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 Extractives
  • ACF Extractives

Eurasia Mining Plc Flash Note ACF Equity Research FINAL 20122021

Eurasia Mining (EUA.L) an AiM-quoted Russian Pd / battery metals dominated PGM miner RNS 16 Dec 21 announced a JORC from Wardell Armstrong Intl. (WAI) for NKT (part of M Flanks Kola and north of West Nittis (WN). WAI assigns a low end NPV of US $1,188m, of which 80% is attributable to EUA shareholders. The deposit Inferred Mineral Resource are 50% Ni, 33% Pd and 13% Cu et al. We consider the WAI JORC de-risks Flanks in part. We may also use the inferred resources JORC to raise part of our minera...

ACF Egaming
  • ACF Egaming

Leet Technology Inc. LTES Initiation ACF Equity Research 09112021.pdf

Leet Technology Inc. (OTCQB : LTES) is a US listed, Malaysia-based esports technology platform provider, primarily targeting B2B ICT and OTT operators (White Label), and also leading brands (via Matchroom), to leverage revenues from the rapidly growing Southeast Asian (SEA) egaming and esports market. LTES caters to a mass causual gaming audience by partnering with leading regional ICT and OTT providers - a key strategic and competitive advantage, that allows LTES to enter new markets and scale-...

ACF Extractives
  • ACF Extractives

Dev Clever DEV.L Initiation ACF Equity Research 02112021

Dev Clever Holdings Plc (DEV: LSE) is UK-based and focuses on the global EdTech market. Its two core platforms, Launchmycareer.com and Victar VR, offered on a B2B, B2C and B2G SaaS subscription basis, are aimed at reducing skills gaps in young people through: remote learning and career guidance tools, live career counciling and enterprise services. DEV’s current focus is the Indian market (Veative Labs acquisition monetises India for DEV) with a potential $30bn value within 10 years. The Aldebar...

ACF Extractives
  • ACF Extractives

Kibo Energy KIBO.L Initiation ACF Equity Research 26102021

Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with stakes in energy and critical metals assets. In order to be highly conservative, we exclude Kibo’s sub-saharan power assets from our valuation, leaving 7x upside. Kibo is transitioning rapidly to a renewable (WTE) and reserve power (symbiotic with renewable power generation) plus critical metals exploration business. Kibo’s assets are in the UK (reserve power) and sub-saharan Africa (power and critical minerals assets). Both UK and South ...

ACF Extractives
  • ACF Extractives

Eurasia Mining Plc Research Flash Note ACF 17092021

Eurasia Mining (EUA.L) an AiM-quoted Russian Pd / battery metals dominated PGM miner, released an RNS 15 Sep 21 stating upward changes to its expected production profile for its Kola peninsula, Monchetundra West Nittis (WN) and Loipishnune (Lo) smaller assets. The RNS suggests to us an acceleration to peak production and an increase in Pd volumes at that peak production rate, we are considering a possible revision to our estimates for the potential of these two smaller Monchetundra assets. We cu...

ACF Extractives
  • ACF Extractives

Eurasia Mining Plc Flash Note ACF Equity Research FINAL 20122021

Eurasia Mining (EUA.L) an AiM-quoted Russian Pd / battery metals dominated PGM miner RNS 16 Dec 21 announced a JORC from Wardell Armstrong Intl. (WAI) for NKT (part of M Flanks Kola and north of West Nittis (WN). WAI assigns a low end NPV of US $1,188m, of which 80% is attributable to EUA shareholders. The deposit Inferred Mineral Resource are 50% Ni, 33% Pd and 13% Cu et al. We consider the WAI JORC de-risks Flanks in part. We may also use the inferred resources JORC to raise part of our minera...

ACF Egaming
  • ACF Egaming

Leet Technology Inc. LTES Initiation ACF Equity Research 09112021.pdf

Leet Technology Inc. (OTCQB : LTES) is a US listed, Malaysia-based esports technology platform provider, primarily targeting B2B ICT and OTT operators (White Label), and also leading brands (via Matchroom), to leverage revenues from the rapidly growing Southeast Asian (SEA) egaming and esports market. LTES caters to a mass causual gaming audience by partnering with leading regional ICT and OTT providers - a key strategic and competitive advantage, that allows LTES to enter new markets and scale-...

ACF Extractives
  • ACF Extractives

Dev Clever DEV.L Initiation ACF Equity Research 02112021

Dev Clever Holdings Plc (DEV: LSE) is UK-based and focuses on the global EdTech market. Its two core platforms, Launchmycareer.com and Victar VR, offered on a B2B, B2C and B2G SaaS subscription basis, are aimed at reducing skills gaps in young people through: remote learning and career guidance tools, live career counciling and enterprise services. DEV’s current focus is the Indian market (Veative Labs acquisition monetises India for DEV) with a potential $30bn value within 10 years. The Aldebar...

ACF Extractives
  • ACF Extractives

Kibo Energy KIBO.L Initiation ACF Equity Research 26102021

Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with stakes in energy and critical metals assets. In order to be highly conservative, we exclude Kibo’s sub-saharan power assets from our valuation, leaving 7x upside. Kibo is transitioning rapidly to a renewable (WTE) and reserve power (symbiotic with renewable power generation) plus critical metals exploration business. Kibo’s assets are in the UK (reserve power) and sub-saharan Africa (power and critical minerals assets). Both UK and South ...

ACF Extractives
  • ACF Extractives

Eurasia Mining Plc Research Flash Note ACF 17092021

Eurasia Mining (EUA.L) an AiM-quoted Russian Pd / battery metals dominated PGM miner, released an RNS 15 Sep 21 stating upward changes to its expected production profile for its Kola peninsula, Monchetundra West Nittis (WN) and Loipishnune (Lo) smaller assets. The RNS suggests to us an acceleration to peak production and an increase in Pd volumes at that peak production rate, we are considering a possible revision to our estimates for the potential of these two smaller Monchetundra assets. We cu...

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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