Kibo Energy

Kibo Energy

kibo energy plc

Kibo Energy PLC

Kibo Energy PLC is focused on a rapid transition to renewable energy, the related reserve power markets, Waste to Energy and bioenergy with vertical integration exposure to critical metals (gold / green metals / battery metals). Kibo Energy (KIBO.L) is listed on the AIM market in London and the AltX in Johannesburg. Essentially the company is addressing the rapidly expanding dispatchable power (electricity market), which is experiencing rapid demand growth because of the focus on renewable (intermittent power) electricity generation (these drivers in turn reduce the demand for base load electricity generation assets).

Kibo Energy has a significant 61.27%  stake in UK publicly listed company, Mast Energy Developments Plc, (MED.L) which is building a portfolio of flexible energy projects in the UK. This has given Kibo an entry to the UK reserve power market.

Kibo Energy has entered the UK waste-to-energy (WTE) market directly and in time it plans to introduce the reserve power market model and WTE model to its operations in Africa. Kibo Energy is exposed to the critical metals (gold, green metals / battery metals) via its Katoro Gold Plc (KAT.L) stake (20.1%). Katoro Gold is an AIM-listed company with projects in South Africa.

Kibo Energy also has significant stakes in a series of sub-Saharan coal-to-power projects, which it is transitioning to waste-to-energy (WTE) feedstocks or preparing for orderly sale.

  +44 20 7419 7928

Monday, 31 October 2022

Intrinsic Price (GBp) 3.10
Value Range Low (GBp) 3.02
Value Range High (GBp) 3.18
Implied MCAP (m) £149.44
Implied EV (m) £150.05
Financial YE 31-Dec
Currency GBP

Business Activity

Renewable Energy and Critical Metals

Key metrics

Close Price (GBp) 0.13
MCAP (m) £5.39
Net Debt (cash) (m) £1.54
EV (m) £6.93
52 Wk Hi 0.25
52 Wk Lo 0.08

Key ratios

(Net Cash) /Shareholder Equity % -28.54%
FX Rate USD/GBP 0.86

Energy Sector Research
AiM Market Index
Analyst Team
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kibo energy multiples table

Kibo Strategic Review and Significant Valuation Upgrade

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.


MAST.L contribution to our KIBO.L NPV %


MCPP contribution to our KIBO.L NPV %

Financial Projections – Kibo all Assets


Revenue 2022E £1.8m vs. £0.003m 2021A

EBITDA 2022E £0.5m vs. £-3.4m 2021A

Net Income (unadjusted) 2022E £0.4m vs. £-23.1m 2021A

Net Cash from Operations 2022E £-0.5m vs. £-3.3m 2021A

UK reserve power – Pyebridge YE22E revenue £1.9-2.1m

UK WTE power 100% acquisition signed; 2xPOCs funded

South Africa WTE – Sustineri -Gauteng CHP 2.5 MW net. signed

LDES – Acquired 51% of NBS to address 36k MWh SADC LDES market

Funding – £3m institutional bridge loan facility signed (36m at 3.5%)

Price relative FTSE AiM (darker line) vs. KIBO.L

Operational Strategy 

Since our 2021 initiation note, as we forecast, Kibo Energy Plc (KIBO: AIM) has embarked on a significant change in strategy to a renewable and reserve power electricity generation and long duration energy storage business (utility and microgrid scale). We view reserve power as a critical element of the transition process to a renewable energy future for national grids.

The change of strategy has been driven by a self-evident opportunity to improve the RoI on in-house skills and experience. The change of strategy to renewable electricity generation is supported by a number of long run persistent factors including, fossil fuel costs, energy security and inferences from, and effects of, COP 26’s strong reiteration of its 2030 Agenda for Sustainable Development. Kibo Energy’s strategic repositioning is also, in our assessment, on the right side of history.

UK Renewable and Reserve Power Driver

Green energy transition to support demand for reserve power plants. The UK is transitioning from fossil fuels to the use of more renewable sources of energy. The renewable sources such as wind and solar are providing an ever-increasing amount of power to the UK grid.

UK’s Energy Mix (Apr-Jun 2018) 




Kibo Energy valuation catalysts

The rise in renewable energy (variable or intermittent power generation) leads to a decreasing need for base load power generation assets and creates a dramatic increase in demand for dispatchable power assets – Kibo is leveraging strong growth opportunities in the dispatchable power segment.

Start of 5.2 MW export of reserve power at Bordesley

9 MW exports from Pyebridge

Commercialisation of WTE in the UK

WTE in SDAC (Southern Africa)

Biomass feedstock feasibility study (FS) for Mbeya

Tanzania (MCPP) 300MW electricity generation

Asset One

NPV MAST.L (26%) £39m

Asset Two

NPV Southport (29%) £43m

Asset Three

Mbeya (MCPP) Biofuel Power (42%) £63m

Additional research notes

Repriced Warrants to Unblock Decision Making

Fleet of foot strategy implementation

Re-ignited – Tanzania 300MW power station project

1H22A Results and closing the NAV gap

JSE / AiM 90% ‘Arbitrage’

Flash Note – 1H22A Results – the right direction

Transition to Renewable / Reserve Power

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Christopher Nicholson

Managing Director/Head of Research

I am a financial analyst, entrepreneur, professionally qualified equestrian and amateur eventer. Amongst others, I trained as a financial analyst at Global US based fund manager Legg Mason Investors and have been head of Technology and Media Equity Research at Bryan Garnier, a pan-European investment bank and brokerage.

I founded ORACA Independent Equity Research a ground breaking highly independent thinking large-cap secondary comm business and ACF Equity Research, a very high-quality independent issuer-pays small and mid-cap research business. I opened our first corporate finance business (Destrier Partners) and am approaching the launch of our first non-financial services business. In my view, I am only able to do these things because of the quality of the team I work with at ACF. For 11 years I broadcasted as an expert guest and wrote regularly in the leading pan-European and international media including Bloomberg Television, BBC Radio 4 and the Financial Times.

I studied Biochemistry at Kings followed by Economics at LSE and can conduct business in English and French, I speak German and have basic knowledge of Spanish and Italian. My free time, which I make sure I carve out, is in part each day spent on my passion – riding, competing with and caring for my horse(s).

 Mike Wort,Non-Executive Chairman, ACF Equity Research

Mike Wort

Non-Executive Chairman

I have managed over 20 IPOs in the US, UK and Europe from small to large cap, I am proud to be ACF Equity Research’s Non-Executive Chairman.

I am also Executive Chairman of Texadon Oil Plc focussed on oil & gas production in the Texas Gulf Basin and is a Non-Executive Director of UK AiM listed Diaceutics, a diagnostics commercialisation business. I am a life sciences communications expert and have a background in large and mega cap pharmaceuticals.

During my more  thann  20 IPOs and secondary raisings I have brought in well in excess of £600m.

In addition, I have co-founded a number of life science start-up companies in Europe and the USA.

I am a life science communications expert and former life sciences CEO (large to start-up). He graduated in microbiology and lectured to science undergraduates in both the UK and Nigeria. He joined the pharmaceutical industry, working in a number of senior sales, marketing and clinical roles for Glaxo, SmithKline and Wellcome in the UK and overseas.

Appointed IR Manager for Wellcome, I helped organise its global roadshow for a £2.4bn secondary offering.

I have consulted on and conducted M&A and DD in the life science sector and developed disaster recovery programmes for SME companies.

I worked with Deutsche Bank to privatise the Bulgarian pharmaceutical industry. As the CEO of Balkanpharma, I led the consolidation of the three key assets into one cohesive unit. Balkanpharma has, through a series of M&A activities, become a significant part of NYSE listed Allergan.

Formerly MD at De Facto Communications, Bell Pottinger’s healthcare offering, I recently retired from Walbrook, the UK’s most successful SME PR/IR agency.


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Amalia Barnoschi

Head of Operations

Joining ACF at its founding I started in financial services in 2007 on the sell-side with ORACA, a large-cap independent equity research business that changed the industry. Before financial services I was a highly successful and rapidly promoted young manager in manufacturing and have worked closely at board level for over 15 years with SMEs in the City and in other financial markets.

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Anne Castagnede

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Renas Sidahmed

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Before joining ACF Equity Research, I worked with Japan’s second largest brokerage, Mitsubishi Bank, in the London office. I speak six languages including English (native), Italian, French and Arabic and obtained an MBA in Rome and a Mathematics degree from a sister Ivy League – Smith College. I joined ACF because of its entrepreneurial, female friendly City culture, overarching global values and excellent growth prospects.

Anthony Kimber

Anthony Kimber

Senior Analyst ESG / Sustainability

I have considerable experience in the wealth management and private banking industries. I am co-author of the Platforum UK Wealth Management Market Overview report, and previously was Research Director at PAM Insight, a specialist publisher for the wealth management industry. I engage in research and analysis both qualitative and quantitative and am an experienced project and business development manager. I have been commissioned by UHNWI's, companies and organisations for various bespoke projects.

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My interest in ESG and sustainability is focused on raising awareness and achieving practical and workable solutions to the climate crisis we are facing. I enjoy spending my free time with family and friends, watching cricket, theatre and film.

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Anda Maria Onu

Sales & Strategy

I have strong analytical, planning and execution skills, I love working as part of a team both inside ACF and externally with our clients and prospective clients.

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I am passionate about the environment and work as a volunteer for the Sussex Wildlife Trust doing conservation work at the Old Lodge nature reserve. In my spare time I am a school governor and have been a juror at the Royal Court of Justice. My hobbies are dance, horses, swimming, opera and theatre.

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Zak Mir

Technical Analyst

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Amongst others I have worked for Man Group companies, Berkeley Futures and Sucden. I have been a technical analyst, derivatives broker and Chief Market Strategist for a number of brokers in the retail space developing and optimising client trading strategies. I ran the well-attended annual Master Investor conferences and am a keynote speaker at the UK investor show. I also host the CityAM Podcast.

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Richard Calvert

Director, Distribution & Service

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I work with Global clients as easily as entrepreneurial start-ups across a broad range of categories from Automotive to FMCG, Financial Services and Technology. My recent focus has been on Digital integration; Relationship Marketing; Content Planning and Brand evolution.

Specialties: Strategic Planning, CXM, Digital and Business Transformation, Programmatic Marketing, Proposition Development, Content Planning, User Experience Development and Design, Mobile, Consumer Insight Development, Brand Planning and Development, Information Architecture and Design, Business Development, Digital Channel Strategy Development, Brand Development, CRM Strategy and Delivery, Business Development

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Vicky Ryce

Director, Research Distribution

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During my career I have worked with world leading agency Publicis and counselled the C-suite of some of the world’s biggest public companies, including Philips, Xerox and Microsoft, on how to improve their communications reach and then helping them execute. I also work with smaller and mid-sized private and public companies on the FTSE 250 and below. I am as comfortable dealing with retail reach, as with corporate and institutional capital markets distribution strategies.

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Adrian Chiappe


Adrian has over 20 years investment research writing, editing and supervisory analysis experience for leading investment banks including Barclays Capital, UBS, BNP Paribas, Jefferies, S&P, Danske Bank, ABN Amro, Lombard Odier and Bear Stearns.

He has a deep understanding of his subject. Adrian has executed editing and supervisory analysis for investment banks, brokerages and fund managers. He has up-to-date knowledge of the operational and regulatory framework for international institutional equities markets. Adrian is a materials scientist and has languages