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

24 Nov 20

Braemar - Increasing valuation support

Braemar’s associate AqualisBraemar (AQUA-OSL) announced an acquisition and equity raise yesterday that was very well received by investors. The AQUA share price finished the day up +25%, meaning Braemar’s stake (which is on the balance sheet at £7m) is now worth £13.4m. This provides increased support to Braemar’s valuation and a significant potential source of funds if the stake were to be realised in the future. In the meantime, it provides a useful and increasing source of dividend income (prior to yesterday’s deal, we had forecast £0.6m dividend income p.a.) and we continue to highlight the strategic progress the new management team at Braemar is making and the very significant valuation gap to closest peer Clarkson (December 2021 P/E 22x).

Companies: BMS BSEAF 5K9

20 Nov 20

Auctus on Friday - 20/11/2020

Panoro Energy (PEN NO)c; Target price of NOK23.00: Revisiting Gabon - BW Energy provided an update on Dussafu with FY20 production guidance expectation marginally below previous guidance (14.25 mbbl/d versus 15 16 mbbl/d) due to COVID-19 restrictions and OPEC+ quotas. This results in FY20 opex expected to be US$19/bbl which is slightly above the previous guidance of US$17-18/bbl. The drilling of DTM-7H, and the tie-in of DTM-6H and -7H, has been deferred to mid-2021 with first oil expected in 3Q21 and our estimate of the timing of the field production ramp-up has been delayed by one quarter. BWE continues to expect production from the Dussafu area to reach >30 mbbl/d in 2023 and ~40 mbbl/d in 2024. The Hibiscus development is expected to offer 15% IRR at

Companies: TGL TGA 88E FEC JSE LUPE LUNE LNDNF LYV NOG GB_NTRM NSTRY 3NO PANR P3K PTHRF PTAL TETY TETY AOI ENOG PEN SDX EGY

26 Nov 20

Jersey Oil and Gas* - Acquisition of CIECO P2170 interest

Acquisition of CIECO P2170 interest

Companies: JOG JYOGF TPC1

25 Nov 20

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from KGF, MRO, UU, BAB, BRW, FUTR, GNS, HICL, LIO, AEXG, FUL, KWS

Companies: AEX GNS HICL

26 Nov 20

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from AV, BVIC, PZC, RQIH, PMI, MUL, AEXG, INCE

Companies: AEX RQIH INCE

29 Nov 18

N Brown Group - Shaping up

N Brown is taking crucial steps in its transition to being a pure-play online retailer (currently 77% of sales) and to strengthen its leading position in the under-serviced market for fashionable plus-size apparel. While strategic updates may be on hold until a new CEO is appointed, the company closed the loss-making portfolio of high-street stores in H119 and further brand consolidation seems inevitable. The shares trade on a low FY19e P/E of 5.5x and yield 7.2%.

Companies: BWNG BGUA NBRNF

10 Sep 20

McBride - Another reboot

McBride has delivered a mixed FY20 performance, with a weaker H1 and a bounce back in H2 as a result of increased demand due to COVID-19. A strategy review has been undertaken, and the company will be reorganised into separately managed product divisions. Time will tell if this will successfully address McBride’s long-term challenges, but the new CEO has a thorough knowledge of the business, and we await further details, which are due to be announced in February.

Companies: MCB MCBRF 10W

23 Nov 20

Gulf Keystone Petroleum# - SH-12 workover result; production update

SH-12 workover result; production update

Companies: GKP GUKYF GVP1

23 Nov 20

Enwell Energy* - SC licence legal process update

SC licence legal process update

Companies: ENW RHN RGPMF

24 Nov 20

9m 20: financial strength boosted by weak M&A game

Overall, a good operating performance with 9m lfl EBITDA 2% ahead of 9m 19. Management expects EBITDA to be above $4.4bn, and other items to be largely in line with last year, with the P&L mainly impacted by $0.8bn of non-cash impairment. In view of these results, we expect a slight increase in our target price. We intend to keep our Add recommendation.

Companies: CRG CRHCF CRH CRH

20 Oct 20

Gamesys Group - Strong trading continued in Q320

Gamesys Group’s Q320 trading update is ahead of expectations with pro forma revenue growth of 31% and an improved financial position. As in previous quarters, the company increased the active player base responsibly and benefitted from new game launches. We increase our revenue forecasts for FY20–22 by 5.7–7.0%, and EBITDA forecasts by a slightly lower 2–3% as management further invests in growing a sustainable and repeatable business, while ensuring revenue growth is done responsibly. This follows an EBITDA upgrade of 7.8% for FY20 at the time of the interim results. For FY21e, the free cash flow yield is 9.2% and the dividend yield is 2.9%.

Companies: JP7 GYS JKPTF

30 Oct 20

Gulf Keystone Petroleum# - September production payment received

September production payment received

Companies: GKP GUKYF GVP1

26 Jan 18

San Gregorio stabilises as Colombia takes off

Orosur’s H118 results indicate San Gregorio (SG) continues to perform well, albeit with a small deferral of 2koz of gold production to narrow FY18 guidance from 30-34koz to c 30koz. Orosur’s focus remains on the most profitable mining possible rather than extracting its reserves ad hoc. SG’s geological data are being thoroughly examined such that additional production opportunities are identified. The process has already yielded SG UG West (a current mainstay of production), with SG Central located adjacent and being developed to provide production during H218. Veta A is another old pit reopening as an underground mine project. We consider that Orosur should be able to return to profitability by end FY18, with upside clearly linked to the very positive initial drill results coming from its increasingly important Colombian asset base.

Companies: Orosur Mining Inc. (OMI:LON)Orosur Mining Inc. (OMI:TSE)

11 Oct 19

Retail ready for a renaissance?

There have been few structural shifts in the property sector as profound as the one currently taking place in retail. Consumer spending patterns have drastically changed over the past five years, with online sales now accounting for 19.7% of all retail spend in the UK (August 2019, source: ONS), compared to 11.5% in August 2014. When you look at fashion retailing specifically, online sales accounted for 26.8% of consumer spend on clothing in 2018 (source: Mintel).

Companies: CAPC HMSO CCRGF NRR SHB

06 Dec 19

De La Rue - Securing the future

De La Rue remains challenged. New management has to navigate a difficult Currency market and consequent concern over its finances. The swift response in terms of a turnaround programme is a positive start, accelerating cost cutting initiatives and cash management measures, including suspension of the dividend. Restoring stability and rebuilding confidence in the investment case is likely to take some time.

Companies: DLAR DELRF DL1C

21 Mar 18

Bitesize briefing – Vermillion Energy

28 Aug 20

Alastair Ford on China's spending spree, gold's goals and silver's surge

18 Nov 19

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

20 Aug 20

Gold bulls told to 'hold their nerve' as price consolidates

09 Jan 20

Verde Agritech pushes greener potash saying farming must change

18 Aug 20

VolitionRx - executive interview

20 Nov 17

Executive interview - VolitionRx

27 May 20

Marimaca Copper Corp: Overview

21 Jan 20

Executive interview - InMed’s cannabinol (CBN) clinical program in epidermolysis bullosa

12 May 20

VolitionRx - executive interview

05 Nov 20

Omega Diagnostics Group – Food Intolerance

28 Apr 20

Executive interview - InMed: Leading the way in the therapeutic development of cannabinol (CBN)

19 Nov 20

LondonMetric Property Plc - Half Year Results 2021 interview

19 Mar 20

Information Services Corp sets record for revenue in 2019 financial numbers

06 Nov 20

Omega Diagnostics Group - Product & Sector Overview: CD4

Latest Content

Telenor Norway with 5G FWA + other news

Launches a 5G version of FWA (broadband) – no impact on estimates M&A speculation in Europe: Vodaphone and Masmovil (once again) Recent EU ruling on 02/Hutchinson a catalyst for European consolidation?

TEL TELNF TEL TEL TEQ

26 Nov 20
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Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from AV, BVIC, PZC, RQIH, PMI, MUL, AEXG, INCE

AEX RQIH INCE

26 Nov 20
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Genel Energy - Sarta project first oil

Sarta project first oil

4VL GENL GEGYF

26 Nov 20
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Jersey Oil and Gas* - Acquisition of CIECO P2170 interest

Acquisition of CIECO P2170 interest

JOG JYOGF TPC1

26 Nov 20
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Acquiring royalty on Bushveld's Brits Vanadium Project

Hot on the heels of the acquisition of a portfolio of royalties in North America earlier this month, comes Vox Royalty's (CVE:VOX) latest acquisition - a 1.75% gross sales royalty (GSR) on Bushveld Minerals Limited's (LON:BMN) Brits Vanadium Project, located within the North West Province of South

Vox Royalty Corp.

25 Nov 20
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VSA Morning Miner

Prime Mining (PRYM CN) has now commenced drilling with the first of multiple drill rigs on site. Recent trenching work and surface sampling has enabled focused drill targeting ahead of this 10,000m campaign which will seek to step out the known mineralisation, drill previously untested structures and upgrade confidence on the current resource.

Prime Mining Corp.

25 Nov 20
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Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from KGF, MRO, UU, BAB, BRW, FUTR, GNS, HICL, LIO, AEXG, FUL, KWS

AEX GNS HICL

25 Nov 20
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VSA Morning Miner 25/11/20 (Prime Mining)

Prime Mining Corp.

25 Nov 20
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Results and fixtures on the soft side of est.

Q3/20 EPS of USD 0.29 (ARCe: USD 0.32, Cons.: USD 0.35) No DPS declared for Q3 (ARCe: USD 0.23/sh, Cons.: USD 0.23/sh) Q4 fixtures indicating downside to Cons. EBITDA Three new loan facilities signed in November at attractive terms

FRO1 FRLN FRO FRO FRO FRO1N

25 Nov 20
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Weak Q3; fundamentals remain strong

EBITDA of USD 11.7m (-49% vs. Cons)… …as ballast cost and change of technical manager weigh 90% of Q4 days covered at 40k/d, indicating significant upside to Cons Given the miss vs. expectations, we see the share trading lower

A07 AVANCE 0QTX AVANCE AVACF