• 26 Oct 21
LIBERUM: Sylvania Platinum* - Better on costs, guidance maintained


Companies: Sylvania Platinum Ltd.
  • 22 Oct 21
LIBERUM: Bango* - Strategy day spotlights massive growth outlook


Companies: Bango plc
  • 20 Oct 21
LIBERUM: SigmaRoc* - On track and good Nordkalk meeting


Companies: SigmaRoc Plc
  • 20 Oct 21
Phoenix Copper (PXC) - Update on Red Star magnetic survey

Phoenix copper today provides an update on its ground geophysical survey over the Red Star prospect near its Empire copper project in Idaho. The Red Star skarn mineralisation (lead and silver ± copper, zinc) is associated with magnetite; the survey just undertaken was to better understand the distribution and orientation of magnetite to find potential mineralisation and to inform the location and direction of a further drilling programme.

Companies: Phoenix Copper Ltd. (United Kingdom)
  • 25 Oct 21
ITM Power - A Strong Position in a Strong Market

ITM Power is leading the world in PEM electrolyser manufacturing, and we believe it can use this to build sustainable advantage and grow market share in a rapidly growing hydrogen economy. The company is funded to add capacity and over time this should enable ITM to keep up with market growth to maintain a strong market share. The product is itself world leading which again creates competitive advantage. Demand itself appears secure with the IEA suggesting a major supply deficit by 2030. We init

Companies: ITM Power PLC
  • 21 Oct 21
Frontier Developments - Great Expectations

The market (and FDEV) is projecting an ambitious step-change in financial performance in FY 22 and FY23. Investors however may recall that Elite Odyssey updates have been delayed. For a variety of reasons, we believe there is some residual risk of disappointment here. Hence, we prefer to sit on the side-lines. Buy

Companies: Frontier Developments Plc
  • 20 Oct 21
Active Net Zero Clean Energy Index

Longspur Research and Radnor Capital Partners have launched the Active Net Zero Clean Energy Index to allow investors to measure the performance of companies actively enabling climate solutions.The key emphasis is on the word “active”. This pan-European index eliminates greenwashing by penalising fossil fuel activities and focuses on actual achievement and positive contribution, rather than promises for the future. Our proprietary selection methodology is systematic, rules based and quantifiable

Companies: DRX ITM PHE SAE SIT STRLNG VLS

  • 19 Oct 21
Tremor - Tremor’s end-to-end platform strengthens with CTV acquisition

Tremor has announced the complementary $14.7m acquisition of Spearad, which is a global Connected TV (CTV) ad server and media management platform. It enables broadcasters and TV content companies to deliver seamless TV-like ad experiences in CTV and OTT environments, through a platform that can centrally manage and optimise both direct-sold and programmatic CTV campaigns. The Spearad platform will be integrated into Unruly’s Supply Side Platform (SSP), and enable Tremor to offer new and existin

Companies: Tremor International Ltd.
  • 21 Oct 21
LIBERUM: Luceco* - Q3 trading in line


Companies: Luceco PLC
  • 26 Oct 21
Strix Group plc (KETL LN) - Product launch announcements indicate growth strategy ramping up

Strix has announced the commercial launch of two products Aurora, an appliance that dispenses instant hot and chilled water, and Dual Flo, a product with the usual characteristics of kettle but is able to deliver a single cup of boiling water. Both products fit with Strix’s sustainability strategy by saving water, energy, reducing the overall impact on the environment and bringing tangible benefits to consumers. The announcement is evidence of the organic growth strategy outlined at the Capital

Companies: Strix Group PLC
  • 22 Oct 21
Question mark regarding the pricing/volume trade-off

Mixed feelings following the Q3 results: the maintained FY margin guidance reassured in the current inflationary environment, but the Q3 volume decline raises questions about the trade-off between pricing and volumes.

Companies: Unilever PLC
  • 27 Oct 21
Net debt reduced on repayment of convertible notes

Settling in shares the majority of the remaining US11.5m of convertible loan notes from the Vanchem acquisition is a positive outcome at a critical juncture in Bushveld’s evolution. The renegotiated terms allow the group to lower its debt whilst preserving precious cash resources for its more value-adding production growth initiatives. Bushveld’s recent Q3 update indicates that both Vametco and Vanchem are well on course to achieve their respective full-year production and cost targets if the qu

Companies: Bushveld Minerals Limited
  • 20 Oct 21
UK Net Zero Strategy Helpful

We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T

Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS

  • 21 Oct 21
Team17 - Differentiated Growth Story

The company has not put a foot wrong since IPO. We believe that TM17 has a differentiated business model, which combines premium independent gaming and Edutainment. The company is the partner of choice for independent developers; however, this strategy results in low-ish gross margins. TM17 is perhaps the most cautious of the UK stocks, in terms of near-term outlook. Buy

Companies: Team17 Group PLC
  • 21 Oct 21
Ongoing record revenue generation and benign cost of risk

The third quarter continued to enjoy record CIB revenues and loan provision recoveries. Consensus expectations have now largely aligned with our projections, thus leaving limited upside potential in our view.

Companies: Barclays PLC
  • 27 Oct 21
Carnival Corp. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 10/21

This is our first report on Carnival Corporation, one of the largest leisure travel companies in the world. The travel behemoth has a vast portfolio of brands including names such as Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises, and Cunard. Its business hit a particularly rough patch driven by the Covid-19 pandemic and the company is in the process of gradually resuming its operations. The company is expected to be operating at

Companies: Carnival (CCL:NYSE)Carnival Corporation (CCL:NYS)
  • 27 Oct 21
accesso continues upwards after reaching pre-pandemic levels with rapid return to form
accesso-continues-upwards-after-reaching-pre-pandemic-levels-with-rapid-return-to-form
  • 27 Oct 21
Constraints in meeting demand and cost inflation

The Q3 21 set of figures came in below our expectations. Organic sales were rather flat (-0.3%) and the operating margin dropped to 5.3% of sales (-4.8pts). Electrolux was impacted by constraints in meeting market demand, additional temporary electronic component cost increases and higher ocean freight rates. The group anticipates a more challenging Q4 21 than Q3 21. For 2021, Electrolux still expects positive volume/price/mix. Conversely, the group downgraded its expectation on cost efficiency

Companies: Electrolux
  • 27 Oct 21
Q3: share buy-back increases with surging gas prices

Strong results, above consensus, as the company benefits from the surge in European gas prices. Adjusted earnings came in at $9.77bn (+111% qoq) and adjusted net income at $2.78bn (+70% qoq). While the second tranche of the share buy-back programme (for 2021) is increased from $300m to $1bn, the dividend is maintained at $0.18 per share, perhaps explaining the stock’s underperformance today.

Companies: Equinor ASA (EQNR:STO)Equinor ASA (EQNR:OSL)
  • 27 Oct 21
Datadog Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 10/21

This is our first report on Datadog, the renowned SaaS player whose monitoring and analytics solutions have been rapidly adopted in the past year. The company’s stock price has had a phenomenal runup on account of its fast-growing customer base which is now over 16,000. Even in terms of its quarterly results, Datadog has consistently delivered all-around beats which is why its stock has more than doubled in the past six months. The best part is that the management is heavily investing in improvi

Companies: Datadog Inc (DDOG:NYSE)Datadog Inc Class A (DDOG:NAS)
  • 27 Oct 21
The cash cow called ZYN loses its lustre

The Q3 top line beat expectations, but it was tainted by lower than expected ZYN volumes, once again leading us to ask whether this is the end of the zenith?

Companies: Swedish Match (SWMA:STO)Swedish Match AB (SWMA:OME)
  • 27 Oct 21
Well on track to meet our FY22 forecasts

PropTech Group (ASX:PTG) is a property technology SaaS company with a fast-growing and market-leading position in customer relationship management (CRM) systems with Australian and New Zealand residential real estate agents and a small but growing position in the UK market. The company has reported a 99% year-on-year increase in cash receipts to $4.98m for Q1FY22 and a 23% increase over Q4FY21. PropTech Group generated positive operating cashflow of $0.61m, up 48% y-o-y, although lower than the

Companies: PropTech Group Ltd.
  • 27 Oct 21
Q3: stable margins in renewables

The results are slightly above consensus, with the recovery in refining margins visible now that the turnaround at Porvoo is ended. The stock is down 5% at pixel time nonetheless, in a similar fashion as with the Q2 earnings, which highlights, once more, that with a high price tag comes high expectations. In our view, the market shows disappointment over the level of margins in renewables, which have been stable since Q1.

Companies: Neste Corporation
  • 27 Oct 21
YOC - Improving the AdTech experience

YOC develops software for the digital advertising market, with the aim of optimising the advertising experience for advertisers, publishers and users of mobile internet and applications. Central to this is YOC's proprietary ad formats, as well as its VIS.X platform, launched in 2018 to create a scalable and automated exchange. The platform’s operating costs are largely fixed, providing scope for margin expansion as revenues build. YOC’s H121 results provide early evidence of this, where revenues

Companies: YOC AG
  • 27 Oct 21
Hybridan Small Cap Feast 27/10/2021

Joiners Softline, the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, has issued GDRs to the Standard Listing Segment of the Official List, and on the Moscow Exchange. The Group had a turnover of US$1.8bn for the year ended 31 March 2021, employs c.6,000 people globally, and operates in more than 50 countries across emerging markets. Primary proceeds from the Offer are expected to be around US$400m. At the $7.5 offer price. Mkt

Companies: ULS CRU TM17 TEK ACSO RST ABC

  • 27 Oct 21
Strong consumer and wealth management, resilient CIB

The group posted a good set of results, driven by the strong consumer and wealth management divisions, a resilient CIB business, and a normalised contribution from associates.

Companies: Mediobanca Group (MB:BIT)Mediobanca S.p.A. (MB:MIL)
  • 27 Oct 21
Nothing stops Carlsberg

Very strong publication which demonstrates, once again, the robustness of Carlsberg (vs. peers) even in the volatile market. Although the group says it is confident about inflation this year, comments for 2022 would be welcome during tomorrow’s conference call to give a clearer picture of the brewer’s future.

Companies: Carlsberg (CARL-B:CPH)Carlsberg AS Class B (CARL.B:CSE)
  • 27 Oct 21
The Brunner Investment Trust - Approaching 50 straight years of higher dividends

The Brunner Investment Trust (BUT) is managed using a team-based approach. Lead manager Matthew Tillett at Allianz Global Investors (AllianzGI) is supported by deputy managers Christian Schneider and Marcus Morris-Eyton. The trust has delivered encouraging outperformance following the Q120 COVID-19 induced sell-off, with the managers continuing to focus on high-quality, reasonably priced growth companies, and employing a long-term investment approach. As shown in the chart below, the trust has a

Companies: Brunner Investment Trust PLC
  • 27 Oct 21
9M 21: encouraging results but a blot remains

As in H1, Iberdrola reassured with its networks and renewable businesses, while Generation & Supply segment keeps on disappointing. A positive tax reversal in Spain (€+382m) also offset an impact from the gas clawback (€-85m). However, a blot remains on the regulatory side even if CEO Galan has promoted a ‘return to normal’. Positive view confirmed but let’s be careful.

Companies: Iberdrola (IBE:BME)Iberdrola SA (IBE:MCE)
  • 27 Oct 21
Phoenix Copper snap up royalty and mining claims for Empire mine in Idaho, US
phoenix-copper-snap-up-royalty-and-mining-claims-for-empire-mine-in-idaho-us
  • 10 Jun 21
Agronomics (LON:ANIC) Presenting at the Cenkos Growth & Innovation Forum - Tuesday 8th June 2021
agronomics-lon-anic-presenting-at-the-cenkos-growth-innovation-forum-tuesday-8th-june-2021
  • 22 Sep 21
FTSE upbeat ahead of Fed interest rate decision despite gas price hikes dominating UK headlines
ftse-upbeat-ahead-of-fed-interest-rate-decision-despite-gas-price-hikes-dominating-uk-headlines
  • 16 Jul 20
Market Report: FTSE 100 retreats as UK employment tumbles
market-report-ftse-100-retreats-as-uk-employment-tumbles
  • 06 Jul 21
FTSE sinks lower as traders await the US markets' opening with little major domestic news to chew on
ftse-sinks-lower-as-traders-await-the-us-markets-opening-with-little-major-domestic-news-to-chew-on
  • 11 Jun 21
Sirius Real Estate grows dividend by over 10%, revealing 'good year' in terms of output and results
sirius-real-estate-grows-dividend-by-over-10-revealing-good-year-in-terms-of-output-and-results
  • 24 May 21
Agronomics set to 'completely disrupt the agricultural sector'
agronomics-set-to-completely-disrupt-the-agricultural-sector-
  • 21 Jul 20
Morning Report: Vaccines and EU package lift FTSE 100
morning-report-vaccines-and-eu-package-lift-ftse-100
  • 26 Aug 21
FTSE in the red off back of disappointing Asian session while NHS are latest to endure supply issues
ftse-in-the-red-off-back-of-disappointing-asian-session-while-nhs-are-latest-to-endure-supply-issues
  • 06 Oct 21
FTSE 100 staggered badly in early deals on rising inflation, shortages and a general mood of pessimism
ftse-100-staggered-badly-in-early-deals-on-rising-inflation-shortages-and-a-general-mood-of-pessimism
  • 07 Sep 21
Bango delivers strong rise in first-half revenue as online spending surges
bango-delivers-strong-rise-in-first-half-revenue-as-online-spending-surges
  • 13 Sep 21
Chesnara 'expands size of UK business as consolidator' with Sanlam Life & Pensions UK Limited (SLP)
chesnara-expands-size-of-uk-business-as-consolidator-with-sanlam-life-pensions-uk-limited-slp-
  • 18 Aug 21
Deltic Energy present details of farm-out deal with Cairn Energy PLC and how it benefits the firm
deltic-energy-present-details-of-farm-out-deal-with-cairn-energy-plc-and-how-it-benefits-the-firm
  • 21 Oct 21
Bango says key message from annual Strategy Day is simply growth with 'massive opportunities ahead'
bango-says-key-message-from-annual-strategy-day-is-simply-growth-with-massive-opportunities-ahead-
  • 11 Oct 21
Jim Mellon, co-founder of Agronomics - ETV Interview
jim-mellon-co-founder-of-agronomics-etv-interview-11-10-2021
  • 11 Oct 21
FTSE rises despite BoE rate rise possibility and ASOS CEO steps down, warning of supply problems
ftse-rises-despite-boe-rate-rise-possibility-and-asos-ceo-steps-down-warning-of-supply-problems

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