Strong progress in FY23; meaningful opportunities ahead

FY23 pre-close shows resilient performance

Technology credentials to the fore

Strong growth in H1’23; guidance maintained

LIBERUM: CEO Video: Alasdair Haynes, Aquis Exchange*

LIBERUM: Aquis Exchange* - Delivering on growth

CY22 EPS a 7% beat; significant opportunities ahead

LIBERUM: Aquis Exchange* - Continued revenue growth and investment in the future

Attractive entry point: wide discount and high dividend yield

Our work suggests the current 23% discount to NAV is too wide The discount to NAV HICL trades at widened throughout 2023 as the impact of rising interest rates eventually translated into a higher cost of capital. The current 23% discount is close to trough historical valuation, and our work suggests this is too wide given that i) HICL disposed of 15% of its portfolio at or above carrying values, ii) transactions on private secondary markets are made at lower discounts, and iii) historical regre

LIBERUM: PayPoint: On track for £100m of EBITDA

abrdn Equity Income

AEI is delivering a sector-leading yield, with low valuations offering strong capital growth potential…

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Custodian Property Income REIT - Organic earnings and dividend growth

Custodian Property Income REIT (CREI) has published results for the year ended 31 March 2024 (FY24). As previously indicated in the Q424 update, set against a challenging market environment, FY24 performance was strong. Underpinned by leasing progress and rental growth, EPRA EPS increased 3.6% to 5.8p, fully covering the targeted recurring DPS of 5.5p and the 0.3p special dividend. The FY25 annual DPS target is 6.0p (+9%), underpinned by the robust occupier market and CREI’s increasing confidenc

Hybridan Small Cap Feast - 28 Mar 24

28th March 2024 Happy Easter @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific inve

Henderson High Income

Henderson High Income (HHI) has recently announced that Henderson Diversified Income will be merged into it, subject to shareholder approval, which would add advantages of scale to HHI in the coming months. HHI’s manager David Smith believes that for the new HHI shareholders the timing of this merger may be fortuitous, as he feels that a number of key risks facing the UK equity market are reducing: it is likely to avoid a material recession, inflationary pressures have diminished, and political

DSW Capital+ (DSW, House Stock at 47p) - Appointment of Deputy CEO

An unhealthy addiction?

We have highlighted, on many occasions, the high level of concentration among UK equity income funds – in particular, the fact that many managers in the AIC UK Equity Income and IA UK Equity Income sectors rely on a small handful of mega-cap FTSE stocks for their dividends. This isn’t necessarily an issue in itself, but the fact many of these companies are fundamentally challenged due to low levels of dividend cover compounds the potential problems going forward. For example, in a piece of resea

LIBERUM: Speedy Hire* - Strategy brings growth and resilience

LIBERUM: Speedy Hire* - More self-help and infrastructure boom

Genesis Emerging Markets Fund - Executive interview - Genesis Emerging Markets Fund

Genesis Emerging Markets Fund(GSS) was launched in July 1989 and was one of the first emerging markets funds to be listed in the UK. It aims to deliver long-term capital growth through investing in emerging and frontier market equities following an in-depth fundamental approach. The fund’s benchmark is the MSCI Emerging Markets index. However, the manager is not constrained by the benchmark and focuses on investing in high-quality companies with above average sustainable long-term growth. The po

Tetragon Financial Group - Diversification limiting NAV decline

Tetragon Financial Group (Tetragon) reported a 1.0% decrease in NAV in 9M20 in total return terms. NAV has so far proved resilient to market volatility, while Tetragon’s shares followed the market sell-off in Q120 and lagged the following market recovery. This resulted in a historically high discount of 61%. Tetragon maintained its quarterly DPS of US$0.10 after reducing it in Q120 (implying a 4.3% annualised yield). In the current economic environment, Tetragon intends to increase its exposure

Third Quarter of 2019

There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has been trending lower across some of the major global economies.

PCI Pal - Impressive FY21 is a platform for global expansion plans

The FY21 results are as revealed in the July trading update. PCIP remains very much on track to deliver on future growth expectations on the back of growing SaaS revenue, and we make no changes to our forecasts or TP at this stage. FY21 was yet another impressive year for PCIP, seeing revenue jump 67% to £7.4m and higher GM as more volume flows over the AWS platform. Overheads did rise, but to a lesser extent as a platform business, and LBT fell again. The key growth metrics are ACV and TACV; gr