Beaufort published another note out this morning: "The extension of Vodafone's partnership with Afrimax would allow both the companies to explore market opportunities in sub-Saharan Africa. The firms have already partnered to launch 4G services in Uganda and plan to provide high- speed 4G data services to consumers and businesses in Zambia. Recently, Vodafone reported strong results for FY 2016, recording organic growth in revenue and EBITDA for the first time since 2008. Vodafone's Project Spring turned out very fruitful as service revenue in AMAP and Europe recorded strong growth. Looking ahead, for FY 2017, the company expects organic EBITDA growth of 3–6%, implying £12.4–12.8bn. Free cash flow for the period is expected to be at least £3.2bn, while capex (after Project Spring) is targeted to be in the mid-teens, as a percentage of annual revenue. We are encouraged by Vodafone's performance and confidence towards progressive dividend per share growth, demonstrating the board's optimism in future cash flow generation." scraped from Researchtree
Beaufort Securities's note out this morning on Research Tree: "There is little doubt about the Company's enthusiasm for the continuing safety results for VAL 201, with no significant adverse events being reported. Early indications of efficacy have also been shown. Following the promising pre-clinical evidence of the compound's effect on endometriosis the Company is continuing the design of the protocol for this indication and to test VAL201 for its in-human potential in the treatment of this debilitating female condition. The protocol and associated partnerships - both commercial and technical - are expected to be in place before the final reporting of the current 'safety and tolerability-focused' clinical trial. Indeed, the opportunity for developing and exploiting the compound for a further indication in the treatment of endometriosis or hormone induced abnormal cell growth in women, via partnering and collaboration, is similarly fast approaching and the necessary preparatory steps and conversations are underway. Scientific progress has included the manufacture of clinical grade VAL401 capsule and this production is a crucial step in VAL401's progression towards the dosing phase of its clinical trial. A second US patent – in this case covering the use of the VAL401 formulation as a treatment for adenocarcinoma - has been allowed by the US patent office. With this patent providing IP protection in the largest oncology market in the world, ValiSeek consider this patent to be a substantial asset, both validating and underpinning ValiSeek's potential future valuation."
Another note out from Beaufort (free to view): "This is positive news for Keras giving the company access to additional resources that can be extracted easily and converted into near term cash flow assuming positive grade control results and final approval of the Project Management Plan by the Department of Mines. We look forward to further updates as Keras continues to grow its inventory of low cost gold deposits." on Research Tree
"IHC's appointment for the Pituffik project is a positive development. FinnAust and IHC would work to define an optimised development solution that includes in-house wet mining equipment and high-level cost estimation for Pituffik. IHC's good understanding and global experience in operating efficient and advanced dredging equipment in all types of environment complement FinnAust's work. Recently, the company appointed NIRAS Greenland A/S and Orbicon A/S to support the completion of various permitting and regulatory work at the Pituffik Titanium Project in Greenland. FinnAust also reported positive results from an offshore survey conducted at Pituffik. The results indicated significant titanium volumes extending over a large area, which further enhanced the potential resource base." From beaufort's note out this morning on Research Tree
Beaufort Securities published a new note this morning on ResearchTree: "easyJet delivered good performance in May 2016, with increased passenger traffic. This was despite 173 cancellations for the month, with French ATC strikes and weather conditions accounting for most of those. The Egypt Air tragedy also occurred in this month (19th May). Recently, easyJet reported strong Q1 2016 performance despite disruptions by terrorists. The board expects pre-tax profit for FY 2016 to remain in line with market expectations, helped by prudent cost management, low fuel prices, disciplined capacity allocation and resilient trading. It estimated that at January's exchange rates and with fuel trading at US$350–450 per metric tonne, its unit fuel bill for FY 2016 would decrease £165–180m from the FY 2015 levels. Furthermore, the company plans to expand its services by increasing flight offerings. Recently, several strategic routes were launched, including Vienna and Basel, which are expected to carry 78,000 passengers annually."
Beaufort's note out this morning from Research Tree: "Smart metering is a giant, unfulfilled and highly scalable global long-term growth opportunity which provides an exceptionally sticky customer base. Cyan has a unique and fully developed product with protected IP. Its revenue streams include hardware and software sales during installation/roll-out along with recurring license fees collected on revenue-based long-term contracts. The Group has strategically focused its initial marketing efforts on emerging markets which are now building out their infrastructure and modernising their approach to consumer distribution in order to gauge capacity demand and maximise efficiencies, while identifying power leakage and theft. The fact that it has secure contract wins from India, the Middle East, Africa, Brazil, China and Eastern Europe, highlights both the need for and the uniqueness of Cyan's systems approach. The potential to scale early sales to these territories is clearly enormous; in reality, the transformational purchase order worth £10m from Iran's Micromodje is potentially just a small part of the National Smart Metering Program of Iran that has a stated goal to replace the electricity meters for all customers, representing approximately 33 million meters, in seven years with funding provided by the Iran Power Generation, Transmission and Distribution Management Company; Cyan has already started a dialogue on the next planned rollout of 1 million units. Prospectively, India is an even larger opportunity with prime minister, Modi, in 2015 projecting a phased consumer rollout of smart meters beginning in 2017, with 35 million units installed by 2019; more recently India's power minister, Goyal, cited a proposition for as many as 250 million smart meters. With a good number of large international territories now also reviewing similar options, the business potential for a supplier capable of installing and supporting comprehensive national smart meter implementation programmes is clearly huge."
Beaufort note out this morning (taken off of ResearchTree): "We are encouraged with the construction progress at Kiziltepe. With most of the major construction of the processing plant nearing completion, work on the TSF will now commence. The project remains on schedule for commissioning in Q3 2016 and production in Q4 2016. We look forward to further updates and commissioning of the plant in Q3 2016."
New note out this morning from VSA Capital: "Independent Oil & Gas (IOG) has announced that the Skipper appraisal well has now been rescheduled to drill in early July 2016. IOG is 100% owner and operator of the Skipper field and the previous contract with Transocean for the drilling of the well has been renewed with advance payment of US$1.73m to be part settled by the issue of 2.7m shares at 18.375p with the balance paid from IOG’s loan facilities or settled via share issuance..." It's up on Research Tree
Equity Development published a note this morning, (taken from Research Tree): "You can’t keep a great company down. This morning, against a backdrop of more subdued UK building activity ahead of the EU Referendum, Vp posted another set of record results. Driving operating margins up to 15.3% from 14.0%, on the back of improved divisional mix, operational gearing and asset disposals – significantly above rivals, Speedy Hire and HSS (see below), who have both stumbled of late..."
Panmure Gordon published a note out this morning: "B.P. Marsh has delivered another excellent set of results with an increase in NAV to 243p/share (31 Jan 2015: 216p), a good pipeline of new investment opportunities and a healthy supply of cash. Total Shareholder Return in 2016 was 13.7% (2015: 8.2%) whilst average NAV annual compound growth since 1990 has been an impressive 11.4% and, as expected, a final dividend of 3.42p/share (+24.4%) has been declared. In addition there are a number of actions in place to narrow the gap between the share price and the NAV including..." Scraped from ResearchTree