Kibo Energy

kibo energy plc

Kibo Energy PLC

Kibo Energy PLC is  is focused on a rapid transition to renewable energy, the related reserve power markets and critical metals (gold / green metals / battery metals). Kibo Energy (KIBO.L) is listed on the AIM market in London and the AltX in Johannesburg.

Kibo Energy has a significant 55.42%  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 (25.37%).  Katoro Gold is an AIM-listed company with projects in South Africa.

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

  +44 20 7419 7928

Value range – 26/10/2021

Intrinsic Price (GBp) 1.55
Value Range Low (GBp) 1.51
Value Range High (GBp) 1.59
Implied MCAP (m) £49.90
Implied EV (m) £50.50
Financial YE 31-Dec
Currency GBP

Business Activity

Renewable Energy and Critical Metals

Key metrics

Close Price (GBp) 0.22
MCAP (m) £5.3
Net Debt (cash) (m) £0.6
EV (m) £5.9
52 Wk Hi 0.56
52 Wk Lo 0.17

Key ratios

(Net Cash) /Shareholder Equity % 11.31%
FX Rate USD/GBP 0.72

Energy Sector Research
AiM Market Index
Analyst Team
+44 20 7419 7928

kibo energy multiples table

Transition to Renewable / Reserve Power

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.


MAST.L contribution to our KIBO.L NPV %


KAT.L contribution to our KIBO.L NPV %

Financial Projections – Kibo all Assets



Revenue 2022E £2m up 295% vs. £0.5m 2021E


EBITDA 2022E £0.8m up 175% vs. £0.3m 2021E


Net Income (unadjusted) 2022E £2.3m up 19% vs. £1.9m 2021E


Net Cash from Operations 2022E £2.3m up 285% vs. £0.6m 2021E

Renewables transition to WTE, reserve power, battery metals;

Kibo revenue run-rate 2022E £2m p.a.;

3 UK reserve power revenue streams to come online 2Q22E;

Energy portfolio 1,255 MW capacity near commercialization / sale;

150% ‘instant’ upside – MAST.L stake valued at 2.5x Kibo MCAP.

FTSE AiM vs. KIBO  (green line) price relative.

Operational Strategy – Transition

Kibo Energy Plc (KIBO: AIM) is a portfolio company transitioning to a renewables, reserve power and critical metals business – it has three areas of focus in the new strategy –UK reserve power and Waste to Energy (WTE) generation; South Africa renewable power generation via Waste to Energy (WTE) and Southern African critical metals production. Assets that no longer fit into the renewables and critical metals strategy will be converted to renewable feedstocks (WTE) or prepared for orderly sale.

Kibo’s operations primarily revolve around signing PPAs and getting plants ready for production. Additionally, the company is also focused on actively progressing various funding and commercial opportunities to augment its capacity and expand its project portfolio via acquisitions or participating in new tenders.

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) 


Fossil fuels





Kibo Energy valuation catalysts

Our forecasts 2025E pre-suppose Botswana coal et al come on-line – however we exclude all sub-saharan power assets from our highly conservative Kibo valuation range. We focus instead on Kibo’s MAST and KAT stakes.

Closing of liquid asset value gap

Start of 5.2 MW export of reserve power at Bordesley +/or 9 MW exports from Pyebridge;

Commercialisation of WTE

Commercialisation of critical metals exploration in South Africa

Asset One

NPV MAST.L (55%) £39m

Asset Two

NPV CAT.L (25%)  £11m

Asset Three

Excluded from our NPV. Potential upside sub-saharan power – £75m

To see the latest press releases visit Kibo Energy website.

To know more email and follow us on
acf equity research linkedin
acf equity research twitter
acf equity research instagram
acf equity research facebook
ACF Equity Research LTD (FRN 607274) is an Appointed Representative of City & Merchant Limited (FRN 154182) which is authorised and regulated by the Financial Conduct Authority. | Copyright © 2020 ACF Equity Research.
Christopher Nicholson, Managing Director, ACF Equity Research

Christopher Nicholson

Managing Director

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.


Amalia Barnoschi, Head of Operations, ACF Equity Research

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.

I co-run ACF with our MD, as Head of Operations, responsible for driving profitability and developing and designing processes and managing projects for ACF and for client partners to allow our portfolio of businesses to grow. I am bilingual English/Romanian, read Italian and am working towards my accountancy ACCA qualification with AAT.

I love to relax by making time for my favourite out-of-hours activity – photography – taking my first formal nature course in May 2018. I have a keen understanding and interest in horses, though not a rider, this is combined with a life-long love of polo.

Anne Castagnede, Head of Sales & Strategy, ACF Equity Research

Anne Castagnede

Head of Sales & Strategy

I am a sales professional with a top-tier luxury goods background. In the past 5 years I managed flagship boutiques as well as working for some of the great Haute Couture houses including Chanel and Jimmy Choo, where I established a reputation as a top performer by developing, maintaining and offering information and guidance to new and existing clients.

I have researched, recommended and implemented service opportunities as well as improvements. In the early days of my career I trained with Air France and later with Chanel. On my journey I acquired management skills from back office through to front office and have a high degree of practical IT literacy.

I know from personal experience that passion leads the way to perfection and my will to learn matched with my sales ability will result in clients being in very capable hands. My bilingual languages are French and English and I speak Spanish. Off-duty my passions are languages and art.

Renas Sidahmed, Sales & Strategy / Staff Analyst, ACF Equity Research

Renas Sidahmed

Sales & Strategy / Staff Analyst

I am a macro-economic and financial analyst, linguist, mathematician, professional dancer and chef. I worked for four years with the IMF; two and half years with the International Finance Corporation (IFC) and eight months with the World Bank in Washington DC. Over this time,

I also wrote award winning research notes and met with senior politicians with varied global and local interests in both wealthy and less developed economies. My sector expertise includes natural resources (particularly oil & gas) healthcare, manufacturing, infrastructure and investment portfolio management.

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.

Anda Maria Onu, Sales & Strategy, ACF Equity Research

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.

I am used to working with and within senior leadership teams and understand the needs of small and medium sized companies through my current and previous professional experience, I graduated in life sciences with a specialisation in Ecology and Environmental Protection in Romania in 2007 and for my first job I worked in a laboratory carrying out chemical analysis of industrial waste-water.

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.

Zak Mir, Technical Analyst, ACF Equity Research

Zak Mir

Technical Analyst

Zak Mir has 30 years financial markets experience and understands credible influencing across digital channels in order to drive stock liquidity. He is an accomplished author.

I am part of ACF’s advisory and execution team helping growth companies (nano, micro, small and mid-cap) maximise their profiles to achieve the optimal investment message.

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.

Analytical communications is part of my forte – I have variously been a markets columnist, editor and commentator for influential retail financial information outlets, amongst others – Investors Chronical, Yahoo! Finance, Shares Magazine, international leading long-form periodical The Spectator, CNBC and Bloomberg TV.

Away from the markets, I am a song writer and musician and have a long and patient interest in politics – areas that continue to be potential additional professional careers.
I was attracted to ACF because of the effectiveness of its high quality research and its forwarding thinking culture.

 Anthony Kimber, Senior Analyst ESG / Sustainability, ACF Equity Research

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.

I also contribute to major news and media organisations, compiling and analysing data and research for the Daily Telegraph and Evening Standard on national government and environmental issues. Prior, I contributed to the Guardian, the Spectator, BBC news and investigative programming, the Sunday Times, and the Sunday Times Rich List.

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.

Richard Calvert, Director, Distribution & Service, ACF Equity Research

Richard Calvert

Director, Distribution & Service

I’m a Modern Marketing Strategist with a strong CXM, digital transformation and innovation background working with global blue chip clients, modern creative and media agencies and start-ups.

I put people, data, technology and brand at the heart of everything I do – always delivering highly creative and effective integrated solutions with engaged, excited teams. I believe in taking everyone from the Account Exec to the C-suite client with me on the journey.

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

Vicky Ryce, Director, Research Distribution, ACF Equity Research

Vicky Ryce

Director, Research Distribution

I am a digital communications and distribution specialist and strategist used to board level decision making. I started my career as part of the ground-breaking young cadre that for a short exciting time formed the original Text 100, and whose members have gone on to lead and influence thought in digital communications.

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.

I am an equestrian, proven entrepreneur and charitable volunteer and when I can cut out the time, I help young adults via the Princes Trust. I am an English and History graduate with an MA in Media and Culture. ACF Equity Research has a determined problem solving, enlightened forward-thinking capital markets culture and a global values set.

Adrian Chiappe, Editor, ACF Equity Research

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