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Northland Capital Partners View on the City - Active Energy Group; Connemara Company

Northland Capital Partners View on the City - Active Energy Group; Connemara Company

SECTOR: MINING; RENEWABLES

 

ACTIVE ENERGY GROUP (LON:AEG)

SECTOR – RENEWABLE ENERGY

RATING – CORP*

MARKET CAP – £39.2m

CURRENT PRICE – 3.9p#

ANALYST – MIKE JEREMY

 

 

Year-end Dec

2016

2017

 

 

 

Revenue (US$m) (excludes discontinued operations)

-

-

No forecasts provided

EBITDA (adj) (US$m)

(0.52)

0.58

Rptd. Net Loss (US$m)

(2.49)

(15.22)

EPS (US$c)

(0.38)

(1.78)

DPS ($c)

-

-

Net Cash/(Debt) (US$m)

(5.52)

(13.08)

P/E (x)

-

-

Dividend yield (%)

-

-

EV/EBITDA (x)

-

106

 

 

SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited Acts as Nomad to Active Energy Group and therefore this information should be viewed as a Marketing Communication.

 

FY17 results: US$5.3m operating loss, chairman to assume CEO role.

 

NORTHLAND VIEW

  • For the year to 31st December 2017 Active Energy Group reported an operating loss of US$5.26m (FY16: US$1.96m loss). No revenue was reported due to the discontinuation of its Ukrainian woodchip operations. The total reported loss for the period was US$15.22m (FY16: US$2.49m). The year-end cash balance was US$0.142m, with US$13.22m of convertible debt. A loss of US$7.28m arose due to discontinued Ukranian operations.
  • Since 2017 AEG refocused operations on commercialisation of its proprietary its CoalSwitch™ technology and derivative PeatSwitch™ soil improver, and on its Timberlands opportunities in Newfoundland and Alberta.  AEG announced that Richard Spinks will step down as CEO to focus on development of CoalSwitch™ in Poland and forestry management in N. America.  Michael Rowan, Chairman, will assume the role of CEO at the AGM.
  • A total of c. US$16.5m was raised for the commercialisation of CoalSwitch production, with US$5.8m allocated to development of the Utah CoalSwitch™plant, and R&D investment of US$2.9m.

During 2017 AEG restructured its operations to focus primarily on CoalSwitch™ and other related activities - PeatSwitch™ and sourcing of timber feedstock in Newfoundland and Alberta. Its focus is now on developing these opportunities in Canada and Europe.

 

COMPANY DESCRIPTION

Active Energy Group (AEG) is an international, vertically-integrated forestry management and renewable resource energy provider.  The group combines management of forestry resources with the commercial development of a proprietary solution (CoalSwitch™) to the integration of wood-based (biomass) fuel into existing coal-fired thermal power plants. 

 

 

 

 

Connemara Mining COMPANY (LON:CON)

SECTOR – MINING

RATING – CORP*

MARKET CAP – £3.1m

CURRENT PRICE – 2.8p#

ANALYST – DR RYAN D. LONG

 

 

Year-end Dec

2015A

2016A

 

 

 

Revenue (€m)

-

-

No forecasts provided

EBITDA (€m)

0.2

0.2

Adj. pre-tax Profit (€m)

0.2

0.2

Adj. EPS (c)

0.36

0.29

DPS (c)

-

-

Net Cash/(Debt) (€m)

(0.3)

(0.3)

P/E (x)

-

-

Dividend yield (%)

-

-

EV/EBITDA (x)

-

-

 

 

SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Nomad and Broker to Connemara Mining and therefore this information should be viewed as a Marketing Communication.

 

From yesterday: Update on drilling at the Stonepark Zn-Pb-Ag Project

 

NORTHLAND VIEW

  • The Stonepark Zinc-Lead Project, located in Ireland, is owned by Connemara Mining Company (23.44%) and Group Eleven Resources (76.56%).
  • Drill hole G11-2638-01 intercepted 5.4m at a grade of 25% zinc, 7.2% lead and 12.2g/t silver from 234.05m.

This high-grade intercept verifies one of the high-grade zones within the Stonepark Resource and also demonstrated that the deposit is open to the east, the direction in which the Glencore’s Pallas Green deposit is located.

 

 

COMPANY DESCRIPTION

An Irish focused exploration company with interests in gold and zinc-lead projects.

 

1. Northland Capital Partners Limited (“Northland”) acts as Nominated Advisor and/or Broker to the company.

2. Northland) and/or its affiliates companies do beneficially own 1% or more of any class of the issuer’s equity securities, as of the end of the month immediately preceding the date of issuance of the research report or the end of the second most recent month if the issue date is less than 10 calendar days after the end of the most recent month. 

3. The authoring analyst or any associate of the authoring analyst does maintain a long or short position in any of the issuer’s securities directly or through derivatives, including options or futures positions.

4. Northland, its affiliated companies, partners, officers, directors or any authoring analyst of Northland has provided services to the issuer for remuneration during the preceding 12 months other than investment advisory or trading services.

5. Northland or any of its affiliated companies has performed investment banking services for the issuer during the 12 months preceding the date of issuance of the report.  

6. A partner, director, officer, employee or agent of Northland or any of its affiliated companies is an officer, director, employee or advisor of the issuer.  Disclosures are applicable for all companies

7. The authoring analyst, or any associate of the authoring analyst, has viewed the material operations of the issuer. 

8. The authoring analyst, or any associate of the authoring analyst, received reimbursement for travel expenses.

9. Northland makes a market in the securities of this company.

 

 

DISCLAIMER

This document is provided solely to enable clients to make their own investment decisions. It may therefore not be suitable for all recipients and does not constitute a personal recommendation to invest. It does not constitute an offer or solicitation to buy or sell securities or instruments of any kind. If you have any doubts about the suitability of this service, you should seek advice from your investment adviser. This document is produced in accordance with UK laws and regulations. It is not intended for any person whose nationality or residential circumstances may render its receipt unlawful.

The past is not necessarily a guide to future performance. The value of shares and the income arising from them can fall as well as rise and investors may get back less than they originally invested. The information contained in this document has been obtained from sources which Northland Capital Partners Limited believes to be re¬li¬able. The Com¬pany does not warrant that such information is accurate or complete. All estimates and prospective figures quoted in this report are forecasts and not guaranteed. Opinions included in this report reflect the Company’s judgement at the date of publication and are subject to change without notice. If the investment(s) mentioned in this report are denominated in a currency different from the currency of the country in which the recipient is a resident, the recipient should be aware that fluctuations in exchange rates may have an adverse effect on the value of the investment(s). The listing requirements for securities listed on AIM or PLUS markets are less demanding, also trading in them may be less liquid than main markets.

Northland Capital Partners Limited and/or its officers, as¬sociated entities or clients may have a position, or other material interest, in any securities men¬tioned in this report. Northland Capital Partners Limited does not provide recommendations on securities of firms with which it has a corporate relationship. More information about our management of Conflicts of Interest, Investment Research Methodology & Definition of Recommendations can be found at www.northlandcp.co.uk 

Northland Capital Partners Limited is authorised and regulated by the Financial Conduct Authority and a Member of the London Stock Exchange.

Published by/copyright: Northland Capital Partners Limited, 2013. All rights reserved

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