Rio Tinto Shares Are Undervalued
0740 GMT - Rio Tinto shares are down more than 20% year-to-date,
making them attractively undervalued given the company's high
quality, cash generative business, Deutsche Bank analyst Liam
Fitzpatrick writes in a research note. The Australian mining-major
has seen consensus turn progressively more bearish over the past
three years due to persistent concerns over the iron ore market and
company-specific ESG and strategy issues, Fitzpatrick says. "We
have trimmed back our near-term iron ore prices, but remain more
bullish than consensus and see 30% total return potential on a
12-month basis," the analyst says. Deutsche lifts it rating on the
stock to buy from hold, and its target price to 6,200 pence from
6,000 pence. (christian.moess@wsj.com)
COMPANIES NEWS:
Bigblu Broadband Reports Flat 1H Revenue
Bigblu Broadband said Monday that total revenue for the six
months ended May 31 was flat on the year prior at 14.9 million
pounds ($18.6 million) and that total customers at period end rose
to 62,600 from 60,400.
---
Diageo Names Debra Crew Interim CEO Effective Immediately
Diageo PLC said Monday that Debra Crew has been appointed
interim chief executive officer with immediate effect, ahead of her
planned joining date as CEO in July 1.
---
Polymetal International Subsidiary CEO, CFO Resign
Polymetal International said Monday that the chief executive
officer and the chief financial officer of its Russian-registered
subsidiary JSC Polymetal have resigned from all executive
positions.
---
Lifesafe Sales in Year to April Grew More Than Expected
Lifesafe Holdings on Monday said its sales growth over the first
four months of 2023 have continued to exceed its expectations and
that it is well-placed for its seasonally busier second half.
---
Hercules Site Services 1H Pretax Loss Narrowed as Revenue
Jumped
Hercules Site Services said Monday that its pretax loss narrowed
in the first six months of fiscal 2023 due to strong market
dynamics and demand.
---
Deepverge Makes Cost Reductions; Cautions 2022 Accounts Could Be
Delayed
Deepverge said Monday that it will carry out cost reductions and
may not be able to publish its 2022 accounts before the AIM rules
deadline, and it is contemplating a potential sale of one or more
lines of the business.
---
Concurrent Technologies Says 2023 Performance in Line With
Views
Concurrent Technologies said Monday that its performance in 2023
has been in line with market expectations and the board sees
potential to improve further as supply recovers.
---
Hargreaves Services Chair Roger McDowell Takes Temporary
Sabbatical
Hargreaves Services said Monday that Chair Roger McDowell is
taking a temporary sabbatical for personal reasons with immediate
effect.
---
Flowtech Fluidpower Chairman Steps Down Temporarily
Flowtech Fluidpower said Monday that Chairman Roger McDowell has
handed over his role until Aug. 31 to Nonexecutive Director Jamie
Brooke in order to tend to a family health matter.
---
Verici's Tutivia Given Proposed Gapfill Rate Price; 2022 Loss
Widened
Verici Dx said Monday that its Tutivia product has been given a
proposed gapfill median rate price of $2,650 a test, and that its
2022 pretax loss widened on higher expenses.
---
Avingtrans Chairman Roger McDowell Takes Sabbatical
Avingtrans said Monday that Chairman Roger McDowell was taking a
temporary sabbatical for family health reasons with immediate
effect, and that Les Thomas will assume the interim chairman
position in his absence.
---
Haydale Graphene Industries Appoints Patrick Carter as CFO
Haydale Graphene Industries on Monday named Patrick Carter as
its new chief financial officer with immediate effect.
---
Ironveld Appoints Malebo Ratlhagane Deputy CFO, Brian James
Acting Group CFO
Ironveld said Monday Malebo Ratlhagane has been appointed deputy
chief financial officer with immediate effect and that Brian James
will take on the role of acting group CFO in a non-board capacity
over a transitional period of around 12 months.
---
Amicorp FS Plans London IPO, Raising Around $16.2 Mln in
Placings
Amicorp FS (UK) said Monday that it expects share placings to
raise around $16.2 million as part of its initial public offering
on London's junior AIM in early June.
MARKET TALK:
BATM Presents Profitable Opportunity for Investors, Shore
Capital Says
0747 GMT - BATM has been awarded a new five-year contract from a
North American emergency connectivity services provider, a welcome
development in a critical market, Shore Capital says in a research
note. The telecommunications technology and medical-laboratory
systems provider is delivering strong underlying progress across
the development of its span of technologies, moving them towards
potential market inflection points and therefore presenting a
profitable high-growth opportunity to investors, Shore analyst
Robin Speakman says. "With commercialization, positive operating
leverage to reported results should be expected in due course," the
investment group says. Shore has BATM as a house stock. Shares are
flat on 23.9 pence. (joseph.hoppe@wsj.com)
---
Tristel's FDA Approval Is a Value-Enhancing Milestone
0744 GMT - Tristel is well placed to benefit from the growing
mobile ultrasound market, finnCap says in a note, raising its
target price on the stock to 500 pence from 480 pence after the
manufacturer of infection-prevention products got Food and Drug
Administration clearance to market its ULT product for ultrasound
probes use in the U.S. "This is a significant and arguably
long-awaited, value-enhancing milestone for the company," analyst
Mark Brewer writes. FinnCap estimates the net present value of
future royalty streams for ULT in the U.S. to be worth around GBP82
million, or 173 pence per share. Shares trade 13% higher at market
open at 410 pence, its highest price since December.
(elena.vardon@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
June 05, 2023 04:09 ET (08:09 GMT)
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