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Wheaton Precious Metals
Celebrating the Ides of March
Update | Mining | 18/03/2024Wheaton’s (WPM’s) Q4/FY23 results were released after the market close on 14 March, within the context of known metals sales and almost known production. Even so, net earnings were US$2.9m (or 1.8%) better than our prior forecast for the quarter, largely as a result of achieved metals prices that were higher than average market prices. Otherwise, the quarter was characterised by accelerated levels of investment into underlying mineral streams and the announcement of a new, progressive…
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SIGA Technologies
Onwards and upwards with strong FY23
Update | Pharmaceuticals & healthcare | 18/03/2024SIGA Technologies has delivered its best top-line performance in the last five years, supported by a late surge in TPOXX deliveries across both domestic and international markets. FY23 product revenues grew 50.8% to $130.7m, driven by Q423 BARDA deliveries and international orders, resulting in overall revenues increasing to $139.9m (+26.3% y-o-y). Barring packaging-related bottlenecks, which delayed some deliveries to Q124, there could have been incremental upside to meet our $172.6m revenue estimate.…
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Foresight Solar Fund
Optimising capital allocation
Flash note | Investment trusts | 14/03/2024Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets of £120.4m in its FY23 results (year end 31 December). FY23 also saw FSFL’s divestment programme come to fruition with the sale of a 50% stake in its Spanish Lorca portfolio at a 21% premium to its holding value. The proceeds of this divestment, along with free cash, were used to pay down the fund’s variable rate debt via its revolving…
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BlackRock Latin American Inv. Trust
Worthy allocation as part of a global portfolio
Update | Investment trusts | 14/03/2024BlackRock Latin American Investment Trust’s (BRLA’s) lead manager Sam Vecht and deputy manager Christoph Brinkmann remain optimistic about the prospects for the region. Interest rates are coming down as Latin American central banks have been more proactive than those in developed markets in raising interest rates to combat higher inflation, which should be supportive for economic growth and asset prices. Latin America has remained relatively isolated from global geopolitical conflict,…
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Wheaton Precious Metals
Putting WPM onto GMT
Update | Mining | 11/03/2024On 20 February, Wheaton Precious Metals (WPM) announced that it had produced 14,615oz (15.2%) and sold 18,618oz (19.3%) more gold than our prior expectations for Q423, and produced 326koz (7.8%) and sold 530koz (20.0%) more silver. As a result, ahead of Q423/FY23 results scheduled for 14 March, we have increased our EPS forecast for Q423 by 25.3%, to close to the top of the range of market expectations for both the quarter and the full year.
Edison North America
Edison’s North American office opened in 2011 to provide research services to companies listed on North American stock exchanges. Companies of all sizes benefit from our research service, which provides the highest standards of equity research and unrivalled distribution of our reports on a global and unrestricted basis.