reports
- 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
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
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
Eurasia Mining Plc Research Update ACF 06092021
We raise our valuation range >40% for Eurasia Mining (EUA.L), an AiM-quoted Russian Pd / battery metals dominated PGM mine. The valuation approach and range remain conservative. We have examined the overall risk of EUA’s projects and concluded that recent progress reduces our project execution risk assumption. We have expressed this risk reduction by cutting our WACC on the Monchetundra Flanks project only from above 22% to 17%, still very significantly above our 8% WACC for EUA PGM producing as...
- ACF Extractives
Eurasia Mining Plc Research Flash Note ACF 01092021
Eurasia Mining (EUA.L), an AiM-quoted Russian Pd / battery metals dominated PGM miner, confirms Monchetundra geochem successfully completed by Norilsk Nickel’s engineering arm Gipronickel. Wardell Armstrong Intnl site visits and audit of Moncheturndra drill core results held at Central Kola Expedition (CKE) warehouse completed. EMR, known for cross referencing Russian mineral reserves data with international JORC standard is coordinating Monchetundra DFS. EUA expects CKE’s Monchetundra detailed ...
- ACF Extractives
Eurasia Mining Plc Research Update ACF 05082021
Eurasia Mining (EUA.L), an AiM-quoted Russian Pd dominated PGM miner, has scaled production from 1 plant to 3 plants at the world’s largest soft rock PGM open pit mine, according to management. We expect EUA to add a further 3 plants (6 in total) to reach 64k oz p.a. PGM production. Definitive Feasibility Study (DFS) and Detailed Design completed for the entire West Kytlim project. EUA has set up a Japan office to engage with parties interested in its expanded range of PGM and battery metals fol...
- ACF Extractives
Eurasia Mining Plc Research Update Valuation Research ACF 14052021.pdf
Eurasia Mining (EUA.L) is an AiM-quoted Russian Pd dominated PGM miner. In this first post-FSP update valuation we are yet to include the March Rosgeo JV and Rhodium (Rh) production from all but West Kytlim or Iridium (Ir) in EUA projects. Our PGM prices are extremely conservative in this update. We assume Pt 93.5%, Pd 5% and Rh 1.5% production at WK. We assess the Pd auto-catalysis market can support $500 per car vs. $250 per car pre-covid. The largest Pd consumer, China, returned to economic g...
- ACF Real Estate
ALSP 1H21A Post Results ACF 03022021
ACE Liberty & Stone (ALSP ISD), an Aquis Apex market listed property trading company, released a very strong set of results for 1H21 in the shadow of Covid, beating our interim forecasts very comfortably. We maintain our year end forecasts. We expect ACE to continue to outperform the commercial property sector, which has suffered stock declines averaging ~30%. Greater than 80% of rents collected vs. our 70% expectation. Rent deferrals written down £130k vs. our ~£250k expectation for the 1H21. S...
- ACF Real Estate
ALSP 1H21E Pre-Results ACF 27012021
ACE Liberty & Stone (ALSP ISD), an Aquis growth market listed property trading company, is due to release a positive set of 1H21E results in the shadow of Covid. We expect it to outperform the commercial property sector. We are looking for greater than 70% of rents collected 6-month period since YE 30 Apr 20 and deferrals of less than £250k for 31 Dec 21. A dividend yield vs. nominal share value (25p) above 10%, and an NAVPS that continues to justify ALSP’s growth stock character, which is essen...
- ACF Real Estate
ALSP FY20A Post Results ACF 12102020
ACE Liberty & Stone (ALSP ISD), an Aquis growth market listed property trading company, delivered a strong YE. ACE’s YE is 30 Apr, inside the Covid crisis. ACE collected 82% of rents due end Mar and all but £78k of deferrals are currently collectible by 31 Dec 21. ALSP has been resilient two crises in row - Brexit and Covid. The dividend yield vs. nominal share value (25p) is 13.3%, ranged 3.62% to 2.66% on the c/p and is 8.44% on fully diluted NAVPS up from 7.6% yoy, which suggests a s/p premiu...
ALSP 1H20A Post Results ACF 11022020
ACE Liberty & Stone (ALSP ISD), a NEX growth market listed property trading company delivered strong operational results with a rise in EBITDA margin as the company digests and consolidates a significant number of property acquisitions over recent periods. Since balance sheet close the share overhang has been significantly eroded by the exercise of warrants and conversion of CLNs leading to a significant increase in shares in issue (hence our lower value range). ACE has also raised over £4.55m i...
ALSP FY19A Post Results ACF 30092019
ACE Liberty & Stone (ALSP ISD), a NEX growth market listed property trading company delivered impressive operational results and has beaten our estimates comfortably on many items. ACE made 8 acquisitions for £32.95m generating £2.49m in annual rentals (av. 7.6% yield) and sold Hume Ho. for a 133% capital return over 5 years. There is £8.8m of assets held for sale plus £1.9m cash and equivalents against an increase in debt of £22.2m. ACE is negotiating a GBP 10m Convertible Loan Note (CLN) exten...
ACF Rubicon 1Q19 Earnings Note 13052019
Rubicon (RMX:TSX) is a Canadian high-grade gold exploration company in the prolific Red Lake District with significant infrastructure and experienced leadership. Potential economics are exceedingly strong, especially in a weak C$ environment, milling is in place, bulk underground extraction looks possible. Key milestones include a feasibility study decision 2H18, bulk sampling results improving the project’s scope and reducing costs, and further 2018E drilling and exploration updates. RMX should...
ACF Rubicon Initiation Note 16072018
Rubicon (RMX:TSX) is a Canadian high-grade gold exploration company in the prolific Red Lake District with significant infrastructure and experienced leadership. Potential economics are exceedingly strong, especially in a weak C$ environment, milling is in place, bulk underground extraction looks possible. Key milestones include a feasibility study decision 2H18, bulk sampling results improving the project’s scope and reducing costs, and further 2018E drilling and exploration updates. RMX should...
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