Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The Q2 report was rather uneventful but the shares traded down some 12% on the greater likelihood of a share issue. In our view the key takeaways from the report were: 1) commercial proof of the PWR BLOK is delayed into H2 2019, 2) the company is considering a target issue to deliver on growth prospects and allow for institutional investors, and, 3) the company seems confident about closing additional orders following the Glencore deal. Following higher likelihood of a capital injections and an ...
The Q1 report seemed like a non-event. The operating loss of cSEK8.4m was higher than we expected, mainly due to recent hiring. Additional cash on hand should last to end-2019 but we believe the company is likely to raise new cash in connection with a listing on a regulated market, potentially by Q3 2019. Following a change of analyst, we keep our fair value of SEK10–16 but have cut our 2019e EBIT on higher opex forecasts.
The Q1 report seemed like a non-event. The operating loss of cSEK8.4m was higher than we expected, mainly due to recent hiring. Additional cash on hand should last to end-2019 but we believe the company is likely to raise new cash in connection with a listing on a regulated market, potentially by Q3 2019. Following a change of analyst, we keep our fair value of SEK10–16 but have cut our 2019e EBIT on higher opex forecasts.
We have raised our fair value to SEK10–16 (10–15) as we expect 2019 to be an exciting year for Ripasso Energy and one that could prove pivotal in its commercial rollout, turning potential into revenue. We like the PWR BLOK business case and believe the company has sufficient cash to manage its operations until H1 2020. Still, we consider it likely that it will raise new cash in a year’s time; we view Ripasso Energy as early-stage and high-risk.
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