Cenkos: Oil & Gas Sector -- Falcon Oil & Gas, Ithaca Energy, Harbour Energy, Deltic Energy, John Wood Group, Woodside Energy, Santos, Nostrum Oil & Gas -- Touchstone Exploration, Panoro Energy, Hunting.

Oil posted its second straight weekly decline as signals of additional crude supplies and a deteriorating global demand outlook loomed over a string of thinly traded sessions. The narrative of tight supplies that has driven crude's rally since June has faded amid prospects that the US will ease sanctions on Iran and Venezuela. Meanwhile, faltering growth in China and abysmal economic data in Europe have dimmed the outlook for demand. In the physical market, Marathon Petroleum Corp. is shutti

50 Shades of Hydrogen - Hybridan Sector Review

Against the backdrop of the 26th UN Climate Change Conference of the Parties (COP26) we take a closer look at the rapidly developing technology and industries surrounding the evolution of the so-called hydrogen economy. Hydrogen is an energy vector or fuel that is capable of storing, transforming and transporting energy with zero emissions at the point of use. It can also be made by renewable energy sources. It is also the most abundant element in the universe accounting for some 75% of all matt

US productivity declines in Q3; Rolls-Royce expects FY19 to be towards lower-end of guidance; Senior implements restructuring programme

Rolls-Royce Holdings (RR. LN, £15.0bn) | IMI (IMI LN, £2.9bn) | John Wood Group (WG. LN, £2.5bn) | Senior (SNR LN, £788m)

SDCL Energy Efficiency Income Trust - Increased cash generation and portfolio value

SDCL Energy Efficiency Income Trust (SEEIT) recorded a 9% increase in cash from investments in FY24, generating £92.5m (FY23: £85.1m), ensuring its DPS of 6.24p was fully covered by cash 1.1x. The board guided a target dividend of 6.32p per share for FY25 (9.5% prospective yield). The portfolio valuation stood at £1,117m (4.8% increase from H124 and 1.6% from FY23). Both SEEIT’s NAV and NAV per share remained flat for FY24, at £982m and 90.5p/share, compared to H124, with the majority of the red

Hardman & Co Insight: Survival of the UK life sciences sector

For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway

Avacta Group | AGM update – Good progress in Arm 2 testing

Avacta has announced an update ahead of its AGM today. The key highlight is that dosing in the second cohort of the two weekly clinical test of AVA6000 (Arm 2 of Phase 1) has been successfully completed without dose limiting toxicities being observed and that dosing is now ongoing in cohort 3. That keeps the company on track to commence the dose expansion Phase 1b efficacy study in 2H24 when it also expects to present further data from the AVA6000 trial. In addition, Avacta has announced the for

Time Finance - Perennial Performer

Time has released its FY24E trading update which shows revenue and PBT coming in ahead of expectations at £33m (Cavendish forecast: £31.5m) and £5.8m (Cavendish forecast: £5.7m), respectively. The trading update gives us confidence to upgrade our forecasts for FY25E, resulting in a 10% increase in basic EPS. The Group’s gross book has hit the record milestone of £200m and is on track to hit its 4-year target of doubling the book to over £230m by the end of FY25E. It continues to grow EPS at over

LIBERUM: Sancus Lending Group Limited: FY 23 results below expectations, but some signs of life in H1 24

Franchise Brands FY23 Results Update

Franchise Brands is set to create a lot of value, in our view. We believe the Group can achieve an organic 12% CAGR in System Sales between 2024-2027 to reach the Group's £600m medium term target.

Morning Note – 27 June 2024

IP Group - Sale of Garrison Technology to Everfox

On 12 June IP Group announced that Garrison Technology, one of its key deeptech holdings, is being acquired by US-based cybersecurity company Everfox (formerly Forcepoint Federal), which has been Garrison’s partner for several years. IP Group highlighted that it would receive a cash consideration upon deal completion for its 23.6% stake in Garrison and that the valuation of Garrison implied by the deal will not result in any meaningful uplift to last carrying value. Based on this, we understand

THE MONTHLY October 2021

The world of entertainment has been through a revolution, with catch-up TV and new ways to watch programmes, such as via the PC, tablet or mobile phone. We are at the start of a similar change in investment research, and research providers have a steep learning curve to climb.

Allenby Capital: Franchise Brands - Finals

Adjusted EBITDA for the year ended December 2023 came in at £30.1m, better than our expectations and at the top end of the range of market forecasts with all B2B operating segments delivering record profits. With some minor headwinds still apparent in H1 24, we nevertheless anticipate good organic growth together with a full 12 month contribution from Pirtek and a further reduction in net debt to c.1.8x of adjusted EBITDA.

Macfarlane Group+ ( MACF, House Stock at 142p) - AGM trading update, improving markets anticipated

Christie Group + (CTG, House Stock at 115p) - Improved trading YTD and on track for FY24F

UK's best rated holiday provider: still ~£4 too cheap to us

15%-20% TSR CAGR potential

YouGov - Resilience in a more difficult macro environment

YouGov’s trading update covering the six months to end January confirms that the group is on track to meet the full year market revenue consensus of £264m, 19% ahead of the prior year. This is a little ahead of our modelling (£255m), so we have adjusted accordingly. Our operating profit forecast is unchanged, reflecting a slight shift in mix towards Custom Research, which runs with structurally lower operating margins than Data Products. The search for a new CEO is ongoing, with current CEO Step