Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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Aggregated Micro Power Holdings (AMPH) is emerging as a challenger utility presenting a unique investment opportunity. It is essentially an asset play offering exposure to a diverse stream of energy related revenues taking advantage of the fundamental changes in the UK energy sector as it strives to meet its legally binding CO2 emission targets. Revenues are forecast to grow from £19.7m in FY17 to £70m by FY21 and for EBITDA to reach £4m by FY21. In addition to earnings growth it is also c...
Actual Experience (Buy PT 450p) has announced that it has received another order for the full-scale deployment of its software within a large enterprise customer of another one of its four Channel Partners. We retain our Buy rating and 450p price target.
In our initiation report on UK Gambling on 11 December 2017, we referenced likely volatility in share prices as a result of the uncertainty surrounding B2 staking levels. UK media, citing the Chancellor is in favour of a £2 stake on B2 (FOBT) machines, and that the Treasury is close to a deal with the Department of Culture, Media and Sport (DCMS) and is seeking tax neutrality.
The SNAI deal improves PTECs regulated profile where we estimate that over 70% of EBITDA will come from regulated markets by the end of FY19e. The deal is expected to complete in two steps by the end of 2018. We expect to see the enlarged group generate revenue of c. €1.9bn and EBITDA of c. €516m in FY19e.
We update our model for recent news flow which increases RENAV from 124p to 142p. Although the upside to our PT (set at RENAV) is only 12%, we believe the recent stake building by DNO should limit the downside, and hence believe the risk reward profile given organic and inorganic growth options is still attractive. News flow is limited over the next 6 months so short term the share price may drift, but we expect E&A drilling to ramp up again in Q418.
The Q4 update from the Lesotho diamond miner is very positive, particularly as it predates the various large gemstone found recently. Full year revenues from their Letšeng mine reached US$184.6m, up 12% over 2016, with an average price of $1,695 per carat ($/ct). Pricing progress has continued in Q4 where prices reached $2,217/ct, from $1,858/ct in Q3. Sales were strong in Q4, as not only did the average price go up, but so did the caratage (nearly 31,500 carats as compared to just over 25,90...
The US dollar weakened a little after the US President’s State of the Union address and precious metals prices mainly firmed. However, palladium was an exception and it appears the platinum/palladium parity trade is back on again, just in the opposite direction to that seen last year. The palladium price collapsed fifteen US dollars per ounce ($/oz) to $1,060/oz, whilst at the same time, platinum moved from just below $1,000/oz, to just above. The gold price was over $5/oz better at just over ...
As expected “Troy Tempest†in his Donaldo disguise swung into action and contradicted his own Treasury Secretary. The US President actually wants a stronger US dollar. Precious metals were volatile, with 50 million ounces of the February contract traded.
In a race to the bottom for the US dollar, the local gold price slipped a couple of pounds per ounce (£/oz) to just under £955/oz. It was a totally different story for US dollar priced commodities. Silver was also helped by a recovery from the previous day’s fall, which had occurred in response to US tariffs on solar panels. It is argued that growth elsewhere, particularly in China, will make up for any shortfall in US demand.
A debate about why major US food manufacturers’ margins appear consistently higher than those achieved in Europe is, in our view, worth having. In particular, should greater willingness to outsource production processes and focus more on marketing, new product development, finance and strategic M&A be the answer, there could be significant revenue growth opportunities for those who act as food industry solution providers.
In this short note, we update our oil price assumptions. Given that share prices are now looking more reasonable relative to our RENAVs, we downgrade Tullow Oil and Faroe Petroleum to HOLD. We reiterate our BUY recommendations on Cairn Energy and Trinity E&P, and remain with our HOLD recommendation on EnQuest.
All eyes are on aluminium, as according to various news agencies the US Commerce Department’s report on Chinese aluminium dumping is on the President’s desk. Overnight new US tariffs have been introduced for solar power and washing machines, so the omens are not good.
Base metals were quiet until the New York opening, were ramped up on year end considerations and went back to sleep again. The copper price is up two and a half US cents per pound ($/lb.) at $3.125/lb.; aluminium one cent/lb. at 94 cents and lead and zinc both one and a half cents/lb. to $1.17/lb. and $1.455/lb. respectively. Even the nickel price moved from just below $5.30/lb. to just above.
