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PowerHouse Energy Group

Opening the door to the hydrogen economy

Outlook | General Industrials | 12 Feb 2018

PowerHouse Energy’s innovative, distributed waste-to-hydrogen technology satisfies the joint needs of powering fuel cell electric vehicles, finding an alternative means of waste disposal to landfill or incineration and providing a predictable form of clean energy to complement intermittent supplies such as wind and solar. The hydrogen and electricity are produced close to point-of-use, saving transportation costs and reducing transmission losses and the associated carbon footprint. The company has a pilot system near Ellesmere Port, Merseyside, and intends to commence commercial production in FY18.

GVC Holdings

A gaming powerhouse

Update | Technology | 02 Jan 2018

GVC’s proposed acquisition of Ladbrokes Coral (LCL) will create a leading global multi-brand gaming business, with revenues of c GBP 3.3bn. Completion is expected in late Q1/early Q218. 90% of the enlarged group’s revenues will be derived from locally regulated and/or taxed markets. As witnessed by the successful integration of bwin, GVC is well positioned to deliver material synergies and, regardless of the outcome of the triennial review, the company expects double-digit EPS accretion after the first year. GVC has reported consistently impressive results throughout 2017 and its shares trade appropriately towards the top end of the peer group, at 12.8x EV/EBITDA and 16.4x P/E for 2018e. We introduce new forecasts to reflect the disposal of the Turkish business.

Powerhouse Ventures

New Zealand talks tech September 2015

Comment | Financials | 07 Sep 2015

Powerhouse Ventures is an investment company specialising in a hard-toaccess asset class o research-backed intellectual property. Powerhouse was formed in Christchurch to commercialise scientific and technical innovation developed at New Zealand universities and government-owned research institutes. Its current portfolio of 18 investments is comprised of five postseed investments (~85% of the portfolio's enterprise value), five seed investments and eight pre-seed opportunities. The portfolio has an enterprise value of NZ$106m. Powerhouse's unaudited price of last round holding iscarried at NZ12.3m. The first realisation event is planned for CY Q415. Powerhouse is currently unlisted but is targeting a dual-listing (NZX and ASX) IPO in early 2016.

National Grid

Investment powerhouse

ADR Initiation | General Industrials | 12 Jan 2015

National Grid's regulated assets offer investors a predictable earnings profile, a growing asset base and an attractive yield. Operational outperformance has led to impressive achieved returns above the Ofgem base allowance, which we expect to continue until the end of 2021. The results of the capacity and contract for difference auctions could provide visibility on the size of load-related capex in the UK, giving further upside to an already appealing growth profile. Our valuation methodologies provide a range of 769-1,020p/share or $62-82/ADR.

National Grid

Investment powerhouse

Initiation | General Industrials | 12 Jan 2015

National Grid's regulated assets offer investors a predictable earnings profile, a growing asset base and an attractive yield. Operational outperformance has led to impressive achieved returns above the Ofgem base allowance, which we expect to continue until the end of 2021. The results of the capacity and contract for difference auctions could provide visibility on the size of load-related capex in the UK, giving further upside to an already appealing growth profile. Our valuation methodologies provide a range of 769-1,020p/share.

PowerHouse Energy Group

Ready, steady, GO

Initiation | Alternative Energy | 10 Sep 2014

In August 2013, PowerHouse Energy Group acquired the outstanding stake in Pyromex Holding AG, thus securing control of an ultra-high temperature gasification (UHTG) technology for converting waste material to energy. This technology has been extensively tested and the pilot site is expected to begin commercial operation by the end of FY14, subject to ongoing funding being secured. Cash from gasification operations and the first equipment sales, expected during FY15, will enable the group to expand its gasification capacity. We estimate that 10 50tpd reactors would generate revenues of between $47m and $72m annually from electricity sales, representing $35m to $59m incremental operating profit.