Hybridan Small Cap Feast - 18 Mar 24

18th March 2024 @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 investment object

Hybridan Small Cap Feast - 08 Feb 24

8th February 2024 @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 investment obje

Hybridan Small Cap Feast

13th December 2023 Small Cap Team will take a break until Monday 8 January 2024 after this Friday 15th December. Merry Christmas to all our readers. @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

Hybridan Small Cap Feast

12th December 2023 @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 investment obj

Hardman & Co Insight: The AI revolution - An introductory guide from a UK stock market perspective

Executive summary Artificial intelligence (AI) is moving at a phenomenal pace, with companies seeking to be ahead of the curve, and its impacts will ultimately spread across the broader economy. In this note, we take a look at the topic from a UK stock market perspective. AI is not new, with its history traceable back to the 1950s. However, the AI phenomenon took off in late 2022, following the commercial launch of ChatGPT. The emergence of ChatGPT was a result of the combination of large lan

Hybridan Small Cap Feast - 20 Jun 23

20th June 2023 @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 investment objecti

Hybridan Small Cap Feast - 06 Mar 23

6 March 2023 @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 investment objective

Hybridan Small Cap Feast - 22 Feb 23

22 February 2023 @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 investment objec

Hybridan Small Cap Feast 23/11/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr

Hybridan Small Cap Feast 06/10/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validati

Hybridan Small Cap Feast 21/04/22

What’s cooking in the IPO kitchen? Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketing agencies, Production studios and visual content prov

Shoe Zone plc (SHOE LN) - Interim results

H1 trading in line with expectations and ZC forecasts: Group revenue of £76.5m is +1.5% YOY (H1 23: £75.4m), which we see as a strong performance in the context of ongoing consumer uncertainty; reflective of the appeal of the Group’s competitively priced product range. Gross margin of 19.3% is +120bps YOY (H1 23: 18.1%), driven by a higher product margin of 62.7%, +260bps YOY (H1 23: 60.1%) benefitting from lower container prices, partly offset by increased wage costs, and higher energy prices.

Spectra Systems - Banknote Conference 2024 – significant interest in SPSY polymer

Last week's global Banknote Conference 2024, taking place in Forth Worth, Texas, was a near-perfect sales opportunity for Spectra (SPSY) given (1) an exceptionally strong new product to offer in the banknote arena, (2) an expanded and highly experienced sales team post the recent Cartor acquisition and (3) patent appetite among the Central Bank client base for a new polymer substrate supplier in this market. Spectra, a leader in machine-readable high-speed banknote authentication and brand prote

PROGRESSIVE: Watkin Jones: Guidance unchanged as investment rekindles

Watkin Jones has maintained its FY24E guidance following today’s results for the six months to 31 March, which showed operating profit more than doubling. The group continues to expect a heavy H2 weighting as it has focused on operational performance while the forward-funding market has remained largely on hold, pending further clarity on the direction of interest rates. Sentiment is now gradually improving, according to the group.

LIBERUM: CT Automotive: Return to strength underpinned by efficiencies

Dowlais Group - Margin expansion despite mixed auto markets

Dowlais Group’s traditional automotive and powder metallurgy operations continue to outperform the market, albeit the slowdown in EV adoption has affected ePowertrain, leading to a marginal reduction in expectations. However, the key remains further progress in operating margins (6.1% in the period, up 30bp) on the journey to c 10%. This margin expansion should drive earnings momentum and subsequently share price performance.

Surface Transforms (SCE): Open Offer

Surface Transforms (SCE) has announced the raising of £6.5m new equity and is launching an Open Offer to shareholders. It is raising capacity and quarterly revenue but has needed to address the two sets of production constraints it faced: scrappage and process-line pinch points. Pinch points have been much reduced through capital expenditure and expert maintenance teams. Major capital expenditure is ongoing and unaffected by the fund raise. The scrappage from the fast ramping up of volumes is re

PROGRESSIVE: IG Design Group: FY24 results well ahead of expectations – on course to hit operating margin target for FY25E

IG Design Group’s trading update for the year ended 31 March 2024 has exceeded market expectations in terms of both profitability and, most significantly, cash generation. The FY24 results confirm the progress the group has made on its strategic journey to simplify the business and improve operational efficiency. Notwithstanding ongoing uncertainty on the economic backdrop and consumer expenditure, the group remains confident of delivering its target of returning to its pre-Covid adjusted operat

Hybridan Small Cap Feast - 21 May 24

21st May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t

Dowlais Group - Firmly on track despite the UAW strike headwinds

Dowlais Group’s positive trading update, with growth ahead of the market and continued margin expansion, provides another marker in delivering on the stated strategy. Management intends to drive profitable growth through the EV transition and expand the underlying operating margin to 11% (FY22: 6.6%). Delivery on these targets will highlight the quality of the operations and valuation discrepancy.

Dowlais Group - Motoring forward

Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.

Spectra Systems - Sustained growth, enhanced momentum

Spectra Systems (SPSY) has an excellent record in growing profits through its highly regarded technology and relationships with key clients, which include a prominent global central bank. Now, the company is ready for the next stage, and we see the acquisition of Cartor Security Printers as a game-changer in enhancing its ability to continue, and potentially accelerate, this momentum, even as it continues to benefit from a near-term, multi-million-dollar sensor refresh programme with a long-term

Spectra Systems (SPSY) - Solid FY results, cash on the balance sheet and a record FY24E beckons

Encouraging FY23 results from SPSY this morning show profits and cash a touch ahead of expectation and position the company well for a year of strong growth in FY24E. SPSY leads the market in machine-readable high speed banknote authentication, brand protection technologies and gaming security software. The company grew the business robustly in FY23 (PBTA +6%, EPS pared by increased tax payments, progressive DPS), building on a decade of double digit CAGR; and closed the year with the transfor

LIBERUM: Frontier Developments: New Jurassic World game announced

STCB: 1Q Review: Building for the Future; Reiterate Buy, Price Target

We are reiterating our Buy rating and price target for Starco Brands, but lowering our 2024 and 2025 projections to primarily reflect higher marketing costs to support multiple newly announced door expansions for each of the company's key brands beginning in 2Q24 and concentrated in 4Q24. We believe Starco's offerings are poised to take highly material leaps, with major expansions at over 10,00 doors in 2024, which we believe will position the company for material, multi-year top line growth and

Allenby Capital TMT Update - 13.05.24 - MIRI.L, MBT.L, PPS.L, CSFS.L, LST.L, DNM.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.