reports
- Research Team ACF
Ciel Limited (CIEL) Finance Cluster 08042024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company. In this update we focus on CIEL’s Finance Cluster which in 1H24 accounted for 35.9% of Group (Grp) FCF, 25.8% of Grp EBITDA and 15.5% of Grp revenues. CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Agro and Finance. CIEL’s geographical footprint spreads across 10 emerging markets in Asia and Africa. CIEL Finance 1H24A de...
- Research Team ACF
Ionic Rare Earths (IXR) Post-Results 1H24 21032024
Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast recycling from our valuation at this stage. IXR is currently ahead of its most recently published schedule. Catalysts since ACF’s IXR Update note published on 06 Feb 2024 include 1st mixed rare earth concentrate (MREC) produced, Makuutu’s exploration target upgrade by 40%, and Belfast plant produces its 1st high purity terbium oxide (Tb4O7). In our pr...
- Research Team ACF
BrainStorm Cell Therapeutics Inc Core Investment Case 13032024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) is a biotechnology company focused on developing autologous mesenchymal stem cell (MSC) therapies for the treatment of neurodegenerative diseases – BCLI’s primary target is the fatal amyotrophic lateral sclerosis (ALS/MND/Lou Gehrig’s). BCLI’s’s proprietary technology platform, NurOwnTM, stimulates Mesenchymal Stem Cells to emit neurotrophic factors (MSC-NTF), which promote the survival of neurons across multiple disease states.
- Research Team ACF
Greenland mining
Unloved…Unknown…But Excellent? Greenland’s extraordinary potential for critical raw materials mining was again recognized in 2023, this time by the Centre for Minerals and Materials (MiMa, report published in June 2023). Greenland's stated aim is to attract greater (and sustainable) exploration and ultimately mining interest in Greenland’s estimated 400k km2 ice-free land blocks. Greenland's mineral potential is considered…vast.
- Research Team ACF
Ciel Limited (CIEL) Post Results 1H24A 28032024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a 111-year track record and exposure to the globe’s last great growth opportunities, Asia and Africa. CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Finance and Agro. CIEL’s geographical footprint spreads across 10 emerging markets in Asia and Africa. CIEL Group delivered a series of 1H24A significant estimate beats ...
- Research Team ACF
CIEL (Ciel Limited) Initiation 13022024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a 111-year track record and exposure to the globe’s last great growth opportunities, Asia and Africa. CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Finance and Agro. CIEL’s geographical footprint spreads across 10 emerging markets in Asia and Africa. CIEL delivered 24.1% y/y revenue growth YE23A fiscal. CIEL EBITDA ...
- Research Team ACF
IXR Update Note - The Circular Economy 06022024
Ionic Rare Earths Ltd (ASX:IXR). We have raised our valuation range 26%. IXR is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast recycling from our valuation at this stage. Catalysts since ACF’s IXR Initiation note published on 05 Dec 2023 include IXR’s ownership in the Makuutu project rising to 94% up 34pp from 60%; IXR was awarded the first ever large-scale mining licence by the government of Uganda on 18 Jan 2024; IXR appointed a ...
- Research Team ACF
Ionic Rare Earths (IXR) Flash Note Makuutu Licence Signed 25012024
Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast recycling from our valuation at this stage. Since ACF’s IXR Initiation note published on 05 Dec 2023 IXR’s ownership in the Makuutu project has increased to 94% up 34pp from 60%. IXR has also been awarded the first ever large-scale mining licence by the government of Uganda on 18 Jan 2024. IXR has also appointed a new Executive Chairman this week. REE...
- Research Team ACF
Ionic Rare Earths (IXR) Initiation 05122023
Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast recycling from our valuation. IXR appears significantly undervalued on an intrinsic and EV/M+I basis compared to its peers. REEs are used in permanent magnets – key components of clean energy applications. IXR’s flagship Makuutu Rare Earths project contributes to de-risking global supply chains and has ionic adsorption clay-hosted geology - similar to...
- Research Team ACF
Ciel Limited (CIEL) Core Investment Case 28092023
CIEL Limited (SEMDEX: CIEL) is Mauritius listed. It has a 111-year track record. CIEL has a diversified portfolio of 25 companies across 6 sectors - Textile, Finance, Healthcare, Hotels & Resorts, Property and Agriculture (sugar dominated). CIEL’s geographical footprint spreads across 10 emerging markets in South Asia and Africa. Africa is the last regional megascale growth opportunity. CIEL has delivered solid growth 1H23A fiscal - revs up 37% y/y. We estimate EBITDA up 42% y/y. The value of CI...
- ACF Healthcare
Coeptistx (COEP) Deverra Deal Flash Note 21082023
Coeptis Therapeutics Inc. (NASDAQ: COEP), post Deverra deal is a Phase 1 clinical stage biotech (previously pre-clinical) in the oncology space. COEP’s exclusive license deal with Deverra for DVX201 (two products ’54’ & ‘16’ provides access to Deverra’s no-HLA-matching platform asset onto which COEP’s SNAP-CAR and GEAR platforms could dovetail’ and create a potentially very broad application set of immune technologies. Deverra’s proprietary allogeneic stem cell platform side steps patient donor ...
- ACF Extractives
Ionic Rare Earths Ltd (IXR) Core Investment Case UPDATE 15082023
Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). Rare earth elements primary use is in the production of permanent magnets – key components of clean energy applications (wind turbines and electric vehicles). IXR’s flagship Makuutu Rare Earths project is significant given its ionic adsorption clayhosted geology - similar to that found in projects in Southern China, main global supplier of Heavy Rare Earths. IXR currently hol...
- ACF Healthcare
Coeptis Therapeutics Inc. (COEP) YE22 1Q23 & DeSPAC 29062023
Coeptis Therapeutics Inc. (NASDAQ: COEP) is a pre-clinical stage biopharmaceutical Corp focused on fighting cancer via a pipeline of potentially novel products targeting CD38+ related unmet need and solid tumor cancers. The YE22A results show wash through of the SPAC merger and redemptions, which may run around ~90%. The 1Q23A results add additional insights into operational costs in particular. During YE22A raise ‘costs’ are dominated by warrant liabilities and redemptions. The diagnostics plat...
- ACF Mining
ESG Sustainability Report 2023 Metals & Mining ASX - 13062023.pdf
ACF Equity Research’s ESG / Sustainability Report for ASX small and mid-cap miners is designed to help investors make fast simple initial filtering decisions. For firms it helps them identify investor messaging opportunities and support their ESG / Sustainability investor strategy. Stock price and index performance data shows that companies with ESG metrics outperform the major indices.
- ACF Energy
Kibo Energy (KIBO) Flash Note Warrants Offering ACF Equity Research 19...
Kibo Energy Plc (dual listed KIBO:AIM, JSE:KBO) a renewable, reserve energy, LDES and biofuel corp., last week announced a repriced warrant offer that should unblock arious decision mechanisms (including spinoffs), which would be in the interest of the majority of investors. We note management (current + previous) is committing >£700k of its own capital via the CLN conversion. Exercising the repriced warrants on the JSE appears the logical approach. The S. African s/p arbitrage puts the repriced...
- ACF Mining
Perpetua Resources Corp (PPTA) Post-Results FYE22 ACF Equity Research ...
Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. PPTA YE22A results beat (come in under) ACF’s OPEX cost estimates by 2.43%. The Environmental Liabilities Expense rose by $4.6m due to inflation pressures and was the only individual opex line to miss PPTA’s budget forecasts. ACF’s valuation increase for PPTA released on Mar 7, 2023 is based on milestones achieved since our initiation note. ACF i...
- ACF Mining
Perpetua Resources Corp (PPTA) Update Note Filling the US Critical Min...
Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. ACF is releasing a aluation increase for PPTA based on milestones achieved since our initiation note. ACF identifies PPTA as a US national strategic asset (Sb) and best-in-class gold asset. On Dec 19, 2022 PPTA received a critical minerals award from the DoD of up to $24.8m for environmental/engineering studies to complete FEIS, RoD/permits and a...
- ACF Mining
Perpetua Resources Corp (PPTA) Flash Note Essential US Defense Project...
Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. ACF identifies PPTA as a US national strategic asset (Sb) and best-in-class gold asset. On Dec 19, 2022 PPTA received a critical minerals award from the DoD of up to $24.8m for environmental/engineering studies to complete FEIS, RoD/permits and advance year 1 construction readiness. On Jan 10, 2023 the comment period for the SDEIS closed on-time ...
- ACF Energy
Kibo Energy (KIBO) Flash Note Fleet of Foot ACF Equity Research 130120...
Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) a renewable, reserve energy, long duration energy storage (LDES) and biofuel company. As a fast kick off to its strategic review execution process Kibo stated on Wed 11 Jan 22 that it had appointed a new NED, changed NomAd, returned to trading on AiM, renegotiated and extended its bridge loan facility and will shortly update the market on its USE spinout and other strategic initiatives. The NED appointment of Ajay Saldanha is very supportive and...
- ACF Financials
London Stock Exchange Group (LSEG) Core Investment Case with Trading V...
London Stock Exchange Group (LSE: LSEG) is a financial markets infrastructure company operating across the capital markets value chain – capital issuance, pre-trade, trade execution to post-trade. LSEG appears undervalued based upon its top line growth potential and potential OPEX savings. LSEG operates via three divisions – Data & Analytics (data insight and management), Capital Markets (primary issuance and secondary market trading), and Post Trade (clearing, risk management and compliance). T...
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