ACTIVE ENERGY GROUP (LON:AEG)
SECTOR – RENEWABLE ENERGY
RATING – CORP*
MARKET CAP – £19.6m
CURRENT PRICE – 1.9p#
ANALYST – MIKE JEREMY
Year-end Dec
2016A
2017A
Revenue (US$m)
-
-
No forecasts provided
EBITDA (adj) (US$m)
(2.20)
(5.24)
Rptd. Net Loss (US$m)
(4.66)
(8.60)
EPS (US$c)
(0.48)
(1.87)
DPS ($c)
-
-
Net Cash/(Debt) (US$m)
(5.5)
(13.3)
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 to Active Energy Group and therefore this information should be viewed as a Marketing Communication.
Joint venture with Georgia Renewable Power LLC
NORTHLAND VIEW
- Active Energy has incorporated Active Energy Renewable Power LLC in North Carolina as an equally-owned joint venture to install CoalSwitch™ facilities with US-based Georgia Renewable Power LLC (GRP) which has a biomass-based power plant in North Carolina and two under construction in Georgia with total capacity of c.165MW. The JV will introduce CoalSwitch™ fuel to GRP’s plants, develop organic waste fertiliser products and employ CoalSwitch™ and PeatSwitch™ technologies for complementary sales of biomass. GRP’s steam and drying infrastructure will be available for CoalSwitch™ development as will surplus biomass feedstock. In addition, the JV will evaluate the potential of new feedstock constituents for CoalSwitch™, including poultry litter, to create a new fuel product: LitterSwitch™.
- The initial CoalSwitch™ plant - using some equipment from AEG’s Utah site - will be installed at GRP's Lumberton facility before the end of 2018, with capacity of 10 tonnes-per-hour by Q1 2019. CoalSwitch™ 25 tonne-per-hour production will be added at each of GRP’s Carnesville and Colbert plants in Georgia over the coming 36 months, with overall CoalSwitch™ production of 100 tonnes-per-hour planned. AEG reports negotiating off-take agreements for the sale of both CoalSwitch™ and biomass sourced from existing GRP facilities. The JV will also develop, via AEG, the market for high-density baled dry wood chips, meeting EU import regulations, and other biomass products such as dried bedding chips, developed by GRP.
This is a significant and far-reaching commercial development, initially utilising AEG’s Utah-based equipment, which involves the full range of AEG’s CoalSwitch™-based technologies and products.
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.
HEMOGENYX PLC (LON:HEMO)
SECTOR – HEALTHCARE
MARKET CAP – £9.3m
CURRENT PRICE – 2.6p#
ANALYST: LIAM GASCOIGNE-COHEN
Year-end Dec
2016A
2017A
2018E
2019E
Revenue (£m)
-
-
EBITDA (£m)
(0.5)
(0.8)
Pre-tax Profit (£m)
(0.5)
(2.4)
EPS (p)
(0.00)
(0.01)
Under
review
DPS (p)
-
-
Net Cash/(Debt) (£m)
1.0
1.7
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 Joint Broker to Hemogenyx and therefore this information should be viewed as a Marketing Communication.
Collaboration with Johnson & Johnson Innovation
NORTHLAND VIEW
- Immugenyx, LLC, a wholly-owned subsidiary of Hemogenyx Plc entered a collaboration agreement with Janssen Research & Development, a pharmaceutical company owned by Johnson & Johnson (J&J).
- Immugenyx will collaborate with Janssen to develop an animal model of SLE, a form of the autoimmune disease, lupus. The collaboration will use Immugenyx’s advanced hematopoietic chimeras (AHC) mouse model, which has a ‘humanised’ immune system. The aim of an animal model is to investigate the development and progression of disease and to test new treatments before they are given to humans.
- The terms of the agreement stipulate that Immugenyx will own the SLE mouse model developed within the collaboration and will grant Janssen a non-exclusive worldwide license to use the SLE model solely for internal R&D purposes. The agreement was facilitated by J&J Innovation, the VC arm of J&J. Financial terms of the collaboration were not disclosed.
This collaboration with one of the largest pharmaceutical companies highlights the interest of industry regarding Hemogenyx’s AHC mouse model. As the model simulates the human immune system it may allow researchers to further test the safety and potential efficacy of drug candidates in animals, prior to entering expensive and highly-regulated human trials. The Company previously announced a collaboration with the Rockefeller University and also a revenue-generating collaboration with a leading US biotechnology company and we expect this model to form the basis of future collaborations.
COMPANY DESCRIPTION
Preclinical stage company developing therapies to transform bone marrow and blood stem cell transplant procedures
PREMIER AFRICAN MINERALS (LON:PREM)
SECTOR – MINING
RATING – SPECULATIVE BUY*
MARKET CAP – £9.1m
CURRENT PRICE – 0.12p#
ANALYST – BARRY GIBB
DR RYAN D. LONG
Year-end Dec
2016A
2016A
Revenue ($m)
0.1
0.4
No forecasts provided
EBITDA ($m)
(1.8)
(6.7)
Adj. pre-tax Profit ($m)
(5.9)
(19.6)
Adj. EPS (c)
(0.2)
(0.3)
DPS (c)
-
-
Net Cash/(Debt) ($m)
(8.9)
(2.9)
P/E (x)
-
-
Dividend yield (%)
-
-
EV/EBITDA (x)
-
-
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited provides commissioned research coverage to Premier African Minerals and therefore this information should be viewed as a Marketing Communication.
RHA Update Suggests Equ