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.

ACF Financials
  • ACF Financials

London Stock Exchange Group (LSEG) Core Investment Case with Trading V...

London Stock Exchange Group (LSE: LSEG) is a financial markets infrastructure company operating across the capital markets value chain – capital issuance, pre-trade, trade execution to post-trade. LSEG appears undervalued based upon its top line growth potential and potential OPEX savings. LSEG operates via three divisions – Data & Analytics (data insight and management), Capital Markets (primary issuance and secondary market trading), and Post Trade (clearing, risk management and compliance). T...

ACF Mining
  • ACF Mining

Kibo Energy (KIBO) Flash Note Tanzania MoU ACF Equity Research 2311202...

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) has changed to a renewable, reserve energy, long duration energy storage (LDES) and biofuel company. Kibo’s RNS of 23 Nov 2022 announces MoU signed defining the negotiation framework Mbeya Tanzania 300MW power station project PPA. Once a PPA is signed Mbeya 300MW is funding ready. We expect Kibo to reopen discussions with 2018 funders. We expect market and tech availability drivers will mean this project will use renewable feedstock, which ought...

ACF Mining
  • ACF Mining

Perpetua Resources Corp (PPTA) Post-Results ACF Equity Research 181120...

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. 3Q22A results have evidenced steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. On Oct 28, 2022, the SDEIS was published for a 75-day public comment period. In the SDEIS, the USFS identifies PPTA’s Stibnite Gold Project as the ‘Preferred Alternative’. PPTA is a sustainability/...

ACF Mining
  • ACF Mining

Coeptis Therapeutics Inc. (COEP) Initiation Note ACF Equity Research 1...

Coeptis Therapeutics Inc. (NASDAQ: COEP) is a pre-clinical stage biopharmaceutical Corp focused on fighting cancer via a pipeline of potentially novel products targeting CD38+ related unmet need and solid tumor cancers. The up list to Nasdaq via the SPAC Bull Horn Holdings (BHSE) is a key milestone leaving COEP with 19,516,839 shares in issue, better liquidity and greater access to capital needed to advance its pipeline. We assess that there are multiple value drivers within COEP, including its ...

ACF Mining
  • ACF Mining

Perpetua Resources Corp (PPTA) Pre-Results ACF Equity Research 0311202...

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. We expect 3Q22E vidence steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. Since our initiation, on Oct 28, 2022, the USFS chose PPTA’s Stibnite Gold Project as the Preferred Alternative on the SDEIS. PPTA is a sustainability/ESG leader amongst junior miners (LR lower WACC) - ...

ACF Financials
  • ACF Financials

London Stock Exchange Group (LSEG) Core Investment Case with Trading V...

London Stock Exchange Group (LSE: LSEG) is a financial markets infrastructure company operating across the capital markets value chain – capital issuance, pre-trade, trade execution to post-trade. LSEG appears undervalued based upon its top line growth potential and potential OPEX savings. LSEG operates via three divisions – Data & Analytics (data insight and management), Capital Markets (primary issuance and secondary market trading), and Post Trade (clearing, risk management and compliance). T...

ACF Mining
  • ACF Mining

Kibo Energy (KIBO) Flash Note Tanzania MoU ACF Equity Research 2311202...

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) has changed to a renewable, reserve energy, long duration energy storage (LDES) and biofuel company. Kibo’s RNS of 23 Nov 2022 announces MoU signed defining the negotiation framework Mbeya Tanzania 300MW power station project PPA. Once a PPA is signed Mbeya 300MW is funding ready. We expect Kibo to reopen discussions with 2018 funders. We expect market and tech availability drivers will mean this project will use renewable feedstock, which ought...

ACF Mining
  • ACF Mining

Perpetua Resources Corp (PPTA) Post-Results ACF Equity Research 181120...

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. 3Q22A results have evidenced steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. On Oct 28, 2022, the SDEIS was published for a 75-day public comment period. In the SDEIS, the USFS identifies PPTA’s Stibnite Gold Project as the ‘Preferred Alternative’. PPTA is a sustainability/...

ACF Mining
  • ACF Mining

Coeptis Therapeutics Inc. (COEP) Initiation Note ACF Equity Research 1...

Coeptis Therapeutics Inc. (NASDAQ: COEP) is a pre-clinical stage biopharmaceutical Corp focused on fighting cancer via a pipeline of potentially novel products targeting CD38+ related unmet need and solid tumor cancers. The up list to Nasdaq via the SPAC Bull Horn Holdings (BHSE) is a key milestone leaving COEP with 19,516,839 shares in issue, better liquidity and greater access to capital needed to advance its pipeline. We assess that there are multiple value drivers within COEP, including its ...

ACF Mining
  • ACF Mining

Perpetua Resources Corp (PPTA) Pre-Results ACF Equity Research 0311202...

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. We expect 3Q22E vidence steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. Since our initiation, on Oct 28, 2022, the USFS chose PPTA’s Stibnite Gold Project as the Preferred Alternative on the SDEIS. PPTA is a sustainability/ESG leader amongst junior miners (LR lower WACC) - ...

Perpetua Resources Corp. (PPTA) Core Investment Case UPDATE ACF Equity...

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is a gold-antimony-silver deposits developer in the stable mining jurisdiction of Stibnite-Yellow Pine, Idaho. PPTA’s Stibnite open-pit gold (Au) project is one of the highest grade US deposits Compared with the 2020 FS after-tax NPV of $1.86bn (assumptions: 5% discount rate, gold $1,850/oz)  antimony (M+I 206Mlbs) is a potentially exciting byproduct. PPTA’s MCap is at an ~90% discount to the FS suggesting a significant potential mispricing. Sin...

ACF Extractives
  • ACF Extractives

Silver Thematic ACF Equity Research 11082022

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will  also push the silver price down. In 2H22E we assess that both weakening industrial activity (>50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit...

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). Consumptio...

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