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Equity Bottom-Up

<ul>
<li>UK reserve power - Pyebridge YE22E revenue £1.9-2.1m; 2xPOCs funded</li>
<li>Debt to equity conversion ~ £0.7m – strengthening balance sheet </li>
<li>South Africa WTE – Sustineri -Gauteng CHP 2.5 MW net. signed</li>
</ul>


UK reserve power - Pyebridge YE22E revenue £1.9-2.1m; 2xPOCs funded
Debt to equity conversion ~ £0.7m – strengthening balance sheet 
South Africa WTE – Sustineri -Gauteng CHP 2.5 MW net. signed


Kibo Energy (KIBO) Flash Note Warrants Offering ACF Equity Research 19042023

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) a renewable, reserve energy, long duration energy storage (LDES) and biofuel company. As a fast kick off to its strategic review execution process Kibo stated on Wed 11 Jan 22 that it had appointed a new NED, changed NomAd, returned to trading on AiM, renegotiated and extended its bridge loan facility and will shortly update the market on its USE spinout and other strategic initiatives. The NED appointment of Ajay Saldanha is very supportive and the change of NomAd appears a better strategic fit.

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) a renewable, reserve energy, long duration energy storage (LDES) and biofuel company. As a fast kick off to its strategic review execution process Kibo stated on Wed 11 Jan 22 that it had appointed a new NED, changed NomAd, returned to trading on AiM, renegotiated and extended its bridge loan facility and will shortly update the market on its USE spinout and other strategic initiatives. The NED appointment of Ajay Saldanha is very supportive and the change of NomAd appears a better strategic fit.

Kibo Energy (KIBO) Flash Note Fleet of Foot ACF Equity Research 13012023

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) has changed to a renewable, reserve energy, long duration energy storage (LDES) and biofuel company. Kibo’s RNS of 23 Nov 2022 announces MoU signed defining the negotiation framework Mbeya Tanzania 300MW power station project PPA. Once a PPA is signed Mbeya 300MW is funding ready. We expect Kibo to reopen discussions with 2018 funders. We expect market and tech availability drivers will mean this project will use renewable feedstock, which ought to make it more attractive to funders and may deliver...

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) has changed to a renewable, reserve energy, long duration energy storage (LDES) and biofuel company. Kibo’s RNS of 23 Nov 2022 announces MoU signed defining the negotiation framework Mbeya Tanzania 300MW power station project PPA. Once a PPA is signed Mbeya 300MW is funding ready. We expect Kibo to reopen discussions with 2018 funders. We expect market and tech availability drivers will mean this project will use renewable feedstock, which ought to make it more attractive to funders and may deliver...

Kibo Energy (KIBO) Flash Note Tanzania MoU ACF Equity Research 23112022

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) has changed to a renewable, reserve energy, long duration energy storage (LDES) and biofuel company. Using a highly conservative approach our valuation range is up ~3.0x to EV £150m or ~15x upside on the close price on a fully diluted basis. Kibo has secured reserve power (YE22E revs GBP 1.9-2.1m) and WTE electricity generation in the UK and WTE generation and utility scale LDES opportunities in Southern Africa. Kibo will dispose of its Southern Africa coal feedstock assets and aims to replace them with bioenergy feedstock for its generation assets. Both the Southern Africa (SADC) region and the UK have enormous appetite for reserve and renewable electricity generation. Kibo is preparing to IPO individual projects whilst retaining control.

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) has changed to a renewable, reserve energy, long duration energy storage (LDES) and biofuel company. Using a highly conservative approach our valuation range is up ~3.0x to EV £150m or ~15x upside on the close price on a fully diluted basis. Kibo has secured reserve power (YE22E revs GBP 1.9-2.1m) and WTE electricity generation in the UK and WTE generation and utility scale LDES opportunities in Southern Africa. Kibo will dispose of its Southern Africa coal feedstock assets and aims to replace them with bioenergy feedstock for its generation assets. Both the Southern Africa (SADC) region and the UK have enormous appetite for reserve and renewable electricity generation. Kibo is preparing to IPO individual projects whilst retaining control.

Kibo Energy KIBO.L Strategic Review ACF Equity Research 31102022

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) is a renewable energy and critical metals company. Kibo Energy shares on the JSE (KBO) traded at a 42% premium to BVPS at yesterday’s close. The same shares on AiM under the KIBO.L ticker traded at a 13% discount to BVPS. We selected a popular peer group of large cap US listed renewable energy stocks, our analysis suggests these stocks trade at a premium to P/BVPS (lowest 71% premium to BVPS and highest 550%) - see table below. Our analysis also suggests that the KBO.JO / KIBO.L price gap to BVPS is closing in KIBO.L’s favour YTD. The KIBO.L median Price / BVPS YTD discount YTD is 34.7%.

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) is a renewable energy and critical metals company. Kibo Energy shares on the JSE (KBO) traded at a 42% premium to BVPS at yesterday’s close. The same shares on AiM under the KIBO.L ticker traded at a 13% discount to BVPS. We selected a popular peer group of large cap US listed renewable energy stocks, our analysis suggests these stocks trade at a premium to P/BVPS (lowest 71% premium to BVPS and highest 550%) - see table below. Our analysis also suggests that the KBO.JO / KIBO.L price gap to BVPS is closing in KIBO.L’s favour YTD. The KIBO.L median Price / BVPS YTD discount YTD is 34.7%.

Kibo Energy (KIBO) Update ACF Equity Research 05102022

Ireland

Kibo Energy Public Limited Company Company operates as an energy company. The Company develops and operates thermal coal power projects. Kibo Energy serves customers worldwide.

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Kibo Energy (KIBO LN)

Kibo Energy (KIBO) Flash Note Warrants Offering ACF Equity Research 19042023

Kibo Energy Plc a renewable announced a repriced warrant offer thatshould unblock various decision mechanisms which would be in the interest of the...

ACF Equity Research

Kibo Energy (KIBO) Flash Note Fleet of Foot ACF Equity Research 13012023

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) a renewable, reserve energy, long duration energy storage (LDES) and biofuel company. As a fast...

ACF Equity Research

Kibo Energy (KIBO) Flash Note Tanzania MoU ACF Equity Research 23112022

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) has changed to a renewable, reserve energy, long duration energy storage (LDES) and biofuel...

ACF Equity Research

Kibo Energy KIBO.L Strategic Review ACF Equity Research 31102022

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) has changed to a renewable, reserve energy, long duration energy storage (LDES) and biofuel...

ACF Equity Research

Kibo Energy (KIBO) Update ACF Equity Research 05102022

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) is a renewable energy and critical metals company. Kibo Energy shares on the JSE (KBO) traded at...

ACF Equity Research

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