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Equity Bottom-Up

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 median 90.13% premium over the last 12 months vs. the same shares on AiM under the KIBO.L ticker. KBO shares in the hands of South African sophisticated high net worth and institutional investors have risen 66.7% between 8 Jun 2021 and 31 Aug 2022. There is little to no true retail market in South Africa. WAN shares in issue 31 Dec 2021 2.48bn, shares in issue today 3.04bn, a delta of 22.5%. KBO:JSE shares traded at approximately NAV over the last 52 weeks. Dematerialised shares in London ought to be saleable by going direct to South African Brokers.

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 median 90.13% premium over the last 12 months vs. the same shares on AiM under the KIBO.L ticker. KBO shares in the hands of South African sophisticated high net worth and institutional investors have risen 66.7% between 8 Jun 2021 and 31 Aug 2022. There is little to no true retail market in South Africa. WAN shares in issue 31 Dec 2021 2.48bn, shares in issue today 3.04bn, a delta of 22.5%. KBO:JSE shares traded at approximately NAV over the last 52 weeks. Dematerialised shares in London ought to be saleable by going direct to South African Brokers.

Kibo Energy (KIBO) Flash Note Arbitrage ACF Equity Research 26092022

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 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

Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with stakes in energy and critical metals assets. In order to be highly conservative, we exclude Kibo’s sub-saharan power assets from our valuation, leaving 7x upside. Kibo is transitioning rapidly to a renewable (WTE) and reserve power (symbiotic with renewable power generation) plus critical metals exploration business. Kibo’s assets are in the UK (reserve power) and sub-saharan Africa (power and critical minerals assets). Both UK and South African power markets are subject to strong growth drivers over the next decade. Critical metals exploration and production is a global market subject to super cycle pricing dynamics. Our aggressively conservative valuation scenario suggests an ‘instant’ 150% upside is available – MAST.L stake valued at 2.5x Kibo MCAP.

Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with stakes in energy and critical metals assets. In order to be highly conservative, we exclude Kibo’s sub-saharan power assets from our valuation, leaving 7x upside. Kibo is transitioning rapidly to a renewable (WTE) and reserve power (symbiotic with renewable power generation) plus critical metals exploration business. Kibo’s assets are in the UK (reserve power) and sub-saharan Africa (power and critical minerals assets). Both UK and South African power markets are subject to strong growth drivers over the next decade. Critical metals exploration and production is a global market subject to super cycle pricing dynamics. Our aggressively conservative valuation scenario suggests an ‘instant’ 150% upside is available – MAST.L stake valued at 2.5x Kibo MCAP.

Kibo Energy KIBO.L Initiation ACF Equity Research 26102021

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 Arbitrage ACF Equity Research 26092022

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

Kibo Energy (KIBO) Flash Note ACF Equity Research 23092022

Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with a renewable energy and critical metals transition strategy. Today’s 1H21A results...

ACF Equity Research

Kibo Energy KIBO.L Initiation ACF Equity Research 26102021

Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with stakes in energy and critical metals assets. In order to be highly conservative, we...

ACF Equity Research

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