finnCap Research Company Notes - 26 November 2019

Nov 26, 2019 / News

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Sector: Financial & Insurance

HML Holdings (HMLH) : Corp

Interim results

Key data                              

  • Share price (p)                  32.5
  • Target price (p)                57.0
  • Market cap (£m)                              14.9
  • Enterprise value (£m)                    15.9

The interim results revealed revenue growth of 14% and an 8% increase in units under management. Following the results, our current year forecast and target price remain unchanged.

Mark Paddon

020 7220 0541


Sector: Energy

Independent Oil & Gas (IOG) : Corp

Executive changes

Key data                              

  • Share price (p)                  18.0
  • Target price (p)                60.0
  • Market cap (£m)                              85.8
  • Enterprise value (£m)                    106.3

IOG has made some new senior Executive appointments ahead of its first analyst meeting since launching its Core Project last month. This affords the newly constituted management team to update the market on its plans and progress. The shares are trading at a surprisingly large 70% discount to our risked-NAV, in part due to concerns over the Harvey resource and, therefore, farm-in; Harvey represents 8p of our 60p/sh risked-NAV, so even entirely excluding this, the shares still trade at an unjustifiable 65% discount.

Jonathan Wright

020 7220 0543

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