ACF Equity Research

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

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We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

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Research from ACF Equity Research, ACF Equity Research

Research from ACF Equity Research

Equity Bottom-Up

<p>Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with a renewable energy and critical metals transition strategy. Today’s 1H21A results describe Kibo heading in the right direction operationally, which in our assessment is a tribute to its new strategy and execution. Inevitable hold ups in such a meaningful transition meant that Kibo missed our YE21E numbers. However, management is addressing these issues with e.g. Pieter Krugel’s appointment as CEO of MAST.L (stake raised to 61.27%). 1H22A highlights include the Framework agreement with Enerox (CellCube) to deliver LDES solutions, the 51% stake acquisition in NBS (LDES projects), coal assets slated for sale and the WTE 10yr, 2.7MW take-or-pay conditional PPA with Sustineri Energy (Kibo 65% stake). This week’s Southport deal looks another inflection point.</p>

Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with a renewable energy and critical metals transition strategy. Today’s 1H21A results describe Kibo heading in the right direction operationally, which in our assessment is a tribute to its new strategy and execution. Inevitable hold ups in such a meaningful transition meant that Kibo missed our YE21E numbers. However, management is addressing these issues with e.g. Pieter Krugel’s appointment as CEO of MAST.L (stake raised to 61.27%). 1H22A highlights include the Framework agreement with Enerox (CellCube) to deliver LDES solutions, the 51% stake acquisition in NBS (LDES projects), coal assets slated for sale and the WTE 10yr, 2.7MW take-or-pay conditional PPA with Sustineri Energy (Kibo 65% stake). This week’s Southport deal looks another inflection point.

Kibo Energy (KIBO) Flash Note ACF Equity Research 23092022