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

19 Mar 19

CUI Global - Preparing to step on the gas

CUI Global (NASDAQ:CUI) has reported strong results for the full year (FY) 2018, with revenues of US$96.8mln versus our forecast of US$92.8mln. The FY order backlog stood at US$37.5mln versus US$32.8mln at the end of 2017. The company reported an underlying loss (statutory LBITDA) of USS$14.0mln ver

Companies: CUI GLOBAL

14 Mar 19

FLASH: 4Q18 results

4Q18 production in Turkey was 623 boe/d with a 2018 exit rate of 777 boe/d. The reference gas price in Turkey has increased to C$9.18/mcf in 4Q18 (C$6.65/mcf in 3Q18). At YE18, the company held C$59.5 mm net working capital (and no debt). YE18 2P reserves were 7.35 mmboe. At Inanli-1, fracking and testing operations are expected to commence in early 2Q19 and could extend throughout the quarter.

Companies: VALEURA ENERGY

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

07 Jan 19

Growth every Fortnite

With eGaming, Virtual Reality (VR) and Augmented Reality (AR) coming of age, we have examined the gaming industry to see if it can continue its staggering market growth and if these categories are still too early stage?

Companies: GFIN KWS CDM FDEV GMD MSFT ATVI EA UBI TTWO

19 Mar 19

Vermilion Energy - Dividend and growth comfortably covered

Vermilion Energy offers a geographically diverse production base, the ability to fund an 8.1% dividend yield and a forecast FY19 c C$530m capital programme, all achievable even at realised commodity prices c 3% below our base case (WTI US$56.1/bbl, Brent US$62.8/bbl). We adjust our FY19 and FY20 forecasts to reflect lower short-term commodity price expectations (based on the latest EIA forecasts of 12 March 2019). EIA’s FY19 WTI moves from US$64.9/bbl to US$56.1/bbl (-14%), driving down our forecast FY19 FFO from C$1,200m to C$982m (-18%), comfortably above the $954m we estimate is required to cover dividend, maintenance and growth capex. Our valuation falls from C$54.5/share to C$47.5/share, based on a blend of P/CF, EV/EBIDAX, DDM, and FCF (plus growth) multiples. The valuation remains highly sensitive to commodity price assumptions. We provide a sensitivity to these key inputs in this note.

Companies: Vermilion Energy

15 Mar 19

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

29 Oct 18

Bitesize briefing - Endeavour Mining

03 Jan 17

Executive interview - VolitionRx

20 Aug 18

Executive interview – VolitionRx

13 Nov 18

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

24 Apr 18

Executive interview - Takung Art

18 Jul 17

Executive interview - Volition Rx

02 Mar 18

Executive interview - VolitionRX reports their Full Year 2017 Earnings

08 Nov 18

Executive interview - VolitionRx Third Quarter 2018 Earnings Review

26 Feb 18

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

20 Mar 18

Executive interview - VolitionRx: Results from asymptomatic CRC trial reported

28 Nov 17

Executive interview - Orgenesis

20 Nov 17

Executive interview - VolitionRx

09 Nov 17

Capital Network's Lionel Therond on TAG Oil

11 Mar 19

Africa Energy Corp - Company Overview

Latest Content

OPHR ENOG ENQ SEN AEX MAU

GMP FirstEnergy ― UK Energy morning research package

Ophir Energy (OPHR LN); HOLD, £0.55: Increased final offer from Medco | Energean Oil & Gas (ENOG LN) (not covered): FY18 results | EnQuest (ENQ LN); HOLD, £0.25: FY18 results | Serinus Energy (SENX LN)1 ; Speculative Buy, £0.25: 4Q18 results | Aminex (AEX LN)1 (not covered): Farm-out update in Tanzania | Nigeria to sell down stake in JV to 40% | Maurel & Prom (MAU FP): FY18 results

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21 Mar 19
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CPI ENI SEN UJO GENL APCL ELA

GMP FirstEnergy ― UK Energy morning research package

Condor Petroleum (CPI CN) (not covered): 4Q18 results | ENI (ENI IM) (not covered): Norway discovery | La Francaise de l’Energie (LFDE FP)7 ; Speculative Buy, EUR34.00: Results for the six month period ending 31/12/2018 | Serinus Energy (SENX LN)1 ; Speculative Buy, £0.25: US$3mm private placement | Union Jack Oil (UJO LN) (not covered): Equity fundraising | Genel Energy (GENL LN); Speculative Buy, £3.20: 4Q18 results & New Dividend Policy | African Petroleum (APCL NO) (not covered): Merger with PetroNor | Eland Oil & Gas (ELA LN) (not covered): FY18 results

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20 Mar 19
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Imperial Oil

FLASH: Kearl tour shows clear path to 240 mbbl/d

We are increasingly confident that reliable production at 240 mbbl/d annually is realistic (if there are no government mandated production limits). The main bottlenecks have been the two primary crushers, which have recently been more reliable after design modifications, leading to record production of 206 mbbl/d gross in 2018. The two new crushers under construction will double crushing capacity by year-end. Adding hydrotransport lines to enable the feeding of either of the two primary separation cells from either of the two ore prep plants should also provide great benefit. Beyond the 240 mbbl/d target, IMO`s notional plans to expand to 280 mbbl/d do not appear to be a stretch, as debottlenecking focus then shifts to the extraction plants, where more opportunities to interlink the two plants exist.

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20 Mar 19
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SERINUS ENERGY

FLASH: US$3mm private placement

Serinus is raising US$3 mm at 10.5p/sh, a premium of 2.4% to yesterday’s close, comprising of 21,553,583 ordinary shares and 2,263,127 warrants. The funds will be used to repay the EBRD US$2.9 mm, payable on 31st March 2019. The company expects to be fully funded for at least the next 12 months following completion of the placing. Certain waivers of loan covenants by the EBRD, which were previously granted, will continue to be required in future quarters through to the end of September 2019.

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20 Mar 19
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Cardinal Energy

4Q18 Production and funds flow as expected, impairment reversal positive for earnings

Production of 20,365 boe/d (87% liquids) was in line with expectations as it was discussed previously in the 2018 reserve update earlier this month. (HYPERLINK to our Comment dated March 7)

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20 Mar 19
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CUI GLOBAL

CUI Global - Preparing to step on the gas

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19 Mar 19
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Vermilion Energy

Vermilion Energy - Dividend and growth comfortably covered

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19 Mar 19
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VOLITIONRX

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

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15 Mar 19

BPC POE UKOG ENI

GMP FirstEnergy ― UK Energy morning research package

Bahamas Petroleum (BPC LN) (not covered): US$2.5 mm placing | Pan Orient Energy (POE LN) (not covered): FY18 results | UK Oil & Gas (UKOG LN) (not covered): Production update in the UK | ENI (ENI IM) (not covered): Gas discovery in Egypt |

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