Member Info for rivaldo

PDI's shares bounced 6% overnight after good drilling results at Bankan (CAPD are the contractor and of course have a major shareholding in PDI).

Lots more drilling to come:

Https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02650995-6A1143820?access_token=83ff96335c2d45a094df02a206a39ff4

"“We continue to take great confidence from the quality of infill drilling results at NEB, which is testament to the orebody’s consistency.

“PDI is working diligently towards completion of a Scoping Study by the end of 2023 to facilitate permitting in the first half of 2024. Infill drilling to support further Mineral Resource upgrades in Q3 2023 is a crucial part of our strategy and will enable PDI to deliver a robust Scoping Study based on a significant proportion of Indicated Mineral Resources.

“Separately, we are excited to be ramping up exploration activity at the regional Argo targets, as well as at targets close to the NEB and BC deposits. We look forward to providing updates shortly.”

"Geological understanding has improved significantly, which will assist with future drilling targeting to upgrade the Mineral Resource from Inferred to Indicated and target extensions to the mineralisation. The next phase of drilling at BC will be planned following finalisation of the updated geological model and receipt all outstanding assay results."

Singer have now increased their target price by 16% to 84p.

The new consensus EPS for this year between Cenkos and Singer is 4.92p EPS, i.e a P/E of just 8.2.

I've long since given up on trying to reconcile the two brokers' adjusted EPS figures as they're so different, so best to use the consensus/average.

The consensus figure for next year is 5.64p EPS.

If you strip out the $65m cash from the £277m m/cap, I calculate the historic P/E is only around 18.8 now, which seems very good value considering the potential and repeating and long-term secured revenues.

Good results overall and optimism about prospects for the coming year:

"With a strong operating performance track record and a robust balance sheet, we have never been better positioned as we move into 2023 and beyond."

A good update overall as long as PBT comes out at the top of the projected range, as nearer the lower £24m would be a fair miss. Given that the year end was over three months ago it seems to have taken a long time to only arrive at a relatively wide range of PBT expectations?

The business as a whole is performing well, with all divisions performing soundly. And net debt is slightly better than expectations.

The news of the Mercedes case is encouraging and could provide a second major windfall on top of VW, which is mooted to settle soon.

With say 17p-18p EPS ANX looks very good value at these levels, even with the debt which is forecast to begin declining from here as housing disrepair revenue share increases and the focus on cash collection bears fruit.

Excellent progress. VLG made 4.3p adjusted EPS - this is hidden away in Note 5, but should have been highlighted at the top of the RNS.

Most importantly, the order book is 114% ahead of last year and the outlook is very positive "with the momentum from a strong 2022 also continuing into 2023".

The excellent trading update stated that the prelims would be out in "late April".

However, I've just had an email from WH Ireland noting that TST will be doing an investor roadshow from 18th-25th April.

Which pleasingly suggests that the results will be out more quickly than anticipated, and certainly on the 18th at the latest.

Almost £66,000 more shares just bought back at 1199p:

Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Transaction-in-Own-Shares/90676901

Nice comment from the Naked Trader in his latest fortnightly post at the end of last week:

"Sureserve was liked by a lot at the follow up seminar last week, and level 2 looked good.

Showed how handy level 2 is, because it rose strongly by the afternoon. Shares look worth a lot more and remain too lowly rated."

The MMs knee-jerked with the opening price markdown, but common sense is coming through with the share price now up 1.25p.

We should now see a return to say the 40p placing price given that the prospects for the business are as good as ever, with only a short-term delay due to the production issues (which is nothing for those of us invested here since the 10p and below days!).

In summary:

"The technical issues are now resolved, and demand remains strong".

Yes there's a minor warning for Q1 given the production issues, but surely there should now be a share price relief rally given that production capacity will now ramp up quickly to meet those enormous order books following the resolution of the issues.

As positive as one could hope for at H1's close and in the current economic environment in meeting expectations once again.

RNWH's P/E is barely above 11 despite the huge growth likely in so many of its sectors, the confidence in the outlook and strong order book shown today and despite RNWH's impeccable record over so many recent years in either beating or meeting expectations.

And as rimau says there's a definite possibility of another acquisition given the rising cash pile.

With that healthy forward outlook "underpinned by long-term framework positions" it's about time RNWH were given credit for their secure position within UK infrastructure and their consistent long-term performance, and re-rated accordingly:

https://uk.advfn.com/stock-market/london/renew-RNWH/share-news/Renew-Holdings-PLC-H1-Trading-Update-Notice-of-R/90666741

Nice tip update in today's Mail on Sunday from Midas:

Https://www.dailymail.co.uk/money/investing/article-11927611/MIDAS-SHARE-TIPS-UPDATE-Shipping-giant-riding-waves.html?ns_mchannel=rss&ns_campaign=1490&ito=1490

Extracts:

"MIDAS SHARE TIPS UPDATE:

Economic conditions are turbulent but shipping is buoyant and industry specialist Braemar is riding the waves"

"Midas verdict: Braemar shares have tripled in three years and supporters believe they could rise still further, from £3.03 to more than £4.50. With dividends set to increase along the way, the stock is a firm hold for all but the most cautious mariners."

And here's the good news in summary:

Https://www.telegraph.co.uk/business/2023/03/30/gas-boiler-manufacturers-5000-fines-heat-pump-targets/

Extracts:

"Gas boiler manufacturers face £5,000 fines for missing heat pump targets

‘Soviet-style’ quotas come as ministers plan to overhaul subsidy rules"

"Boiler manufacturers will be fined thousands of pounds if they fail to install enough heat pumps under new net zero plans.

Ministers are planning to force production quotas onto large manufacturers as part of efforts to boost uptake of the devices across Britain.

Companies that fail to meet the quotas will face a fine of £5,000 per device. In an example given in consultation papers, a manufacturer with a shortfall of 100 would be expected to pay £500,000.

Heat pumps are seen as a key replacement for gas-fired boilers, which ministers want to phase out in order to cut carbon emissions."

"It comes as ministers are planning to overhaul subsidy rules to make gas-fired boilers less attractive to households.

New gas boilers could also be banned within a decade, the Government revealed in its net zero strategy.

The Government said it would consider recommendations made by net zero tsar Chris Skidmore to ban new installations of the heating systems by 2033.

If adopted, the policy would mean households would need to install heat pumps or other low-carbon systems once their gas boiler breaks down."

"Other measures to encourage the switch in the new net zero plan include making gas heating more expensive compared to electricity by redistributing green levies on to the fossil fuel, and extending the £5,000 heat pump subsidy scheme."

"Under plans set out on Thursday, ministers plan to oblige makers of heating appliances to sell a certain proportion of heat pumps each year.

They will earn “credits” for each heat pump installed, which will be used as proof they have met their heat pump targets. Under plans being considered, an initial 4pc of manufacturers’ sales above a 20,000 threshold will need to be heat pumps.

Manufacturers will be allowed to buy heat pump credits from rivals and defer some of the targets to the following year."

Cheers Troajan, great to see the CEO so positive.

A reminder - there's an Investor Meet presentation today at 1.00.

Yep, a rather encouraging tweet....

"Fantastic to confirm as guided in our 13 March update that we have a return to a real high season this year in March.

Lets hope it sustains through Q2"

https://twitter.com/dekelagrivision/status/1641028748823654401?s=61&t=66LHUpfeHyDafa4S9MrWbg%20https://twitter.com/dekelagrivision/status/1641028748823654401?s=61&t=66LHUpfeHyDafa4S9MrWbg

Good to see some very good coverage of ETP by AIM Prospector - well worth reading, and it's free to download!

Although I note that the broker forecasts mentioned are a little understated - Finncap's forecasts are now 25.3p EPS for this year and 28.8p EPS for next year.

The page-long article concludes:

Https://www.aimprospector.co.uk/product/35

"Given Eneraqua's track record, relevance and opportunity I would expect the shares to trade on a P/E of at least 17. Applying that to the 2024 forecast suggests that the shares may be too cheap by half."

Tomorrow looks like a good news day for SUR, with new government funding to be announced for various energy saving measures which SUR provides including insulation and smart heating:

Https://www.thetimes.co.uk/article/uk-to-impose-green-tax-on-imports-from-polluting-factories-8xgf6n9gx

"Cheap imported products made in polluting factories abroad may face new green import taxes and middle-income families will be given grants to make their homes more energy efficient under updated government plans to hit net zero by 2050.

The measures are part of a package of proposals that will be unveiled on Thursday by the energy secretary, Grant Shapps."

"The plan will be part of a wide range of updated net zero and energy policies to be announced on what has been called “energy security day”. Ministers will confirm that middle-income households will be given grants worth hundreds of pounds to make their homes more energy efficient under a new “Great British insulation scheme”.

Shapps will announce the plan to fund loft insulation, cavity wall insulation and smart heating controls. Unlike previous initiatives, which were targeted predominantly at the poorest households, 80 per cent of the new funding will go to households that are “able to pay”.

The money is expected to be given to people in council tax bands A to D, and the government will meet the bulk of the costs of any upgrades. The scheme, which will run over three years, will be funded using a levy on people’s energy bills known as the “energy company obligation”.

Ministers believe that people will make significant savings. Installing loft insulation can cost up to £1,100 but save £640 a year, and cavity wall insulation costs as much as £2,500 but can save £525 per year. Smart heating controls such as advanced thermostats and thermostatic valves cost up to £800 and can save £525 a year.

The scheme is part of measures that will be announced by the government in an effort to cut people’s energy use by 15 per cent by 2030."

As well as Liberum's initiation and 20p target, Shore Capital's new note forecasts 1.37p EPS this year, up from last year's 1.31p EPS despite higher tax, interest and deferred consideration shares this year.

They conclude (extracts):

"Good FY results, strong Q1...

The ‘ESG impact company’, providing specialist energy services and a partner to corporates in the UK and Ireland in the drive to ‘Net Zero’ has published a good FY report, in-line with our expectations as guided by the Company’s January trading update. The current year is indicated to have started well with momentum continuing. The performance achieved overall is against what has perhaps been the most challenging environment seen in UK energy markets. A testament then to Inspired’s strategy and deepening client relationships as a key partner to UK corporates."

"Forecasts and outlook.

The balance sheet performance delivered in H2, with cash collections meeting targets in the face of rapid growth in Optimisation, suggests to us a solid foundation to support Inspired’s strategy in leveraging the visible opportunities in front of the Group. We note the opportunities set out in the report to leverage Inspired’s growing client relationships, the Group aiming to drive ‘client lifetime value’ (CLV) across the divisions.

Management has set out a target of doubling EBITDA over the next five years and we can see how this may be achieved in our model. For now, we retain caution reflecting the still visibly challenging environment. We retain our EBITDA assumptions for FY23F and FY24, noting the significant potential we see for upgrades in normalising conditions. EPS forecasts are modestly diluted by higher interest, tax and deferred consideration shares due to vest in FY23F.

Valuation thoughts.

Inspired continues to evolve and offers investors solid ESG credentials and regulatory tailwinds in addition to long-term economic growth drivers. The Group trades (based on our updated estimates) on a FY23F PER of 7.5x (EV/EBITDA 5.9x), funded by a free cash flow yield in the 10% range. We look to further solid progress through FY23F."

Great to see per today's RNS the CFO investing around £20k of his hard-earned dosh in buying 41k more ALT shares. As the Board member with the most financial perspective, but usually by far the least funds, such moves are often meaningful.

And also to see 1.2m of MV's shares placed so easily with Simon Taylor. Which all bodes well going forward:

https://www.investegate.co.uk/altitude-group-plc--alt-/rns/director-dealing/202303290705015431U/
https://www.investegate.co.uk/altitude-group-plc--alt-/rns/holdings-in-company-and-director-dealing/202303290700065430U/

Liberum became joint brokers with Shore only three weeks ago.

Hopefully with these two relatively large players in the small company space now backing them, INSE's message might start making inroads at a time when its prospects appear to be improving nicely and its fundamentals cheap on a historic P/E of 8.