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GB : Forward Partners - Continued portfolio momentum

Forward issued a brief portfolio update yesterday on the back of three successful fund-raises by its portfolio companies. We see this ongoing activity as a sign of the quality within the portfolio, which is attracting funding, despite market conditi....
CGS-CIMB Alex
Alex O’Hanlon @ CGS-CIMB 9 December 2022

GB : Thungela - Dividend forecasts remains unchanged

Thungela pre-close statement saw production guidance lowered as expected (12.8Mt, prev 13.0-13.6Mt & LIBe 12.3Mt), a sizeable cash balance of R19.8bn and establishment of a self-insurance structure. Overall changes to model are minimal, so we co....
CGS-CIMB Tom
Tom Price @ CGS-CIMB 9 December 2022

GB : Frasers Group - Standout H1; guidance reiterated; remains a top pick

Frasers’ H1 is very impressive when set against the strong prior year period and tough trading backdrop. Revenue growth and margin resilience have helped deliver adj. PBT of £267m (+39% y/y) translating to strong underlying cash generation from oper....
CGS-CIMB Adam
Adam Tomlinson @ CGS-CIMB 9 December 2022

GB : Trident Royalties - Royalty sales and debt rejig

Trident have sold its pre-production gold royalties over Rebecca, Spring Hill and four other projects to Franco-Nevada for $15.8m (vs LIB est NAV $15.3m). These were acquired as a portfolio from Talga Resources for $6.5m, achieving return on investe....
CGS-CIMB Tom
Tom Price @ CGS-CIMB 9 December 2022

GB : Strategy - Is China going to be the largest economy in 2100? Or India? Or sub-Saharan Africa?

Many people expect this century to be the Chinese century, with China becoming the dominant economy of the world. This is likely to be the case in the next decade or two but, if we look further into the future, the answer could be very different. &nb...
CGS-CIMB Joachim
Joachim Klement @ CGS-CIMB 9 December 2022

GB : Balfour Beatty - EBIT in line but EPS increased

Trading statement guides to trading in line, but lower tax, higher disposal gains and higher interest receivable result in a 22% EPS upgrade in FY 22 and 2% in FY 23. Inflation, shortages, and the remaining London problem contracts remain manageable....
CGS-CIMB Alex
Alex O’Hanlon @ CGS-CIMB 9 December 2022