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We currently have 8 research reports from 1
Aviva’s trading update came with some satisfaction, albeit in line with what it had been guiding. All indicators are “on track” as communicated by the firm. The interesting area will come, in our view, from the pressure that activist Cevian is exercising on the firm to distribute more excess capital.
Companies: Aviva plc
Mercia has provided a positive update on a number of fronts. H1 adj. operating profit is running materially ahead of market expectations. Another performance fee has been crystallised in the NVM VCTs (£1.6m net). Valuation gains in H1 were better than expected driving >£10m H1 comprehensive net income. We incorporate this into our model, driving a +72% upgrade to FY22e adj. EBITDA (+23% u/l to £3.7m excl. performance fees) and a +4% increase to our NAV. We reiterate our 50p/sh SOTP valuation dri
Companies: Mercia Asset Management PLC
Deltic Energy has announced the completion with its joint-venture partner, Cairn Energy (CNE.L), of a 3-D seismic survey of approximately 680 km² over P2428. The licence is located in the heart of the SE-NW trending Carboniferous sandstone and Zechstein carbonate fairway towards the northern margin of the SNS (Southern North Sea) gas basin. The survey was focused on the Plymouth Zechstein reef prospect which is held 60% by Cairn and 40% by Deltic. Significantly, Deltic sees Plymouth as an analog
Companies: Deltic Energy PLC
MJ Hudson (MJH) has delivered a solid set of FY21A results, with organic revenue growth of +14% YoY (FY20A 4%) and Adj EBITDA of £5.6m (broadly in line with our £5.7m forecast). Pro forma EBITDA for the group at June-21A stood at £6.8m (and is c£7.0m once SCFL, acquired post period end, is included). We note that our FY21E Adj EBITDA forecast is currently £7.1m, and hence factors in only minimal organic growth, despite the fact that positive momentum from H2/FY21A has continued into the current
Companies: MJ Hudson Group Plc
Augmentum Fintech (“AF”) has seen continued positive performance during H1, with a +£26m net investment return on the portfolio whilst deploying £45m. Successes include positive returns on Interactive Investor (“ii”), Tide, Grover and Zopa – as well as the maiden disposal (Dext). With ii appearing to be on the cusp of graduating, we look at the next cohort: assuming strategic execution, and with some already linked to IPOs, we see several £1bn+ valuations. We think that these four alone (out of
Companies: Augmentum Fintech
Revolution Beauty has released H1 results, confirming trading remains in line with full year expectations, despite well flagged input cost pressures. Today’s announcement unveils the roll out of a major new US retail partnership from Q4, as well as the launch of several new product categories, underpinning growth expectations into FY23 and beyond.
Companies: Revolution Beauty Group plc
Companies: Brewin Dolphin Holdings PLC
The NAV of NextEnergy Solar Fund (NESF) was 103.1p as at 30 September 2021 (98.9p as at 31 March 2021). This has been driven by higher power price curves and higher market views of inflation. NESF has also diversified into the energy storage sector through a £100m joint venture partnership with Eelpower, with the first 50MW acquisition signed and being prepared for construction. Portfolio electricity generation +1.1% is above budget for the first half of the year. NESF has declared 3.58p of divi
Companies: Nextenergy Solar Fund
Companies: Real Estate Credit Investments Limited
Caracal Gold (GCAT LN) acquired the Kilimapesa mine, in Kenya, earlier this year and immediately restarted production and started commissioning the capacity expansion. Following the £5.5m fundraise on RTO, the company is on track to achieve the target 1kozpm runrate by year end with daily capacity already having been increased from less than 400tpd to over 700tpd. We anticipate operating costs for the group of around US$970/oz and AISC of US$1,170/oz in 2022F which in the current gold price envi
Companies: Caracal Gold PLC
Companies: NewRiver REIT plc
The January wobble in markets has extended to a whole quarter, and the red pen is out as a result. Forthcoming quarterly updates will show to what extent investors have reacted to market wobbles, of course, but one quarter is no way to judge performance, as we are sure readers can only too happily agree with. The decline in share prices in the quarter was inevitable from a sector with a very high short term beta, but such moves throw up opportunities for investors willing to look through the noi
Companies: ASHM ICP JUP LIO REC SDR ABDN EMG
Legal & General’s performance in its H1 21 release came with a certain satisfaction. Most of it is attributable to an improving rates environment and strong performances, finally, from LGC and LGI.
Companies: Legal & General Group Plc
Companies: AEW UK REIT PLC
Companies: Real Estate Investors plc