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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
Dish of the day
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Arena Events has left AIM.
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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 EOG 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: Sylvania Platinum Ltd.
Forecast and valuation update
Companies: IOG PLC
Arc has recently signed an agreement with Anglo American (LSE:AAL, Market Cap $45bn) on a JV for its highly prospective Zambian licences (subject to final due diligence). The deal sees (3) main staged payments of up to $74m in the ground and $14.5m to Arc (by end of stage 1) and significantly leaving Arc with a 30% stake in the project. On a detailed reflection over the deal we want to reiterate how positive we see this is for Arc: i) Arc could never have raised this sort of capital to bring exp
Companies: ARC Minerals Limited
Jubilee today provides an operational update on the ongoing commissioning at the new Inyoni chrome and PGM plants with Jubilee building up to steady state production for nameplate capacity of 1.2Mt chrome concentrate and 44koz PGM production per year. Remember processing chrome creates the upgraded PGM tailings for Jubilee to recover the PGMs (Jubilee being paid a small margin to preconcentrate its own feed) and with the expanded Inyoni there is no need to share the PGM revenues via a JV struct
Companies: Jubilee Metals Group PLC
Last week Tamesis visited a number of Tharisa PLC's assets including the Tharisa Mine and Arxo Metals Beneficiation Site (AMBS) in South Africa and the Karo Platinum Project in Zimbabwe. Overall it was an extremely well received trip with evidence of efficiency improvements at the Tharisa mine, unexpected cash generation from the Vulcan Plant, further cash from the Salene Chrome Plant and, it also impressed on us that the Zimbabwe risk to the build out of Karo is lower than the market perhaps th
Companies: Tharisa Plc
Chariot has conditionally raised gross proceeds of US$25.5m (before costs), providing the Company with sufficient funds to advance the Anchois Gas Development towards a Final Investment Decision (FID) and to progress its renewable power pipeline. The placing was significantly oversubscribed, highlighting the market's confidence in Chariot's business model and its management team. We maintain our price target at 51p, with the recent rise in the European gas price forward curve offsetting the dilu
Companies: Chariot Limited
Pantheon Resources announced that it has contracted a rig (the Nabors 105AC) to the Alkaid #2 well, which the company indicated is scheduled to spud in July 2022. The company indicated that if the well is successful, Pantheon Resources will commence a long-term production test and truck and sell the produced oil to a nearby North Slope facility.
Companies: Pantheon Resources plc
RCE-2 well flow test result
Companies: Arrow Exploration Corp.
A pre-feasibility study for the c10 GW green hydrogen project named “Project Nour” has confirmed that Mauritania is exceptionally well-placed for green hydrogen due its world class solar and wind resources, with the project having the potential to produce some of the cheapest green hydrogen in the world. With up to 10GW of electrolysis installed, Project Nour has the potential to become one of the largest green hydrogen projects globally by 2030. Geographically proximal to the European markets,
Diversified has announced the acquisition of a portfolio of East Texas upstream assets and related facilities from a private seller for US$50m – an attractive 1.4x multiple based on the NTM adjusted EBITDA of US$35m and before any potential synergies. At US$50m, the net purchase price approximates a >PV40 valuation at the effective date and represents an attractive discount of c51% to the estimated PV10 using the NYMEX strip as of the 19 April 2022. The assets include PDP reserves of 18mmboe (11
Companies: Diversified Energy Company PLC
ARC has announced it has signed a JV agreement with Anglo American (LSE:AAL, Market Cap $45bn) over its Zambian licences. This has long been in the offing and we view the terms as advantageous to Arc and a validation of the prospectivity that it (and we) see in its licences. The headline JV payments are staged but could ultimately lead to Anglo owning 70% of the licences, by investing $74m in exploration and paying Arc $14.5m. The licences will be held under a JV which will have an initial ow
*A corporate client of Hybridan LLP
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EnSilica (ENSI.L), has join AIM. EnSilica provides an end-to-end service for the design and supply of mixed signal ASICs, outsourcing certain elements such as the wafer fabrication of the manufacturing and packaging to third parties - otherwise known as a Fabless Semiconductor Model. ASICs are Integrated Circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help
Companies: YGEN AFRN ALBA ART BLV CCS EPWN FIPP NWT KETL
Companies: Thungela Resources Limited
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What’s cooking in the IPO kitchen?
Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th
Companies: YCA 7DIG BOOM DMTR EYE KIBO NFC RST SPSY