ACF Equity Research

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers  with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

ALSP 1H20A Post Results ACF 11022020

ACE Liberty & Stone (ALSP ISD), a NEX growth market listed property trading company delivered strong operational results with a rise in EBITDA margin as the company digests and consolidates a significant number of property acquisitions over recent periods. Since balance sheet close the share overhang has been significantly eroded by the exercise of warrants and conversion of CLNs leading to a significant increase in shares in issue (hence our lower value range). ACE has also raised over £4.55m in cash through the exercise of options at an average price of 65p per share. We expect these funds t...

Eurasia Mining Plc M&A Valuation FINAL ACF 03022020

Eurasia Mining (EUA.L) is an AiM-quoted Russian asset PGM producer. The West Kytlim project is revenue generating with production expected to ramp up in 2020 resulting in EUA becoming a de-risked prospect compared to its peers. However, the key asset is the M&A triggering EUA flagship palladium-driven project, Monchetundra, near to production. Could a Monchetundra sale turn a 100m MCAP AiM company into a £1.5bn exit for investors, equating to an approximate 15x rerating on the current price? There are many risks reflected in our conservative 30% risk adjusted WACC for the Monchetundra flanks p...

ALSP FY19A Post Results ACF 30092019

ACE Liberty & Stone (ALSP ISD), a NEX growth market listed property trading company delivered impressive operational results and has beaten our estimates comfortably on many items. ACE made 8 acquisitions for £32.95m generating £2.49m in annual rentals (av. 7.6% yield) and sold Hume Ho. for a 133% capital return over 5 years. There is £8.8m of assets held for sale plus £1.9m cash and equivalents against an increase in debt of £22.2m. ACE is negotiating a GBP 10m Convertible Loan Note (CLN) extension, likely to be on new terms. The reported investment portfolio reached £79.5m vs. our £69.4m tar...

Uranium Market Briefing Note FINAL 25092019

Uranium’s (U3O8) main use is as a fuel in the production of electricity by nuclear power stations. The uranium market is complex, illiquid (thinly traded) and opaque. Directly or indirectly State-controlled producers account for up to 70% of global production and these players do not have to follow economic logic unlike the companies without State subsidy. The majority of consumption (power stations) are geographically and often politically far from the majority of production (mines). Consumption growth requires decades-long investment cycles whereas supply (uranium) is relatively volatile.

ACF Rubicon 1Q19 Earnings Note 13052019

Rubicon (RMX:TSX) is a Canadian high-grade gold exploration company in the prolific Red Lake District with significant infrastructure and experienced leadership. Potential economics are exceedingly strong, especially in a weak C$ environment, milling is in place, bulk underground extraction looks possible. Key milestones include a feasibility study decision 2H18, bulk sampling results improving the project’s scope and reducing costs, and further 2018E drilling and exploration updates. RMX should undergo an upward re-rating. Further exploration programs could improve both the estimated mineable...

Uranium Market Briefing Note FINAL 25092019

Uranium’s (U3O8) main use is as a fuel in the production of electricity by nuclear power stations. The uranium market is complex, illiquid (thinly traded) and opaque. Directly or indirectly State-controlled producers account for up to 70% of global production and these players do not have to follow economic logic unlike the companies without State subsidy. The majority of consumption (power stations) are geographically and often politically far from the majority of production (mines). Consumption growth requires decades-long investment cycles whereas supply (uranium) is relatively volatile.

ALSP 1H20A Post Results ACF 11022020

ACE Liberty & Stone (ALSP ISD), a NEX growth market listed property trading company delivered strong operational results with a rise in EBITDA margin as the company digests and consolidates a significant number of property acquisitions over recent periods. Since balance sheet close the share overhang has been significantly eroded by the exercise of warrants and conversion of CLNs leading to a significant increase in shares in issue (hence our lower value range). ACE has also raised over £4.55m in cash through the exercise of options at an average price of 65p per share. We expect these funds t...

Eurasia Mining Plc M&A Valuation FINAL ACF 03022020

Eurasia Mining (EUA.L) is an AiM-quoted Russian asset PGM producer. The West Kytlim project is revenue generating with production expected to ramp up in 2020 resulting in EUA becoming a de-risked prospect compared to its peers. However, the key asset is the M&A triggering EUA flagship palladium-driven project, Monchetundra, near to production. Could a Monchetundra sale turn a 100m MCAP AiM company into a £1.5bn exit for investors, equating to an approximate 15x rerating on the current price? There are many risks reflected in our conservative 30% risk adjusted WACC for the Monchetundra flanks p...

ALSP FY19A Post Results ACF 30092019

ACE Liberty & Stone (ALSP ISD), a NEX growth market listed property trading company delivered impressive operational results and has beaten our estimates comfortably on many items. ACE made 8 acquisitions for £32.95m generating £2.49m in annual rentals (av. 7.6% yield) and sold Hume Ho. for a 133% capital return over 5 years. There is £8.8m of assets held for sale plus £1.9m cash and equivalents against an increase in debt of £22.2m. ACE is negotiating a GBP 10m Convertible Loan Note (CLN) extension, likely to be on new terms. The reported investment portfolio reached £79.5m vs. our £69.4m tar...

ACF Rubicon 1Q19 Earnings Note 13052019

Rubicon (RMX:TSX) is a Canadian high-grade gold exploration company in the prolific Red Lake District with significant infrastructure and experienced leadership. Potential economics are exceedingly strong, especially in a weak C$ environment, milling is in place, bulk underground extraction looks possible. Key milestones include a feasibility study decision 2H18, bulk sampling results improving the project’s scope and reducing costs, and further 2018E drilling and exploration updates. RMX should undergo an upward re-rating. Further exploration programs could improve both the estimated mineable...

ACF Rubicon Initiation Note 16072018

Rubicon (RMX:TSX) is a Canadian high-grade gold exploration company in the prolific Red Lake District with significant infrastructure and experienced leadership. Potential economics are exceedingly strong, especially in a weak C$ environment, milling is in place, bulk underground extraction looks possible. Key milestones include a feasibility study decision 2H18, bulk sampling results improving the project’s scope and reducing costs, and further 2018E drilling and exploration updates. RMX should undergo an upward re-rating. Further exploration programs could improve both the estimated mineable...

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