Edison Investment Research - LB-Shell (ITNRF) ADR Update: Stable platform for long-term growth

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Edison Investment Research

ADR Update: Stable platform for long-term growth

Intelligent Energy (IEH) made major steps forward in all three divisions during FY15, although the share price has been adversely affected by financing concerns, which management is actively addressing. The DP&G division negotiated a deal with GTL that transforms the groupâ€™s revenue profile and establishes a platform for volume deployment of fuel cells. The Motive division has broadened its customer base so it now works with one in four major automotive OEMs. The Consumer Electronics (CE) division launched its first product, acquired key assets for accelerating the development of fully embedded fuel cells and secured joint development work with an emerging smartphone OEM. We trim our estimates to reflect a modified CE business model and now see fair value at Â£426m ($643m).
Alternative energy

15/12/2015 10 EN

Underlying

LB-Shell

LB Shell delivers energy solutions for the distributed energy, diesel replacement, automotive and aerial drone markets. Co. delivers energy solutions for its target markets through the development and manufacture of modular air cooled fuel cell stacks and systems. Co.'s air-cooled systems comprises of the AC64 fuel cell stack and AC10 fuel cell stack. Co. is organized into two business segments of Fuel Cell Technology, focusing on hydrogen fuel cell applications across a range of industries; and Indian Power Management (Essential Energy), which focuses on power management for telecom towers in India. Co. also operates in Japan, India, China, Singapore, and France.

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GB00BNB7LQ31 Pink OTC Markets United States

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Benelux Morning Notes

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Edison Investment Research

Intelligent Energy Holdings - Termination of coverage

Edison Investment Research is terminating coverage on Intelligent Energy Holdings (IEH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

November 12, 2017 November 12, 2017 1 EN

Edison Investment Research

Trading in line with expectations

Intelligent Energy’s interims were in line with the guidance given at the AGM in March. The results demonstrate that management has succeeded in reducing cash burn to its stated target of c £1.6m/month. It intends to bring the group to a cash break-even position within the next two years through volume roll-out of standard air-cooled products. Project wins during the period indicate there is appetite for Intelligent Energy’s fuel cell stacks in the target markets, although we note that additional funding will be required to support this process. We leave our estimates unchanged.

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Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

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Toby Thorrington

Toby Thorrington

AAC Clyde Space - Solid start to the year with further order growth

AAC Clyde Space offers exposure to the fast-growing low Earth orbit space market. A solid start to the year and continued order momentum are encouraging. We also note the internal restructuring to promote delivery of the group’s products and services. We expect this combination to drive an improving performance, albeit within the lumpy nature of the business, in turn improving investor confidence and the stock’s valuation.

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Richard Williamson

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Tinexta - Typical seasonality in Q124

Tinexta’s Q124 results showed good progress in the two divisions that typically demonstrate more consistent (through the year) growth, Cyber Security and Digital Trust, which management expects to deliver higher growth over the next few years. Business Innovation demonstrated its typical seasonality and management therefore remains confident about the outlook for the year.

23h / 56m 23h / 56m 1 EN

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ADR Update: Stable platform for long-term growth

Benelux Morning Notes

Intelligent Energy Holdings - Termination of coverage

Trading in line with expectations

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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