Most Recent Company Documents

Rensburg Sheppards

Resilient performance in difficult times

Benefits of merger already transparent in higher margins

Current year forecasts place stock on 8x PER, with solid yield of 5.5%

This leaves shares looking cheap versus sector and with £7 looking fairer value

Publication Date:
September 4 2008

Renewable Energy Holdings

Interim results

In what is shaping up to another milestone year for the company, REH moved into profit in the first half, and reported very useful progress in the expansion of its proven technology assets, and the commercialisation of CETO. The portfolio of operating assets now covers costs on a cash flow basis.

Revenue increased by 149% to £4.6m (including £2m from the Carnegie deal for CETO in the southern hemisphere) from £1.8m in the same period last year. In terms of electricity sales, wind represents 89% of sales, landfill gas the remainder. The doubling of the PPA at the Welsh landfill plant also had a positive impact on these results.

The increase in expenses and finance cost reflect the operating costs and increased debt of the Kirf windfarm. Total net assets increased dramatically from £16m to £30m.

During the period the €135m credit facility with Standard Chartered Bank was increased to €183m, thus ensuring sufficient project financing for the immediate pipeline of wind projects. German wind assets are expected to have increased by 10% to 45 MW by the end of 2008 and REH is on track to own 150 MW of operating wind capacity by the end of 2010.

CETO commercialisation is on track, with three units undergoing sea trials and it is expected that the CETO III design will commence in a little over a month from now.

The marked pace of the company’s development has led to a strengthening of the management team through a number of strategic hires. These include a New Business Director who will develop the pipeline of proven technologies beyond 150 MW through the acquisition of greenfield assets, development assets and existing operating assets. REH intend to look at more types of renewable energy assets including solar, run of river hydro and waste management.

Overall, a very satisfactory 6 months that has seen a strong platform put in place to exploit the many attractive opportunities for growth in the renewable energy market space, and expected newsflow should see the share price move towards our target price of 118p.

Publication Date:
September 4 2008

Lloyds Underwriters

Hurricane Alert

Hurricane Gustav is expected to hit or pass close by New Orleans

Reinsurance rates should rise as a result of the 2nd major hurricane in 3 years

Overall future profit for the majority of Lloyd’s insurers should benefit from higher reinsurance rates

Publication Date:
September 1 2008

H&T Group

Results well ahead of expectations; forecasts upgraded

Better than expected profits

Steady growth in core pawnbroking business

Retail jewellery sales growing strongly

Reliable low risk growth stock

Publication Date:
August 21 2008

VPhase

Commercial launch of VX1 energy saving product

10% electricity saving for average household

4 utilities have stated desire to trial product

Publication Date:
August 7 2008