TAKING STOCK: Stress Tests plus #TRU #AGFX #DEST #TLY #ONDO #BOIL #DELT #BANK #FUTR
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Welcome to taking stock on...on Wednesday 12th July 2023
A look at today's top business news plus the most followed, winners, losers, most read including:
Vox Content
Most Followed Company's on Vox Market
3 Seperate Broker targets, the average of which is 950% higher than the current share price.
MCAP = £25m
Cash Circa = £10m
Two late stage assets going into Phase 3, partnerered on one, NTCD-M3 and currently engaging on partner for XF73 which has a $2bn market potential and twice as big as NTCD-M3
The broker target, is only based on NTCD-M3, so target prices could get a lot bigger.
Market Cap = £22m
E/V = £20m
Cash = £6,451,000
Revenue = £135m
Operating Profit: £2m
Debts = £2.5m
Price to Sales = 0.17
EV/EBITDA
Market Cap = £17m
E/V = £23m
Cash = £1.8m (as of 31/08/22)
Debts = £6.4m (as of 31/08/22)
Price to Sales = 7?
Recent News:
11th July 2023 - Ondo InsurTech agrees Loan Note restructuring to support rapid growth.
12th May 2023 - Ondo InsurTech Plc raised £815,000 at a price of £0.12
Interim Results for six months ended 31/08/2022
Revenue of £1 million for the six-month period ended 31st August 2022 was 55% higher than for the same period a year ago (6 months to end 31st Aug 2021: £0.6 million)
Loss for the period was -£2,057,000
Cash £1,872,000
Loans & Borrowings -£6,401,000
Publication of audited accounts for the 13 months to 31 March 2023 will be on or before 31 July 2023
Most Read RNS
- UK Licence P2478– 2 Year Phase A Extension Granted
Baron Oil Plc notes today's announcement by Reabold Resources in relation to offshore United Kingdom Licence P2478, in which Baron holds a 32% interest. Reabold Resources is the Licence administrator.
Extension Granted
The joint venture for offshore UK Licence P2478 has been granted a two year extension to Phase A of the licence by the UK North Sea Transition Authority. A 'Drill or Drop' decision is now required on or before 14 July 2025.
United Kingdom: Offshore Licence P2478
The CPR confirms the Dunrobin West prospect as a large, shallow, simple structure where an exploration well could target an aggregate of 119 MMboe gross unrisked Pmean Prospective Resources: this includes the estimated 71 MMbbl gross Pmean Prospective Resource at a geological Probability of Success of 34% for the primary Jurassic target.
WINNER
- Pensacola Resource Estimate Significant Increase
Deltic Energy announces a significant increase in its estimate of oil and gas resources for the Pensacola discovery on Licence P2252 (Deltic WI: 30%). This increase, based on Deltic's post well analysis, is nearly double initial expectations.
Highlights
· Following post well analysis, Deltic now estimates the Pensacola structure to contain gross P50 initially in place volumes of gas and oil of 342 million barrels of oil equivalent.
· This analysis indicates Pensacola may contain almost double the volume of recoverable gas and oil than originally thought, with Deltic now estimating total gross P50 Estimated Ultimate Recovery ('EUR') of c.99mmboe, up from 50mmboe immediately after well completion.
· Significantly, Deltic now estimates Pensacola contains material volumes of oil, representing c. 30% of the combined recoverable hydrocarbons.
· Work is progressing with partners to develop the appraisal and development programme for Pensacola with an appraisal well continued to be targeted for late 2024.
· Deltic is pursuing monetisation options for the discovery in line with its strategy.
MCAP = £27M
LOSER
- Operational & Strategic Update
Fiinu, founded in 2017, is a fintech group, that developed the Plugin Overdraft® which is an unbundled overdraft solution that allows customers to have an overdraft without changing their existing bank.
Funding issues affecting operations & previous funding agreement fallen through.
It's withdrawn its restricted banking licence was accepted by the regulators.
The Company will continue to review all its options in respect of the business, including trying to source the additional funding required for it to re-apply to the regulators to re-start its banking licence application, but also other options, which may include a change of strategy and/or a sale of the Group's technology assets.
Top Business Stories
1. UK banks can withstand fresh crisis, key test finds
In its stress test of the financial system, the Bank said the UK's eight largest lenders could survive a worst case scenario of plunging house prices, a deep recession and soaring inflation.
In its twice-yearly Financial Stability Report, the Bank said: "Higher interest payments on loans mean some borrowers may struggle with their repayments, which increases the risks faced by banks.
The report also showed the result of a "stress test" on UK banks and building societies to see if they could withstand catastrophic economic conditions. These include house prices falling by 31%, the unemployment rate increasing to 8.5% and inflation rising to 17%.
By the end of 2026, around a million households with a fixed-rate mortgage will see their monthly repayments go up by £500 or more, it said.
More than two million households will pay between £200 and £499 more, with the average payment rising by about £220.
2. New Renault-Geely engine firm to have headquarters in UK
A new global company being launched by French motor giant Renault and Chinese carmaker Geely is set to have its headquarters in the UK.
The firms will invest up to €7bn ($7.7bn; £6bn) to develop low-emission petrol, diesel and hybrid engines.
It will employ about 19,000 workers at its 17 engine factories, as well as five research and development hubs.
The firm will be launched later this year and supply engines to car makers such as Volvo, Nissan and Mitsubishi.
The firms also said Saudi energy giant Aramco may join the venture and that it was "evaluating a strategic investment".
Aramco - which is the world's biggest oil and gas company - is a major emitter of greenhouse gases that contribute to climate change.
Earlier this year, Aramco's president and chief executive Amin Nasser said the company would increase its investments in lower-carbon technologies.
3. Rising UK interest rates threaten Sunak’s fiscal plans, OBR to warn
The independent Office for Budget Responsibility will warn that stubbornly high inflation and soaring borrowing costs are adding to the challenges facing Rishi Sunak, making it less likely that he will meet one of his five key pledges – tackling Britain’s public debt.
It is understood the OBR will produce a range of scenarios in its annual “fiscal risks and sustainability report” on Thursday, setting out the impact of higher interest rates for the public purse, in a warning that sustained pressure could force it to tear up its official forecasts.
At the start of the year Sunak centred three of his five priorities on the economy: halving inflation, growing the economy and getting debt falling.
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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.