Utilities

Utilities equity research

Explore the most viewed and latest equity research and media content for companies within the Utilities sector. Companies within this sector provide services including electricity generation, water, gas and multiservice utilities.

Utilities equity research

10 Oct 16

Armadale Capital - Project Update

12 Jan 17

Capital Network's Stacey: 2017 is the year Mytrah Energy will unlock value

15 Feb 16

Armadale Capital - Update at 121 Mining Investment

10 Sep 15

Armadale Capital - Interim Results

24 Sep 15

Armadale Capital - Remains on track for commercial production in H1 2016

27 May 15

Executive Interview - KTG Energie (German version)

23 Nov 16

Armadale Capital - Full assay results confirm exceptional high-grade graphite deposit

26 Oct 16

Armadale Capital - 85% strike rate from drilling Tanzania

03 Aug 15

Developed process route for gold recovery

25 Nov 15

Armadale Capital - Update on the development and expansion of the Mpokoto Gold Project

09 Jul 15

Armadale Capital - Landmark agreement

07 Jul 15

Armadale Capital - Andrew Tunks: Key to a successful gold operation

08 Jun 15

Armadale Capital - Agreement to fund and develop the Mpokoto Gold Project

12 Jul 16

finnCap - Initiation of coverage, Fulcrum

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Latest Content

Electricite de France

ASN approves the EPR Flamanville reactor vessel, under specific conditions

The nuclear regulator (ASN) has given its position concerning the EPR Flamanville nuclear reactor vessel where it had found anomalies in the construction. It has given the green light for the usage of the vessel. It has separated its results and conditions on the cap and bottom of the vessel. For the bottom part, the regulator believes that it does comply with the technical requirements but needs to have additional security periodical controls for the usage as the regulator estimates these are feasible and can be achieved without major concerns. However, ASN stated that the required technical controls have not been achieved on the cap of the reactor vessel (couvercle). As a result, it has estimated that the usage of this part should be limited in time and needs to be changed. As the regulator estimates that the production of this part could take close to seven years, it has declared that the top of the vessel cannot be used after 2024. The regulator will provide within the next few days the results for public consultation and will provide these again to the council for technological risks. The final results are expected to be released in September 2017 after the consultations have been achieved.

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28 Jun 17
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Machinations

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27 Jun 17
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N+1 Singer - Uncovered Gems - Speed Dating Lunch - Another five sparkling gems

Last Friday we reprised our successful speed dating format with excellent presentations from the CEOs of Access Intelligence, Corero Network Security, LiDCO Group, OrganOx and Yu Group. Each company gave a ten minute overview of its business and the investment case and we had quick-fire Q&A from a group of fund managers. Below we summarise our thoughts on each company, with more details inside, plus we include the slides presented by each management team. We believe all five companies have excellent potential and are happy to arrange further contact. We also look forward to setting up our next speed dating event.

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22 Jun 17
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Armadale Capital

Breakfast Today

Despite a report from the Energy Information Administration showing a bigger than expected weekly drop in crude oil inventories, US equities remained nervous following Tuesday's shock tumble in energy prices. Complicating the issue still further Iranian Oil Minister, Bijan Zanganeh, was reported as saying OPEC members were considering further production cuts, although he suggested the Organization should wait until the effect of earlier reductions had become clear. Looking elsewhere, a separate report from the National Association of Realtors showing an unexpected rebound in existing home sales in the month of May added little more to narrow and lacklustre trading on the Dow Jones Industrial and S&P-500, which simply oscillated either side of unchanged through the session before closing with just fractional downward movements. The NASDAQ was rather more enthusiastic, with strength evident in software, electronic storage and biotech stocks, contributing to a reasonable upward move by the tech-heavy index. By contrast in the wider market, oil service stocks remained weak with the Philadelphia Index for the sector slumping by 3.4% and hitting its lowest intraday level in several years. Treasuries pulled back modestly in early trade after Tuesday's strength, pushing the yield on benchmark ten-year notes up by 2.4 basis points to 2.177% at one stage, but even this turned tail to settle almost unchanged at 2.156% by the close. The Bank of Japan's Deputy Governor, Kikuo Iwata, this morning pushed back against calls for the bank to start raising interest rates in order to avoid being left behind by other major central banks, noting his country still had a "long way to go to achieve the price stability target of 2%. This means that monetary easing is still necessary in Japan". The Nikkei accordingly did not participate in the Asian market rally, closing unchanged, while the S&P/ASX 200 was strongly up as mining giants Rio Tinto (RIO.L) and BHP Billiton (BLT.L) rallied and the bear trend in iron-ore reversed to put on almost 1%. Elsewhere, the Shanghai Composite rose on further contemplation of the MSCI's decision to allow Chinese equities into its Emerging Markets benchmark index, while the Hang Seng and KOSPI also firmed. The major European markets moved to the downside on Wednesday, taking the STOXX Europe 600 off by 0.18%. Downward pressure on oil and financials was reflected by weakness in the CAC-40 Index, which dropped by 0.4%, and the German DAX which dipped by 0.3%. Sterling, however, pushed above US$1.27, erasing early losses after hawkish comments made by the Bank of England's chief economist. "Provided the [economic] data are still on track, I do think that beginning the process of withdrawing some of the incremental stimulus provided last August would be prudent moving into the second half of the year," Haldane noted in a speech. Voting to maintain the base rates unchanged at the June MPC meeting, however, with still few signs of higher wage growth and chances of a sharper than expected slowing in the economy despite upward pressure on inflation, noted as reasons "for monetary policy not to rush its fences". Trading in a narrow range, the FTSE-100 recouped the worst of its losses during the afternoon to end down just 0.33% with Provident Financial (PFG.L) by far the hardest hit amongst blue-chip while a slightly more upbeat trading statement than expected from Whitbread (WTB.L) allowed the shares to make a good gain. Macro data due from the UK today includes its CBI Industrial Trends Survey and CML Mortgage data, while MPC Member Professor Kristin Forbes is due to make a speech. The EU provides its June Consumer Confidence figures along with a new publication, the Economic Bulletin, which replace the ECB Monthly Bulletin and is published two weeks after each Governing Council meeting. The US offers its Initial Jobless Claims, April Housing Price Index and Kansas fed Manufacturing Activity for June, while a speech is also due from the FOMC's Jerome Powell. UK corporates due to release earnings or trading updates include Carnival (CCL.L), Go-Ahead Group (GOG.L), Chemring Group (CHG.L) and Saga (SAGA.L). Yesterday's Queen's Speech contained little in the way of new news, simply delivering Tory policies related to the implementation of Brexit; one surprise, however, was that there was no mention of the US President's anticipated UK visit during the State Opening of Parliament, which suggests the event has now been deferred to a more predictable time in the future. Theresa May, is heading to the EU leaders summit in Brussels today amid heightened security after a foiled terror attack at the Belgian capital's main railway station; tonight the UK Prime Minister is expected to propose a framework for a quick agreement on residency for EU nationals and employment rights. European equities are seen heading for a lacklustre opening this morning, with a downbeat FTSE-100 seen opening flat to 5 points down."

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22 Jun 17
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N+1 Singer - Morning Song 22-06-2017

Carador Income Fund (CIFU LN) Level of refinancing and reset activity remains high | Imagination Technologies Group (IMG LN) No progress with Apple; Whole group for sale | Uncovered Gems - Speed Dating Lunch Another five sparkling gems

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22 Jun 17
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Small Cap Breakfast

GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m. Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. FFI Holdings— Specialist in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. Offer TBA. Expected 30 June. QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA Ethernity Networks—Schedule 1 from Israeli based specialist in data processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets. Expected late June. Offer TBA. Jangada Mines—Sch 1 advanced stage PGM exploration project containing what the Directors understand to be the largest PGM resource, and only pre-development PGM project, in South America. Offer TBA. Expected late June. Phoenix Global Mining— US Brown field copper play. Expected late June. Offer TBA Touchstone Exploration— Oil E&P company active in the Republic of Trinidad and Tobago. Interests of approximately 90k gross acres. Production c. 1.3k boepd. Raising £1.5m. Expected mkt cap £7.5m - 26 June. I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Postponed. Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. ScotGems—Admission due 26 June. Seeking £50-£100m. To investing in a diversified portfolio of Small Cap Companies listed on global stock markets DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale. AIB—Intention to float from AIB, Ireland's leading retail and commercial bank. The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Valuation range €10.6-€13.3bn. Admission end June. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.

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22 Jun 17
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Support Group

In light of the UK election, we highlight our favoured overseas earners, operators in defensive markets and those capable of taking market share, but our main topic is the structure of the UK employment market. The UK has the lowest unemployment rate since 1975 at 4.6%, and there are, consequently, fewer and fewer candidates to fill vacancies. This suggests recruitment companies may struggle to grow, but there are structural changes in the UK labour force that offer growth opportunities. Temporary labour continues to expand relative to the point in the economic cycle, its importance accelerating since 2008, and part-time labour has grown at twice the rate of full-time labour throughout both the last cycle and over the long term. There are, of course, specialist temporary recruiters, but the part-time market appears relatively untapped (at least by the quoted companies) despite being c.5x the size of the temporary segment in terms of numbers.

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19 Jun 17
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2G Energy

CHP taken to the next level

2G Energy is the third largest provider of gas driven CHP (combined heat power) plants in Germany. It has diversified its activities so that it is less exposed to changes in the regulatory environment for renewables and CHP in Germany through expanding export markets and service revenues. Gas powered systems are becoming increasingly important as sources of power when output from solar and wind systems is low. The stock represents a low-risk play on the shift to decentralised, decarbonised modes of power generation.