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

Published: 18:21 19 Jun 2018 AEST

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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.

 

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