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

  • 21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 15 Nov 19

FLASH: Material acquisition in Colombia

GeoPark is acquiring Amerisur in cash at 19.21p/sh, valuing Amerisur at £242 mm. The transaction is expected to complete by January 2020. The transaction adds 6,865 bbl/d light oil production (September) and 21.8 mmbbl 2P oil reserves across two blocks in Colombia. Amerisur holds 100% of the Platanillo block in the Putumayo basin and 30% WI in the CPO-5 block in the Llanos basin, with ONGC as a partner.

Companies: Geopark
  • 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

  • 20 Nov 19

PDL BioPharma - Raising guidance

PDL BioPharma reported Q319 results with revenue of $44.2m, down 35% compared to Q318 mainly due to a $31.6m change in fair value in the Assertio royalty rights in that quarter. Importantly LENSAR revenues were $8.1m, up 22% compared to the prior year, mainly due to increased sales in Asia. Following these results, the company has increased guidance for 2019 for LENSAR from a range of $27–29m to over $29m and for cash royalties from a range of $60–65m to over $65m.

Companies: PDL BIOPHARMA
  • 21 Nov 19

Market uncertainty offers opportunity

The H2 update confirmed that trading has been in line with strategy and market expectations which should underpin investor confidence. CLS confirms that it currently has £185m of liquid resources, plus c£50m of undrawn credit facilities that offer optionality in a market that seems to be favouring cash buyers. We retain our Buy rating on this attractive and well-run company that trades at a c20% discount to EPRA NAV.

Companies: CLS HOLDINGS USA
  • 21 Nov 19

Canacol Energy - Returning value to shareholders through dividend

Canacol Energy presented a 22% increase in natural gas production compared to Q219 following the achievement of one of its 2019 milestones – the Jobo to Cartagena 100mmscfd pipeline. 2019 is proving to be a transformational year for the company, with an increase in production to 215mmscfd and advanced negotiations to expand export capacity to 315mmscfd by the end of 2023. Given the forecast of stable free cash flows for the coming years, Canacol’s board of directors decided to declare a recurring quarterly dividend, starting in Q419 at US$7m. Our 2P + risked exploration NAV is in line with our previous note at C$6.35/share, a 1% decrease, reflecting a 4% decrease in our 2019 production estimate.

Companies: Canacol Energy
  • 21 Mar 18

Bitesize briefing – Vermillion Energy

bitesize-briefing-vermillion-energy-21-03-2018
  • 10 Oct 19

ISC Subsidiary ERS signs 7-million-dollar aviation airport authority deal

isc-subsidiary-ers-signs-7-million-dollar-aviation-airport-authority-deal
  • 05 Jan 17

Executive Interview - Touchstone Innovations

executive-interview-touchstone-innovations-05-01-2017
  • 26 Jun 19

Executive interview - InMed Pharmaceuticals

executive-interview-inmed-pharmaceuticals-26-06-2019
  • 20 Nov 19

Executive interview - OTC Markets Group

executive-interview-otc-markets-group-20-11-2019
  • 24 Apr 19

Executive Interview - VolitionRx

executive-interview-volitionrx-24-04-2019
  • 25 Oct 19

Caterpillar Inc's 'big quarterly miss' a warning sign for London's miners

caterpillar-inc-s-big-quarterly-miss-a-warning-sign-for-london-s-miners
  • 11 Mar 19

Africa Energy Corp - Company Overview

africa-energy-corp-company-overview-11-03-2019
  • 13 Aug 19

Executive interview - VolitionRX

executive-interview-volitionrx-13-08-2019
  • 13 Nov 18

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

capital-network-s-ed-stacey-talks-over-cui-global-s-new-numbers-13-11-2018
  • 18 Jul 17

Executive interview - Volition Rx

executive-interview-volition-rx-18-07-2017
  • 13 Nov 18

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

ed-stacey-discusses-the-sale-of-tag-oil-s-new-zealand-assets-13-11-2018
  • 13 Nov 19

Executive interview - VolitionRX discusses Q319 results and provides a business update

executive-interview-volitionrx-discusses-q319-results-and-provides-a-business-update-13-11-2019
  • 29 Oct 18

Bitesize briefing - Endeavour Mining

bitesize-briefing-endeavour-mining-29-10-2018
  • 03 Oct 19

VAALCO Energy looking to grow five-fold by 2025 as it begins trading in London

vaalco-energy-looking-to-grow-five-fold-by-2025-as-it-begins-trading-in-london

Latest Content

Canacol Energy

Canacol Energy - Returning value to shareholders through dividend

Canacol Energy presented a 22% increase in natural gas production compared to Q219 following the achievement of one of its 2019 milestones – the Jobo to Cartagena 100mmscfd pipeline. 2019 is proving to be a transformational year for the company, with an increase in production to 215mmscfd and advanced negotiations to expand export capacity to 315mmscfd by the end of 2023. Given the forecast of stable free cash flows for the coming years, Canacol’s board of directors decided to declare a recurring quarterly dividend, starting in Q419 at US$7m. Our 2P + risked exploration NAV is in line with our previous note at C$6.35/share, a 1% decrease, reflecting a 4% decrease in our 2019 production estimate.

 View

  • 21 Nov 19
  • -
  • -

CLS HOLDINGS USA

Market uncertainty offers opportunity

The H2 update confirmed that trading has been in line with strategy and market expectations which should underpin investor confidence. CLS confirms that it currently has £185m of liquid resources, plus c£50m of undrawn credit facilities that offer optionality in a market that seems to be favouring cash buyers. We retain our Buy rating on this attractive and well-run company that trades at a c20% discount to EPRA NAV.

 View

  • 21 Nov 19
  • -
  • -

PDL BIOPHARMA

PDL BioPharma - Raising guidance

PDL BioPharma reported Q319 results with revenue of $44.2m, down 35% compared to Q318 mainly due to a $31.6m change in fair value in the Assertio royalty rights in that quarter. Importantly LENSAR revenues were $8.1m, up 22% compared to the prior year, mainly due to increased sales in Asia. Following these results, the company has increased guidance for 2019 for LENSAR from a range of $27–29m to over $29m and for cash royalties from a range of $60–65m to over $65m.

 View

  • 20 Nov 19
  • -
  • -

OTC MARKETS GROUP INC-A

Executive interview - OTC Markets Group

 View

executive-interview-otc-markets-group-20-11-2019
  • 20 Nov 19

OTC MARKETS GROUP INC-A

OTC Markets Group - Executive interview

OTC Markets Group operates the OTCQX, OTCQB and Pink financial markets for over 10,000 US and global securities. OTC Link LLC, a member of FINRA, operates OTC Link ATS and OTC Link ECN, both SEC-registered Alternative Trading Systems. Approximately 87% of revenues are subscription based and recurring. In this video, CFO Bea Ordonez discusses the Q319 results and talks about developments in the group and the challenges and opportunities it is addressing.

 View

  • 20 Nov 19
  • -
  • -

OTC MARKETS GROUP INC-A

OTC Markets Group - Revenue progress across group

OTC Market’s (OTCM) third-quarter results were consistent with our expectations and showed healthy revenue progress in each segment. This is a year of investment for the group in people, IT, a new headquarters and acquired businesses. Earnings are set to fall as a result, but we expect growth to resume in FY20 with longer-term benefits also likely to flow from the enhanced capabilities and infrastructure.

 View

  • 19 Nov 19
  • -
  • -

INMED PHARMACEUTICALS

InMed Pharmaceuticals - CTA filed on schedule

InMed Pharmaceuticals recently announced that it filed a Clinical Trial Application (CTA) in the Netherlands for INM-755, which is being developed for epidermolysis bullosa (EB). Approval of the CTA is expected around the end of November with the first trial (755-101-HV) expected to begin in December. This trial will test two strengths of INM-755 cream on the intact skin of 22 healthy volunteers. Following the completion of this trial, the company expects to initiate trial 755-102-HV, which would test INM-755 on eight healthy volunteers with small wounds.

 View

  • 18 Nov 19
  • -
  • -

ROBO-STOX ROBOTICS AND AUTOM

ROBO Global team discuss its focus on innovation and key developments in AI

 View

robo-global-team-discuss-its-focus-on-innovation-and-key-developments-in-ai
  • 18 Nov 19

Geopark

FLASH: Material acquisition in Colombia

GeoPark is acquiring Amerisur in cash at 19.21p/sh, valuing Amerisur at £242 mm. The transaction is expected to complete by January 2020. The transaction adds 6,865 bbl/d light oil production (September) and 21.8 mmbbl 2P oil reserves across two blocks in Colombia. Amerisur holds 100% of the Platanillo block in the Putumayo basin and 30% WI in the CPO-5 block in the Llanos basin, with ONGC as a partner.

 View

  • 15 Nov 19
  • -
  • -

GPRK PGR PMG DNO

GMP FirstEnergy ― UK Energy morning research package

Geopark (GPRK US)1 ; BUY, U$27.00: Recommended cash acquisition of Amerisur Resources (AMER LN) (not covered) | Phoenix Global Resources (PGR LN) (not covered): Additional funding | Parkmead Group (The) (PMG LN) (not covered): Results for year ended 30 June 2019 | DNO (DNO NO) (not covered): Baeshiqa testing Update

 View

  • 15 Nov 19
  • -
  • -