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

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 FDL FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

15 Oct 18

Placing, conversion of loan notes and trading update

The group has announced two transactions that will improve the group’s liquidity and simplify the group’s financial structure. It has raised £8.5m via an equity placing and the conversion of its outstanding loan notes. The result is moderate EPS accretion in its first full year with the group moving from net debt of £12.0m to FY19 net cash of £5.6m. We believe investors should take these actions positively, being financially prudent but also enabling the group to pursue and accelerate additional investment opportunities over the medium term in the renewable energy sector.

Companies: Aggregated Micro Power

27 Nov 18

Cenkos: OPG Power Ventures Plc - Strong Positive Momentum

OPG Power Ventures (OPG) has delivered a strong H1/19A performance, building momentum into H2/19E and FY20E. Revenue increased 17.2% YoY to £77.7m driven by higher production, plant load factors (PLFs) and tariffs. Tariffs have been successfully renegotiated higher with captive customers, off which we upgrade our forecasts. Coal prices have commenced a downward trend, contracting c23% in Q3/19E, which should aid FY20E profitability. OPG's strengthened financial position post the deconsolidation of the Gujarat business is expected to continue with all debt associated with the four Chennai plants scheduled to be repaid by CY23E. Shareholders stand to benefit from an increasing share of free cash flows. Buy.

Companies: OPG Power Ventures

04 Dec 18

Cenkos: Fulcrum Utility Services Ltd - On track to deliver

Fulcrum's interims illustrate a robust H1/19A delivery, in which the core infrastructure services and utility assets businesses have continued to grow organically at double-digit rates, now supplemented by the synergistic acquisitions of Dunamis and CDS. The anticipated margin on future projects across the Group to be delivered in H2/19E are above that previously forecast. We expect this increase to offset the delay in the delivery of the Dunamis order book owing to external market factors. Asset ownership is beginning to scale, notably with external agreements developing. We consider today's update to indicate in-line FY19E trading.

Companies: Fulcrum Utility Services

13 Dec 18

Interims: on track for expected seasonally stronger H2

Interim results confirm a step up in activity, with losses reflecting the usual summer seasonality in Wood Fuels as well as a lower level of completions in the company’s Project Development business. Winter trading combined with a streamlined operating brand will see a stronger H2 in Wood Fuels, and a stronger pipeline of completions in H2 is also expected in Developments. As such, trading is on track to exceed £50m of revenue. Following the £8.5m placing and conversion of CLNs, the balance sheet has been simplified and strengthened, with a year-end net cash forecast of £4.7m.

Companies: Aggregated Micro Power

09 Nov 18

Executive interview - ERM Power

12 Jul 16

finnCap - Initiation of coverage, Fulcrum

Premium

10 Oct 16

Armadale Capital - Project Update

10 Sep 15

Armadale Capital - Interim Results

27 May 15

Executive Interview - KTG Energie (German version)

10 Dec 18

Executive interview – 2G Energy

12 Jan 17

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

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

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

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

24 Sep 15

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

09 Jul 15

Armadale Capital - Landmark agreement

Latest Content

EQTEC

Northland Capital Partners Limited Morning Report

EQTEC (EQT.L)

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16 Jan 19
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BCA CLIN CLG CBP DNLM EAH FDL FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

Opportunity knocks

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14 Jan 19
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APQ GEMD YU/ RBD SAE SIM INL FARN

Small Cap Feast

PetroTal Corp is an oil and gas company whose shares are currently admitted to trading on the TSXV. The Company is focused on development of oil and gas assets in Peru and it currently has controlling interests in three onshore Peru license blocks. No new funds being raised. Due 21 Dec. Mkt cap c.£80m Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected mid December.

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19 Dec 18
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Aggregated Micro Power Savannah Resources

Morning Note – 13 December 2018

Aggregated Micro Power (AMPH): Corp Interims: on track for expected seasonally stronger H2 | Savannah Resources (SAV): Corp Project update – Portugal

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13 Dec 18
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Aggregated Micro Power

Interims: on track for expected seasonally stronger H2

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13 Dec 18
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CHINA WATER AFFAIRS GROUP

China Water Affairs Group - Strong performance delivers growth

Interim results confirmed that China Water Affairs Group (CWA) continues to grow rapidly. We remain optimistic about CWA’s capacity to extend this growth trajectory and see the 50% increase in the interim dividend payment as evidence of management’s confidence in the outlook. In our view, the rating of the shares does not reflect the growth prospects.

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13 Dec 18
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EVN

Warmer weather and regulatory headwinds slow the FY17/18 results

EVN reported a mixed set of FY17/18 results. Sales were down by 6.5% on lower thermal output and warmer weather. However, EBIT was up 13% as it benefited from positive comps (last year’s P&L was impacted by impairment losses in the generation business), lower D&A expenses and lower cost of materials. Net debt decreased by 20%, to €963.7m, allowing gearing to reach 23.5%. Management gave a conservative €160-180m FY18/19 bottom-line guidance.