19 results | Tethys Oil (TETY SS)1,6; BUY, SEK85: Production update in Oman | Block Energy (BLOE LN) (not covered): Equity raise in Georgia | Genel Energy (GENL LN); HOLD, £3.00: Update in Kurdistan

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16 May 19
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AAZ AAL KOD bmn FUR KAV SML THR

SP Angel – Morning View

Anglo Asian Mining (AAZ LN) – FY18 show +68% in free cash flow with the Board proposing 4USc final dividend | Anglo American (AAL LN) – BUY, 126p (from 96p) – Investing $234m in a new diamond recovery vessel | Birimian Limited (BGS LN) – Goulamina lithium project update | Kodal Minerals (KOD LN) – see Birimian comment | Bushveld Minerals* (BMN LN) – BUY, Target price 90p from 87p – South Australia moves to vanadium redox-flow storage as base technology | Fura Gems (FURA CN ) – C$30m raised for Colombia emeralds and Mozambique ruby projects | Kvango Resources (KAV LN) – Laws of probability to be rewritten after Kvango strikes mineralisation in first and second drill holes under Karoo sand in Botswana | Strategic Minerals* (SML LN) – Redmoor Scoping study indicates potential to construct new tin/tungsten mine in Cornwall | Thor Mining* (THR LN) – Drilling results from Hawkstone Mining’s Big Sandy lithium project

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16 May 19
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SERINUS ENERGY

FLASH: 1Q19 results

End 1Q19 net debt was c. US$27 mm (GMP FEe: US$27 mm). 1Q19 production in Tunisia was 317 boe/d (GMP FEe: 343 boe/d). Given the previous delays to first production in Romania, the company’s internal forecast indicates non-compliance with financial covenants in future quarters.

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16 May 19
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Birchcliff Energy

Reports strong 1Q19, liquids growth continues to coalesce

Birchcliff reported first quarter financial and operating results which were well ahead of both GMPFE and consensus estimates (FFOPS $0.44 vs. GMPFE $0.33 vs. consensus $0.36).

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16 May 19
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OTC MARKETS GROUP INC-A

OTC Markets Group - Investing for future growth

OTC Markets Group’s first quarter figures were affected by the one-off costs of its headquarters move and investment in additional headcount and IT infrastructure, in part supporting incremental acquisitions. These investments are set to support future growth and, following more recent share price weakness and despite a reduction in our EPS estimates, the prospective P/E rating is now below that of peers.

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15 May 19
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PDL BIOPHARMA

PDL BioPharma - Q119 results

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15 May 19
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GPRK TXP WTE GEEC IGAS LEK

GMP FirstEnergy ― UK Energy morning research package

GeoPark (GPRK US)1 : Discontinuing coverage | Touchstone Exploration (TXP LN/CN)1 ; BUY, £0.25: 1Q19 results | Westmount Energy (WTE LN) (not covered): Transaction in Guyana-Suriname | Great Eastern Energy Corporation (GEEC LN) (not covered): FY results for the year ending 31/03/2019 | IGas Energy (IGAS LN) (not covered): Trading update | Drilling results in West of Shetland in the UK | Lekoil (LEK LN) (not covered): Licence update in Nigeria

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