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Northland Capital Partners View on the City - Motif Bio (LON:MTFB); Active Energy group (LON:AEG)

Published: 21:43 05 Feb 2018 AEDT

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MOTIF BIO (LON:MTFB)
SECTOR – HEALTHCARE
RATING –BUY*
MARKET CAP – £94m
CURRENT PRICE – 36p#
ANALYST – VADIM ALEXANDRE

Year-end Dec                     2015A             2016A          2017E         2018E
Revenue (£m)                          -                      -  
EBITDA (£m)                         (5.7)              (29.4) 
Adj. pre-tax Profit (£m)          (8.5)              (29.9) 
Adj. EPS (p)                          (13.9)             (13.9) 
DPS (p)                                    -                      -                       Under review
Net Cash/(Debt) (£m)            24.8           26.0
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 Motif Bio Plc and therefore this information should be viewed as a Marketing Communication.

From Friday: Appointment of Interim Chief Financial Officer

NORTHLAND VIEW
 Robert Dickey IV has informed Motif Bio of his intention to resign as Chief Financial Officer (CFO).  Jonathan E. Gold, currently a Non-executive Director of the Company, has agreed to serve as interim CFO. A search process for a new CFO has commenced and Robert Dickey IV will continue to serve in an advisory capacity to ensure a smooth transition.
 Mr. Gold has a background of senior financial positions and is currently Managing Director of JEG Capital Partners LLC, a family office and asset manager. He previously was a portfolio manager for the Federated Kaufmann Funds. Prior to that, Mr. Gold was a partner in Amphion Capital and Wolfensohn Partners, where he was active in financing and building life sciences and technology companies.
 Graham Lumsden, CEO, commented:  "I would like to thank Rob for his contributions during his tenure at Motif and am grateful that he will remain available to Motif for a period of time to ensure a smooth and effective handover.  I am delighted that Jon has agreed to take on the interim CFO position.  He has a strong track record in managing financial organisations and successfully financing and growing life sciences companies.  As a Motif co-founder and long-time Board member, Jon knows the Company well and will be a strong and reliable asset during this transition period."

COMPANY DESCRIPTION
Clinical stage biopharmaceutical company specialising in the development of novel antibiotics.

 

ACTIVE ENERGY GROUP (LON:AEG)
SECTOR – RENEWABLE ENERGY
RATING – CORP*
MARKET CAP – £35.1m
CURRENT PRICE – 3.7p#
ANALYST – MIKE JEREMY

Year-end Dec                                         2015                   2016           
Revenue (US$m)                                   24.38                  19.20
EBITDA (adj) (US$m)                            (1.63)                   1.27
Adj. pre-tax Profit (US$m)                     (0.65)                  (0.16)
Adj. EPS (US$c)                                    (0.65)                  (0.16)
DPS ($c)                                                    -                          -          No forecasts provided
Net Cash/(Debt) (US$m)                        (6.79)                 (5.52)
P/E (x)                                                        -                          -
Dividend yield (%)                                      -                          -
EV/EBITDA (x)                                           -                       43.7

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.

CoalSwitch™ Utah plant commercially-operational

NORTHLAND VIEW
 Active Energy reports that its first commercial CoalSwitch™ plant, located in Utah, will be officially opened this week and will be fully-operational for the production of CoalSwitch™ biomass fuel.   AEG notes this opportunity “to demonstrate, for the first time at full commercial scale, the Plant's capabilities to potential commercial partners, financiers', government representatives and officials.”
 AEG adds: “The Group believes CoalSwitch™ represents a disruptive force in the global biomass industry.  It is a unique, high-calorific, high-bulk density, advanced biomass pellet that behaves just like coal, albeit with all the environmental benefits of clean biomass. CoalSwitch™ is produced primarily from forestry waste and other industrial cellulose waste products.  Unlike the current ubiquitous white pellets and other advanced pellets, CoalSwitch™ can be co-fired with coal in existing unmodified coal-fired power plants at any ratio, up to 100%; allowing 'dirty' plant operators to fulfil their environmental obligations without the need for extensive retrofitting of power station plant and handling/storage infrastructure, and the associated costs and disruption”.
AEG reported on 2nd January that it had completed its first full-scale CoalSwitch™ plant, test (29th December 2017) and has now reached the important stage of commercial-scale production for prospective customers.

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.

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