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Initiation Report archive

Hibernia REIT - Capital Network: Dublin Real Estate Play with a Growing Yield

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Hibernia (HBRN.LON) is an internally managed Real Estate Investment Trust (REIT) with a portfolio comprised largely of city centre offices and developments in Dublin. At endSeptember 2016, the company’s portfolio included 28 properties valued at €1.0bn. The office portfolio, which makes up c. 90% of the company’s property assets by value, had a potential total net...

Published: 10:31, 17 Mar 2017

On the Beach - Capital Network: Sunny Times Forecasted

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On the Beach (OTB.LON) is a leading online retailer of ‘mainstream’ short-haul beach holidays, primarily targeting customers in the United Kingdom under the "On the Beach" brand. It currently has a market share of the UK online short-haul beach holiday market of approximately 19per cent, with its two largest competitors being TUI Travel and Thomas Cook.

Published: 11:16, 16 Mar 2017

Capital Network: Premier League Management Team Provides Turnaround Play

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Goals Soccer Centres PLC (GOALS.LON) is an operator of small sided football (“SSF”) clubs across the UK, established in 2000. Goals now operates 46 FA affiliated clubs across the United Kingdom, two clubs in the USA (Los Angeles) and employs over 700 people.

Published: 10:25, 14 Mar 2017

Avacta Group - Capital Network: Initiation of Coverage

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Avacta (AVCT.LON), a UK-based biotechnology company, has developed an innovative proteinscaffold platform, with potential applications in the life sciences research, diagnostic and therapeutic markets.

Published: 10:40, 08 Mar 2017

Empresaria Group – Capital Network: Full Year Results

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Empresaria (LON:EMR) has outperformed its immediate sector peers by 99% over the last 3 years, and the FTSE All-Share by 142%. This reflects strong growth in earnings and cashflows, which we attribute to the group’s focus on high growth markets.

Published: 12:30, 01 Mar 2017

Upland Resources - Capital Network: Overview

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Upland Resources (UPL.LON) is an independent oil and gas exploration company run by a highly experienced and well connected management team, executing a strategy of securing low-risk near-term production cash flows in order to fund the acquisition of higher-risk transformative assets. So far Upland Resources has secured one asset onshore UK and is in the process of...

Published: 16:03, 27 Feb 2017

Sound Energy - Capital Network: Brief Overview.

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Sound Energy (SOU.LON) is an AIM-listed upstream gas company with a balanced exploration and appraisal portfolio focussed on three strategic assets in onshore Morocco and Italy. The share price has trebled in the past year, following drilling success in the Tendrara licence of eastern Morocco. The work program of the next 12-18 months has the potential to de-risk...

Published: 15:59, 27 Feb 2017

Green Dragon Gas - Capital Network: Upgrades in Reserves Estimates

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On 27 February 2017, Green Dragon Gas (GDG.LON) published reserves estimates as at 31 December 2016 up vs. 2015, representing the 11th consecutive increase in both 1P and 2P reserves. Updated NPV10 values also show an increase y-o-y. We keep our earnings estimates unchanged as a result whilst our risked valuation changes only marginally, up to 226p from 215p previously,...

Published: 15:57, 27 Feb 2017

Fenner PLC - Capital Network: Flash Report

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Fenner’s (FENR.LON) share price has gained 200% from its 2016 trough level. But it’s worth remembering that the trough-to-peak share price move from 2009-2012 was 1,280%.  The company makes polymer conveyor belts for mining and heavy industries as well as specialised polymer components for a range of applications from specialised industrial to oil and gas to medical...

Published: 15:51, 23 Feb 2017

Cadogan Petroleum - Capital Network: Trading at Discount to Cash

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Cadogan Petroleum is an independent oil and gas exploration and production company with onshore oil, gas and condensate assets in Ukraine. The shares are listed on the main market of the London Stock Exchange and currently trade at a substantial discount to the value of net cash on the balance sheet. We believe a recent management change and refocussing of the strategy...

Published: 13:08, 23 Feb 2017

LEKOIL - Capital Network: Flash Report

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Lekoil is an AIM-listed indigenous Nigerian oil producer with assets in the onshore and offshore Niger Delta as well as a non-core position in Namibia. Production from its Otakikpo marginal field has now started at a rate of 5,000bbl/d and management is guiding for an exit rate of 10,000bopd for this year. The share price has risen +70% in the past 12 months in...

Published: 15:51, 22 Feb 2017

European Wealth Group – Capital Network: Planning for Growth

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European Wealth Group (EWGL), the integrated financial planning and wealth management group, is due to release full year financial results for the 12 months to December 2016 in late March or early April 2017. Ahead of those results we have reviewed the Group’s recent progress and looked at what can reasonably be expected for business development and growth over the...

Published: 15:36, 22 Feb 2017

Volga Gas

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Volga Gas is an independent oil and gas exploration and production company focused on the Volga Region of western Russia and with a 100% interests in four licenses to explore for and produce oil, gas and condensate in the Volgograd and Saratov Regions. The share price has steadily recovered from a low of c.30p reached in Jan 2016 to the current c.55p, following an...

Published: 10:03, 08 Feb 2017

Rose Petroleum PLC

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Rose Petroleum plc (“Rose”) is an AIM-listed company active in both Mining and Oil & Gas. We believe that the Company’s exploration assets in the Paradox Basin (USA) provide a number of relatively short-term de-risking catalysts for potential share price appreciation as well as a potential medium-term monetisation option for shareholders.

Published: 11:36, 07 Feb 2017

Xrbia Developers Pvt Ltd

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It builds affordable housing projects on the transport networks connecting India’s major cities.  Xrbia uses ground breaking technology to deliver efficiencies across construction, operations and maintenance.

Published: 11:16, 03 Feb 2017

Avation PLC

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Avation is an aircraft lease company. The model is easy to understand, and has been very effective in recent years: Purchase new aircraft, which offer a lease yield of 13%, with asset depreciation of about 5% per year. Apply 75% debt financing, at an interest rate of around 5%. Total other cash costs net off to around 1%.

Published: 11:12, 03 Feb 2017

Green Dragon Gas Initiation Report

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Over the past 18 years, Green Dragon Gas (GDG) has secured and largely derisked a substantial coalbed methane (CBM) asset base of 549BCF (2P) with additional upside of 2,379BCF (3P), developing the technology and know-how to adapt traditional CBM exploitation methods to the particular characteristics of Chinese CBM.

Published: 15:11, 30 Jan 2017

Symphony Environmental Technologies plc

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Symphony has developed and is selling a range of additives that help control the life of plastic.  With global plastics consumption continuing to grow, a company that aims to make plastics smarter should have a strong role to play. Symphony has developed and is selling a range of additives that help control the life of plastic with huge environmental...

Published: 11:55, 25 Jan 2017

Mytrah Energy Ltd

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Mytrah Energy is an alternative energy company, building and operating a portfolio of wind farms in locations across India, with agreements in place to expand into solar, also in India.

Published: 11:21, 18 Jan 2017

AdEPT Telecom Plc

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AdEPT stands out amongst its peer group for delivering consistent strong growth in profits (we focus on EBITDA, but it’s just as true for Operating Profit or EPS).

Published: 09:23, 09 Jan 2017

Empresaria Group Plc

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Empresaria looks strikingly inexpensive on a 2016e PE of 9x (Capital Network forecast) for a stock which keeps delivering strong double-digit EPS growth (2015: 24%, 2014: 29%, 2013: 24%, 2012: 25%).

Published: 09:19, 09 Jan 2017

IronRidge Resources Limited

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IronRidge Resources Limited is an AIM listed (since February 2015) greenfield exploration company which was founded by an Australian listed company, DGR Global Limited who remain a key strategic shareholder. The company’s exploration assets are primarily focused on Africa including gold exploration in Chad, lithium in Ghana, gold and lithium in the Ivory Coast, iron ore...

Published: 11:35, 06 Jan 2017

Hayward Tyler Group PLC

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Hayward Tyler (HT) Group PLC has existed for 200 years designing, manufacturing and servicing performance-critical motors and pumps for the global energy industry. Operations span across a broad spectrum of end markets including power, oil and gas, nuclear, marine and renewables. Although headquartered in the UK, 80% of sales are exported, the US being its biggest single...

Published: 10:14, 07 Dec 2016