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.

15 Jun 20

EQTEC*

Tipping point: Proven, revenue generating, now scaling

Companies: EQTEC

17 Jun 20

Good set of FY19/20 figures

Good set of FY19/20 results (to 31 March). On the back of the restoration of the capacity market payments in the UK and a strong performance in the renewables activities, offsetting the slight decrease in network activities, earnings per share increased by more than a third.

Companies: SSE

30 Jun 20

Successful Merger

In April 2020, US-based Avalon Battery merged with AIM-listed redT energy (RED LN) to create Invinity Energy Systems plc (IES LN). An equity fund raising of £8.0m was also undertaken for the new combined entity. With a highly experienced team, worldwide sales reach, a secure supply chain and low-cost manufacturing facilities, Invinity Energy Systems plc (“Invinity”) will seek to achieve real scale in battery storage markets for utility, industrial and commercial applications.

Companies: Invinity Energy Systems Plc

14 Jan 19

Opportunity knocks

We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.

Companies: BCA CLIN CLG CBP DNLM EAH STU FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

18 Apr 19

Initiation of Coverage

EQTEC provides engineering and design services and sells its EQTEC Gasifier Technology (EGT) to waste-to-energy operators and enterprise partners. The company works together with multiple parties involved in W2E projects including the developers, waste owners, building contractors and funders with a view to ultimately providing its gasification technology, associated engineering & design services and O&M services.

Companies: EQTEC

13 Feb 20

Disappointing H2 19, poor FY20 outlook

Disappointing full-year results after a 9m trading statement that had seemed encouraging. Adjusted operating profit came in short at £901m, however the adjusted EPS came in perfectly in line with the consensus. On the positive side, adjusted operating cash flow came in slightly above our expectations. However, despite a good level of cost reductions targeted for FY20 (c. £350m), the group expects the FY20 adjusted operating cash flow to be lower than in FY19 (£1.6-1.8bn versus FY19: £1.8bn). We confirm our cautious view.

Companies: Centrica

26 May 20

FY19/20: impacted by one-offs; future dividends under review

United Utilities reported FY19/20 results with underlying figures in line with our assumptions but the reported figures much lower due to one-offs. It exited the 2015-20 regulated period with totex outperformance of £100m and ODI outperformance of £44m. The company will pay its FY19/20 dividends but is reviewing the dividend payment for AMP7. We will be adjusting our model to account for AMP7.

Companies: United Utilities Group Plc

18 Jun 20

FY19/20 - impacted by US activities

Below market expectations, but in line with our estimates. Operating profit was flat compared to last year and came in at £3,454m (consensus was £3,590m, our estimate was £3,442m). EPS decreased by 1.5% to 58.2p (consensus was 59p, our estimate was 58.1p). Dividend increased by 2.6% to 48.57p (consensus was 48.7p, our estimate was 48.8p). The group estimates the impact on operating income to be in the region of £400m, but recoverable over future years.

Companies: National Grid Plc

23 Nov 16

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

12 Jul 16

finnCap - Initiation of coverage, Fulcrum

Premium

09 Nov 18

Executive interview - ERM Power

25 Nov 15

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

10 Dec 18

Executive interview – 2G Energy

24 Sep 15

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

21 Feb 19

OPG Power Ventures Investors Overview

10 Sep 15

Armadale Capital - Interim Results

12 Jan 17

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

08 Jun 15

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

01 Jun 20

EQTEC PLC's David Palumbo talks debt reprofiling and updates on project developments

27 May 15

Executive Interview - KTG Energie (German version)

09 Jul 15

Armadale Capital - Landmark agreement

07 Jul 15

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

10 Oct 16

Armadale Capital - Project Update

Latest Content

Successful Merger

Invinity Energy Systems Plc

30 Jun 20
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Cenkos: OPG Power Ventures Plc -- Financial Flexibility

The Group has strengthened its liquidity position through the placing of 2,000 non-convertible debentures, raising gross proceeds of c£21.2m. The entire proceeds have been utilised to finance the prepayment of term loan principals out to June 2022, improving the Group's flexibility to manage cash flows in the short- to medium-term.

OPG Power Ventures

24 Jun 20
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FY19/20 - impacted by US activities

National Grid Plc

18 Jun 20
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Good set of FY19/20 figures

SSE

17 Jun 20
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Invinity Energy Systems plc – Trading Update

Invinity Energy Systems plc (IES LN), is a manufacturer of Vanadium Flow Batteries for the largescale energy storage requirements of businesses, industry and electricity networks. The Group has today provided a Trading Update on activities following its creation in April 2020 from the merger of Avalon Battery Corporation and redT energy plc.

Invinity Energy Systems Plc

15 Jun 20
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EQTEC*

Tipping point: Proven, revenue generating, now scaling

EQTEC

15 Jun 20
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OPG Power Ventures PLC: Proactive One2One Virtual Event

OPG Power Ventures

08 Jun 20

Board transition plan announced; Harwood tender offer withdrawn

Fulcrum has reached an agreement with Harwood Capital and Bayford regarding the composition of the Board. Harwood has agreed to withdraw the proposed Tender Offer announced on 9th April 2020. The Company intends to appoint Jeremy Brade (Partner, Harwood) and Jonathan Turner (CEO, Bayford) to the Board as NEDs in short order following final due diligence. As a condition of their appointment to the Board on behalf of Harwood and Bayford respectively, the Company has entered into a relationship agreement with each of Harwood and Bayford in order to provide the Company with customary protections along with these Shareholders’ rights of Board representation. In addition, the Group intends to appoint two new independent NEDs prior to the 2021 AGM, with Philip Holder (Chairman) and Stephen Gutteridge (NED) stepping down upon their appointment. Lastly, the Company is proposing to amend the Articles of Association in order to incorporate additional protections typically available to UK public companies under the Code.

Fulcrum Utility Services

05 Jun 20
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EQTEC PLC's David Palumbo talks debt reprofiling and updates on project developments

EQTEC

01 Jun 20

HY19/20 - dividend confirmed

EBITDA and EBIT increased by more than 15%, on the back of the recovery of EVN KG and the Energy business line, but also non-recurring elements. Electricity decreased by more than 25%, mainly due to thermal assets, which are on the front line in dealing with the drop in demand – renewables output was roughly stable. The group confirmed its dividend policy.

EVN