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Companies: ARB FNX PEB QXT TRI
Trifast has released its FY22 trading update ahead of the results to end March, due for publication on 21 June. Strong trading continued in 4QFY22 with results expected to be in line with the Board's expectations. We increase our EPS forecast by 5% to 7.8p on lower tax and bump up net debt to reflect continued inventory build. Trifast has been able to pass on higher costs to date, but the future remains characterised by volatility and uncertainty. We maintain our Buy recommendation and Target Pr
Companies: Trifast plc
The group has announced its trading update for the year ending 31 March. Trading for the year has been in line with expectations, with challenges seen in its supply chain and input price inflation. Management actions have largely mitigated these effects, with a new round of price increases expected to recoup recent input price increases. YE net debt at £25.0m is higher than expected due to further investment in stock and working capital, and to extended lead times etc. Despite the higher debt, a
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URA Holdings, a London based mining exploration and development company, intends to list on the Main Market (Standard). URA, a former AIM-listed company, is refinanced and ready for listing as an African focused mineral exploration company. The Company’s purpose is to seek unique, value-enhancing opportunities in minerals as a project generator including to prove-up early-stage explo
Companies: TRI TGR SPSY TYM BOOM BGO FXPO ORPH
Companies: BOOM NTQ TRMR TRI ARC
The group has announced a trading update for the first ten months of the year, confirming that it is trading in line with existing expectations for FY22. Akin to most others it has seen raw material and other supply chain challenges, although mitigating action has been taken by increasing prices and holding additional inventory. It signals recent energy and salary cost pressures will feed in throughout the supply chain. No change to profit forecasts, though with higher stocks affecting FY22 cash
Trifast has released a good trading update which continues to underscore the Group's ambitions to be substantially bigger and take advantage of a range of opportunities in its focus markets, driving organic and inorganic expansion across multiple geographies and customers. Although FY22 expectations remain unchanged, we believe the Group's recent actions provide the basis for a period of sustained market share gain. Buy.
Companies: 4BB IGP TRMR TRI
Trifast has released FY22 interim results which show strength of recovery in end markets and reflect headline commentary from the trading update on 21 October. The outlook is optimistic and the Group's strategy is increasingly validated through market share gains and resulting financial performance. Buy
Interim results show a strong bounce-back in trading levels across all of Trifast’s territories and end customer markets, with light vehicles highlighted as gaining market share. Supply chain challenges saw input cost rises, which had a temporary impact in H1, but due to price rises gross margins should normalise in Q4. Higher inventories partly explain the shift back into net debt of £5.1m. No change to forecasts. We maintain our 187p price target, with the shares trading at a discount to its p
Companies: ALU SOLI TRI
The group’s H1 update signals that the post pandemic rebound continues, with H1 revenues expected to show a c.30% increase, and revenues and profits in line with expectations. Some supply chain issues and input cost inflation are being experienced and passed on to customers with a temporary impact on H1 gross margins, but should end the year at normalised levels. No change to underlying trading forecasts, with forecasts upgraded to reflect the recent acquisition of Falcon. As such, we raise our
Trifast has released a good interim trading update ahead of its interim results due on 23 November. Overall trading has been in line with management expectations at “both revenue and profit levels” since the AGM update in July although this belies the strength of the Group's top line performance in our view. We remain buyers.
Companies: PEB QTX TRCS TRI
Research Tree provides access to ongoing research coverage, media content and regulatory news on Trifast plc.
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Companies: Savannah Energy Plc
Forecast and valuation update
Companies: IOG PLC
We are increasing our fair value estimate for Pantheon Resources to 208p, from under review (previously 184p). The change reflects what we believe was an unambiguously positive winter drilling campaign. This full note details the background analysis to the change in estimate of fair value, which includes a valuation table and an assessment of the forthcoming Alkaid#2 well.
Companies: Pantheon Resources plc
With several opportunistic but timely acquisitions in 2021, coupled with the recent surge in the oil price, Zenith Energy has, in our view, completely transformed itself and its value proposition to investors. While for various reasons it has not been easy for the market to fully recognise and reward this transformation, we expect 1) doubling production, 2) further strengthening of its balance sheet and 3) becoming Free Cash Flow (FCF) generative this year, will make it difficult for the market
Companies: Zenith Energy Ltd.
Alternative Resource Capital
Chariot has signed a front-end engineering and design (FEED) agreement with Schlumberger and Subsea 7 (the Subsea Integration Alliance) for the Anchois gas development project. Chariot and the Subsea Integration Alliance will adopt a “one team” integrated and collaborative approach to fast-track first gas from Anchois to maximise the return on investment for all stakeholders. The scope of work covers all the development's offshore elements including well completions and subsea production systems
Companies: Chariot Limited
AfriTin Mining (“ATM”) has announced another record-breaking quarter from Uis Phase 1. Tin production increased 13% QoQ to 152t for the three months to May (Q1 FY’23), supported by record recoveries, which along with cost initiatives drove a 16% improvement in All-In Sustaining Costs. The strong performance continues to support growth projects including incorporation of petalite lithium and tantalum by-products, upon which AfriTin recently announced positive drilling and metallurgical test work
Companies: AfriTin Mining Ltd.
Hannam & Partners
RCS-1 flow testing results
Companies: Arrow Exploration Corp.
EQTEC has reached a key milestone in its Southport energy from waste project with the appointment of Anaergia as EPC and O&M partner. This is a complex project using multiple waste treatment solutions and we see EQTEC’s inclusion as a demonstration that it’s technology can combine with these to create an optimal outcome.
Companies: EQTEC PLC
Trinity has announced the commencement of its highly anticipated onshore drilling campaign. The Company's fully funded, six well drilling programme will target an aggregate 450-1,100mmbbls of reserves at a cost of US$14-17m. In addition to drilling four “conventional” low angle wells, Trinity will also drill one horizontal well and one deeper appraisal well, with both the horizontal and deeper appraisal wells having the potential to deliver substantially higher production and economic returns ve
Companies: Trinity Exploration & Production Plc
Wentworth has announced a positive operational update ahead of its AGM to be held later today. Daily production year-to-date (YTD) has averaged 92.2MMscf/d, a c15% YoY increase (2021: 79.9MMscf/d) and ahead of Wentworth's 2022 guidance of 75-85MMscf/d. As noted previously, the strong performance of the Mnazi Bay asset YTD has allowed Wentworth to increase its total dividend distribution in respect of 2021 to 1.7p per share, a yield of c7.1%. Mnazi Bay continues to supply Tanzania with half of th
Companies: Wentworth Resources PLC
• Section II of the Northern Peruvian Pipeline has been temporary re-opened.
• As a result, 0.72 mmbbl of PetroTal’s Bretana oil has been tendered at the Bayovar port by Petroperu for the July lifting. This oil previously entered the pipeline in late 2020 for which PetroTal was paid just ~US$45/bbl at the time.
• PetroTal will receive the difference between this price and the price at which Petroperu will sell the oil in July (~US$120/bbl), generating over US$60 mm of price adjustment true-up r
Companies: PetroTal Corp.
Wentworth has announced the acquisition of a 25% non-operated working interest in the Ruvuma PSA from Scirocco Energy for an initial consideration of US$3m plus contingent payments of up to US$13m. The consideration is structured to ensure that the majority is only paid in a success case, providing Wentworth with a low-cost entry point into a high growth opportunity. The transaction has the potential to nearly double the Company's production by 2026 and add over 190Bcf of 2P reserves on a Final
• 2022 YTD gross production was 92 mmcf/d, ahead of our expectations of 89 mmcf/d for 1H22.
• The FY22 production guidance remains unchanged at 75-85 mmcf/d. It looks very conservative in our view.
• The company currently holds US$26 mm in cash and no debt. This is in line with our expectations.
• TPDC continues to be current with regards to receivables.
• We re-iterate our target price of £0.45 per share.
Steady growth and dividend
Our Core NAV for the company based on its 2P reserves only i