Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Institutional Comment: Daily comment

Flash note: Client bond placement underwrites our valuation

Green Dragon Gas (GDG) recently issued an $88m corporate bond, funding 50 wells of a 150-well LiFaBric drilling campaign at its GSS licence in China, due to be executed by Greka Drilling (GDL) out to 2105. This is a material announcement for GDL as GDG represents 72% of GDL’s total estimated drilling activity for 2015. Our 45p valuation for GDL assumes 100 GDG wells are drilled in 2015. If we assume just 50 wells are drilled (the level underwritten by GDG’s debt issuance), we still arrive at a value of 24p versus the current price of 15p.

Arcadium Lithium - When one plus one equals three

Alongside Albemarle and SQM, Arcadium Lithium is the third largest producer of downstream lithium chemicals outside China, capturing the full value chain from lithium resource to battery-grade lithium chemicals. The company has strong exposure to high value-add lithium products and boasts a pipeline of advanced development projects that could potentially more than triple its lithium capacity by 2030. Thanks to its established low-cost asset base and cash flow-generative business, Arcadium should be one of the main beneficiaries of the current cyclical lithium market downturn. Coupled with its ...

ABO Energy - Global growth generates record net profit

ABO Energy reported strong financial results for FY23, as revenue grew by 29% y-o-y to €300m and net profit increased by 11% to €27.3m. Revenue growth was partially driven by a substantial increase in billed construction services, which totalled €154.6m, up from €96.2m the previous year. Additionally, management has proposed a 11% increase in the dividend to €0.60 per share.

Next 15 Group - Baked in AI opportunities

Next 15 Group's net revenues grew 2.5% in the year to January, despite difficult markets. Adjusted operating margin rose from 20.2% to 21.0%, helped by head office cost savings. In common with much of the sector, spending by tech clients was soft, down 17% like-for-like. The group did well, though, in growing spend from non-tech clients, up 11%, making for a strong overall performance in a market beset by ongoing macro uncertainty. Next 15 has been building its AI capabilities for some time and this is now starting to show in efficiency and margin. It has the balance sheet strength to keep inv...